Importance, definition and process of market research
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Importance, definition and process of market research

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Market research plays a crucial role in a business’s success and growth and is an important aspect of starting a new business or developing a new product or even getting to know about your ...

Market research plays a crucial role in a business’s success and growth and is an important aspect of starting a new business or developing a new product or even getting to know about your competition. Let's learn it's importance in marketing management and 7 steps of market research process.

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    Importance, definition and process of market research Importance, definition and process of market research Presentation Transcript

    • HOW DOES RESEARCH FIT INTO THE BROADER SCOPE OF MARKETING MANAGEMENT?? Leading Online Market Research Company in Vietnam
    • Review of Marketing Management target market
    • The External Environment Economic Environment Political and Legal Environment Customer Value and Behavior Social Environment Competitive Environment Marketing Strategy Technological Environment Natural Environment
    • The Value of Marketing Research   Reduces risk in decision making Let’s move away from making decisions based on anecdotal evidence (i.e., information or casual observation that is not based on facts or careful study)
    • Marketing research is the ―function which links the consumer, customer, and public to the marketer through information--information used to identify and define marketing opportunities and problems; generate, refine and evaluate marketing actions; monitor marketing performance; and improve understanding of m Marketing research is the ―function which links the consumer, customer, and public to the marketer through information-information used to identify and define marketing opportunities and problems; marketing generate, actions; refine and evaluate monitor marketing performance; and improve understanding of marketing as a process.‖ - American Marketing Association-
    • Marketing Research Defined  Marketing research is the systematic and objective   collection  analysis  dissemination   identification and use of information For the purpose of improving decision making related to the  identification of problems and opportunities and  solution of problems and opportunities in marketing. 6
    • Using Information…. Used to identify and define market opportunities and problems Generate, refine, and evaluate marketing performance Monitor marketing performance Improve understanding of marketing as a process 7
    • The need for information…     MR focuses on the use of information as a source of strategic advantage As marketers, we should strive for a thorough knowledge of customers, and their attitudes, tastes, preferences We should also want to keep an eye on competition (e.g., benchmarking) This information will help us making strategic marketing decisions (e.g., 4 P’s)
    • To sum up, the function of marketing research is to provide managers with information
    • Marketing Research Problem /Opportunity Identification Research Market Potential Research Market Share Research Market Characteristics Research Sales Analysis Research Forecasting Research Business Trends Research Problem-Solving Research Segmentation Research Product Research Pricing Research Promotion Research Distribution Research 10
    • Users of Market Research  Fortune-500 Firms  e.g.,  Entrepreneurs  e.g.,  Product tweeks, shelf location Market size, growth potential, viability And everyone in-between…
    • Marketing research can tell us…             How our customer service is perceived by our customers and what particular areas we can improve on or emphasize How customers shop and how we can adjust our atmospherics to maximize sales What new products or new product features do customers want How customers perceive us in relation to our key competitor (or do they even recognize us as a key player in the industry) Who our most loyal customers are and how do we cater to this important segment Who our prototypical customer is How can we segment the market in more manageable groups What marketing communications are most effective at reaching various segments of the market What is going to be the demand for a new product or an existing product in a new market Where should we build our next retail location At what price point we can maximize profitability and maintain consumer demand Which media vehicles will be most effective to communicate our advertising
    • Project vs. Info Systems  Information Systems Approach (MIS— Marketing Information System)  ―Ongoing‖ decision tool  Interactive / Non-technical models  Database Marketing  e.g., Retail Link  Project-Based (the focus of this discussion)
    • Research $$ are spent on…
    • THE RESEARCH PROCESS Leading Online Market Research Company in Vietnam
    • Just to reemphasize…    Marketing research is the marketer’s link to understanding the consumer and the external environment The SOLE purpose of marketing research is to inform decisions Every research project is different...
    • Step 1: Problem Formulation  A well-defined study begins with a clearly defined objective “The formulation of a problem is often more essential than its solution” - Albert Einstein   The problem is rarely clear-cut Slight variations in research questions can lead to substantial changes in the research process (so be careful)  Drives decisions related to research design, measurement, sampling, analysis, etc.
