Chapter 02 Market Research CB
-
Upload
rizwan-saleem -
Category
Documents
-
view
219 -
download
0
Transcript of Chapter 02 Market Research CB
-
7/28/2019 Chapter 02 Market Research CB
1/26
Market Research
-
7/28/2019 Chapter 02 Market Research CB
2/26
Marketing research is a formalised
means of collecting, analysing and
interpreting information to be used
in helping making marketing
decisions.
-
7/28/2019 Chapter 02 Market Research CB
3/26
Market Research
should be thought
of as a lamp-post.
Without light you
are fumbling
around in the dark
-
7/28/2019 Chapter 02 Market Research CB
4/26
However, itshould not be
used as a drunk
may use the lamp
post
to prophimself up
-
7/28/2019 Chapter 02 Market Research CB
5/26
Nor should it
be used as a
dog may use a
lamp post
-
7/28/2019 Chapter 02 Market Research CB
6/26
Market ResearchHow to collect certain information about:
your customers,
market and
competitors.
This information tells you about:
your potential market,
prices,
trends,
competition,
target customer,
its preferences,
income,
habits, accessibility,
convenient time and
plans.
This information should be accurate, and reliable to help you make
the right business decision.
-
7/28/2019 Chapter 02 Market Research CB
7/26
Important questions
What kind of business
should I do?
What is the demand
for my business?
Who are my
customers?
What are the market
forces that will affect
my business?
Where should I locate
my business?
How much profit can I
get at differentlocations and times?
Who are my competitors and
what kind of product, priceand service they offer?
How I differentiate my
business from my
competitors?
What types of service do my
customer prefer?
What types of advertisingattract my customers?
What is the market price and
how I can change my price
accordingly?
-
7/28/2019 Chapter 02 Market Research CB
8/26
An Existing business
What are the new trends, product, time, location and service
in the market? And how I adapt them?
What are my weaknesses and strengths in my business
compare to my competi tors?
How I can dif ferentiate my business and make it unique?
Should I change and redir ect my advertising campaign
according to the recent situations?
How can I change my customers spending habits?
How can I expand my business with minimum cost?
-
7/28/2019 Chapter 02 Market Research CB
9/26
How to design a questionnaire Keep your
questions very
short,
understandable,and clear.
Ask direct
questions.
Ask questions thatcan be answered
easily, open/close-
ended .
Ask questions that
do not have morethan one meaning.
Make sure your
questions do not
offend anyone.
Make your questions only in your
subject matter.
Customize your questions to
encompass more than one group of
people, male/female.
Be honest with the intent of thequestionnaire.
Give enough time answer.
Be courteous and friendly whenasking people to participate in your
survey.
Ask questions in different repeated
ways, so you minimize missing data.
-
7/28/2019 Chapter 02 Market Research CB
10/26
2 steps in designing the research
1. Defining the general problem
2. Identify specific components of
the research task.
Explore a new thinking
Improving current performance
Characteristics of the targeted consumer
population and env. context of the problem
-
7/28/2019 Chapter 02 Market Research CB
11/26
2 Approaches to Research
1. Exploratory research
is conducted because a problemhas not been clearly defined.
It helps determine the bestresearch design, data collectionmethod and selection of subjects.
2. Problem- solving research
-
7/28/2019 Chapter 02 Market Research CB
12/26
Market Research
-
7/28/2019 Chapter 02 Market Research CB
13/26
Secondary Research
-
7/28/2019 Chapter 02 Market Research CB
14/26
Internal Sources
Company Accounts
Internal Reports and Analysis
Stock Analysis
Retail data - loyalty cards, till data, etc.
-
7/28/2019 Chapter 02 Market Research CB
15/26
External Sources
Government Statistics
Commercial Data
Household Expenditure Survey
Magazine surveys
Other firms research
Research documents publications,
journals, etc.
-
7/28/2019 Chapter 02 Market Research CB
16/26
Sampling Methods
-
7/28/2019 Chapter 02 Market Research CB
17/26
Market Research
Sampling Methods:
Random Samples equal
chance of anyone being picked
May select those not in the target
group indiscriminate
Sample sizes may need to be
largeto be representative
Can be very expensive
-
7/28/2019 Chapter 02 Market Research CB
18/26
Market Research
Stratified or Segment Random
Sampling
Samples on the basis of a
representative strata or segment
Still random but more focussed
May give more relevant
information May be more cost effective
-
7/28/2019 Chapter 02 Market Research CB
19/26
Market Research
Quota Sampling
Again by segment
Not randomly selected
Specific number on each segment
are interviewed, etc.
May not be fully representative
Cheaper method
-
7/28/2019 Chapter 02 Market Research CB
20/26
Market Research
Cluster Sampling Primarily based on geographical areas
or clusters that can be seen as beingrepresentative of the whole population
Multi-Stage Sampling Sample selected from multi-stage
sub-groups
Snowball Sampling Samples developed from contacts
of existing customersword of mouthtype approach!
-
7/28/2019 Chapter 02 Market Research CB
21/26
Primary Research
-
7/28/2019 Chapter 02 Market Research CB
22/26
Market Research
Primary Research
First hand information
Expensive to collect, analyse and
evaluate Can be highly focussed and relevant
Care needs to be taken with the
approach and methodology to ensure
accuracy Types of question closed limited
information gained; open useful
information but difficult to analyse
-
7/28/2019 Chapter 02 Market Research CB
23/26
Market Research
Quantitative and QualitativeInformation:
Quantitative based on
numbers 56% of 18 year oldsdrink alcohol at least four timesa week - doesnt tell you why,when, how
Qualitative more detail tellsyou why, when and how!
-
7/28/2019 Chapter 02 Market Research CB
24/26
Purpose
-
7/28/2019 Chapter 02 Market Research CB
25/26
Market Research
Advantages of Market Research
Helps focus attention on objectives
Aids forecasting, planning and strategic
development May help to reduce risk of new product
development
Communicates image, vision, etc.
Globalisation makes market informationvaluable (HSBC adverts!!)
-
7/28/2019 Chapter 02 Market Research CB
26/26