Evaluating Results (Business English) - Free Educational videos for Students in K-12

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00:04	In this video , we will discuss how to evaluate
00:07	survey results . Remember that we do formal market research
00:11	to answer the question , Does the new product represent
00:15	an opportunity in a market to answer this question ?
00:19	We need to look carefully at the data in Part
00:22	three of the survey future needs and part two of
00:26	the survey , past and current experience , Does the
00:30	new product represent an opportunity in the market , respondents
00:35	, future needs are the most important information to answer
00:39	this question . Therefore , even though it is the
00:43	last section , part three usually has the most important
00:47	data . Remember the questions in part three about new
00:51	toothbrush one . Would you like to try a new
00:55	toothbrush ? Two . If yes . Which new toothbrush
00:59	would you prefer ? three . Are you interested in
01:03	buying new toothbrush ? four . If yes or maybe
01:08	? How much would you be willing to pay for
01:10	one new toothbrush respondents , past or current experience may
01:15	also be important information about whether a new product represents
01:19	an opportunity in the market . Do respondents have habits
01:23	and preferences that seem to support a new product ,
01:28	or do they have habits or preferences that do not
01:31	seem to support a new product ? For example ,
01:37	asking people they like the toothbrush they currently use or
01:41	a toothbrush they used in the past can tell researchers
01:45	whether they might try a new toothbrush if they like
01:50	their current toothbrush a lot . They probably are not
01:53	interested in trying a new one . On the other
01:57	hand , if they don't like their current toothbrush ,
02:00	they will probably be very happy to try a new
02:04	one . This information can help entrepreneurs make confident conclusions
02:11	about the chance that respondents will be willing to consider
02:15	the new product in the future . Therefore , researchers
02:20	can analyze the results from part three and part two
02:24	to help decide whether a new product does or does
02:27	not present an opportunity in the market . They do
02:31	this by looking to see if there are extreme results
02:34	or scattered results . Let's look at extreme results .
02:38	1st , extreme results are data that is strongly positive
02:42	or strongly negative . This is very useful data because
02:46	it means that respondents have clear opinions . For example
02:51	, If 75 of respondents are not interested in buying
02:55	a product , an entrepreneur can quickly and easily conclude
02:59	that a new product is not present an opportunity in
03:02	the market , even though this is a negative conclusion
03:06	, it will save the entrepreneur a lot of time
03:09	and money . Hopefully it could lead the development of
03:13	a new product with a better chance of success .
03:17	On the other hand , if only 40 of respondents
03:20	are interested in buying a product , then the results
03:23	are less clear and the entrepreneur may have a more
03:26	difficult time deciding what to do . Entrepreneurs will probably
03:31	have to do more market research before continuing the new
03:35	product development . Now let's look at scattered results when
03:40	results from a question are unclear and show a variety
03:44	of responses . The results are scattered . This means
03:49	that the respondents have very different opinions and no clear
03:53	conclusion can be made . This can happen for two
03:57	reasons . First , this topic is very new for
04:01	respondents and they have not yet developed clear opinions or
04:05	preferences . Second , the survey questions not clear or
04:10	needs to be more specific . The entrepreneur can change
04:14	the question to improve understanding and be more specific .
04:17	However , there isn't much an entrepreneur can do if
04:22	respondents do not have opinions and preferences . Once entrepreneurs
04:27	have analyzed the data from part three and part two
04:31	, they group the survey results into most extreme to
04:35	least extreme . Now it's time to look at part
04:40	one demographic profiles and how they are related to the
04:44	data . This helps entrepreneurs see if there is a
04:48	market niche for the new product . Let's look at
04:51	two examples . Example one 75 of respondents are interested
04:57	in a new product . By looking at the demographic
05:00	profiles of those respondents . The entrepreneur notices that most
05:05	of them are men . The entrepreneur may conclude that
05:08	the new product is more attractive to men than women
05:11	and that men are the niche market . Example ,
05:15	two 25 of respondents are interested in buying a new
05:20	product . By looking at the demographic profiles of those
05:24	respondents . The entrepreneur notices that all of the respondents
05:27	are young men and young women . The entrepreneur may
05:31	conclude the new product may have a niche market with
05:35	young men and young women . Usually this will lead
05:38	to more research with that specific market . In this
05:43	video we discussed evaluating survey results by looking at part
05:47	three future needs and part to pastor current experience to
05:52	see if a new product is an opportunity in a
05:55	market evidence is chosen from the survey To support this
06:00	conclusion , extreme results are useful , while scattered results
06:05	are unclear , Then demographic profiles are connected to the
06:10	results to see if a market niche exists .

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DESCRIPTION:

In this video, we will discuss how to evaluate survey results. Remember that we do formal market research to answer the question: "Does the new product represent an opportunity in a market?"

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