    • Step 1: Problem Formulation Stage in the Process Typical Questions Formulate problem • What is the purpose of the study (i.e., to solve a problem? Identify an opportunity?) • Is additional background information necessary? • What are specific research questions and what information is needed to make the decision? • How will the information be utilized? • Has a decision already been made? • Should research be conducted?
    • Step 1: Problem Formulation  Formulate Problem      Obesity is the 2nd leading cause of preventable death in the US What can be done? Can the provision of nutrition information help consumers make better (healthier) food consumption decisions? (decision problem) How good (accurate) are consumers at estimating the nutritional content of restaurant foods? and Can providing objective nutrient information improve food evaluation and choice (research problems) State hypotheses to be tested based on theory  Based on Expectancy disconfirmation theory:  H3a: When objective nutrition information is less favorable than consumers’ expect, nutrition information provision will have a greater negative influence on product attitudes and purchase intentions and a greater positive influence on perceived likelihood of weight gain and heart disease.
    • Step 2: Determine Research Design  Dictated by the problem or research question  Exploratory Research   Descriptive Research   ―Discovery‖ ―Relationships‖ Causal Research  Experiments
    • Step 2: Determine Research Design Stage in the Process Typical Questions Determine research design • How much is already known? • Can a hypothesis be formulated? • What types of questions need to be answered? • What type of study will best address the research questions?
    • Step 2: Determine Research Design  Determine Research Design Two research problems (questions) require two designs  How good (accurate) are consumers at estimating the nutritional content of restaurant foods?    Simple survey that asks participants to estimate nutritional content of common restaurant foods Can providing objective nutrient information improve food evaluation and choice  Between-subjects experiment
    • Step 3: Design Data Collection & Forms  Secondary research – not necessary  Survey Research  Lots  of ways to collect data Measurement  Constructs / Variables
    • Step 3: Design Data Collection & Forms Stage in the Process Typical Questions Determine data collection method and forms Can existing data be used to advantage? What is to be measured? How? What is the source of the data? Can objective answers be obtained by asking people? How should people be questioned? Should the questionnaires be administered in person, over the phone, or through the mail? Should electronic or mechanical means be used to make the observations? Should structure or unstructured items be used to collect the data? Should the purpose of the study be made known to the respondents? Should rating scales be used in the questionnaire?
    • Step 3: Design Data Collection & Forms  Design Data Collection and Forms   Quantitative data needed Questionnaires with estimations, multi-item attitudinal/risk/intentions variables
    • Step 4: Design Sample and Collect Data       Determine your ―target market‖ Determine necessary sample size Sampling Methodology Logistics Cost Ethics
    • Step 4: Design Sample and Collect Data Stage in the Process Typical Questions Design sample and collect the data • Who is the target population? • Is a list of population elements available? • Is a sample necessary? • Is a probability sample desirable? • How large should the sample be? • How should the sample be selected? • Who will gather the data? • How much supervision is needed? • What operational procedures will be followed? • What methods will be used to ensure the quality of the data collected?
    • Step 4: Design Sample and Collect Data  Design Sample and Collect Data  Adult Sample   Recruited by undergrads Mail panel
    • Step 5: Analyze and Interpret the Data  Edit / clean / code the data  Analyze  Interprete
    • Step 5: Analyze and Interpret the Data Stage in the Process Typical Questions Analyze and interpret the data • Who will handle the editing of the data? • How will the data be coded? • Who will supervise the coding and keypunching? • What tabulations / statistical tests / analysis techniques will be used?
    • Step 6: Analyze and Interpret the Data  Analyze and interpret the data Crosstabs and other simple computations  ANOVA / MANOVA / Chi-Square   Results show that most consumers are unaware of high levels of calories, fat, saturated fat, and sodium found in many menu items. Provision of nutrition information on restaurant menus could potentially have a positive impact on public health by reducing the consumption of less healthful foods
    • Step 6: Analyze and Interpret the Data  Know your audience  Sell your findings
    • Step 7: Prepare Research Report Stage in the Process Typical Questions Prepare the research report • Who will read the report? • What is their technical level of sophistication? • Are managerial recommendations called for? • What will be the format of the written report? • Is an oral report necessary? • How should the oral report be structured?
    • Step 7: Prepare Research Report  Prepare Research Report  Manuscript prepared for journal submission
    • Thank you A leading website in the field of Market Research in Vietnam. Viet Nam
    • Contact information InfoQ Viet Nam is a member of GMO Research Company, is known as a famous company specializing in the field of market research in Japan and Europe with global website system located in more than 40 countries worldwide. In GMO Research’s research solution platform, they provide online panels, social research, mobile research, Eye Tracking, and MROC solutions among other services INFOQ VIET NAM Add: 118 Nguyen Ngoc Nai, Thanh Xuan, Ha Noi Tel: (04) 3566-8180 Email: infoq@runsystem.net; quynhdtx@runsystem.net Website: http://infoq.vn/business/home