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Young Marketers Elite 3 - Assignment 4.1 - Nhóm 2 - Đức Hiệp, Ngọc Khánh, Minh Thông


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Young Marketers Elite 3 assignment 4.1

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Young Marketers Elite 3 - Assignment 4.1 - Nhóm 2 - Đức Hiệp, Ngọc Khánh, Minh Thông

  1. 1. Consumer & Market Knowledge ELITE DEVELOPMENT PROGRAM 2015 Assignment 4.1 ASSIGNMENT 4.1 CONSUMER & MARKET KNOWLEDGE Đức Hiệp – Ngọc Khánh – Minh ThôngH TK TEAM
  2. 2. Research is a method to gain answer to question in a systematic and organized way. Its main purposes are to reduce the uncertainty and monitor performance. WHAT IS RESEARCH? •A sub-set of market research •A systematic, scientific and objective way to collect data for solving marketing problems •Help marketers to make good marketing decisions. MARKETING RESEARCH• To have a better understanding of - The market: Size, Trends - Consumer MARKET RESEARCH • Generate, refine, monitor and evaluate marketing actions • Improve understanding / knowledge • Help marketers make confident/ better decisions • Identify and define marketing opportunities/problems STRATEGIC UNDERSTANDING - Obtain the deep understanding of consumers/customers and the relationships between brands and them - Provide a strong base for all marketing development. IDEA DEVELOPMENT - Development new brand ideas and concepts (products, packaging, advertising, promotion etc.) Evaluation the potential of those ideas and concepts in the marketplace MARKET MONITORING - Tracking and monitoring brand performance, consumer behavior and the structure of market. 4 MAIN NEEDS TO CONDUCT MARKET RESEARCH MIX EVALUATION
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  5. 5. TYPES OF MARKETING RESEARCH Client’s Needs CUSTOMIZED RESEARCH - Client hires an agency to do a research on particular research questions Ex: - Brand health check - Usage & Attitude, - Segmentation, - FDG SYNDICATED RESEARCH - Conducted by research agency to sell value information -To clients who are in need Ex: - Retail audit - Consumer panel - Media rating Source of Research PRIMARY DATA Information collected specifically for the purpose of current research project SECONDARY DATA: Data gathered and recorded by someone else prior to a purpose other than the current project. Source of Research PRIMARY DATA Information collected specifically for the purpose of current research project SECONDARY DATA: Data gathered and recorded by someone else prior to a purpose other than the current project. EXPLORATORY DESCRIPTIVE CAUSAL - “Our sales are declining and we don’t know why” - “Would people be interested in our new product idea?” - “What kind of people are buying our product?” - “What features do buyers prefer in our product? - “Will buyers purchase more in a new package?” - “Which of two advertising campaigns is more effective?” - To clarify and define the nature of a problem - Not conclusive evidence - Subsequent research expected - Describes characteristics of a population or phenomenon - Some understanding of the nature of the problem - Conducted to identify cause and effect relationships By Objectives QUALITATIVE RESEARCH QUANTITATIVE RESEARCH - Markets and brands exploration - Diagnose the areas of problems - Test preference in products - Evaluate campaign - Measure potential new product Answer questions HOW & WHY -Provide answers HOW MANY? HOW MUCH? Understanding & Explaining Describing & Measuring/ Face-to-face, telephonic, postal survey FDG, in-depth interview, ethno, home visit By Objectives DESK RESEARCH
  6. 6. Question answered by Market research Brand Innovation Process Prepare Nature: Fact finding Key success factor: – Define target consumer, findings of currently unmet needs or new trend – Estimation of market size (volume & value), growth rate – Estimation of competition Idea Nature: Creative Key success factor: - Discovery of big idea base on strong insight: hit at the unmet need, a cutting-through the competition and step ahead the trend - High acceptance of product concepts from target consumer Feasibility Nature: resource-planning Key success factor: – High acceptance of brand promise, marketing mix concept from target consumers – Healthy financial indications: primary inputs are sales forecast, cost of production, marketing spend Launch Nature: disaster check Key success factor: – High acceptance of communication concept – Right media placement & priority – Positive market feedback from consumers, customers and trade Prepare What do we know about: - Market: market share, market trend, social and economic changes, competitor's marketing activities - Brand: brand audit, issues and opportunities, brand vision, jobs to be done - Consumer: U&A, buying behavior, preference driver and brand in consumer mind Idea - Which ideas are most promising? - What is the most motivating way to express our idea? - Is it unique? Is it a persuasive proposition? Feasibility - We have communication idea, advertising idea, product, packaging, price,… - Is it fit the single minded concept, brand positioning and brand vision? Is the consumer excited? - Should we launch? Launch - How successful is the launch? - Do we need to modify? What we need to modify?
