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Market research
1. So what is today about?
Market Research
Why and How?
2. “It is a capital mistake
to develop before
one has data”
Sir Arthur Conan Doyle
3. So what is market research?
Market
research can be
defined as the
collection, collation and
analysis of data relating
to the market and
consumption of data.
4. So who uses it?
I know every successful
business, but which
sectors use it most?
5. Spending on Market Research
by Sector in the UK
Non-ad. research
agencies
4% 5%
Ad. agencies
Retailers and
wholesalers
Other
4%
9%
44%
13%
Public sector
21%
Service companies
Manufacturing
Companies
6. So who uses it?
Right so how much do
businesses spend on this?
And do they do it themselves
or get professional research
companies to do it?
7. Market Research Budgets
1 - 2% of company revenue = total budget
of this:
50% - 80%
internally
85% of British top
500 companies have
internal departments
20% - 50%
externally
Outsourced to market
research firms
8. Types of Market Research
By
-
Source
Primary
- Secondary
By
-
Methodology
Qualitative
- Quantitative
9. Types of Market Research: By
Source
Primary
Secondary
Collection
Based
of data
specifically for the
task, product or
project.
on data
previously collected
for purposes other
than the research
(e.g. published articles,
government stats, etc ONS,
mintel, Keynote etc…)
10. Types of Market
Research: By Methodology
Qualitative
Quantitative
Type of Question
Probing
Simple
Sample Size
Small
Large
Information per respondent
High
Low(ish)
Questioner’s skill
High
Low(ish)
Analyst’s skill
High
High
Type of analysis
Subjective,
Objective,
Interpretative
Statistical
Ability to replicate
Low
High
Areas probed
Attitudes
Choices
Feelings
Frequency
Motivations
Demographics
11. Benefits of Qualitative Market
Research vs Quantitative
Benefit
Comment/Example
Cheaper
Smaller sample size
Probes in-depth
Allows researches to observe (through
one way mirror) ‘real’ consumer
reactions, can understand
motivations and feelings
Often useful to do before
quantitative research
Gives the researcher a low time and
cost to gain understanding of what
to probe in larger scale quantitative
research
12. Population
Is
simply every individual
that can be included in
the research
This is also known as
the target population
Asking surveying
everyone can be
expensive though
Time = Money
13. Sampling
In
most cases it is
impractical to survey
the whole population.
It would be too costly
and too time consuming
to gather and process
the data (information).
Instead researches take
samples of the
population
14. Sampling How?
Samples
should be representative, they
should have the same characteristics as
the whole population
If they are not representative then the
results may be inaccurate, wasting time,
money and even influencing bad decisions
15. Example
A
survey may be carried out by a food company
to find out how many people would buy a new,
premium priced pizza.
If they only asked pensioners (old people, older
than even Pat) on low incomes, their findings
would most certainly predict less demand /
revenue.
Because the sample did not accurately
reflect the whole population.
This is called Bias sampling
16. Bias sampling
This
occurs when an individual or party
already has a preference or favourite with
reference to the questions asked
For
example ask Pat what is the best
football team in the UK
Sheffield Wednesday’s Football Club
17. Random Sampling
Every
item in the
population has an equal
chance of being chosen.
You could also pull
names from a hat.
This is best suited when
the preferences of the
population are all the
same i.e. not gender
specific
Although never Bias
18. Systematic Sampling
A
regular pattern is used to choose the sample.
Every item in the population is listed, a starting
point is randomly chosen and then every x
individual is selected. For example, a mixed
(male and female) class could be listed and
every 3rd student selected
This is may be unrepresentative if a pattern
exists in the list. For example, every 3rd student
in the above sample may be a girl.
19. Convenience Sampling
The
most convenient sample is chosen
which, for a sample of size sixty, could
mean the first sixty people you meet.
It is highly likely that this sample would be
biased and unrepresentative.
It s cheap
though
This guy did
not even get
out of bed for it
20. Stratified Sampling
Also
a random method but the sample is
divided into strata's or segments based on
characteristics
For example spit the population into boys
and girls, or age……
21. Quota Sampling
The population is divided into categories (strata) by age, gender,
social class..., and then a sample is chosen from each category.
The size of each sample is in proportion to the size of each category
within the population.
For example
Year Group
Year 7 - 9
Number of girls 480
Year 10-11
Year 12-13
320
100
If I want a sample of 30 girls, I would choose the number of people to take
part from each year as follows:
Year 7-9
Year 10-11
Year 12-13
480 / 900 x 30 = 16
320 / 900 x 30 = 11 (nearest whole number)
100 / 900 x 100 = 3 (nearest whole number)
22. Snowball Sampling
Is a highly specialised
method of sampling. It
involves starting a process
with one individual or
group and using their
contacts to develop the
sample, hence
“snowball”
When this is undertaken via email
this is also referred to as Viral
Marketing or viral research, as
like a virus it start with one person
and spreads. This is a very
effective tool, when used correctly
23. Cluster Sampling
This
involves separating the
population into clusters,
usually in different geographic
areas
A random sample is then
taken from the cluster and
thought to be representative
of the entire population
24. Issues to consider in
questionnaire design
Sensitivity
of question
Bias in formulation
Cultural issues
Repetition
Respondent motivation
Questioner training
Comprehensiveness
Ease of completion
25. Careful how you ask the
question
Q. Do you approve of smoking whilst
working?
A: No
Q. Do you approve of working whilst
smoking?
A:Yes
26. Market Research: Summary
Market Research is usually an integral part of
understanding innovations - you ignore it at your
cost....
But it must be timely, objective and relevant,
otherwise it is worse than useless, leading you down
the wrong path
So, be involved as far as you can be, especially up
front and don’t let the jargon deter you!
27. Top 10 market research activities
Market Measurement
18%
New Product development/concept testing
14%
Ad or brand awareness monitoring/tracking
13%
Customer Satisfaction (inc Mystery Shopping)
10%
Usage and Attitude Studies
7%
Media Research & evaluation
6%
Advertising developing and pre-testing
5%
Social Surveys for central/local government
4%
Brand/corporate reputation
4%
Repeat customer Studies
3%
Source: BMRA