plan market research
DESCRIPTION
BSBMKG506BTRANSCRIPT
Plan Market Research
Session-I
Market Research DefinitionMarketing research is systematic approach of:
Identification Collection Analysis Dissemination use of information
School of Business Captain Cook College
The Market Research cont..
Specifies the information necessary to address these issues
Manages and implements the data collection process
Analyses the results
Communicates the findings and their implications
Defining Marketing Research
Identification of Information Needed
Collection of Data
Analysis of Data
Dissemination of Information
Use of Information
Identifying and Solving Marketing Problems
Sources of Marketing Research
Primary Source External
Secondary Source Internal External
Primary Research Sources
Methods
Observation Experiment Surveys Telephone and personal interviewing Electronic Panel of industry experts Focus groups Etc…
Secondary Research Sources
Methods Internet Research Library Research Data Collection Organizations Newspapers Magazines Journals Periodicals. Etc..
Primary Data
Can aim questions directly at your research objective
Latest information from the marketplace
Can assess the psychology of the customer
Expensive Risk of questionnaire and
interviewer bias. Research findings may only
be usable if comparable backdate exists
Secondary Data
Cheap and accessible Quicker Only way to examine large
scale trends
Out-dated information Unknown biases Direct data conversion not
possible Different units of measurement
Session-II
Classification of Marketing Research
Problem Identification ResearchResearch undertaken to help identify problems which are not necessarily apparent on the surface and yet exist or are likely to arise in the future. Examples: market potential, market share, image, market characteristics, sales analysis, forecasting, and trends research.
Problem Solving ResearchResearch undertaken to help solve specific marketing problems. Examples: segmentation, product, pricing, promotion, and distribution research.
Marketing Research
Problem Identification Research
Problem Solving Research
• Market Potential Research• Market Share Research• Image Research• Market Characteristics
Research
• Forecasting Research• Business Trends Research
• Segmentation Research• Product Research• Pricing Research• Promotion Research• Distribution Research
A Classification of Marketing Research
Problem Solving Research
SEGMENTATION RESEARCH PRODUCT RESEARCH
Determine the basis of segmentation
Establish market potential and responsiveness for various segments
Select target markets
Create lifestyle profiles: demography, media, and product image characteristics
Test concept
Determine optimal product design
Package tests
Product modification
Brand positioning and repositioning
Test marketing
Control score tests
Problem Solving Research
Problem Solving Research
DISTRIBUTION RESEARCH
Determine…
Types of distribution
Attitudes of channel members
Intensity of wholesale & resale coverage
Channel margins
Location of retail and wholesale outlets
.
Problem Solving Research
Problem Solving Research
Problem Solving Research
Pricing Research - importance of price in brand selection
- pricing policies
- product line pricing
- price elasticity of demand
- initiating and responding to price changes
Problem Solving Research
Promotional Research- optimal promotional budget- sales promotion relationship- optimal promotional mix- copy decisions- media decisions- creative advertising testing- claim substantiation- evaluation of advertising effectiveness
Problem Solving Research
Distribution Research - determine type of distribution
- attitudes of channel members
- intensity of wholesale and retail coverage
- channel margins
- location of retail and wholesale outlets
Session-III
Market Research process
Market Research process
MarketResearch
Controllable Variables
• Product• Pricing• Promotion• Distribution
Market decision Making
Market segmentation | Marketing Programs | Target Markets
Performance and Control
Providing Information
Customer Groups• Consumers• Employees• Channel Members• Suppliers
Assessing Information Needs
Uncontrollable Environmental
Factors• Economy• Technology• Competition• Laws and
Regulation• Social and
Cultural Factors• Political Factors
Identification research
Examples• Market potential
• Market share
• Market characteristics
• Sales analysis
• Short and long –range forecasting
• Business trends analysis
Exploratory research
• Screening alternatives
• Secondary research
• Experience research – experts – key people.
• Pilot studies
• Focus groups
Exploratory Diagnostic research
E.G. The number of customers eating at a restaurant has reduced over the last 6 months. You need to urgently address the problem.
Research may involve• Checking out the local competition• Checking the shift in local population• Checking out nearby car parks• Observing trends in eating out• Talking to existing customers• Examining service standards in the restaurant
Conclusive research
1. Descriptive research is conducted to discover characteristics of a population. Who – When – What – Where & How.
2. Casual research is attempts to identify cause - effect relationship between variables. Normally the researchers would have considerable knowledgeable about the industry / subject.
