Introduction to Market Research

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Introduction to Market Research

  1. 1. An Introduction to Business Statistics and Research MG321 <kankajit_k@payap.ac.th> <kankajit@live.com>
  2. 2. Part I Introduction To Business Research  Research in business  Scientific thinking  The research process  The research proposal  Ethics in business research
  3. 3. Part II The Design of Research  Design strategies  Measurement  Scaling design  Sampling design
  4. 4. Part IV Analysis and Presentation of Data  Data preparation and Preliminary Analysis  Hypothesis Testing  Measures of Association  Multivariate Analysis: An Overview  Presenting Results: Written and Oral Report
  5. 5. Class Schedule Week 4-11 (continue)  Business       Statistics Parametric and non-parametric statistics Descriptive statistics Probability concepts and distributions Sampling theory Statistical inference and correlation Multiple regression analysis
  6. 6. Assignments  Individual Research Project Topic  Research Paper      Proposal writing Sampling design Questionnaire design 50% 20% 5% 5% 10% SPSS Analysis (Data Treatment & Data Tabulation) 10% Research Findings and Report Presentation PowerPoint Presentation and Oral Presentation 20%  Exercises Quiz 20%  Final Exam 30%
  7. 7. Assignment Due Date  Research Project Topic Submission by      Research Proposal Draft Questionnaire Final Cleaned Data Research Project Presentation Final Research Paper 31 Oct 15 Nov 6 Dec Feb Feb March
  8. 8. An Introduction to Statistics for Research
  9. 9. Business Research What is It All About?
  10. 10. Market Research for Business Planning  Can be used to determine how to market your specific product or service.  Reduce  Use risks at the earliest possible stage. the information in planning the build-up of your business.
  11. 11. Things should be found out through MR in order to know if your business is feasible i.e. Market information          Who are the customers? Where are they located and how can they be contacted? What quantity and quality do they want? What is the best time to sell? What is the long-term or historical price data over a number of years? What is the expected production in the country? Is there more demand for one product or another? Etc.
  12. 12. Things should be found out through MR in order to know if your business is feasible i.e. Market Segmentation Market Trend & Market Size Market Landscape         Customer analysis Competitor analysis Risk analysis Product research Advertising research
  13. 13. Questions that can be answered through Marketing Research:    What is happening in the market? What are the trends? Who are the competitors?  How do consumers talk about the products or services in the market?  Which needs are important? Are the needs being met by current products or services? 
  14. 14. What Marketing Research is All About? “Marketing Research is the process of systematic gathering, recording and analyzing of data about customers, competitors and the market.” “Marketing Research is discovering what people want, need, or believe. It can also involve discovering how they act.” “Marketing Research is the search for, and retrieval of, existing, discovery or creation of new information or knowledge for a specific purpose.”
  15. 15. What Marketing Research is All About? “The purpose of marketing research is to help companies make better business decisions about the development and marketing of their Products or Services.” “Marketing Research represents the voice of the consumer in a company.”
  16. 16. Marketing Research, and other forms of Business Research include:  Market Research is broader in scope and examines all aspects of a business environment;       asks questions about competitors, market structure, government regulations, economic trends, technological advances, and numerous other factors that make up the business environment.  Product Research - This looks at what products can be produced with available technology, and what new product innovations near-future technology can develop.  Advertising Research - is a specialized form of marketing research conducted to improve the efficacy of advertising.
  17. 17. Marketing Research Methods Methodologically, marketing research uses the following types of research designs:  Based on questioning:  Qualitative Marketing Research – generally used for exploratory purposes - small number of respondents - not generalizable to the whole population - statistical significance and confidence not calculated - examples include focus groups, in-depth interviews, and projective techniques  Quantitative Marketing Research - generally used to draw conclusions - tests a specific hypothesis - uses random sampling techniques so as to infer from the sample to the population - involves a large number of respondents - examples include surveys and questionnaires
  18. 18. Marketing Research Methods Methodologically, marketing research uses the following types of research designs:  Based on observations:  Ethnographic Studies -, by nature qualitative, the researcher observes social phenomena in their natural setting - observations can occur cross-sectionally (observations made at one time) or longitudinally (observations occur over several time-periods) - examples include product-use analysis and computer cookie traces  Experimental Techniques -, by nature quantitative, the researcher creates a quasi-artificial environment to try to control spurious factors, then manipulates at least one of the variables - examples include purchase laboratories and test markets
