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The Market Research Process 1. Defining the 2. Developing 3. Collecting 4. Analysing 5. Presenting problem and the research the the the findings objectives plan information informationSteps Distinguish between Decide on Information is Statistical Overall conclusions the research type - budget collected manipulation of to be presented needed e.g. according to the data collected rather than - data sources the plan ( it is (e.g. regression) overwhelming - exploratory - research or subjective approaches often done by statistical - descriptive analysis of focus methodologies - research external firms) - causal groups instruments - sampling plan - contact methodsComments If a problem is The plan needs This phase is Significant Can take various vaguely defined, to be decided the most costly difference in forms: the results can upfront but and the most type of analysis - oral presentation have little flexible enough liable to error according to - written conclusions bearing on the to incorporate whether market supported by analysis key issues changes/ research is iterations quantitative or - data tables qualitative
Designing the Research Project Research design An overall plan for obtaining the information needed to address a research problem or issue Hypothesis An informed guess or assumption about a certain problem or set of circumstances Accepted or rejected hypotheses act as conclusions for the research effort
Determining the Research Technique Selection of the research technique depends on a variety of factors: The objectivity of the data sought must be determined. Unstructured data will require more open-ended questions and more time than structured data. Whether the data should be collected in the real world or in a controlled environment. Whether to collect historical facts or information about future developments. 6
The Marketing Research Process Collecting Data Types of data Primary data: data observed and recorded or collected directly from respondents Secondary data: data complied both inside and outside the organization for some purpose other than the current investigation
Methods for Developing Primary Data Focus Groups PanelsExperiments Data Qualitative? Quantitative? Surveys Observation Interviews
Methods of Collecting Primary Data Sampling Population—all the elements, units, or individuals of interest to researchers for specific study Sample—a limited number of units chosen to represent the characteristics of a total population Types of sampling Probability—each element has an known chance for study Random—each element has an equal chance for study Stratified—study population divided into like groups Quota: population is grouped and elements are arbitrarily chosen
Observation (for Data Collection) Methods Direct contact with subject is avoided to reduce possible awareness of observation process. Physical conditions, subject actions, and demographics are noted. Data gathered may be influenced by observer bias. Experimentation A research method that attempts to maintain (control) certain variables while measuring the effects of experimental (uncontrolled) variables Delphi studies : Delphi studies are a means for aggregating the judgements of a number of experts who cannot come together physically. -The Delphi technique is particularly valuable because it uses mail, fax, or electronic communication to bridge large distances and therefore makes experts accessible at a reasonable cost.
External Market Research Firms Types Description1. Syndicated - service research Data gathered periodically fromfirms customers and distribution channels and then sold to clients (e.g. A.C. Nielson)2. Custom market research firms Hired to carry out specific research projects for clients. The firm conducts the survey and the results are the property of one client only (e.g. Research International)3. Specialty line research firms Firms providing a specialised service to other market research firms, e.g. a firm selling field interviewing services
Questionnaire Construction Open-ended question Question which invites the respondent to answer as their own interests or personal subjectivity dictates Dichotomous question Question which to which the respondent can make only an either/or or yes/no response Multiple-choice question Question asks the respondent to choose a response from a fixed set of responses
Interpreting Research Findings Statistical Interpretation Analysis of survey data to determine what is typical or what deviates from the average that indicates: How widely the responses vary How the responses are distributed Which hypotheses are supported Which hypotheses are rejected
Interpreting Research Findings Reporting Research Findings Take an objective look at survey findings Report deficiencies and reasons for deficiencies Prepare a formal, written document Summary and recommendations Short, clear, and simply expressed for executives Technical report Contains more detailed information about research methods and procedures and important data gathered
Benefits of Marketing Research Helps firms stay in touch with customers’ changing attitudes and purchase patterns Assists in better understanding market opportunities Determines the feasibility of a particular marketing strategy Aids in the development of marketing mixes to match the needs of customers Improves marketer’s ability to make decisions