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Overseas mkt research 2


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Overseas mkt research 2

  1. 1. The Market Research Process 1. Defining the problem and objectives 2. Developing the research plan 3. Collecting the information 4. Analysing the information 5. Presenting the findings Steps Comments Distinguish between the research type needed e.g. - exploratory - descriptive - causal Decide on - budget - data sources - research approaches - research instruments - sampling plan - contact methods Information is collected according to the plan ( it is often done by external firms) Statistical manipulation of the data collected (e.g. regression) or subjective analysis of focus groups Overall conclusions to be presented rather than overwhelming statistical methodologies If a problem is vaguely defined, the results can have little bearing on the key issues The plan needs to be decided upfront but flexible enough to incorporate changes/ iterations This phase is the most costly and the most liable to error Significant difference in type of analysis according to whether market research is quantitative or qualitative Can take various forms: - oral presentation - written conclusions supported by analysis - data tables
  2. 2. Stages in Research Process
  3. 3.  Designing the Research Project  Research design  An overall plan for obtaining the information needed to address a research problem or issue  Hypothesis  An informed guess or assumption about a certain problem or set of circumstances  Accepted or rejected hypotheses act as conclusions for the research effort
  4. 4. Determining the Research Technique  Selection of the research technique depends on a variety of factors:  The objectivity of the data sought must be determined. Unstructured data will require more open-ended questions and more time than structured data.  Whether the data should be collected in the real world or in a controlled environment.  Whether to collect historical facts or information about future developments. 6
  5. 5. The Marketing Research Process  Collecting Data  Types of data  Primary data: data observed and recorded or collected directly from respondents  Secondary data: data complied both inside and outside the organization for some purpose other than the current investigation
  6. 6. Methods for Developing Primary Data Data Qualitative? Quantitative? Focus Groups Observation Interviews Panels Surveys Experiments
  7. 7.  Methods of Collecting Primary Data  Sampling  Population—all the elements, units, or individuals of interest to researchers for specific study  Sample—a limited number of units chosen to represent the characteristics of a total population  Types of sampling  Probability—each element has an known chance for study  Random—each element has an equal chance for study  Stratified—study population divided into like groups  Quota: population is grouped and elements are arbitrarily chosen
  8. 8.  Basic Survey Methods  Mail survey  Telephone survey  Online survey  Personal interview survey  In-home (door-to-door) interview  Focus-group interview  Telephone depth interview  Shopping mall intercept interviews  On-site computer interviews
  9. 9.  Observation (for Data Collection) Methods  Direct contact with subject is avoided to reduce possible awareness of observation process.  Physical conditions, subject actions, and demographics are noted.  Data gathered may be influenced by observer bias.  Experimentation  A research method that attempts to maintain (control) certain variables while measuring the effects of experimental (uncontrolled) variables  Delphi studies : Delphi studies are a means for aggregating the judgements of a number of experts who cannot come together physically. -The Delphi technique is particularly valuable because it uses mail, fax, or electronic communication to bridge large distances and therefore makes experts accessible at a reasonable cost.
  10. 10. External Market Research Firms Types Description 1. Syndicated - service research firms Data gathered periodically from customers and distribution channels and then sold to clients (e.g. A.C. Nielson) 2. Custom market research firms Hired to carry out specific research projects for clients. The firm conducts the survey and the results are the property of one client only (e.g. Research International) 3. Specialty line research firms Firms providing a specialised service to other market research firms, e.g. a firm selling field interviewing services
  11. 11.  Questionnaire Construction  Open-ended question  Question which invites the respondent to answer as their own interests or personal subjectivity dictates  Dichotomous question  Question which to which the respondent can make only an either/or or yes/no response  Multiple-choice question  Question asks the respondent to choose a response from a fixed set of responses
  12. 12. Interpreting Research Findings  Statistical Interpretation  Analysis of survey data to determine what is typical or what deviates from the average that indicates:  How widely the responses vary  How the responses are distributed  Which hypotheses are supported  Which hypotheses are rejected
  13. 13. Interpreting Research Findings  Reporting Research Findings  Take an objective look at survey findings  Report deficiencies and reasons for deficiencies  Prepare a formal, written document  Summary and recommendations  Short, clear, and simply expressed for executives  Technical report  Contains more detailed information about research methods and procedures and important data gathered
  14. 14.  Benefits of Marketing Research  Helps firms stay in touch with customers’ changing attitudes and purchase patterns  Assists in better understanding market opportunities  Determines the feasibility of a particular marketing strategy  Aids in the development of marketing mixes to match the needs of customers  Improves marketer’s ability to make decisions