Market Research Chapter 9 What is Market

Market Research Chapter 9

What is Market Research? n n “The process of planning, collecting, and analyzing data relevant to a marketing decision. ” Decision support system Why is marketing research important? Concerns n n n 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 n Marketing research problem n Set the research objectives

Step 2: Plan the Design & Gather Primary Data n n Research Design Primary Data Pros: n Cons: n n Secondary Data Pros: n Cons: n

Step 2: Plan the Design & Gather Primary Data n Types of Primary Research n Survey research n n n 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 n Types of Primary Research n Survey research (cont’d) n Questionnaire Design n n Open-ended Close-ended Scaled-response n Likert scale n Semantic differential scale Errors n Leading questions n Ambiguous question n Unanswerable question n 2 -1 question n Nonexhaustive question n Nonmutually exclusive answers

Step 2: Plan the Design & Gather Primary Data n Types of Primary Research n Observation research n n n Source: http: //yoursecretshopper. com Mystery shopper Behavioral targeting Ethnographic research Virtual shopping Experiments

Information Overload n n What is it? Information technology Databases n Sensitivity analysis n Data Mining n n Extraction of hidden predictive information from large databases n Links between the two actions or products

Step 3: Specify the Sampling Procedure n Population v. sample n Types of sampling procedures n Probability sampling n n Random sample Nonprobability sampling n Convenience sample

Step 4: Collecting the Data & Step 5: Analyzing the Data n Collecting the Data n n In-house Hire a company n Analyze the data n Statistical software n SPSS

Step 6: Prepare & Present Results Step 7: Follow Up n Prepare & Present n n Formal report Recommendations n Follow Up n Additional research

Sales Forecasting n n Market or industry potential Sales or company forecast

Other Research n Internet research n n n Advantages Scanner-based research Competitive Intelligence (CI) Source: http: //students. egfi-k 12. org

Sales Forecasting n How to Forecast Top-Down Forecast n Buildup Forecast n

Sales Forecasting Techniques n Judgment of Decision Maker Direct Forecast n Lost-horse forecast n

Sales Forecasts Techniques n Knowledgeable groups Survey of Buyers’ Intentions Forecast n Salesforce Survey Forecast n Jury of Executive Opinion Forecast n Survey of Experts n

Sales Forecasting Techniques n Statistical Methods n Trend extrapolation n Look at past results