Accoleds 2012 University of Manitoba

“In God We Trust – All Others Must Bring Data” ~ W. Edwards Deming

Market Research Data & Statistics

Sunny Kaniyathu University of Saskatchewan

Gilbert BedeOkanagan College

Accoleds 2012 University of Manitoba

Today’s Programme

1. Learning to Like Market Research Questions Environmental Scan

Who Is The User Base Quantitative Methods Skill Set A Changing Environment / Opportunities / Trends

What are Patrons Typically Looking For?The Role of the Reference Interview & Selecting the Proper

ResourcesFee-based Data

2. Small Group ExerciseMarket for Energy Drinks in Canada

3. Report/Discussion on Group Exercise

Accoleds 2012 University of Manitoba

When Faced with Locating Data & Statistics for a Marketing Question You

A. Scream like a small child and run awayB. Go into a catatonic state and remain like

that until the patron leaves C. Quickly look up the contact info for your

business liaison librarian and provide it to the patron

D. Regain your composure and proceed with the query

Accoleds 2012 University of Manitoba

“For years, corporate marketers have walked into budget meetings like neighborhood junkies. They couldn’t justify how well they spent past handouts or what difference it all made. They just want more money – for flashy TV ads, for big-ticket events, for you know, getting out the message and building up the brand. But those days of blind budget increases are fast being replaced with a new mantra: measurement and accountability.”

From - Marketing metrics: 50+ metrics every executive should master (Farris 2006)

Accoleds 2012 University of Manitoba

Environmental ScanWho Are The Potential Users?

3 main user groups coming primarily from Business, Economics and Communications disciplines:

Faculty and Researchers (Historical Users seeking Primary and Secondary data sources)

Graduate Students (Historical Users seeking Primary and Secondary sources)

Undergraduate Students (Relatively new group seeking primarily secondary data sources – although they usually start off by asking for primary data sources)

New users from Management Information Systems & Business Intelligence programs

Accoleds 2012 University of Manitoba

Environmental ScanUndergraduates

The majority of undergraduates taking marketing courses are now required to take at least one ‘quantitative methods’ course

As a rule these students have limited backgrounds in:

Mathematics, Statistics and Research Methods Most went into Marketing because they possessed the

requisite creativity skill set (Denny 2007)

Accoleds 2012 University of Manitoba

Accoleds 2012 University of Manitoba

Environmental Scan Undergraduates

Many students are apprehensive about taking quantitative methods courses

Often display considerable skepticism about the value and general applicability of such techniques to ‘real world marketing problems’ ‘why do we have to take these courses because

we will never use them’

Accoleds 2012 University of Manitoba

Environmental ScanSo Has It Worked?

“Mathematical fluency and the ability to use and understand marketing metrics are critical proficiencies for marketing professionals…Unfortunately pedagogical studies show that the development of these analytical skills have not been adequately addressed by undergraduate marketing education curricula”

“Between 2007 and 2009 we completed surveys of undergraduate business students (n = 922) and qualitative interviews with selected senior marketing practitioners and program graduates (n = 28)…the student survey showed no significant improvements in numeracy or financial skills between first – and fourth-year students and the qualitative results strongly validated the need for further development in this area” (Saber 2011)

Accoleds 2012 University of Manitoba

Environmental ScanWhat Are The Professionals Saying?

Professionals in the field have identified what they term a ‘under preparedness gap’ in new Marketing GradsThey ranked possessing quantitative skills 5th out

of 11 skills that graduating student need to possess in order to be successful in the field

Yet they ranked graduating students ability in this area 10th out of 11 areas measured

Accoleds 2012 University of Manitoba

Environmental ScanPrimary vs. Secondary Sources

Marketing students tend to prefer to use secondary statistical data to primary data

They do learn about survey research techniques and methodologies

They typically look for very granulized, often localized, data and statistics

Marketing professionals have historically exhibited many of the same traitsThey tend to outsource such activities to third parties such as

survey search companies Syndicated research companies

Accoleds 2012 University of Manitoba

http://www.picturesoftheplanet.com/animals/grizzly-bear-pictures/grizzly-bear-close-up.jpg.php#.ULda9K5vCSo

Accoleds 2012 University of Manitoba

The Times They Are A Changing

Accoleds 2012 University of Manitoba

Being Good With Data and Statistics Is Sexy

Accoleds 2012 University of Manitoba

An Emerging Group of Power Users

STUDENTS AND FACULTY FROM BUSINESS INTELLIGENCE,

MARKET INTELLIGENCE OR COMPETITIVE INTELLIGENCE

SUB-DISCIPLINES

Accoleds 2012 University of Manitoba

CharacteristicsStrong knowledge / skill set in Data Mining

High powered data extraction toolsSQLAnalyzing large data sets is a regular everyday thing to them

