Market Research-Consultation

1. Market Research
By BCChew
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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).
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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.
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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
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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
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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
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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.
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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
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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
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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.)
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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.)
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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”.
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13. The Business Plan Framework
The Business Plan Framework could be viewed
through
https://www.academia.edu/5546911/Business_
Plan_Framework
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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
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