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Market Research
By BCChew

Market Research(c)BCChew2014

1
Introduction of Market Research
• It is a systematic data collection, recording,
analysis and interpretation of data relating to
the existing or potential market for a
product/service (expansion or new
introduction).

Market Research(c)BCChew2014

2
Benefits of Market Research
• It aims to collect information from the
consumers in order to understand the
consumer preference.
• It allows the entrepreneur to spot any
problems in the existing market.
• It helps to guide a better decision making.
• It helps to reduce risks/conditions of
uncertainty.
• It guides the new market development.
Market Research(c)BCChew2014

3
The flow of Market Research Activities
1. Objectives of market research
2. Questionnaire preparation
3. Secondary data collection
4. Primary data collection
5. Data analysis
For:
(a) Market understanding
(b) Marketing strategy
(c) Forecasting
Market Research(c)BCChew2014

4
Planning before
conduct the Market Research
-establish the goals for such market (the outcomes
of the research)
-identify the sources of information
-assessing resources required for the research
(time, 4Ms)
-determine the sample
-determine the location to conduct the research
-determine the time to conduct the research
-prepare the action plan
Market Research(c)BCChew2014

5
The Activities of
Primary Data Collection
1.
2.
3.
4.

Define target population
Sampling
Develop questionnaire (open vs closed questions)
Recruit and provide training to the field
investigators (interviewer administrated questionnaire)
5. Primary data collection
6. Analyse the primary data collected
Market Research(c)BCChew2014

6
Items to be Considered in
Questionnaire Setting
1. Demography on the size of the targeted
market segment.
(e.g. sex, age, religious, geographical division or
area of the market, designation, qualification,
income, family size, preference/interests,
economic status etc.)
2. Past, present (size of demand, seasonal
demand) and future demand.
Market Research(c)BCChew2014

7
Which Market Segment?
• Mass Markets – high volume, low margin goods:
Ex: clothing, food.
• Multiple Segments – appealing to wider range of
groups
Ex: vehicles (sedan)
• Specialised Segment – often a specialised product
Ex: exclusive goods, medicine

Market Research(c)BCChew2014

8
Items to be Considered in
Questionnaire Setting
3. Consumers’ understanding about the product/service:
-first impression on your product/service (like, dislike)
-technical specificity of your product/service (benefits he/she will get)
-how much he/she willing to pay for your product/service (value)
-methods of distribution preferred (online, shop)
-choices available that he/she aware (brand awareness, brand preference)
-location of previous/existing purchase
-promotion interested (bargains, discount etc.)
-buying behaviour (bulk, seasonal)
-loyal-led on competitor (satisfaction)
-positive or negative feedbacks
-innovative suggestions

Market Research(c)BCChew2014

9
Items to be Considered in
Questionnaire Setting
4. Competitors analysis
-number of sellers in this market
-who are the significant sellers (leaders)
-where are these significant sellers
-monopoly? Oligopoly? Open competition?
-market share (public report, association)
-present price
-strength of sellers (product/service)
-weakness of sellers (product/service)
-after sales service
-guarantee provision
-buying and selling procedure
-incentives given
-promotion strategy
-distribution channels (online, direct selling etc.)

Market Research(c)BCChew2014

10
Medium Used for Market Research
-Employ external force or internal force
(employees) to conduct:
1. Face-to-face (individual/focus group)
2. Telephone
3. Online
4. Postage (mail)
5. Observation
6. Others (entry form for competition, warranty
form etc.)
Market Research(c)BCChew2014

11
Reflection before and after Conduct
Market Research
–Who are my existing customers and potential customers?
–Where do they live?
–Will they continue buying my product/service?
–Am I offering the kinds of goods /services they want at the best place, at the best time and in
the right amounts?
–Are my suggested prices consistent with what buyers view as the product's/service’s value?
–Will my promotional programs working?
–What do customers think of my business?
–How does my business compare with my competitors?
–Have I done my best for my business?
–Have I obtained adequate information that I need? (there is no second chance)
–Give a token of appreciation to my respondents.
“Understanding what customers is the key drives for business sustainability”.

