market research objective

8/6/2019 Market Research Objective

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Market DirectionsMarket Directions

PresentsPresents

UnderstandingUnderstanding

Market ResearchMarket Research



Market Research ObjectiveMarket Research Objective

Provides relevant, accurate and timely information which generates

evidence about customer behavior.

Relevant ± what information do we need to make a decision?

Accurate ± measures drivers, influencers,-- correct respondents. Timely -- point in time predicts or supports past and future events.

Information ± collect data which addresses issues.

Critical Part of Marketing to Improve Management Decisions

Market research is the systematic approach to segmenting customers by needs,values, characteristics, demographics and/or product use.

The principal barrier to building customer satisfaction and value is an inability to

recognize that different customer segments have different needs and priorities

therefore, must be serviced differently.



Market Research ProcessMarket Research Process

A systematic progression A systematic progressioncombining cognitive thought combining cognitive thought and objective analysisand objective analysisfacilitated^ byfacilitated^ by activitiesactivities which,which,conclude with reasoning andconclude with reasoning and

understanding or customers andunderstanding or customers andmarkets.markets.

^̂to make easier or less difficult, help forwardto make easier or less difficult, help forward

*Reasoning based on inconclusive evidence;*Reasoning based on inconclusive evidence;conjecture or suppositionconjecture or supposition

**the mental power concerned with**the mental power concerned with conclusions,conclusions, judgments or inferences. judgments or inferences.



Benefits of Market ResearchBenefits of Market Research

1.1. Discovers what your customers want Discovers what your customers want and valueand value

2.2. Discovers loyalty driversDiscovers loyalty drivers3.3. Discovers customer satisfaction levelsDiscovers customer satisfaction levels

4.4. Discovers market opportunities andDiscovers market opportunities andniche segmentsniche segments uncovers desires for product uncovers desires for product

innovation matched to emerginginnovation matched to emergingmarket needsmarket needs

5.5. Discovers acceptable price pointsDiscovers acceptable price points6.6. Builds customer relationshipsBuilds customer relationships

Provides a venue for actionableProvides a venue for actionablefeedbackfeedback

7.7. Supports SalesSupports Sales Generates LeadsGenerates Leads implications of marketing actionsimplications of marketing actions

8.8. Keeps marketing plans on trackKeeps marketing plans on track Did we meet our goals?Did we meet our goals? Were our goals reasonable in relationWere our goals reasonable in relation

to market?to market?

9.9. Identifies Competitive PositionIdentifies Competitive Position

10.10. Enables you to benchmarkEnables you to benchmark StrengthsStrengths

WeaknessWeakness OpportunitiesOpportunities

ThreatsThreats ---- relative to competitionrelative to competition

11.11. Avoids cost of bad marketing campaign Avoids cost of bad marketing campaign12.12. Saves costs by targeting right messageSaves costs by targeting right message

to right audienceto right audience13.13. Improves effectiveness of marketingImproves effectiveness of marketing

campaignscampaigns14.14. Identifies customer experiences that Identifies customer experiences that

increase loyalty, retention and lifetimeincrease loyalty, retention and lifetime

value.value.15.15. Applies universal findings to sample Applies universal findings to sample

markets and market segmentsmarkets and market segments a forecasting tool that cana forecasting tool that can

predict/model future behavior/actions predict/model future behavior/actions

16.16. Is a learning and educational toolIs a learning and educational tool valuevalue------ pricelesspriceless

Market Directions identified 16 benefits due to implementing market research within anorganization? Can you add to these benefits? Do you agree or disagree with any on our list?



