Market Research to Understand Behavior of sales wrt Price and flavor
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Market Research to Understand Behavior of sales wrt Price and flavor

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Marketing Research Is Generally Activated When There Is A Question To Be ...

Marketing Research Is Generally Activated When There Is A Question To Be
Answered , Only When There Is A Information Gap.
• Marketing Research Is Generally Taken Up As A Short-term Project With Clearly
Defined Scheduled,budget, Which Should Make Marketing Decision –making.

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Market Research to Understand Behavior of sales wrt Price and flavor Market Research to Understand Behavior of sales wrt Price and flavor Presentation Transcript

  • Market Research to Understand Behavior of sales wrt Price and flavor Renzil D’cruz http://RenzilDe.com http://about.me/renzilde http://linkedin.com/in/renzild
  • MARKETING RESEARCH • Marketing Research Is Generally Activated When There Is A Question To Be Answered , Only When There Is A Information Gap. • Marketing Research Is Generally Taken Up As A Short-term Project With Clearly Defined Scheduled,budget, Which Should Make Marketing Decision –making. • Who Does The Research? • It Is A Intermittent Activity, Based On A Identical Information Gap Or Information Need. • A Large Number Of Professional Research Are Available To Do The Needful. They Have Branches ( In Case Of India) All Over The Country And Some Have Global Associates If Research Is Going Beyond India.
  • WHEN TO DO MARKETING RESEARCH - When There Is A Information Gap Which Can Be Filled By Doing Research. - The Cost Filling Gap Through Marketing Research Is Less Than Taking Wrong Decision Without Doing Research. - The Time Taken For The Research Does Not Delay Decision –making Beyond Reasonable Limits. Renzil D’cruz http://RenzilDe.com http://about.me/renzilde http://linkedin.com/in/renzilde
  • TEST MARKETING • This Is A Name Used For A Class Of Controlled Experiments In Marketing Research. • Its Objective Is To Predicts Sales Based On Change In Marketing Variable Like Price, promotion, advertisement. • Experimental Design Are Also Classified In Terms Of Number Of Independent Variable Used . Renzil D’cruz http://RenzilDe.com http://about.me/renzilde http://linkedin.com/in/renzilde
  • EXPERIMENTAL DESIGN • The Design Of Experiment Is Most Critical When It Is Analysed Through Anova. • The Types Of Design Use In Marketing Research Experiment Are: • Completely Randomised Design In One Way-anova. • This Design Is Used When Three Is Only One Category Of Independent Variable And One Dependent Variable. • Each Category Of Independent Variable Is Called The Level. • In This Type Of Design We Randomly Allocate Various Sample To Different Level. • Then We Conduct F-test Under Anova To Test The Null Hypothesis That The Mean Value Of Independent Variable.
  • Objectives of Research methodology • To measure correlation between sales price and flavor • To measure the involvement of consumer with particular favoritism on flavor • To measure consumer preference level of while considering price based on flavor • To measure the change in consumer behavior from the information to interaction by shopkeeper Renzil D’cruz http://RenzilDe.com http://about.me/renzilde http://linkedin.com/in/renzilde
  • Sample Frame • Demographics: Shopkeeper • Sample size: 20 respondents • Location: limited to Mira Rd. ,Kandivli and Vasai Own Shop Worker MALE 5 12 FEMALE 2 1 Gender/Type
  • Type and Tools for sample data collection: • Primary Data: Structured Questionnaire administered personally. • Advantage : Better Feedback on personally administered Questionnaire • Disadvantage: The sample selected from limited area of suburbs in Mumbai result may be vary on bigger sample of data
  • USE OF ANOVA IN MARKETING RESEARCH • For primary data collection a structured questionnaire was made which was filled by respondents. • Once the data collection was completed, analysis was carried out using SPSS, software for analyzing the data. • Data analysis tools like t-test and Anova analysis was used to get the output of the data. • ANOVA uses squared deviation of variance so that computation of distance of individual data point from their own mean or from grand mean can be summed ( i.e. S.D sum to zero). • The total deviation of any particular data point may be partitioned into – BETWEEN GROUP VARIANCE and WITHIN GROUP VARIANCE.
