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Lecture on Marketing Research
Quezon City,Philippines
Marketing research defined
Is the systematic design , objective & exhaustive gathering collecting , recording, and analyzing and reporting of data & findings relevant to a specific marketing situation of the company in order to facilitate decision making
Note:
Scientific: Since scientific process is used to obtain relevant information
Objectivity: Since logical reasoning is used not bias & prejudices to obtain data and to draw conclusion based on the basis of evidence presented.
Exhaustive: Since only through comprehensive study & effort can the research be successful
Marketing research process
Step one:Defining the problem & research objectives
Step two:Developing the research planStep three:Collect the informationStep four:Analyze the informationStep five:Present the findings
Step one : Defining the problem & objectivesWhy research???Defining the problemSetting the the objectivePreliminary investigation situation analysis Hypothesis formationUse of marketing researchScope of marketingTypical application of marketing research
Why research?
In general: Identify customer needs & wantsUnderstand the competitionMarket dynamicsThen use this information to provide a package:To meet those needsThat is better than competitionWhich is within the market parameter
Defining the problem
1. Prepare list specific questions management wants answered.
2. Determine specific information needed.3. Prepare statement of specific problem
Setting the objective
Why you want the information?What you will do with the info?The format it should be in?What is the use of the study?
Uses of market research
As an input for analysis & subsequent management decision
Product development To ascertain your
customer real needs Find new market or use
for existing product Product operation
improvement
To find out what your competitor is doing or why you are not doing well
To establish CVP Helps minimize risk Helps focus effort Help maximize return
Scope of market research
Market measurementStudy influence of controllables
(marketing mix)Study the competitive situationStudy influence of uncontrollables ( bread
basket study ) Consumer
Typical application of marketing research
Give as handouts
Step two
Data sourceResearch approachesResearch instrumentsSampling planContact methodResearch design classificationResearch tools
Data
Are facts or the raw materials of any information gathering process
Data source: Definitions
Primary: Original research compiled to meet your specific requirements. There are two category.
Quantitative: The data and info are usually obtained through surveys with data gathered from a representative random sample of a given universe
Qualitative:Data derived from Research method such as FGD that do not statistically represents the target market universe.
Secondary: Data that were collected for another purpose, is not specifically compiled for your company but rather is existing information
Types of data
Primary
Secondary
Advantages Specific tailor
made Practical
Low Cost Easy to obtain Less time
Disadvantages Costly Time consuming May duplicate
secondary info available
Outdated Limited
application Inaccuracy
Data: Sources
Internal : From within
External : from outside the company
Techniques
are the basic procedures by which research tools are put to used( ex. Public opinion, lab experiment, computer simulations, mathematical model historical investigation)
Research methods/ approaches
are the basic approaches involved in obtaining information , such as survey, observations & experimentation
Research methods approaches
Observational: Fresh data that can be gathered by observing the relevant actors and settings
Focus group: A focus group is a gathering of six to ten people who are invited to spend a few hours with a skilled moderator to discuss a product,service,organization or other marketing entity
Experimental: Calls for selecting matched groups of subjects, subjecting them to different treatment, controlling extraneous variables & checking whether observed response differences are statistically significant. The purpose of experimental research is to capture cause & effect relationship by eliminating competing explanation of the observed findings. Price,ad,channel of distribution
Research method / approaches
Survey : Observation and FGD are suited for exploratory research , surveys are best suited for for descriptive research
Survey : three main uses
Factual survey: to gather facts from respondent
Opinion survey: To report the respondents opinion or views
Interpretative : to prove their interpretations the respondent give on the subject
Research tools
are devices & instruments used in collecting & analyzing data ( questionnaire)
Research tools instrument
Questionnaire : Set of questions presented to respondents for their answer
Open ended: Questions that allow the respondent to answer in their own word
Close ended: are questions that pre-specify all possible answer to the question and the respondents makes a choice among them.
Questionnaire: closed end
Dichotomous: A question with two possible answer Sample : Do you use this brand? Yes ___ No___ Multiple choice: A questions with three or more answers. Sample : With whom will you be traveling? No one___Wife__Kids___ Business associates__ Likert scale : statement with which the respondent shows
the amount of agreement /disagreement. Sample: This brand is good ? 1. SDA__ 2.DA___3. NAD__ 4.A__5.SA__
Other types
Questionnaire: closed ended
Other typesSemantic differential, importance scale, rating scale, intention to buy scale
Questionnaire: open ended
TypesCompletely unstructured, words association, sentence completion, story completion, picture completion, thematic appreciation
Mechanical
Psychogalvanometer: measures the subjects interest or emotions aroused by exposure to specific ad or picture
Tachistoscope:machine that flash numerous picture and afterwards the subject is ask what he remembers about it
CCTV audiometerTV Channel monitor
Sampling consideration
Unit : who is to be surveyed? Size: How many people should be surveyed Procedure:How should the respondent be chosen Sample: Probability:sample results form a process of random selection
where by each member of the universe has an equal chance of being selected
(Simple random,Stratified random, cluster )Non probability sample:samples result from a process in which
judgment enters into selection of the member of the universe included in the sample
(Convenient, judgment , Quota )
Sample: continuation
Reliability: refers to the consistency of the test results
“ If the reading preferences survey were conducted among two sample groups taken from the same universe & resulted in identical findings the research would be categorized as reliable”
Contact method
Mail questionnaireTelephone interviewPersonal/Face o face Arranged InterceptWritten questionnaire
Product testingConsumer panelsObservationsFocus groups
Research design classification
Exploratory: is done when little knowledge is available on the subject or problem
Conclusive:refers to projects which aids a manager in making a decision from a number of alternative consumer buying pattern, Heavy or light user etc
Descriptive: is characterized by planned structured research design which makes extensive use of information from secondary source
Causal : is conducted if data is to be used for predictions
Step three: Collect information
Observational: Focus group:Experimental:SurveyComputerInteractive terminal in shopping mallModern IMS
Step four: Analyze the information
The Data gathered are the processed. The data undergoes editing, coding, tabulation.
Data are reassembled in the form required by management.
Step five: Present the findings
OutlineStatement of the problemSignificance/limitation of the studyResearch designFindingsAnalysis & evaluationConclusion & recommendations
MIS Marketing information system
Consist of people, equipment & proceduresto gather, sort,analyze,evaluate,& distributeneeded, timely and accurate information tomarketing decision makers.
MIS vs Marketing research
•MIS suggest process
•MIS is a system concept •research usually deals with fragmented, unrelated projects
•MIS is future oriented •Concerned more on explaining why something in the past happened
•Research is concerned with techniques
Character of effective MIS
Collects needed informationProcessed data accurately,quickly &
reduced it to useful infoStores info for as long as it is neededProvide for quick & easy retrievalAutomatically monitors key eventsOperates continuously
That’s all Folks!!!!!
Thank You Very MuchThe End