  19. 19. Business to Business Market Research  Business to business (b2b) research is more complicated than consumer research.  Need to know what type of multi-faceted approach will answer the objectives, seldom is it possible to find the answers using just one method.  Finding the right respondents is crucial, they are often busy, and may not want to participate. Encouraging them to “open up” is yet another skill required.  Last, but not least, most business research leads to “strategic decisions” and this means that the business researcher must have expertise in developing strategies that are strongly rooted in the research findings and acceptable to the client.
  20. 20. Perform Marketing Research with 4 Basic Steps of MR Process 1. Defining the Research Problem 2. Establishing the Research Design 3. Collecting and Analyzing Data 4. Formulate Findings
  21. 21. * *
  22. 22. Perform Marketing Research with 4 Basic Steps of MR Process 1. Defining the Research Problem 2. Establishing the Research Design 3. Collecting and Analyzing Data 4. Formulate Findings
  23. 23. Selecting and Establishing Research Design 1. Select the Research Design, 2. Identify Information Types and Sources and 3. Determine and Design Research Instrument.
  24. 24. Types of marketing research Marketing research techniques come in many forms, including:    coolhunting - to make observations and predictions in changes of new or existing cultural trends in areas such as fashion, music, films, television, youth culture and lifestyle concept testing - to test the acceptance of a concept by target consumers brand name testing - what do consumers feel about the names of the products?
  25. 25. Types of marketing research Marketing research techniques come in many forms, including:    consumer decision process research - to determine what motivates people to buy and what decision-making process they use brand equity research - how favorably do consumers view the brand? demand estimation - to determine the approximate level of demand for the product
  26. 26. Types of marketing research Marketing research techniques come in many forms, including:    test marketing - a small-scale product launch used to determine the likely acceptance of the product when it is introduced into a wider market Commercial eye tracking research - examine advertisements, package designs, websites, etc by analyzing visual behavior of the consumer Advertising Research – used to predict copy testing or track the efficacy of advertisements for any medium, measured by the ad’s ability to get attention, communicate the message, build the brand’s image, and motivate the consumer to purchase the product or service. (Young, 2005)
  27. 27. Types of marketing research Marketing research techniques come in many forms, including:     copy testing – predicts in-market performance of an ad before it airs by analyzing audience levels of attention, brand linkage, motivation, entertainment, and communication, as well as breaking down the ad’s Flow of Attention and Flow of Emotion Ad Tracking – periodic or continuous in-market research to monitor a brand’s performance using measures such as brand awareness, brand preference, and product usage Marketing Effectiveness and analytics - Building models and measuring results to determine the effectiveness of individual marketing activities segmentation research - to determine the demographic, psychographic, and behavioural characteristics of potential buyers
  28. 28. Types of marketing research Marketing research techniques come in many forms, including:     customer satisfaction studies - exit interviews or surveys that determine a customer's level of satisfaction with the quality of the transaction distribution channel audits - to assess distributors’ and retailers’ attitudes toward a product, brand, or company mystery shopping - An employee or representative of the market research firm anonymously contacts a salesperson and indicates he or she is shopping for a product. The shopper then records the entire experience. This method is often used for quality control or for researching competitors' products. store audit - to measure the sales of a product or product line at a statistically selected store sample in order to determine market share, or to determine whether a retail store provides adequate service
  29. 29. Types of marketing research Marketing research techniques come in many forms, including:      positioning research - how does the target market see the brand relative to competitors? - what does the brand stand for? price elasticity testing - to determine how sensitive customers are to price changes sales forecasting - to determine the expected level of sales given the level of demand. With respect to other factors like Advertising expenditure, sales promotion etc. Internet Strategic Intelligence - searching for customer opinions in the Internet: chats, forums, web pages, blogs... where people express freely about their experiences with products, becoming strong "opinion formers" online panel - a group of individual who accepted to respond to marketing research online

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