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Market Research Ms. Roberts 10/12. Definition: The process of obtaining the information needed to make sound marketing decisions.

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Presentation on theme: "Market Research Ms. Roberts 10/12. Definition: The process of obtaining the information needed to make sound marketing decisions."— Presentation transcript:

1 Market Research Ms. Roberts 10/12

2 Definition: The process of obtaining the information needed to make sound marketing decisions.

3 Marketing Research involves: Process and Methods Gather information Analyze it Report Findings Used to identify opportunities, solve problems, monitor performance, and implement marketing plans.

4 Why is Marketing Research important? Helps determine consumers attitudes and preferences Test product features Determine market size and growth potential Learn about competitive products Determine buying cycles Understand how the company is perceived by the public. The information helps to increase sales and profits.

5 Marketing Information Systems A set of procedures and methods that regularly generates, stores, analyzes, and distributes information for use in making marketing and other business decisions: Product Sales Reports Customer Profile Competitors records-prices, products, market share

6 -Database Marketing Also called Customer Relationship Management >The Process of designing, creating, and managing customer lists >Lists are devised from face to face sales, direct mail responses, telephone or email purchases, service requests, or Website visits. How? valued customer cards, ask for email, memberships Privacy can be an issue.

7 Types of Marketing Research: Qualitative -Focuses on smaller numbers of people, fewer than 100 Attitude Research-use of opinion polls, focus groups Market Intelligence- concerned with the size and location of the market; segmentation of the market Quantitative -answers questions that start with how many or how much; gathers information from large numbers of people. Relies heavily on surveys or questionnaires. Media Research-advertising research: focuses on issues of media effectiveness, selection, frequency, and ratings. Product Research-focuses on evaluating product design, package design, product usage, and consumer acceptance of new and existing products.

8 The Market Research Process: 5 Steps~ Step 1- Define the Problem Step 2-Obtaining Data-Primary and Secondary Step 3-Analyzing Data Step 4-Recommending Solutions Step 5-Applying the Results

9 Step 1- Define the Problem~ The Problem definition occurs when a business clearly identifies a problem and what is needed to solve it.

10 Step 2-How is Primary Data Obtained? Survey Method -Most frequently used method of collecting primary data. >Marketers must determine the number of people to include in the survey-called a CENSUS. >If the group is too large, researchers use a SAMPLE of the entire target population to get results. Try to get a sample that represents the group accurately.

11 Other ways to get data~ Interviews: Can be face to face Focus groups Telephone Mail Survey (10%) Secondary: Internet Observation Method Point of Sale Research Experimental Method

12 Step 3~Analyzing the Data Data Analysis Is the process of compiling, analyzing, and interpreting the results of primary and secondary data collection. Data Mining Is the computer process that uses statistical methods to extract new information from large amounts of data.

13 Steps 4 and 5: Step 4~ Recommending Solutions to a Problem- Must be clear and well-supported with data Step 5~ Applying the Results-Is it inconclusive? If changes are made, businesses must monitor the results.

14 Section 2: Marketing Survey Constructing the Questionnaire

15 Validity and Reliability Validity -a questionnaire has validity when the questions asked measure what was intended to be measured. Reliability -When a research techniques produces nearly identical results in repeated trials. Reliability requires that the questions ask for the same type of information from all the respondents.

16 Writing Questions: 2 Types of Questions: Open-Ended Questions Forced-Choice Questions Yes/No Questions Multiple Choice Questions Rating Scale Questions

17 Basic Guidelines: Each question should be clearly written and brief. Use the same ranking or rating scales Do not ask leading questions, which suggest the correct answer. You should avoid any bias.

18 Formatting and Administering the Survey Formatting: Should have an excellent visual appearance and design to appeal. Use dark ink on light paper. Place numbers on individual questions. You need to QUALIFY the person to be interviewed with a qualifying question. If the person passes the yes/no question, with a no, you would not administer the survey.

19 Administering the Questionnaire: All surveys need DEADLINES. In-Person Surveys should have a brief explanation of the surveys purpose. A plan should be established for selecting participants in an unbiased way. Incentives: Drawings for prizes, coupons for product.

20 Focus Research vs Ethnographic Research Ethnographic research is real environment.

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