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Basic Marketing Research For Entrepreneurs Entrepreneur and Venture Capital Club Workshop Prof. Fred Feinberg UMBS

Basic Marketing Research For Entrepreneurs

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Basic Marketing Research For Entrepreneurs. Entrepreneur and Venture Capital Club Workshop Prof. Fred Feinberg UMBS. Assume you will NOT be performing lots of PRIMARY Research: Time-consuming (surveys: making it up, pre-testing, analyzing, etc.) Costly (performed by third party) - PowerPoint PPT Presentation

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Page 1: Basic Marketing Research For Entrepreneurs

Basic Marketing Research

For Entrepreneurs

Entrepreneur and Venture Capital Club WorkshopProf. Fred FeinbergUMBS

Page 2: Basic Marketing Research For Entrepreneurs

Assume you will NOT be performing lots of

PRIMARY Research:

Time-consuming (surveys: making it up, pre-testing,

analyzing, etc.)

Costly (performed by third party)

Good Place to Start: Secondary and External Data

But first… a few things from primary data

Page 3: Basic Marketing Research For Entrepreneurs

Things you’d want to know about your customers:

Demographic (Personal circumstances): age, gender,

income, ethnicity, religion, etc.

Psychographic (Lifestyle): social class, personality

Geographic (Location): where, climate

Behavioristic: Product / Shopping behaviors

Attitudes / Opinions about or towards a product

Awareness / Knowledge: about a product, features, availability, price, manufacturer, possible uses, competitive products

SEGMENTATION

Page 4: Basic Marketing Research For Entrepreneurs

Things you’d want to know about your customers:

Purchase Intention – very difficultPeople are ‘optimistic’ and don’t consider situational factors

Purchase / Usage Behavior:

Who in the household is using it / purchasing it?

How / Where / When / In what situation are they using it?

How often / How much do they use it?

What other complimentary / substitute products do they use?

ALL come from ‘primary’ data… usually

Page 5: Basic Marketing Research For Entrepreneurs

Types of Secondary Data

Internal (already collected):

Sales Invoice / Register Receipt: customer name, location,product or service sold, volume and dollar amount oftransaction, customer’s industry or distribution channel

Salesperson’s call reports

Individual Customer Records: historical (“longitudinal”)

Financial records

Warranty Cards / Consumer Complaints

Advantages: Cheap, reliable, already collected

Disadvantage: Too company-specific

Page 6: Basic Marketing Research For Entrepreneurs

Types of Secondary Data

External / Published: [Check at Kresge!]

Directories: Guide to Industrial Statistics, ...

Periodicals and Newsletters: Ad Week, Marketing News, ...

On-Line Databases: ABI/INFORM, Adtrack, Choices3

Statistical Sources: Stat. Abstract of the United States, ...

Indexes: Business Periodicals Index, JMR Lit. Review, ...

Financial Records: financial statements, quarterly reports ...

Advantages: widely available, inexpensive, complete / accurate

Disadvantages: overwhelming not always applicable to specific situation / time wrong “level of aggregation”

Page 7: Basic Marketing Research For Entrepreneurs

External / Commercial:

Geodemographic DataBased on Census (www.census.gov): City Block, Block groups, Census tracts, Metropolitan Statistical Area (MSA)

Consumer typologies, consumption by area

Diary Panel Data: household level; longitudinal; self-recorded

Store Audit Data: store level, records consumer sales, retailer purchase and inventory, prices, dealer promotional support

Scanner Data: records all marketing mix variables at purchase can be keyed into consumer characteristics and media exposure

Page 8: Basic Marketing Research For Entrepreneurs

Low-Cost Web-based Resources

www.quirks.comMonthly print magazineProvides vast marketing research resources Article Archive: 1,000 case history and technique articles Interactive researcher forumHUGE directory of custom research providers

cyberatlas.internet.com

Internet Trends & Statistics

www.marketingpower.com

American Marketing Association

www.mindbranch.com

Provides industry and investment research350 independent research firms

Page 9: Basic Marketing Research For Entrepreneurs

www.knowthis.com

MarketingVirtualLibrary – Huge Archive of Marketing Data

Market Research:

Basics of Marketing Research: General Info, Research Design

Company, Industry & Competitive Info:

Annual Reports, Competitive Intelligence, Corporate History, Company Rankings, Lists

Finding Companies & Information: Business Directories, Help Finding Information

US Government & Social Science Data: Gov't

Reports, Demographic Data, Population Stats

Expert Sources: Find Experts, Ask Experts, Event Speakers

Internet Marketing Research: Domain Name Search/Info, Reports & Summaries,

Web Metrics & Stats, Other Reports & Stats

Market Research Firms: Find MR Firms, Leading MR Firm Sites

Market Research Reports: Sources for Research Reports

Online Searching: Databases, Search Help, Top Search Tools

Page 10: Basic Marketing Research For Entrepreneurs

Nielsen (commercial)

www.nielsenmedia.com

National People Meter Service: audience estimates for ALL national program sources

Broadcast networks Cable networks Spanish language networks National syndicators

Local ratings estimates: 210 television markets Television stations

Regional cable networks

Page 11: Basic Marketing Research For Entrepreneurs

IRI: Information Resources, Inc. (commercial)

www.infores.com

Consumer packaged goods (CPG)“Consumer Insight” and “Market Intelligence”Robust data analytic techniquesWeb delivery technology

Majority of CPG Fortune 500

InfoScan store tracking: Industry standard scanner data usageMarketing support / MixSales / Share / Distribution / Pricing / PromotionHundreds of product categories55,000 household consumer panel

Page 12: Basic Marketing Research For Entrepreneurs

Government Sources

Absolute Best: U. S. Census

www.census.gov

Summary Files for ALL States and by County 

People: 2002 Data Profilese.g.: Income, Housing, Demographics

Business Economic Census: Survey of Business Owners

Statistical Abstract

Federal Statistics

Page 13: Basic Marketing Research For Entrepreneurs

Government Sources

Statistical:

Bureau of the Census (www.census.gov)

Bureau of Justice Statistics (www.ojp.usdoj.govbjs)

Bureau of Labor Statistics (www.bls.gov)

Bureau of Transportation Statistics (www.bts.gov)

National Agricultural Statistics Service (www.usda.govnass)

National Center for Education Statistics (NCES) (nces.ed.gov)

National Center for Health Statistics (www.cdc.govnchs)

Page 14: Basic Marketing Research For Entrepreneurs

Government SourcesIndustrial:

Bureau of Industry and Security: www.bxa.doc.gov

Manufacturing Technology Division: www.onr.navy.mil/sci_tech/industrial/manu.htm

Product Innovation Division: www.onr.navy.mil/sci_tech/industrial/innov.htm

Small Business Innovation Research (SBIR)/Small Business TechnologyTransfer (STTR) Division: www.onr.navy.mil/sci_tech/industrial/sbir.htm

U.S. Commercial Service: www.export.govcomm_svc

Assistance with exporting goods and services to worldwide markets

Listing of global trade events

International market research

Page 15: Basic Marketing Research For Entrepreneurs

WHY are we doing this? What do we use it for?

What will you be wanting to predict?

Market Size (not so hard)

Market Share (very hard)

Sales Forecasts / Demand (short- and long-term)

Consumer Segments, Possible Niches (primary research)

Main Competitors (fairly easy)

Cost Structures (internal accounting)

Distribution Possibilities (fairly easy, though detailed)

Supportable Price Levels (some primary research)