Successful Market ResearchSuccessful Market Research

DiscoversDiscovers what you dont know about yourwhat you dont know about your

customers or prospectscustomers or prospects

shifts in the market placeshifts in the market place------ trendstrends

shifts in consumer valuesshifts in consumer values a firms strengths, weaknesses,a firms strengths, weaknesses,

opportunities and threats inopportunities and threats inrelationship to competitionrelationship to competition

intentions of competitorsintentions of competitors

stimuli that influences behavior orstimuli that influences behavior oractionaction

satisfiers and dissatisfierssatisfiers and dissatisfiers conscious decision makingconscious decision making

customer similarities and differencescustomer similarities and differences

ImplicatesImplicates memorable experiencesmemorable experiences

demand for products or services that demand for products or services that do not yet exist do not yet exist

your best customersyour best customers new prospectsnew prospects

new marketsnew markets

future reactions based on past future reactions based on past behaviorbehavior

unconscious processesunconscious processes

customer expectationscustomer expectations

customer and marketer biascustomer and marketer bias

marketing actionsmarketing actions

marketing performancemarketing performance



Market Research InstrumentsMarket Research Instruments

Should probe and ask direct Should probe and ask direct questions to determine:questions to determine:

Attitudes Attitudes

emotions, feelings and expectationsemotions, feelings and expectations

ImagesImages

th e mental pictur e develop edth e mental pictur e develop ed ---- metaphors metaphors ---- associations associations

DecisionsDecisions

w hat ar e th e influ enc ers? w hat ar e th e influ enc ers?

BehaviorBehavior

w hat actions ar e tak en? w hat actions ar e tak en?

DemographicsDemographics indicating th e mak eindicating th e mak e--up, w ho, w hat, up, w ho, w hat,

w h er e, etc .w h er e, etc .

Go beyond first impressionsGo beyond first impressions

Include:Include: SurveysSurveys

onon--line, telephone, mailline, telephone, mail

InterviewsInterviewsone on one, telephoneone on one, telephone

ObservationsObservations in customer environment in customer environment

Focus GroupsFocus Groups formal or informalformal or informal

onon--line panelsline panels

DatabasesDatabases

database miningdatabase mining lists, directorieslists, directories

Internal Environment Internal Environment SWOT AnalysisSWOT AnalysisStrengths, Weaknesses, Opportunities, ThreatsStrengths, Weaknesses, Opportunities, Threats



Applying Data Implications Applying Data Implications

Data from a larger universe will help determine:Data from a larger universe will help determine:

BenchmarksBenchmarks

How do we compare?How do we compare?

Y our position in the mind of the customer relative to the competition Y our position in the mind of the customer relative to the competition

Market SizeMarket Size

Market PotentialMarket Potential ProfilesProfiles

Reasonable Goals and ObjectivesReasonable Goals and Objectives

What do we need to do?What do we need to do?

ForecastsForecasts

TrendsTrends

Differences and SimilaritiesDifferences and Similarities

After hiring Market Directions, an experienced, qualified market research firm and implementing our research After hiring Market Directions, an experienced, qualified market research firm and implementing our researchplan, Y OU will be able to understand your customers better, identify market opportunities, makeplan, Y OU will be able to understand your customers better, identify market opportunities, makeinformed marketing decisions, formulate business planning and use the data to justify more creative andinformed marketing decisions, formulate business planning and use the data to justify more creative andbolder business decisions.bolder business decisions.



Benefits of Market ResearchBenefits of Market Research

Discovers what your customers want and value.Discovers what your customers want and value.

Discovers loyalty drivers.Discovers loyalty drivers.

Discovers competitive position.Discovers competitive position.

Basis for implications of marketing actions.Basis for implications of marketing actions.

Keeps marketing plans on track.Keeps marketing plans on track.

Did we meet our goals?Did we meet our goals?

Were our goals reasonable in relation to market?Were our goals reasonable in relation to market?

Is a learning and educational tool.Is a learning and educational tool.

Applies universal findings to sample markets and market segments. Applies universal findings to sample markets and market segments.

Enables you to benchmark.Enables you to benchmark.

Strengths, Weakness, Opportunities, Threats relative to competitionStrengths, Weakness, Opportunities, Threats relative to competition

Avoids cost of bad marketing campaign. Avoids cost of bad marketing campaign.

Saves costs by targeting right message to right audience.Saves costs by targeting right message to right audience.

Improves effectiveness of marketing campaigns.Improves effectiveness of marketing campaigns.

market research objective

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