Busi 141 market research ppt

MARKET RESEARCHPrinciples of Marketing BUSI 141 | Professor ConradSolomon, M. B., Marshall, G. W., & Stuart, E. W. (2016). Marketing: Real People, Real Choices (8th ed.). Boston: Pearson Education, Inc.

2

WHAT WE WILL DISCUSS TODAY

•What is market research•Market research steps•Take a survey

3

MARKET RESEARCHPAGES 96 – 101

• Data and Information• Data = raw, unorganized facts• Information = data that are processed, organized,

structured and presented for the decision making process• Where does the data come from?• Internal company data• Market intelligence• Market research• Acquired databases

4MARKET RESEARCH STEPSPAGES 100 – 117

STEP 1 - DEFINE THE RESEARCH PROBLEM

Research objectives

Consumer population

Environmental Situation

5MARKET RESEARCH STEPSPAGES 100 – 117

STEP 2 - DETERMINE THE DESIGN

• Information that already exists• Collected for some other purpose• Internal & External sources

Secondary Data

• Gathered directly from respondents

• Addresses defined problem• Demographic and psychographic

Primary Data

6MARKET RESEARCH STEPSPAGES 100 – 117

STEP 2 - DETERMINE THE DESIGN

Exploratory Research

Ethnography

Case Study

Focus Group • Qualitative• Small scale• Less costly• Lower risk• Tests “hunches”• In-depth probing of

customer who fits the profile of Mona Lisa customer.

7MARKET RESEARCH STEPSPAGES 100 – 117

STEP 2 - DETERMINE THE DESIGNCross-

sectional Design

Longitudinal Design

Descriptive

Research

• Quantitative• Probes the problem• Large sample of

participants• Expressed in numbers• Averages• Percentages• Other statistical

values

8MARKET RESEARCH STEPSPAGES 100 – 117

STEP 2 - DETERMINE THE DESIGN

Responsible for this change?

Causal Researc

h

• Experimental• Cause-and-effect

relationships• Independent variable

(the cause)• Dependent variable

(the outcome)

9MARKET RESEARCH STEPSPAGES 100 – 117

STEP 3 – COLLECTION METHOD

• Questionnaire• Structured• Unstructured

• Mail• Telephone• Face-to-face• Online

Survey

• Personal• Laboratory• Field

• Mechanical

Observation

• Track customers as they surf

• Questionnaires on websites, e-mail, virtual focus group

• Social media

Online

10MARKET RESEARCH STEPSPAGES 100 – 117

STEP 4 – DESIGN THE SAMPLE

SAMPLE

• Probability Sampling• Everyone in populations

has a chance• Better representation of

population• Nonprobability Sampling• Personal judgement to

select respondents• Some members may

never have opportunity to be chosen• Convenience sample• Quota Sample

11MARKET RESEARCH STEPSPAGES 100 – 117

FINAL STEPS

•Collect the data•Analyze and interpret the data•Prepare the research report

12

SURVEYMONKEY TIPS

13

TAKE A SURVEY

https://www.surveymonkey.com/r/7XCTNS7