Ch4-conductingmarketingresearchandforecastingdemand-behani

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Ch4-conductingmarketingresearchandforecastingdemand-behani

  1. 1. TOP 10 Learning Concepts for Chapter 4: Conducting Marketing Research and Forecasting Demand Megha Behani 8 th April ‘2011
  2. 2. Coverage: <ul><li>#1.Develop research plan to gather the needed information and its cost. </li></ul><ul><li>#2. What are the various research approaches to gather primary data? </li></ul><ul><li>#3. Do’s and Don’ts while making Questionnaire. </li></ul><ul><li>#4. What are the qualitative measures to understand consumer’s mind? </li></ul><ul><li>#5.Sampling plan for who / how / how many to survey. </li></ul><ul><li>#6. What are the types of samples in order to generate primary data? </li></ul>
  3. 3. … Continued (Coverage) <ul><li>#7. What are the Contact Methods to reach the desired customers? </li></ul><ul><li>#8. What are the characteristics of good marketing Research? </li></ul><ul><li>#9. Determine different marketing metrics to help marketers assess marketing performance </li></ul><ul><li>#10. What are the measures of market demand. </li></ul>
  4. 4. Concept #1: Develop research plan to gather the needed information and its cost. <ul><li>Data sources : To gather existing secondary data and fresh primary data </li></ul><ul><li>Research Approach : To gather primary data </li></ul><ul><li>Research instruments : Questionnaires, qualitative measures and technological devices </li></ul><ul><li>Sampling plan : Different decisions to design a plan. </li></ul><ul><li>Contact Methods: By phone, mail, person or online </li></ul>
  5. 5. Concept # 2: What are the various research approaches to gather primary data? <ul><li>Observational </li></ul><ul><li>Ethnographic </li></ul><ul><li>Focus Group </li></ul><ul><li>Survey </li></ul><ul><li>Behavioral Data </li></ul><ul><li>Experimentation </li></ul>
  6. 6. Observational Research: A picture is worth 1000 words to depict! <ul><li>Researchers gather data by observing the settings and random observation </li></ul>Marketing Researchers can glean a number of insights from a photo of Indian kitchen like this and customize their products
  7. 7. Ethnographic Research: Uses concepts and tools from anthropology and other discipline <ul><li>To provide deep understanding of how people live and work </li></ul>Different ethnic group has different wedding cap. So, researchers help to design customized products
  8. 8. Focus Group Research: Selection based on certain demographic, psychographics <ul><li>Moderators provide questions and probes based on the agenda </li></ul><ul><li>It is a useful exploratory step </li></ul>
  9. 9. Gathering of 6 -10 people selected by researchers to conduct discussion Group of people discussing contributes different insights which help marketing team to collect the data
  10. 10. Survey Research: Learn about people’s knowledge, beliefs, preferences and satisfaction <ul><li>Used as more performance measurement tool </li></ul><ul><li>By keeping the survey short and simple </li></ul><ul><li>Conducted by phone , online or in person </li></ul>
  11. 11. From such questionnaire, marketer can understand the taste of the customer!
  12. 12. Behavioral Research to capture customer’s true opinion <ul><li>To analyse the customer’s purchasing behaviour who leaves their traces in the shop </li></ul>Grocery shopping data show that high- income people don’t necessarily buy the more expensive brands, contrary to what they might state in interview
  13. 13. Experimental Research: to capture cause and effect relationships <ul><li>By eliminating competing explanations of the observed findings </li></ul><ul><li>Experiments call for selecting matched groups of subjects , subjecting them to different treatments, controlling extraneous variables and checking for the statistically difference </li></ul>
  14. 14. Experimental Research: Neuromarketing studies consumer’s cognitive and affective response to marketing stimuli. Campbell Soup used biometrics to analyze consumers’ response to their label and changed the packaging to reflect’ their references revealed by the study
  15. 15. Concept # 3: Do’s and Don’ts while making Questionnaire <ul><li>Ensure questions are free of bias </li></ul><ul><li>Make questions simple </li></ul><ul><li>Make questions specific </li></ul><ul><li>Avoid jargon </li></ul><ul><li>Avoid sophisticated words </li></ul><ul><li>Avoid ambiguous words </li></ul><ul><li>Avoid negative </li></ul>
  16. 16. … Continued Do’s and Don’t <ul><li>Avoid negatives </li></ul><ul><li>Avoid hypothetical </li></ul><ul><li>Avoid words that could be misheard </li></ul><ul><li>Use response bands </li></ul><ul><li>Use mutually exclusive categories </li></ul><ul><li>Allow for “other” in fixed response questions </li></ul><ul><li>Avoid hypothetical </li></ul>
  17. 17. Sample of a Questionnaire
  18. 18. Concept # 4: What are the qualitative measures to understand consumer’s mind? <ul><li>Word Association: </li></ul><ul><li>Ask subjects what words come to mind </li></ul><ul><li>When they customer hears the brand’s name </li></ul>
  19. 19. Projective techniques: Give incomplete /ambiguous stimulus and ask them to make sense of it
  20. 20. Laddering: A series of more specific “why” questions to reveal consumer’s abstract goals!
  21. 21. Visualization: Creating collage from magazine to depict perceptions
  22. 22. Brand Personification: Ask subjects what kind of person they think of when the brand is mentioned..