  • THE EXPERIMENT CONDUCTED ON ’20’ RANDOMLY SELECTED RESPONDENT (ICE-CREAM): PRICE OF 1l KG.PACK CODE ICE-CREAM FLAVOURS CODE 1 Rs. 95.00 STRAWBERRY 1 2 Rs. 100.00 VANILLA 2 3 Rs. 110.00 CHOCOLATE 3 4 Rs. 120.00 Anjir(Fig) 4 Renzil D’cruz http://RenzilDe.com http://about.me/renzilde http://linkedin.com/in/renzilde
  • Variable View Renzil D’cruz http://RenzilDe.com http://about.me/renzilde http://linkedin.com/in/renzilde
  • Data View Renzil D’cruz http://RenzilDe.com http://about.me/renzilde http://linkedin.com/in/renzilde
  • OUTPUT OF SPSS OF ICE-CREAM RANDOMISED DESIGN ONE WAY ANOVA ( FLAVOURS AND PRICE) FLAVOURS Sum of Squares Between Groups 20 Within Groups 5 Total 25 PRICE Between Groups 26.7 Within Groups 0.5 Total 27.200 19 27.2 df Mean Square 17 1.176 2 F Sig. 0.471 0.85 2.5 6.282 0.146 19 17 1.571 2 0.25 19
  • Analysis Q1.Are customer s particular while buying Ice-cream on basis of flavor? (1 being less likely and 10 being most likly) ICE-CREAM FLAVOURS Rating STRAWBERRY VANILLA CHOCOLATE Anjir(Fig) Statement 1 : • Conclusion :- Since the F value is 0.0031 which is less than 0.05, we reject H0. • There are significant differences in the preferred type of flavor according to Shopkeeper. Statement 2: • Conclusion :- Since the p value is 0.019 which is greater than 0.05, we accept H0. • There are no significant differences in the preferred type of two types of flavours Renzil D’cruz http://RenzilDe.com http://about.me/renzilde http://linkedin.com/in/renzilde
  • Analysis Q2.Are customers preference on basis of cost? (1 being less likely and 10 being most likly) PRICE OF 1l KG.PACK CODE 1 Rs. 95.00 2 Rs. 100 3 Rating Rs. 110.00 Statement 1 : 4 Rs. 120.00 • Conclusion :- Since the F value is 0.0031 which is less than 0.05, we reject H0. • There are significant differences in the preferred type of flavor according to Shopkeeper. Statement 2: • Conclusion :- Since the p value is 0.019 which is greater than 0.05, we accept H0. • There are no significant differences in the preferred type of two types of flavours
  • ANOVA( SALES AND FLAVOURS) SALES Sum of Squares df Mean Square F Between Groups 147616.875 3 49205.65 212.011 Within Groups 65545.875 16 4096.68 Total 213163.75 19 Between Groups 0 3 0 Within Groups 25 16 1.563 Total 25 19 FLAVOURS 0 Renzil D’cruz http://RenzilDe.com http://about.me/renzilde http://linkedin.com/in/renzilde
  • ANOVA ( PRICE*SALES) PRICE Between Groups Within Groups Sum of Squares df F Sig. 0 1 0.303 0.823 0 3 0 27.200 16 1.7 Total 27.2 SALES Between Groups Within Groups 11463.75 3 201700 16 Total Mean Square 213163.75 19 19 3821.25 12606.25
  • • Statement: • H0 : There are no significant differences in the preferred type of Advertisement according to its impact of celebs ads and contest ads • H1 : There are significant differences in the preferred type of Advertisement according to its impact of celebs ads and contest ads • Conclusion :- Since the p value is 0.666 which is greater than 0.05, we accept H0. • There are no differences in the preferred type of Advertisement according to its impact of celebs ads and contest ads
  • Data Collected From various Sources(Sales/Flavors) Sales/Flavo urs 900 930 1000 1020 1025 1050 1075 1090 1100 1110 1125 1150 1 0 0 1 0 0 1 1 0 0 0 0 0 2 0 0 1 0 1 0 0 0 0 0 0 1 3 0 1 0 0 0 0 0 0 1 0 1 0 4 1 0 0 1 0 0 0 1 0 1 0 0 Total 1 1 2 1 1 1 1 1 1 1 1 1
  • Chi-Square Tests( SALES*FLAVOURS) Test Type Value df Asymp. Sig. (2-sided) Pearson Chi-Square 52.000(a) 51 0.435 Likelihood Ratio 49.9 51 0.517 Association 0.813 1 0.367 N of Valid Cases 20 Linear-by-Linear a) 72 cells (100.0%) have expected count less than 5. The minimum expected count is .25.
  • • Statement 1 : • Conclusion :- Since the p value is 0.435 which is greater than 0.05, we accept H0. There are no significant differences in respondent’s preference towards brand • Statement 2 : • Conclusion :- Since the p value is 0.517 which is greater than 0.05, we accept H0. There are no significant differences in respondent’s agreement towards the statement that I Renzil D’cruz prefer giving feedback to brands . http://RenzilDe.com http://about.me/renzilde http://linkedin.com/in/renzilde
  • Data Collected From various Sources(Sales/Price) Sales/Price 900 930 1000 1020 1025 1050 1075 1090 1100 1110 1125 1150 1175 1 0 0 0 0 0 1 0 1 0 0 1 0 1 2 0 0 0 0 0 0 0 0 0 1 0 1 0 3 0 0 0 1 1 0 1 0 1 0 0 0 0 4 1 1 2 0 0 0 0 0 0 0 0 0 0 Total 1 1 2 1 1 1 1 1 1 1 1 1 1
  • Chi-Square Tests(PRICE*SALES) Test Type Value df Asymp. Sig. (2-sided) Pearson Chi-Square 56.250(a) 51 .285 Likelihood Ratio 50.515 51 .493 Association 12.232 1 0.0 N of Valid Cases 20 Linear-by-Linear a) 72 cells (100.0%) have expected count less than 5. The minimum expected count is .20.
