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Market Research. Chapter 9. What is Market Research?. “The process of planning, collecting, and analyzing data relevant to a marketing decision.” Decision support system Why is marketing research important? Concerns Respondent knowledge Respondent honesty Respondent actions. - PowerPoint PPT Presentation
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Market ResearchMarket Research
Chapter 9Chapter 9
What is Market Research?What is Market Research?
““The process of The process of planning, collecting, and planning, collecting, and analyzing data relevant analyzing data relevant to a marketing to a marketing decision.”decision.”
Decision support systemDecision support system Why is marketing Why is marketing
research important?research important? ConcernsConcerns
Respondent knowledgeRespondent knowledge Respondent honestyRespondent honesty Respondent actionsRespondent actions
Source: http://www.era-az.com/xeber/market_research.png
The Marketing Research The Marketing Research ProcessProcess
Plan the Design & Gather Primary Data
Specify the Sampling Procedure
Collect the Data
Analyze the Data
Prepare & Present Report
Define the Problem
Follow Up
Step 1: Define the ProblemStep 1: Define the Problem
Marketing research problemMarketing research problem
Set the research objectivesSet the research objectives
Step 2: Plan the Design & Step 2: Plan the Design & Gather Primary DataGather Primary Data
Research DesignResearch Design Primary DataPrimary Data
Pros:Pros: Cons:Cons:
Secondary DataSecondary Data Pros:Pros: Cons:Cons:
Step 2: Plan the Design & Step 2: Plan the Design & Gather Primary DataGather Primary Data
Types of Primary Types of Primary ResearchResearch Survey researchSurvey research
In-home personal In-home personal interviewsinterviews
Mall-interceptMall-intercept Telephone Telephone
interviewsinterviews Mail surveysMail surveys Executive interviewsExecutive interviews Focus groups Focus groups
Source: http://www.sesrc.wsu.edu
Step 2: Plan the Design & Step 2: Plan the Design & Gather Primary DataGather Primary Data
Types of Primary ResearchTypes of Primary Research Survey research (cont’d)Survey research (cont’d)
Questionnaire DesignQuestionnaire Design Open-endedOpen-ended Close-endedClose-ended Scaled-responseScaled-response
Likert scaleLikert scale Semantic differential scaleSemantic differential scale
ErrorsErrors Leading questionsLeading questions Ambiguous questionAmbiguous question Unanswerable questionUnanswerable question 2-1 question2-1 question Nonexhaustive questionNonexhaustive question Nonmutually exclusive answersNonmutually exclusive answers
Step 2: Plan the Design & Step 2: Plan the Design & Gather Primary DataGather Primary Data
Types of Primary Types of Primary ResearchResearch Observation Observation
researchresearch Mystery shopperMystery shopper Behavioral targetingBehavioral targeting
Ethnographic Ethnographic researchresearch
Virtual shoppingVirtual shopping ExperimentsExperimentsSource: http://yoursecretshopper.com
Information OverloadInformation Overload
What is it?What is it? Information technologyInformation technology
DatabasesDatabases Sensitivity analysisSensitivity analysis Data MiningData Mining
Extraction of hidden predictive information Extraction of hidden predictive information from large databasesfrom large databases
Links between the two actions or productsLinks between the two actions or products
Step 3: Specify the Sampling Step 3: Specify the Sampling ProcedureProcedure
Population v. samplePopulation v. sample
Types of sampling proceduresTypes of sampling procedures Probability samplingProbability sampling
Random sampleRandom sample Nonprobability samplingNonprobability sampling
Convenience sampleConvenience sample
Step 4: Collecting the Data & Step 4: Collecting the Data & Step 5: Analyzing the DataStep 5: Analyzing the Data
Collecting the DataCollecting the Data In-houseIn-house Hire a companyHire a company
Analyze the dataAnalyze the data Statistical softwareStatistical software
SPSSSPSS
Step 6: Prepare & Present Step 6: Prepare & Present ResultsResults
Step 7: Follow UpStep 7: Follow Up Prepare & PresentPrepare & Present
Formal reportFormal report RecommendationsRecommendations
Follow UpFollow Up Additional researchAdditional research
Sales ForecastingSales Forecasting
Market or industry potentialMarket or industry potential Sales or company forecastSales or company forecast
Other ResearchOther Research
Internet researchInternet research AdvantagesAdvantages
Scanner-based Scanner-based researchresearch
Competitive Competitive Intelligence (CI)Intelligence (CI) Source: http://students.egfi-k12.org
Sales ForecastingSales Forecasting
How to ForecastHow to Forecast Top-Down ForecastTop-Down Forecast Buildup ForecastBuildup Forecast
Sales Forecasting Sales Forecasting TechniquesTechniques
Judgment of Decision MakerJudgment of Decision Maker Direct ForecastDirect Forecast Lost-horse forecastLost-horse forecast
Sales Forecasts TechniquesSales Forecasts Techniques
Knowledgeable groupsKnowledgeable groups Survey of Buyers’ Intentions ForecastSurvey of Buyers’ Intentions Forecast Salesforce Survey ForecastSalesforce Survey Forecast Jury of Executive Opinion ForecastJury of Executive Opinion Forecast Survey of ExpertsSurvey of Experts
Sales Forecasting Sales Forecasting Techniques Techniques
Statistical MethodsStatistical Methods Trend extrapolationTrend extrapolation
Look at past resultsLook at past results