  23. 23. Concept # 5: Sampling plan for who / how / how many to survey. <ul><li>Sampling Unit: Who is to be surveyed? </li></ul><ul><li>Sample Size: How many people should be surveyed? </li></ul><ul><li>Sampling procedure: How should the respondents be chosen? </li></ul>
  24. 24. Why sample? <ul><li>Selecting a sample is less time-consuming than selecting every item in the population. </li></ul><ul><li>Selecting a sample is less costly than selecting every item in the population. </li></ul><ul><li>Analyzing a sample is less cumbersome and more practical than analyzing the entire population </li></ul>
  25. 25. Concept #6: What are the types of samples in order to generate primary data? <ul><li>Probability Samples </li></ul><ul><ul><li>Simple random </li></ul></ul><ul><ul><li>Stratified random </li></ul></ul><ul><ul><li>Cluster </li></ul></ul><ul><li>Nonprobability Samples </li></ul><ul><ul><li>Covenience </li></ul></ul><ul><ul><li>Judgement </li></ul></ul><ul><ul><li>Quota </li></ul></ul>
  26. 26. Simple random samples <ul><li>Every unit from the frame has an equal chance of being selected </li></ul><ul><li>Selection may be with replacement or without replacement </li></ul><ul><li>Samples obtained from table of random numbers or computer random number generators. </li></ul>
  27. 27. Every unit from the frame has an equal chance of being selected!
  28. 28. Stratified random sample <ul><li>Divide population into 2 or more subgroups (called strata ) based on some common characteristic. </li></ul><ul><li>A simple random sample is selected from each subgroup, with sample sizes proportional to strata sizes. </li></ul>
  29. 29. Stratified random sample is used when sampling population of voters! This is a common technique when sampling population of voters, stratifying across racial or socio-economic lines.
  30. 30. Cluster sampling: Population is divided into several “clusters,” each representative of the population. A common application of cluster sampling involves election exit polls, where certain election districts are selected and sampled
  31. 31. Some non-probability samples <ul><ul><li>Convenience sample : Easy, inexpensive, or convenient to sample items are selected. </li></ul></ul><ul><ul><li>J udgment sample: Getting the opinions of pre-selected experts in the subject matter. </li></ul></ul><ul><ul><li>Quota sample : Researchers find and interviews prescribed no. of people in each of several categories </li></ul></ul>
  32. 32. Concept #7: what are the Contact Methods to reach the desired customers? <ul><li>Mail Questionnaire </li></ul><ul><li>Telephonic Interview </li></ul><ul><li>Personal Interview </li></ul><ul><li>Online Interview </li></ul>
  33. 33. Concept # 8: What are the characteristics of good marketing Research? Scientific method Careful observation , formulation of hypothesis , prediction , testing Research creativity Developing innovative ways to solve problem Multiple methods Using 2-3 methods to increase confidence in result Interdependence Data are interpreted from underlying models Value and cost of information Concern for estimating value of information against cost Healthy skepticism Alert to problems caused by “marketing myths” Ethical marketing Benefits both sponsoring company and its customers
  34. 34. Healthy Skepticim is aiming to improve health by reducing harm from misleading health information…
  35. 35. Green Ethical marketing will involve:
  36. 36. Concept # 9: Determine different marketing metrics to help marketers assess marketing performance. EXTERNAL INTERNAL Awareness Distribution Market share Customer Satisfaction Loyalty No. of complaints Relative price No. of customers Awareness & commitment of/to goals Active support Resource adequacy Staffing levels Desire to learn Willingness to change Freedom to fail Autonomy
  37. 37. Hitrates solutions measuring their performance in terms of customer satisfactions
  38. 38. Concept # 10: What are the measures of market demand? Potential Market Target Market Penetrated Market Available Market consumers having interest, income and access consumers buying company’s product! qualified available market company decides to pursue consumers professing sufficient level of interest
  39. 39. Target Market: 90 Mn mobile phone users in prepaid loading business, up to P1.2B texts sent per day! 3 main networks targeting the mass market !
  40. 40. Penetrated market: Hapee Toothpaste&quot; - Philippine-Made, World Class: Pedro's Faith Leads to Success! Penetrated market by challenging the foreign brand!
  41. 41. Potential market: Philippines -Potential retirement destination! Is Philippine a potential market as retirement destination??
  42. 42. Available market: People belonging to different income group can assess the supermarkets… Available market: Supermarket!!!
  43. 43. Conducting marketing research by gathering fresh primary data through effective processes!!! <ul><li>Develop research plan , approaches </li></ul><ul><li>Questionnaire Do’s and Don’ts </li></ul><ul><li>Determine sampling plan using types of samples </li></ul><ul><li>Determine characteristics of good marketing research </li></ul><ul><li>Determine external and internal marketing metrics </li></ul><ul><li>Determine measures of market demand </li></ul><ul><li>Contact method and Qualitative measures </li></ul>Summary
  44. 44. TOP 10 Learning Concepts for Chapter 4: Conducting Marketing Research and Forecasting Demand By: Megha Behani 8 th April ‘2011 Main Source: Kotler, Philip and Keller, Lane Marketing Management,13 th edition

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