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Slides available for the Barbican and Paddington groups on the ICBS Strategic Marketing Summer School 2014
Citation preview
Market Research
© Imperial College Business School
Tutorial 2: Harvard Survey
1
Strategic Marketing – SUMMER SCHOOL 2014 2
• Lecture Revision• Case Discussion
© Imperial College Business School
Overview for today
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 3
Three key strategic marketing concepts
What did you learn?
Knowledge Persuasion Decision Implementation Confirmation
Adoption
Rejection Rejection
Adoption
(Rogers, 1962)
Problem Recognition
InformationSearch
InformationEvaluation
DecisionPost-purchase
Evaluation
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 4
Consumer buying-decision-making process
What did you learn?
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 5
Collecting secondary data
Lecture Revision
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 6
Three key strategic marketing concepts
What did you learn?
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 7
Identifying consumer needs and desires
Market Research
• It’s all about asking people!
• Surveys are great
for validation
purposes
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 8
The dangers of asking leading questions…
Survey Design
https://www.youtube.com/watch?v=G0ZZJXw4MTA
An example from government polls on re-introducing national service for young people, aged 18-25
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 9
The dangers of selection/response bias…
Survey Execution
London ‘chuggers’ and the Westfield shopping centre…
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 10
Sample sizes and margin of error
Survey Design
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 11
Beware – what people say is not what they do!
Survey Design
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 12
How do we determine the sample size?
Survey Design
Useful formula for calculating required sample size:
Z = Z value (e.g. 1.96 for 95% confidence level) p = percentage picking a choice, expressed as decimal (.5 used for sample size needed)c = confidence interval, expressed as decimal (e.g., .04 = ±4
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 13
What is statistical significance?
Survey Analysis
Significance levels show you how likely a result is due to chance. The most common level, used to mean something is good enough to be believed, is .95. This means that the finding has a 95% chance of being true.
A value of .01 means there is a 99% chance of it being true (1-0.1=.99)
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 14
• Context: ‘Allston Initiative’ (2005) survey to generate useful information for the expansion of Harvard owned properties in Allston, launched by the Harvard Planning and Real Estate (HPRE) organisation
• Problem: Presence of competing campuses offering more available housing solutions means that HPRE’s graduate housing issue is becoming a recruiting disadvantage for Harvard University, so what do they do?
• Solution: They design a survey to develop their understanding of graduate students needs and desires (when it comes to housing)…
The Graduate Housing Survey
Harvard Case Study
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 15
1. Determine the purpose and objectives of the survey
2. Determine the survey population
3. Drafting the questions Themes: Headings for each section of the survey based on objectives
o Current housing situationo First year expectationso Importance of housing features (transport, building condition, security,
furnished)o Demographics and participant informationo Individual preferences (sensitive questions i.e. money)
Format: scales included in questions i.e. ranked or rated? Medium: online/phone/face-to-face?
4. Maximising response rate
Survey Design Process
Harvard Case Study
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 16
Go through the survey questionnaire as a respondent…
• What are your feelings, thoughts and emotions as you go along? What makes you want to give up or continue with the survey? What is easy or difficult to answer? What are the merits and shortcomings of this survey?
Let’s explore the following questions
Case Study
Strategic Marketing – SUMMER SCHOOL 2014 17© Imperial College Business School
Case Study
BREAK INTO GROUPS OF THREE
(10 MINUTES)
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 18
• Apart from a survey, what other types of research would you recommend to understand the customer in a way which would inform long term planning in Allston?
Let’s explore the following questions
Case Study
© Imperial College Business School Strategic Marketing – SUMMER SCHOOL 2014 19
• In your group, write a survey which could be used to check what features and pricing levels customers would most value in a new mobile phone handset. Include scaling, rating, open and closed questions as appropriate.
Let’s explore the following questions
Group Exercise
Strategic Marketing – SUMMER SCHOOL 2014 20© Imperial College Business School
Case Study
BREAK INTO GROUPS OF THREE
(20 MINUTES)
Strategic Marketing – SUMMER SCHOOL 2014 21
Identifying perceived user value
© Imperial College Business School
Conjoint Analysis
1. Use in-depth interviews and focus groups to identify value criteria (the reasons why customers buy) for target segment
2. Identify rank position and weightings using focus groups
3. Verify weightings using large sample surveys
4. Undertake market research to identify consumer ratings of value-adding criteria…
5. Calculate PUV for competitor offer
Strategic Marketing – SUMMER SCHOOL 2014 22© Imperial College Business School
Remember…
Different segments (user groups) define and weigh value differently!