Confident and comfortable the use of quantitative and qualitative research methods

Strong Information Communications Technology (ICT) skill set

Growing demand for persons with this skill set in the marketplace

Accoleds 2012 University of Manitoba

Okanagan School of BusinessOkanagan College

New 1-year Diploma Program that will include a substantial amount of Quantitative Research Methods as part of its curriculum

One of the groups they plan on targeting are students coming out of programs where they have already been exposed to quantitative research methods

Accoleds 2012 University of Manitoba

The Market Profession is Addressing the Lack of Quantitative Skills

There now exists an official professional designation backed by a curriculum for market research professionalsCMRP (Certified Marketing Research Professional)

or PARM (Professionnel agréé en recherche marketing) issued by Marketing Research and Intelligence Association (MRIA)

Accoleds 2012 University of Manitoba

Big Opportunity

Wixom and Ariyachandra at the State of Business Intelligence in Academic 2010, BI Congress II, identified that biggest challenge in Teaching BI was Access to Data Sets This sentiment was express by 95% of faculty

from 173 different institutions that were surveyed Finding Suitable Case Studies was number 2 Finding Suitable Textbooks was number 3

Accoleds 2012 University of Manitoba

Trends

Quantitative TrendspottingWeb analytics

Techniques for measuring and analyzing web activity Google Trends

Search Market AnalyticsMarketingSherpa

Search Engine Marketing (SEM)It all in knowing the right keywords

Accoleds 2012 University of Manitoba

Partner with your Business Librarians and Faculty Members

Sell, Sell, Sell

Accoleds 2012 University of Manitoba

So What Does The Typical Marketing Query Look Like?

Accoleds 2012 University of Manitoba

The Four Ps

ProductPricePlacePromotion

Accoleds 2012 University of Manitoba

Typical 4P Type QuestionsWho are the potential customers?

What are their demographics characteristics (income, educational level, social, etc.) attitudes, concerns?

Referred to in the profession as Segmentation

What products appeal to customers? Market niches. What product characteristics appeal to customers? What changes to existing products are customers seeking?

When Is the best time to sell a product? Is product’s appeal seasonal in nature? Is there a day of the week or time of that the product will be most

appealing?

Accoleds 2012 University of Manitoba

Typical 4P Type Questions

Where do potential customers purchase such products?

What are the products distribution channels? Should the product be solid directly to customers,

online, through retail outlets, specialty stores, etc.?What product promotional channels (outlets)

be used to reach customers? Television, Radio, Print, Online, etc.

Accoleds 2012 University of Manitoba

Typical 4P Type Questions

How do I differentiate my products from other products in the marketplace?

How to do I create a demand for my product?How do I measure the impact of my program?

Metrics

Accoleds 2012 University of Manitoba

Other Types of Questions/Information that Relate to 4P Type Questions

Economic Labour & Wages Finance & Investment Transportation Taxation Import & Export Manufacturing Environmental, Health & Safety Trade Associations International

1 2 3

Accoleds 2012 University of Manitoba

ReferencesAggarwal, P., Vaidyanathan, R. and Rochford, L. (2007). The wretched refuse of a teeming

shore? A critical examination of the quality of undergraduate marketing students. Journal of Marketing Education, 29(3), 223-233. doi:10.1177/0273475307306888

Chiu, S. and Tavella, D. (2008). Data Mining and market intelligence for optimal marketing returns. Amsterdam: Butterworth-Heinemann.

Denny, E. M., Janice, M. P., Reardon, J., & Nathan, D. K. (2007). Perceptions and reality: Creativity in the marketing classroom. Journal of Marketing Education, 29(3), 254-261. doi: 10.1177/0273475307306892

Farris, P., Bendle, P. Pfeifer, P. and Reibstein, D. (2006). Marketing metrics: 50+ metrics every executive should master. Wharton School Publishing, Upper Saddle River, New Jersey.

Saber, J. and Foster, M. (2011). The agony and the ecstasy: marketing metrics to undergraduate business students. Marketing Education Review. 21, 9-20. doi:10.2753/MER 105-8008210102

Wixom, B. H. and Ariyachandra T. (2011). State of business intelligence in academia 2010. Presented at BI Congress II. Retrieved from http://www2.commerce.virginia.edu/bic3/content/2010-State-of-BI-Report.pdf

Accoleds 2012 University of Manitoba

ACCOLEDS Final Jeopardy Category

Marketing Data

Energy Drinks

Accoleds 2012 University of Manitoba

Discussion