  7. 7. Usage & Attitudes Segmentation Studies Drivers of Brand Choice Retail Audit Data Consumer Panel Data Brand Tracking Macro trend Analysis Global Updates CRM Data External Data Idea Generation & Development Concept Screening Pack Development Product test Pack Graphics Test Final Concept Test Pricing Test Communication Development Communication Pretest Post Launch Evaluation Business Review Market Structure & Landscape Strategic Framework Plan Brand Vision & Footprint Brand Stretch Analysis Brand Audit Simulated Test Market WHICH RESEARCH METHOD WILL HELP YOU FIND OUT THE ABOVE QUESTIONS? Communication tracking Primary Research Secondary Research Market Intelligence Strategic Plan Information collected specifically for the purpose of current research project. Data gathered and recorded by someone else prior to a purpose other than the current project. Market intelligence is the gathering, analysis, and dissemination of information that is relevant to the market segments your company participates, or wishes to participate in. This really encompasses two major activities: competitive understanding and market understanding The results obtained from this type of research will help your business establish feasible goals and how they will achieve it REPRESENT Prepare Idea Feasibility Launch
  8. 8. WHAT IS MARKET RESEARCH BRIEF? The market research brief is the statement that: - Sets out the background to the research and what objectives it is hoped will be met - An essential preparation to a successful market research study WHY MARKET RESEARCH BRIEF IS IMPORTANT? Market Researcher Side •Has a full understanding of requirements •Helps develop a relevant and appropriate research program Writer side •Shapes thinking around research needs •Enables the author to prioritize the objectives and planned outcomes of the research. 1. Business Objectives 2. Research Background 3. Research Objectives 4. Action Standard 5. Key Information to be Obtained 6. Respondent Requirements 7. Segment breakouts Required 8. Deadlines and Deliverables Required 9. Budget 10. Key contact 11. Brief number & Date ELEMENTS NEEDED FOR CLEAR BRIEF What are they?
  9. 9. KEY ELEMENTS WHAT IS IT? WHY IS IT NEEDED? TIPS TO WRITE IT EXAMPLE 1. BUSINESS OBJECTIVES - What business decisions will be made? - Focus - Base to make key conclusions/suggestions - Be a explanation rather than a list - Be summarized separately from research objectives Company X has 2 food product recipes A and B and seeking to launch one of them at HCMC in 2017 2. RESEARCH BACKGROUND - Providing context - What you see happening - Why need research? - Agency aware of what is already known, not waste money - Puts research in proper context - What already know about market - Information help understand the research problem - Not include brand’s entire history Co-working space category -Comes to Vietnam market 3 years ago - There are about 10 co-working space in Vietnam -… 3. RESEARCH OBJECTIVES - What is the researcher expected to prepare recommendations for? - Focus - Design suitable size/samples - Helps make right questions/key conclusions - 2 -4 primary objectives is enough - Secondary objectives built on primary objectives (If any) - Not write it like a list Business objective: Launch a new product Research objectives - Measure the level of market interest - Estimate likely revenue levels at the optimum price point 4. ACTION STANDARDS Answer question: - How to do this research - - Emphasize highlight problems - Base for key conclusions or suggestions Sets action standards bases on - Brand/Category norms - Cost – Benefit analysis - Minimum objective in sales Should - Specific/Measurable - Cover all scenarios could happen Agenda 1 : quantitative research (PAPI) Sample Size : 350 in each location - SEC A , Middle –Aged Women ( 30-40 years): 100 respondents - SEC B , Middle –Aged Women ( 30-40 years): 100 respondents 5. KEY INFORMATION TO BE OBTAINED What is specific questions we have to ask base on research objectives? - Foundation in addressing problems - Estimate interview and question length It should include - Specific information need to have to solve objectives - Specific attributes need to have evaluate test material Valuable Users - What sport do they do? - What do they wear? - What is important? - Which brands do they use? - Why do they use them? …
