MDI, week eight

Notes from 06/11/17 to 10/11/17

06/11 – Today’s business & design innovation session, looking at the topic of market research.  Market research is aimed at making informed decisions. It is the collection, analysis and communication of information to assist decision making.

Market research is considered important for understanding the market, customer needs, geographical locations of customers, whom your customers are, and the general marketing environment.

Market research is made up of Product research, Price research, Sales research, Distribution research; See the 4 P’s of Marketing

Market research can be expensive, especially primary research; buying lists, mailing lists, using third party companies.

A critique that the content seemed more suitable to established, big companies rather than small, starting-from-zero companies, startups; and how they’ve changed the equation to be about building sales funnels and using early adopter models to get a customer base quickly; and scale faster this way.

Market research will often end up into a proposal with findings, and sometimes recommendations (although some companies may not want this) and a proposal should cover things like approach, method, estimated timings & costs, as well as other factors.

A further discussion on sampling customers, whether one can avoid bias in sampling or customer surveys; followed by marketing ethics, codes of practice were also covered.

07/11 – Received new client project brief and we had a discussion on what kinds of secondary research we should collect on the company, brief so that we have a scope or state defined.  I did some background work on who the company was and main competitors in a Google slide.  I have some small ideas on whether we can use agile sprint planning to really help with identifying stories early.

08/11 -Further secondary research on the company’s background and research the brief against PESTILE forces.

PESTLE analysis answers 6 key questions:

Political – What are the political factors that are likely to affect the business?
Economic – What are the economic factors that will affect the business?
Sociological – What cultural aspects likely to affect the business?
Technological – What technological changes that may affect the business?
Legal – What current and impending legislation that will affect the business?
Environmental- What are the environmental considerations that may affect the business?

Reference: https://processpolicy.com/pestle-analysis.htm

09/11 – Was at a conference.

10/11 – The MDI residents of practice came in and really helped us get our ideas from Google documents to the walls; I found this very visual, immediate and more rewarding.