Transcript Market Research

Market Research
Chapter 9
What is Market Research?
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“The process of planning,
collecting, and analyzing
data relevant to a
marketing decision.”
Decision support system
Why is marketing
research important?
Concerns
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Respondent knowledge
Respondent honesty
Respondent actions
Source: http://www.era-az.com/xeber/market_research.png
The Marketing Research Process
Define the Problem
Plan the Design & Gather Primary Data
Specify the Sampling Procedure
Collect the Data
Analyze the Data
Prepare & Present Report
Follow Up
Step 1: Define the Problem
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Marketing research problem
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Set the research objectives
Step 2: Plan the Design & Gather
Primary Data
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Research Design
Primary Data
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Pros:
Cons:
Secondary Data
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Pros:
Cons:
Step 2: Plan the Design & Gather
Primary Data
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Types of Primary
Research
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Survey research
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In-home personal
interviews
Mall-intercept
Telephone interviews
Mail surveys
Executive interviews
Focus groups
Source: http://www.sesrc.wsu.edu
Step 2: Plan the Design & Gather
Primary Data
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Types of Primary Research
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Survey research (cont’d)
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Questionnaire Design
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Open-ended
Close-ended
Scaled-response
 Likert scale
 Semantic differential scale
Errors
 Leading questions
 Ambiguous question
 Unanswerable question
 2-1 question
 Nonexhaustive question
 Nonmutually exclusive answers
Step 2: Plan the Design & Gather
Primary Data
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Types of Primary
Research
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Observation research
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Source: http://yoursecretshopper.com
Mystery shopper
Behavioral targeting
Ethnographic research
Virtual shopping
Experiments
Information Overload
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What is it?
Information technology
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Databases
Sensitivity analysis
Data Mining
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Extraction of hidden predictive information from
large databases
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Links between the two actions or products
Step 3: Specify the Sampling
Procedure
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Population v. sample
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Types of sampling procedures
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Probability sampling
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Random sample
Nonprobability sampling
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Convenience sample
Step 4: Collecting the Data &
Step 5: Analyzing the Data
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Collecting the Data
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In-house
Hire a company
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Analyze the data
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Statistical software
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SPSS
Step 6: Prepare & Present Results
Step 7: Follow Up
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Prepare & Present
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Formal report
Recommendations
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Follow Up
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Additional research
Sales Forecasting
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Market or industry potential
Sales or company forecast
Other Research
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Internet research
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Advantages
Scanner-based
research
Competitive
Intelligence (CI)
Source: http://students.egfi-k12.org
Sales Forecasting
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How to Forecast
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Top-Down Forecast
Buildup Forecast
Sales Forecasting Techniques
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Judgment of Decision Maker
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Direct Forecast
Lost-horse forecast
Sales Forecasts Techniques
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Knowledgeable groups
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Survey of Buyers’ Intentions Forecast
Salesforce Survey Forecast
Jury of Executive Opinion Forecast
Survey of Experts
Sales Forecasting Techniques
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Statistical Methods
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Trend extrapolation
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Look at past results