  10. 10. KEY ELEMENTS WHAT IS IT? WHY IS IT NEEDED? TIPS TO WRITE IT EXAMPLE 6. RESPONDENT REQUIREMENTS - You have any requirements to define respondents clearly? - Not assumption - Ensure information to be obtained belongs 1 system - Bigger scope, More it will cost and the longer it will take - Demographic: Sex, Age, SEC, Living - Requirements about users and define users - Penetration levels (low users categories) - Demographic: Young males, 15 – 25 years old, SEC ABCD - AXE is one of their preferred brand - Use internet for at least 1 hour everyday for the past 3 months - Estimates deodorant penetration is 15% among the said target group 7. SEGMENT BREAKOUTS REQUIRED Respondent segments you want agency to sub-analysis - Design suitable samples/structures - Figure out specific segment you need Should include - Specific segments needed to sub- analysis - Minimum size - Analysis by SEC AB and CD, by Age: 15 – 20 and 20 – 25 - Minimum size: At least 200 respondents use regularly 8. DEADLINES AND DELIVERABLES REQUIRED - Answer the question “WHEN”. - When you want researcher to complete and deliver results -Allow researcher to plan for research program - Proposal due - Stimulus available on - Topline due - Final report due - Don’t be a detailed timetable => Allow researcher the flexibility - Request for proposal distributed: 8th May - Proposals: 19th May - Agency selected: 22nd May - Briefing meeting w/c: 22nd May 9. BUDGET The total of money you spend for this research -Allow researcher to develop an appropriately program with this budget - Depends on the scope, scale - Look back total of brief - Total budget: 2 Billion 10. KEY CONTACT Include details of relevant contacts to work with researcher Communication/Meeting between 2 sides - Preferably just one individual - Name/Designation - Phone number/Email address -Name: Hung Vo – Co-Founder YM - Phone number: 0169 3731 779 - Email address: 11. BRIEF NUMBER AND DATE - The number of brief - The time you send brief - In some occasions, you need to reference again - Look back brief before to write for this one - Date: 20/01/2016 - Number brief: 206
  11. 11. 1. BUSINESS OBJECTIVE HKT TEAM wants to build a real co-working space in Vietnam, firstly in HCMC in period 2016 – 2020 2. RESEARCH BACKGROUND HKT TEAM want to build one in Vietnam, firstly in HCMC in period 2016 - 2018. So, we want to do a research to cf: “Are there a big opportunity at present to entry this category?” What Co-working space is: -A style of work that involves a shared working environment, yet independent activity. Shared by individuals from different organizations and professions Vietnam market insights - 30% of Vietnamese is 20-30, 13% is managing startups - Strong tidal wave of cultural exchange from studying abroad have encouraged enhancement of living needs - There are approximate 10 real co-working spaces in VN 3. RESEARCH OBJECTIVES - To defines that there is a opportunity to grow co- working space in Vietnam at the present time - To understand behaviors in choosing and using co- working space of consumers now 4. ACTION STANDARDS - Often go to coffee store to work - Quantitative research (PAPI) - Location: 2 big cities in Vietnam: HN and HCMC -Sample Size : 350 in each location + SEC A, (30-40 years): 100 respondents + SEC B, (30-40 years): 100 respondents + SEC A, Young Adult people (20-30 years): 75 + SEC B, Young Adult people (20-30 years): 75 5. KEY INFORMATION TO BE OBTAINED - How much is the market size? - How much money this category bring back every year? - Behavioral qualities express through 6W1H questions method 6. RESPONDENT REQUIREMENTS - Demographic + Gender: Male & Female + Age: 20 – 40 years old + SEC: BC - Behavioral: Use the Internet for at least 3 hour everyday for the past 3 months - Users: Don’t have a fixed place to work - Incidences: Estimates co-working space penetration is 10% among the said target group 7. SEGMENT BREAKOUTS REQUIRED - Sub-analysis by age: 20 – 30 and 30 – 40 - Sub-analysis by living: HCMC and HN - Show all detailed tables for all types of age and living where respondent base it at least 200 8. DEADLINES AND DELIVERABLES REQUIRED - Proposal due: April 1 - Stimulus available on: April 10 - Topline due: May 1 - Final report due: May 10 9. KEY CONTACT - Name: Hiep Luong - Phone number: 0169 3731 779 -Email address: 10. BUDGET -The total cost of the study would be INR 25,00,000 Co-working space is a developed business model in the world and HKT TEAM want to build one in Vietnam HKT TEAM We are HKT TEAM - 1 startup team