Transcript Market Research powerpoint

Market Research
What Is Market Research?
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Involves the process and
methods used to gather
information, analyze it, and
report findings related to
marketing goods and services
The Market Research Process
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Define the problem
Obtain data
Analyze data
Recommend solutions
Apply the results
How is it used?
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Determine consumers’ attitudes and
preferences
Test product features
Determine market size and growth
potential
Understand how the company is
perceived by the public
Why is it important?
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To help…
Identify marketing opportunities
 Solve marketing problems
 Implement marketing plans
 Monitor marketing performance
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Who uses market research?
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Small businesses
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Typically done informally by owners,
managers and employees
May hire an outside service provider
Large companies
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Typically have in-house research
departments
What is Database Marketing
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A process of designing, creating and
managing customer lists
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Collected from…
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Face-to-face sales
Direct mailing responses
Telephone or email contact
Website visits
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Marketing lists can be
purchased from third-party
companies that specialize in
selling consumer databases!
How has your data been
collected?
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Bonus/Customer cards
Checkout questionnaire
Cold calling
Mailing surveys
Types of Market Research
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Attitude and Opinion
Market Intelligence
Media Research
Product Research
Market Research
Creating Questions
Validity and reliability
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Validity – survey should include only
questions to relate to the issue
Reliability – questions should be clear and
easy to understand; questions should be
consistent for all
Open ended vs. forced choice
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Open-ended questions allow for respondents
to construct their own responses
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Generate a wide variety of answers and are often
difficult to evaluate on a small scale
Forced-choice questions require respondents
to choose from a list of possibilities
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These are the simplest questions to answer and
are also easiest to evaluate
Types of questions
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Yes/No
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Multiple Choice
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Filter questions
Make sure options are comprehensive
enough – consider ‘other’ as an option to
make these more reliable/valid
Rating Scale
Basic guidelines
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Keep questions clear and brief
Do not ask leading questions – “do you
prefer…”
Avoid questions that might require
respondents to guess the answer
Be sure to clearly state directions and keep all
answering options consistent
Place ‘general demographic’ questions
grouped at the end