Strategic Marketing – SUMMER SCHOOL 2014 23© Imperial College Business School
Identify the dimensions of user value...
Strategic Marketing – SUMMER SCHOOL 2014 24
Identify the dimensions of user value
© Imperial College Business School
Stages 1 and 2
Brand image25%
Residual value15%
Economy10%
External design10%
Comfort8%
Performance8%
Safety7%
Cabin ambience7%
Reliability5%
Handling5%
(Estate cars – mid-income private users)
Strategic Marketing – SUMMER SCHOOL 2014 25
Calculate User Value Criteria, Weightings and Ratings
© Imperial College Business School
Stages 3 and 4
Estate Cars: Private User Segment
Criterion Rank Weighting Renault Laguna
Skoda Octavia
VW Passat
Ford Mondeo
Peugeot 406
Audi A4
Brand image 1 25 2 1 4 2 3 5
Residual value 2 15 1 4 5 2 1 5
Economy 3 10 4 4 4 4 3 4
External design 4 10 4 4 4 4 4 5
Comfort 5 8 5 3 4 4 5 3
Performance 6 8 4 4 4 4 3 4
Safety 7 7 5 3 4 5 3 4
Cabin ambience 8 7 4 1 3 4 4 5
Reliability 9 5 1 4 3 4 2 3
Handling 10 5 2 4 2 5 4 4
Total 100
User weighting of criterion importance expressed as
percentage
Mean user ratings from 1 (worst) to 5 (best) based on consumer research
Strategic Marketing – SUMMER SCHOOL 2014 26
Calculate Perceived User Value
© Imperial College Business School
Stage 5
Estate Cars: Private User SegmentCriterion Weighting Renault
LagunaSkoda
OctaviaVW
PassatFord
MondeoPeugeot
406Audi A4
Brand image 0.25 0.5 0.25 1 0.5 0.75 1.25
Residual value 0.15 0.15 0.6 0.75 0.3 0.15 0.75
Economy 0.1 0.4 0.4 0.4 0.4 0.3 0.4
External design 0.1 0.4 0.4 0.4 0.4 0.4 0.5
Comfort 0.08 0.4 0.24 0.32 0.32 0.4 0.24
Performance 0.08 0.32 0.32 0.32 0.32 0.24 0.32
Safety 0.07 0.35 0.21 0.28 0.35 0.21 0.28
Cabin ambience 0.07 0.28 0.07 0.21 0.28 0.28 0.35
Reliability 0.05 0.05 0.2 0.15 0.2 0.1 0.15
Handling 0.05 0.1 0.2 0.1 0.25 0.2 0.2
PUV Score 2.95 2.89 3.93 3.32 3.03 4.44
For example, this figure is calculated by multiplying the user rating from the previous slide (4) by the user weighting (0.08 or 8%)
PUV/Price - Estate Cars (Private User Segment)
Renault Laguna
VW Passat
Peugeot 406
Audi A4
1
1.5
2
2.5
3
3.5
4
4.5
5
1 1.5 2 2.5 3 3.5 4 4.5 5
Price
PU
V
Skoda Octavia
Ford Mondeo
0
5
10
15
20
25
30
35
Stability Speed Sophistication Support Upgrade
Value adding criteria
We
igh
tin
g (
%)
Customers Executives
Value adding criteria: Mobile internet portals
‘Customer versus Executive perceptions’
Danger of ‘over-delivery’
Benchmarking against competitors
Value adding criteria
Value adding criteria
Stability Speed sophistication support Upgrade
-3
2025 101530
0
+2
+1
-1
-2
+3
yourfirm
Better than
Worse than
Competitor a
Competitor b
Mobile internet portals
Weighting Competitor a Competitor b
PUV criteria Rating Rating x weight
Rating Rating x weight
Stability 30 3 90 1 30
Speed 25 1 25 2 50
Sophistication 20 -2 -40 0 0
Support 15 0 0 -3 -45
Upgrade 10 -2 -20 -1 -10
Total 100 55 25
Price $1.5m $1.2m
PUV-Competitor matrixMobile internet
Client price Low High
Low
High
0 Client
+60
-60
A
BPerceived user value
Price
Strategy vector
Competitive dynamicsShifting preferences in mobile internet