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Marketing Research - An Online Perpective
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Marketing Research - An Online Perpective

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  • Market Research is a process of gathering, analyzing and interpreting raw data about the target market, product or service, competitors & about past, present and potential consumers to derive usable business results.
  • 90% of fortune 500 companies have an internal department1. Syndicated Research Firms2. Custom Research Firms3. Specialty Research Firms
  • Transcript

    • 1. MARKETING RESEARCH Vinay Nair
    • 2. WHAT WILL YOU LEARN? 1. Market research 2. Purpose of market research – 4 C‟s 3. Steps in Marketing Research 4. Coming back to the Steps 5. Case Study – Focus JD Retail
    • 3. RESEARCH ON AGATHA CHRISTIE HarperCollins found sales of Agatha Christie novels declining in early 90‟s  Quantitative & qualitative research commissioned  Readers liked “niceness” of the crimes, but covers were gruesome and bloody Results: New cover designs commissioned and in the first year sales rose 40%
    • 4. MARKETING RESEARCH Data Collectio n Data Data Data Target Audienc e Data Analysis Informatio n Evaluation Presentati on
    • 5. PURPOSE OF MARKETING RESEARCH- 4 C‟S 1. Customers: To determine how well customer needs are being met, investigate new target markets, and assess and test new services and facilities. 2. Competition: To identify primary competitors and pinpoint their strengths and weaknesses. 3. Confidence: To reduce the perceived risk in making marketing decisions. 4. Change: To keep updated with changes in target customers needs and expectations.
    • 6. STEPS IN MARKETING RESEARCH 1. Define the problem & research objectives 2. Develop the research plan 3. Collect the information 4. Analyze the information 5. Present the findings
    • 7. 1. DEFINE THE PROBLEM & RESEARCH OBJECTIVES You want to launch a new product or service. (Objective) Awareness of your company and its products or services is low. (Problem) The market is familiar with your company, but still is not doing business with you. (Problem) Your company has a poor image and reputation. (Problem)
    • 8. 1. DEFINE THE PROBLEM & RESEARCH OBJECTIVES Determine how many people will buy your product packaged in a certain way & when it is offered at a certain price. [Test possible cause- and effect- relationships. (Hypothesis testing)] EG: If you lower your price by 10 percent, what increased sales volume should you expect? (Price elasticity impact?)
    • 9. 2. DEVELOP THE RESEARCH PLAN: 1. Budget 2. Timelines 3. Type of research
    • 10. 2. DEVELOP THE RESEARCH PLAN: BUDGET 1%-2% of Company Sales = Total Budget 50% - 80% In-house 20%-50% Externally
    • 11. 2. DEVELOP THE RESEARCH PLAN: TIMELINES A detailed timeline needs to be established. Establish target dates that will allow the best accessibility to your market.  For example, a holiday greeting card business may want to conduct research before or around the holiday season buying period, when its customers are most likely to be thinking about their purchases.
    • 12. 2. DEVELOP THE RESEARCH PLAN: TYPES OF MARKET RESEARCH By Source By Methodology • Primary • Secondary • Qualitative • Quantitative
    • 13. BY SOURCE : PRIMARY RESEARCH Primary research involves finding out new, first-hand information. This is called primary data. Methods of primary research include: 1. Experimental (e.g., test marketing / cause & effect relationship) 2. Observational (mystery shopper / eye tracking) 3. Survey (mail, telephone, personal interview, in-house selfadministered, online) 4. Simulation (mathematical and computer modelling) 5. Focus groups (groups of 8 to 12 people with moderator trying to reach a consensus of opinions)
    • 14. EG: EXPERIMENTAL RESEARCH Variation 1 Variation 3 Variation 2 • Limited Information. • Less Information. • More leads. • Filtered Leads via • Less Engagement price disclosure. More Information. • A/B/C testing • Filtered leads. • Increased engagement via chat module
    • 15. EG: OBSERVATIONAL RESEARCH
    • 16. BY SOURCE : SECONDARY RESEARCH Secondary research involves gathering existing information. This is called secondary data. Sources of secondary data include: 1. Market research reports 2. Trade journals 3. Government statistics 4. Sales and customer records
    • 17. QUALITATIVE RESEARCH VS QUANTITATIVE RESEARCH Qualitative Research Quantitative Research To gain an understanding of underlying reasons and motivations To quantify data and generalize results from a sample to the population of interest To uncover prevalent trends in thought and opinion Sometimes followed by qualitative research which is used to explore some findings further Sample Usually a small number of nonrepresentative cases Usually a large number of cases representing the population of interest Data analysis Non - statistical Statistical data is usually in the form of tabulations (tabs). Findings are conclusive and usually descriptive in nature Example Focus Groups, individual depth interviews , group discussions Survey, Simulations, Objective / Purpose
    • 18. COMING BACK TO THE PROCESS 1. Define the problem & research objectives Distinguish between the research type needed. 2. Develop the research plan 3. Collect the information Decide on - budget - data sources - research approaches - research instruments - sampling plan - contact methods Information is collected according to the plan (N.B. it is often done by external firms) 4. Analyzing the information Play with the data, establish co-relations using statistical tools. 5. Presenting the findings Overall conclusions to be presented rather than overwhelming statistical methodologies
    • 19. CASE IN FOCUS: GLOBUS CUSTOMER SURVEY (ONLINE) Purpose / Objective : To get a pulse on how existing customers feel about the brand, feel of the website among others. Target / Sample Size : 3000+ existing customers Medium: Questionnaire via email
    • 20. EMAIL COMMUNICATION
    • 21. FINDINGS – SAMPLE PRESENTED BELOW 1. Our respondents are mostly professionals mostly between the age groups of 21-30 yrs, with an almost equal male-female ratio 2. 1 in 4 respondents feel that the website is not exciting 3. Perception about the brand and the website is generally considered Urban, with slightly mixed perceptions on the background & font representing an Urban feel 4. While most users feel that the Globus brand & website are casual, they aren't equally evocative of the font & background on Casualness 5. More than half of the respondents have trouble finding products on the website 6. Homepage gives a feel that the range on the site is limited
    • 22. CASE IN FOCUS – JD SPORTS (OFFLINE) Market Research for JD: why? Provides information of current and future consumer needs Provides information of current and future consumer needs Informs the marketing mix (product, price, place, promotion)
    • 23. RESEARCH JD EMPLOYS Exit surveys  Face-to-face with consumers to gather views on leaving store  Primary purpose to understand reasons for visit, frequency of visit/purchase, reasons for and against purchase „Shopping bag‟ survey  Identifies what other stores customers visit from carrier bags carried  Provides insight into competitors/retailers attracting similar customer profiles On-site fieldwork - researches new locations  Assesses competition and the area  Helps to build a detailed SWOT analysis of each new site
    • 24. EXAMPLE: CHECK-OUT SURVEY Why? Cost-effective collection of data from purchasers at tills 350,000 customers every year. Large sample size means robust results. Face-to-face with consumers to gather views on leaving store Primary purpose to understand reasons for visit, frequency of
    • 25. CHECK-OUT SURVEY – FEW LEARNINGS/OUTPUT Data shows how far customers travel to stores  Enables JD to identify new store opportunities Consumer profiles by gender, age, brand and lifestyle  Influences selection of product ranges to meet customer needs Shopping bag‟ survey  Identifies what other stores customers visit from carrier bags carried  Provides insight into competitors/retailers attracting similar customer profiles Provides invaluable insights into consumer buying behaviour  Helps to identify effective marketing strategies
    • 26. THANK YOU!