Secondary Data in Marketing Secondary Data in Marketing ResearchResearch

External market data – trend analysis, competitive information, industry trends and leaders

External Customer data – current customers, new customers, need analysis, customer knowledge level

External data is usually secondary so limits are necessary

6 Principles of Secondary Data6 Principles of Secondary Data1. Purpose

2. Accuracy

3. Consistency

4. Credibility

5. Methodology

6. Bias

Careful evaluation of data leads to solid reports and high credibility of your report

Internal Secondary DataInternal Secondary Data

Common sources of internal data- sales invoices, accounts receivable reports, quarterly reports, sales activity reports, customer complaints and compliments Internal data although secondary is valuable because it is from your sales and your customersIt is the best place to start

Planning for External DataPlanning for External Data

GO-CARTG – goals matching your search O – objectives – get as much secondary data as possible for a good selection C – Characteristics - list your topics to search to prevent getting side trackedA – Activities – Where will you search R – Reliability – back up your data with more than one sourceT - Tabulation – document all information collected

Variables in your searchVariables in your search

Demographics

Employment characteristics

Economic data

Competitive Characteristics

Supply Characteristics

Regulations

International market characteristics

Research ProposalResearch Proposal

How to write a How to write a research proposalresearch proposal

ResearchResearchResearch proposals take two forms1. A marketing problem2. A marketing opportunity A formal research proposal allows the researcher the opportunity to make sure that the research will provide the answer to the decision maker’s problem

Marketing ProblemMarketing Problem Brief description of general problem Show situation at the current timeState goals, objectives and justificationWhat question will be answer Address possible limitationsSecondary data that will be soughtPrimary data you plan to collect Describe the sample size, questionnaireTime and personnel neededCosts for the study

Marketing OpportunityMarketing Opportunity Describe the general opportunityShow situation at the current time / futureState goals, objectives and justificationWhat opportunity do you seek to answer Address possible limitationsSecondary data that will be soughtPrimary data you plan to collect Describe the sample size, questionnaireTime and personnel neededCosts for the study

Structure of Research ProposalStructure of Research Proposal Executive summary – most important part since it is an overview of the proposal

Problem Statement – What is the problem, the background, consequences, and the management question

- state it clearly

- only one problem not multiple issues

Research Objectives – Purpose of the investigation

- this is the research question

- it should stand out clearly from the text

Method and Design

- what methods will you use in your

study, data sources, studies to be conducted, qualifications of researcher if deemed necessary

Estimated Project Budget – usually covers wages, overhead costs, total fees, payment terms if necessary

Schedule – time lines, major phases given, people required

Project Management Team- who will be doing the project and responsibilities Bibliography – show that it will be included for their reference useAppendices – usually includes a glossary, the measurement instrument and any other material you deem necessary Proposal should be done quickly to show the client your interest in the project.