Using Market Research. Seeing the Problem Clearly Marketing Research: procedure designed to identify solutions to a specific marketing problem through.

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Presentation transcript:

Using Market Research

Seeing the Problem Clearly Marketing Research: procedure designed to identify solutions to a specific marketing problem through the use of scientific problem solving

Market Research Process Define the Problem Analyze the Situation Develop a Data-Collection Procedure Gather and Study Information Propose a Solution

Define the Problem Define the problem clearly and carefully If sales are declining, the problem may be the materials being used are below standard resulting in poor quality products

Analyze the Situation Identify what is already known about the problem Utilize the information available Determine possible solutions that have already been tried previously

Develop a Data- Collection Procedure Secondary Data: information that has already been collected for other purposes that can be used to solve the current problem Primary Data: Information collected for the first time to solve the problem

Gathering the Information Telephone interviews Surveys Observations Questionnaires Focus Groups

Selecting the Participants Population: all of the people in the group the company is interested in studying Small Group: the small number of people used to participate in the market research Random Sampling: a procedure in which everyone in the population has an equal chance of being selected in the sample

Collecting the Data Determine the most effective way to discover the needed information from the small population

Analyzing the Data Numerical Data: easiest to organize with researchers totaling the number of answers to each question  Average, mean, median, mode  Relationships between one event and another

Analyzing the Data Non-numerical data: more difficult to analyze, open ended questions with results classified into broad categories Often data is presented in graphic forms

Proposing a Solution Preparing Reports:  Statement of the Problem  Review of Secondary Data  Research Procedures  Results of the Research  Summary and Recommendations

When to Use Market Research… Some people say Market Research is too expensive Some people spend all their time researching and never doing Market research is expensive and time consuming, but very valuable. The more financial ties to a decision, the more the need for a market research effort