Market Research(c)BCChew2014

12
The Business Plan Framework
The Business Plan Framework could be viewed
through
https://www.academia.edu/5546911/Business_
Plan_Framework

Market Research(c)BCChew2014

13
Contact
1. Boon Cheong Chew
Email: bcchew@utem.edu.my
LinkedIn: my.linkedin.com/in/bcchew
Google BCChew to follow some of his work.
My primary research interest:
(a) Renewable Energy Development and Deployment
(b) Clean Technologies Innovation and Implementation
(c) Green and Sustainability Practices
(d) Human Technology
Market Research(c)BCChew2014

14

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Market Research

  • 1. Market Research By BCChew Market Research(c)BCChew2014 1
  • 2. Introduction of Market Research • It is a systematic data collection, recording, analysis and interpretation of data relating to the existing or potential market for a product/service (expansion or new introduction). Market Research(c)BCChew2014 2
  • 3. Benefits of Market Research • It aims to collect information from the consumers in order to understand the consumer preference. • It allows the entrepreneur to spot any problems in the existing market. • It helps to guide a better decision making. • It helps to reduce risks/conditions of uncertainty. • It guides the new market development. Market Research(c)BCChew2014 3
  • 4. The flow of Market Research Activities 1. Objectives of market research 2. Questionnaire preparation 3. Secondary data collection 4. Primary data collection 5. Data analysis For: (a) Market understanding (b) Marketing strategy (c) Forecasting Market Research(c)BCChew2014 4
  • 5. Planning before conduct the Market Research -establish the goals for such market (the outcomes of the research) -identify the sources of information -assessing resources required for the research (time, 4Ms) -determine the sample -determine the location to conduct the research -determine the time to conduct the research -prepare the action plan Market Research(c)BCChew2014 5
  • 6. The Activities of Primary Data Collection 1. 2. 3. 4. Define target population Sampling Develop questionnaire (open vs closed questions) Recruit and provide training to the field investigators (interviewer administrated questionnaire) 5. Primary data collection 6. Analyse the primary data collected Market Research(c)BCChew2014 6
  • 7. Items to be Considered in Questionnaire Setting 1. Demography on the size of the targeted market segment. (e.g. sex, age, religious, geographical division or area of the market, designation, qualification, income, family size, preference/interests, economic status etc.) 2. Past, present (size of demand, seasonal demand) and future demand. Market Research(c)BCChew2014 7
  • 8. Which Market Segment? • Mass Markets – high volume, low margin goods: Ex: clothing, food. • Multiple Segments – appealing to wider range of groups Ex: vehicles (sedan) • Specialised Segment – often a specialised product Ex: exclusive goods, medicine Market Research(c)BCChew2014 8
  • 9. Items to be Considered in Questionnaire Setting 3. Consumers’ understanding about the product/service: -first impression on your product/service (like, dislike) -technical specificity of your product/service (benefits he/she will get) -how much he/she willing to pay for your product/service (value) -methods of distribution preferred (online, shop) -choices available that he/she aware (brand awareness, brand preference) -location of previous/existing purchase -promotion interested (bargains, discount etc.) -buying behaviour (bulk, seasonal) -loyal-led on competitor (satisfaction) -positive or negative feedbacks -innovative suggestions Market Research(c)BCChew2014 9
  • 10. Items to be Considered in Questionnaire Setting 4. Competitors analysis -number of sellers in this market -who are the significant sellers (leaders) -where are these significant sellers -monopoly? Oligopoly? Open competition? -market share (public report, association) -present price -strength of sellers (product/service) -weakness of sellers (product/service) -after sales service -guarantee provision -buying and selling procedure -incentives given -promotion strategy -distribution channels (online, direct selling etc.) Market Research(c)BCChew2014 10
  • 11. Medium Used for Market Research -Employ external force or internal force (employees) to conduct: 1. Face-to-face (individual/focus group) 2. Telephone 3. Online 4. Postage (mail) 5. Observation 6. Others (entry form for competition, warranty form etc.) Market Research(c)BCChew2014 11
  • 12. Reflection before and after Conduct Market Research –Who are my existing customers and potential customers? –Where do they live? –Will they continue buying my product/service? –Am I offering the kinds of goods /services they want at the best place, at the best time and in the right amounts? –Are my suggested prices consistent with what buyers view as the product's/service’s value? –Will my promotional programs working? –What do customers think of my business? –How does my business compare with my competitors? –Have I done my best for my business? –Have I obtained adequate information that I need? (there is no second chance) –Give a token of appreciation to my respondents. “Understanding what customers is the key drives for business sustainability”. Market Research(c)BCChew2014 12
  • 13. The Business Plan Framework The Business Plan Framework could be viewed through https://www.academia.edu/5546911/Business_ Plan_Framework Market Research(c)BCChew2014 13
  • 14. Contact 1. Boon Cheong Chew Email: bcchew@utem.edu.my LinkedIn: my.linkedin.com/in/bcchew Google BCChew to follow some of his work. My primary research interest: (a) Renewable Energy Development and Deployment (b) Clean Technologies Innovation and Implementation (c) Green and Sustainability Practices (d) Human Technology Market Research(c)BCChew2014 14