  • • Statement 1 : • Conclusion :- Since the p value is 0.009 which is less than 0.05, we reject H0. There are significant differences in respondent’s agreement towards the statement that I prefer brand engaging with the customers to promote their product or service • • Statement 2 : • Conclusion :- Since the p value is 0.192 which is greater than 0.05, we accept H0. There are no significant differences in respondent’s agreement towards the statement that I prefer interacting with brands of my choice
  • Chi-Square Tests(PRICE*FLAVOURS) Test Type Value df Asymp. Sig. (2-sided) Pearson Chi-Square .000(a) 9 Likelihood Ratio 0 9 1 Linear-by-Linear Association 0 1 1 N of Valid Cases 20 a) 16 cells (100.0%) have expected count less than 5. The minimum expected count is 1.00. 1
  • Descriptive Statistics Minimum N Statistics Statistics Maximum Statistics Mean Statistics Std. Error Std. Deviation Variance SALES 20 900 1310 1104.25 23.685 105.92 11219.14 FLAVOURS 20 1 4 2.5 0.256 1.147 1.316 PRICE 20 1 4 2.2 0.268 1.196 1.432 Valid N (listwise) 20 4
  • OBSERVATIONS • Usefulness of Advertisements – Respondents consider banner ads to be their 1st most preferred type of advertisements according to its usefulness following by online ads , tv ads & print ads respectively • Impact of Advertisements – Majority of the respondents were able to recall for a brand easily after watching an advertisement • Different forms of Advertisement – There are different forms of Advertisements that creates an impact on the respondent in terms of its usefulness out of which celebs advertisements has the highest impact on the respondent followed by creative media ads followed by traditional, Online ads & advertisements involving engagement. Renzil D’cruz http://RenzilDe.com http://about.me/renzilde http://linkedin.com/in/renzilde
  • • Brand Engagement – Majority of the respondents prefer brand communicating with consumers • Interactive Advertising – In terms of awareness level of different methods of interactive advertising social media has the highest level of awareness among the respondents followed by vouchers and discounts ,brand involvement contest and sms & win prizes Renzil D’cruz http://RenzilDe.com http://about.me/renzilde http://linkedin.com/in/renzilde
  • Suggestions and recommendations • To make advertising more fruitful brands should consider engagement with the customers as important as communicating with the customers • Interactive advertisements have a better recall then normal advertisements hence brands should consider interaction based advertising as an important medium for awareness • With a better recall value & personal engagement with a brand it creates an impact on consumer buying decision • It is recommended for brands to make their advertising campaign more informative & engaging rather than having a celebrity endorsements • Advertisements should have Promotional campaigns like discounts & vouchers, should be entertaining & funny because it has better impact on customers • Platforms like Social networking sites & blogs are highly engaging & interactive, brands should consider these platforms for interaction • Brands should have an separate engaging campaign to have interaction with the customers • Brands should spend more on interactive advertising media like Internet & Mobile compare to Traditional advertising Media like Print & Radio Renzil D’cruz http://RenzilDe.com http://about.me/renzilde http://linkedin.com/in/renzilde
  • Conclusion • Most of the respondents says that banner ads are most useful • Most of the respondents said advertisements creates an awareness for a brand & helps in brand recall value • Most of the respondents said that celebrities advertisements have a greater impact on them • In terms of awareness level of different methods of interactive advertising social media has the highest level of awareness among the respondents followed by vouchers and discounts & sms & win prizes
  • conclusion • In terms of interaction most of the respondents who are interested in advertisement prefer ads to be entertaining & to be of their interest. Brand loyalty & celebrities & contest are also factors for consideration • In regards of platforms for interaction majority of respondents prefer internet to interact most of the engaging & interactive ad campaigns should be on Internet • Brands generally advertise to have an impact on customers mind & to create a high brand recall value which will eventually leads to sales but customers expect advertisements to be useful & to be appropriate • Brands should incentivize the customers with discounts & vouchers to increase interaction & eventually increase sales of their product & service.
  • Thank You. • Questions ??? • Comments #@$% • Concerns !!! facebook.com/renzilde twitter.com/renzilde linkedin.com/in/renzilde