Market Research

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Market Research-Consultation

Market Research-Consultation

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  • 1. Market Research By BCChew Market Research(c)BCChew2014 1
  • 2. Introduction of Market Research • It is a systematic data collection, recording, analysis and interpretation of data relating to the existing or potential market for a product/service (expansion or new introduction). Market Research(c)BCChew2014 2
  • 3. Benefits of Market Research • It aims to collect information from the consumers in order to understand the consumer preference. • It allows the entrepreneur to spot any problems in the existing market. • It helps to guide a better decision making. • It helps to reduce risks/conditions of uncertainty. • It guides the new market development. Market Research(c)BCChew2014 3
  • 4. The flow of Market Research Activities 1. Objectives of market research 2. Questionnaire preparation 3. Secondary data collection 4. Primary data collection 5. Data analysis For: (a) Market understanding (b) Marketing strategy (c) Forecasting Market Research(c)BCChew2014 4
  • 5. Planning before conduct the Market Research -establish the goals for such market (the outcomes of the research) -identify the sources of information -assessing resources required for the research (time, 4Ms) -determine the sample -determine the location to conduct the research -determine the time to conduct the research -prepare the action plan Market Research(c)BCChew2014 5
  • 6. The Activities of Primary Data Collection 1. 2. 3. 4. Define target population Sampling Develop questionnaire (open vs closed questions) Recruit and provide training to the field investigators (interviewer administrated questionnaire) 5. Primary data collection 6. Analyse the primary data collected Market Research(c)BCChew2014 6
  • 7. Items to be Considered in Questionnaire Setting 1. Demography on the size of the targeted market segment. (e.g. sex, age, religious, geographical division or area of the market, designation, qualification, income, family size, preference/interests, economic status etc.) 2. Past, present (size of demand, seasonal demand) and future demand. Market Research(c)BCChew2014 7
  • 8. Which Market Segment? • Mass Markets – high volume, low margin goods: Ex: clothing, food. • Multiple Segments – appealing to wider range of groups Ex: vehicles (sedan) • Specialised Segment – often a specialised product Ex: exclusive goods, medicine Market Research(c)BCChew2014 8
  • 9. Items to be Considered in Questionnaire Setting 3. Consumers’ understanding about the product/service: -first impression on your product/service (like, dislike) -technical specificity of your product/service (benefits he/she will get) -how much he/she willing to pay for your product/service (value) -methods of distribution preferred (online, shop) -choices available that he/she aware (brand awareness, brand preference) -location of previous/existing purchase -promotion interested (bargains, discount etc.) -buying behaviour (bulk, seasonal) -loyal-led on competitor (satisfaction) -positive or negative feedbacks -innovative suggestions Market Research(c)BCChew2014 9
  • 10. Items to be Considered in Questionnaire Setting 4. Competitors analysis -number of sellers in this market -who are the significant sellers (leaders) -where are these significant sellers -monopoly? Oligopoly? Open competition? -market share (public report, association) -present price -strength of sellers (product/service) -weakness of sellers (product/service) -after sales service -guarantee provision -buying and selling procedure -incentives given -promotion strategy -distribution channels (online, direct selling etc.) Market Research(c)BCChew2014 10
  • 11. Medium Used for Market Research -Employ external force or internal force (employees) to conduct: 1. Face-to-face (individual/focus group) 2. Telephone 3. Online 4. Postage (mail) 5. Observation 6. Others (entry form for competition, warranty form etc.) Market Research(c)BCChew2014 11
  • 12. Reflection before and after Conduct Market Research –Who are my existing customers and potential customers? –Where do they live? –Will they continue buying my product/service? –Am I offering the kinds of goods /services they want at the best place, at the best time and in the right amounts? –Are my suggested prices consistent with what buyers view as the product's/service’s value? –Will my promotional programs working? –What do customers think of my business? –How does my business compare with my competitors? –Have I done my best for my business? –Have I obtained adequate information that I need? (there is no second chance) –Give a token of appreciation to my respondents. “Understanding what customers is the key drives for business sustainability”. Market Research(c)BCChew2014 12
  • 13. The Business Plan Framework The Business Plan Framework could be viewed through https://www.academia.edu/5546911/Business_ Plan_Framework Market Research(c)BCChew2014 13
  • 14. Contact 1. Boon Cheong Chew Email: bcchew@utem.edu.my LinkedIn: my.linkedin.com/in/bcchew Google BCChew to follow some of his work. My primary research interest: (a) Renewable Energy Development and Deployment (b) Clean Technologies Innovation and Implementation (c) Green and Sustainability Practices (d) Human Technology Market Research(c)BCChew2014 14