Descriptive Research
Examples are:
• Describe the size of the market.
• The buying power of consumers.
• The availability of distributors.
• Consumer profiles.
Descriptive research example for a restaurant
• What days do the customers prefer to eat out?
• Why do customers eat out?
• How often do customers eat out on weekends?
• What kind of dishes do customers prefer?
• How customers get to the restaurant?
Casual or predictive research
• Example – What would happen if the restaurant offered:
• 20% discount on Saturdays to customers who had visited the
restaurant on previous occasions.
• A 10% discount coupon advertised in local newspaper, which can
be used on any day.
Casual or predictive research
Example to measure the success of the promotion:
• Weekly earnings for a period before each promotion
• Weekly earnings for a period during each promotion.
• Weekly earnings again after each promotion
Session-IV
Qualitative research
• help define a problem
• provide understanding of a problem
• generate ideas and hypotheses to identify variables to assess the problem.
Why do we use Qualitative research
Qualitative research
• Can ask sensitive questions
• Can ask open ended & probing questions
• Emphasis is on words & responses
What does a qualitative research involve?
Qualitative research
• Use focus groups to collect data
• Conduct interviews
• Use projective techniques
• Unstructured and flexible approach
• Data & responses captured in loose format
• Methods cannot be duplicated
Methodology of conducting a qualitative research
Qualitative research
Data analysis
• Data is not easily quantifiable• Data cannot be expressed statistically
Findings
• Findings may represent a sample• Findings are usually not conclusive
Quantitative research
Why do we use Quantitative Research
• To obtain descriptive / detailed data
• To obtain precise & consistent data
• To obtain conclusive data
• To confirm variables are correct
Quantitative research
Methods to implement a quantitative research
• Only ask simple questions
• Ask precise & short questions
• Obtain precise responses
• Emphasis is on numbers
Quantitative research
Methodology to conduct quantitative research
• Use surveys to collect data
• Use observations to collect data
• Use experiments to collect data
• Usually based on a large number of people
• Structured, planned and controlled
• Data captured in standardised format
• Procedure can be duplicated
Quantitative research
Data analysis
• Data is easily measurable • Data can be expressed statically
Findings
• Findings usually represent sample• Findings are usually conclusive
Stakeholders in Marketing Research
• The public
• The respondent
• The client
• The market researcher
• The supplier
• Etc…
Objectives of a Research Project
• Give the project a name.
• Show clearly the purpose of the research.
• Identify and list what kind of information is needed (primary or secondary).
• Suggest where to obtain the information.
• Give an idea of the scope of the project (it’s extent).
Methods to Conduct a Research
• Select an appropriate data collection method/s (surveys, observations, focus groups, interviews).
• State whether it’s primary or secondary research or both.
• Determine whether quantitative or qualitative techniques will be used or both.
• Determine what data recording medium to use (questionnaire, discussion guide, discussion list or some other medium).
• Prepare field work program including time lines
Overall data collection
• Choose what hypotheses to use to construct questions.
• Design a questionnaire.
• Decide what measurement, scaling and pre-coding are required.
• Decide wether or not to pre-test questionnaires / run trials
Data sources
• Identify whether sources are people or places, and where they are to be found.
• Identify whether sources are primary or secondary.
• Indicate what sampling methods to use, composition of focus groups.
• Identify what sample size, how many people or how big the focus group
Data collection activities
• Use of survey questionnaires, focus groups or interviews.
• Identify how you will administer the questionnaires.
• Identify how the fieldwork program will be set up.
• Identify what interviewing guidelines you will use along with ethical issues to consider.
Starting and completion dates
• Identify whether completion date allows for fieldwork data collection.
• Show time lines for data analysis and reporting
• Identify starting time.
• Prioritize tasks.
• Make notes on any other constraints you may need to consider
Market Research Organizations
Australian Market and Social Research organization (http://www.amsrs.com.au/)
Association of Market and social research organizations (http://www.amsro.com.au)
CASRO: The Council of American Survey Research Organizations (www.casro.org)
MRA: Marketing Research Association (www.mra-net.org)
QRCA: Qualitative Research Consultants Association (www.qrca.org)
RIC: Research Industry Coalition (www.research industry.org)
Legislations
• Anti-discrimination legislation
• Equal opportunity
• Equity and diversity
• Marketing codes of practice and conduct
• Privacy laws
• Trade Practices Act