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Consumer & Market Knowledge ELITE DEVELOPMENT PROGRAM 2015 ASSIGNMENT 4.1 CONSUMER & MARKET KNOWLEDGE Đức Hiệp – Ngọc Khánh Minh Thông H T K TEAM

Young Marketers Elite 3 - Assignment 4.1 - Nhóm 2 - Đức Hiệp, Ngọc Khánh, Minh Thông

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Page 1: Young Marketers Elite 3 - Assignment 4.1 - Nhóm 2 - Đức Hiệp, Ngọc Khánh, Minh Thông

Consumer & Market Knowledge

ELITE DEVELOPMENT PROGRAM 2015

Assignment 4.1

ASSIGNMENT 4.1

CONSUMER & MARKET

KNOWLEDGEĐức Hiệp – Ngọc Khánh – Minh ThôngH TK

TEAM

Page 2: Young Marketers Elite 3 - Assignment 4.1 - Nhóm 2 - Đức Hiệp, Ngọc Khánh, Minh Thông

Research is a method to gain answer to question in a systematic and organized way.

Its main purposes are to reduce the uncertainty and monitor performance.

WHAT IS RESEARCH?

•A sub-set of market research

•A systematic, scientific and objective way to collect data

for solving marketing problems

•Help marketers to make good marketing decisions.

MARKETING RESEARCH• To have a better understanding of

- The market: Size, Trends

- Consumer

MARKET RESEARCH

• Generate, refine, monitor and evaluate marketing actions

• Improve understanding / knowledge

• Help marketers make confident/ better decisions

• Identify and define marketing opportunities/problems

STRATEGIC UNDERSTANDING- Obtain the deep understanding of consumers/customers and the

relationships between brands and them

- Provide a strong base for all marketing development.

IDEA DEVELOPMENT- Development new brand ideas and concepts

(products, packaging, advertising, promotion etc.)

Evaluation the potential of those ideas and concepts in the

marketplace

MARKET MONITORING- Tracking and monitoring brand performance, consumer behavior

and the structure of market.

4 MAIN NEEDS TO CONDUCT MARKET RESEARCH

MIX EVALUATION

Page 3: Young Marketers Elite 3 - Assignment 4.1 - Nhóm 2 - Đức Hiệp, Ngọc Khánh, Minh Thông

https://goo.gl/Gu08fH

https://goo.gl/ZtClXe

Page 4: Young Marketers Elite 3 - Assignment 4.1 - Nhóm 2 - Đức Hiệp, Ngọc Khánh, Minh Thông

https://goo.gl/5xFqAB

Page 5: Young Marketers Elite 3 - Assignment 4.1 - Nhóm 2 - Đức Hiệp, Ngọc Khánh, Minh Thông

TYPES OF MARKETING

RESEARCH

Client’s Needs

CUSTOMIZED

RESEARCH

- Client hires an

agency to do a

research on

particular research

questions

Ex:

- Brand health

check

- Usage & Attitude,

- Segmentation,

- FDG

SYNDICATED

RESEARCH

- Conducted by

research agency

to sell value

information

-To clients who are in

need

Ex:

- Retail audit

- Consumer panel

- Media rating

Source of Research

PRIMARY DATA

Information

collected

specifically for the

purpose of current

research project

SECONDARY

DATA:

Data gathered

and recorded by

someone else

prior to a purpose

other than the

current project.

Source of Research

PRIMARY DATA

Information collected

specifically for the

purpose of current

research project

SECONDARY DATA:

Data gathered and

recorded by someone

else prior to a purpose

other than the current

project.

EXPLORATORY DESCRIPTIVE CAUSAL

- “Our sales are declining

and we don’t know why”

- “Would people be

interested in our new

product idea?”

- “What kind of people are

buying our product?”

- “What features do buyers

prefer in our product?

- “Will buyers purchase

more in a new package?”

- “Which of two advertising

campaigns is more

effective?”

- To clarify and define the

nature of a problem

- Not conclusive evidence

- Subsequent research

expected

- Describes characteristics

of a population or

phenomenon

- Some understanding of

the nature of the problem

- Conducted to identify

cause and effect

relationships

By Objectives

QUALITATIVE RESEARCH QUANTITATIVE RESEARCH

- Markets and brands

exploration

- Diagnose the areas of

problems

- Test preference in products

- Evaluate campaign

- Measure potential new

product

Answer questions HOW & WHY -Provide answers

HOW MANY? HOW MUCH?

Understanding & Explaining Describing & Measuring/

Face-to-face, telephonic,

postal survey

FDG, in-depth interview,

ethno, home visit

By Objectives

DESK

RESEARCH

Page 6: Young Marketers Elite 3 - Assignment 4.1 - Nhóm 2 - Đức Hiệp, Ngọc Khánh, Minh Thông

Question answered by Market research

Brand Innovation Process

PrepareNature: Fact finding

Key success factor:

– Define target consumer,

findings of currently unmet needs

or new trend

– Estimation of market size

(volume & value), growth rate

– Estimation of competition

IdeaNature: Creative

Key success factor:

- Discovery of big idea base on

strong insight: hit at the unmet

need, a cutting-through the

competition and step ahead the

trend

- High acceptance of product

concepts from target consumer

FeasibilityNature: resource-planning

Key success factor:

– High acceptance of brand

promise, marketing mix concept

from target consumers

– Healthy financial indications:

primary inputs are sales forecast,

cost of production, marketing

spend

LaunchNature: disaster check

Key success factor:

– High acceptance of

communication concept

– Right media placement &

priority

– Positive market feedback from

consumers, customers and trade

PrepareWhat do we know about:

- Market: market share, market

trend, social and economic

changes, competitor's marketing

activities

- Brand: brand audit, issues and

opportunities, brand vision, jobs

to be done

- Consumer: U&A, buying

behavior, preference driver and

brand in consumer mind

Idea

- Which ideas are most

promising?

- What is the most motivating

way to express our idea?

- Is it unique? Is it a persuasive

proposition?

Feasibility

- We have communication idea,

advertising idea, product,

packaging, price,…

- Is it fit the single minded

concept, brand positioning and

brand vision? Is the consumer

excited?

- Should we launch?

Launch

- How successful is the launch?

- Do we need to modify? What

we need to modify?

Page 7: Young Marketers Elite 3 - Assignment 4.1 - Nhóm 2 - Đức Hiệp, Ngọc Khánh, Minh Thông

Usage & Attitudes

Segmentation

Studies

Drivers of Brand

Choice

Retail Audit Data

Consumer Panel

Data

Brand Tracking

Macro trend

Analysis

Global Updates

CRM Data

External Data

Idea Generation

& Development

Concept

Screening

Pack

Development

Product test

Pack Graphics

Test

Final Concept

Test

Pricing Test

Communication

Development

Communication

Pretest

Post Launch

Evaluation

Business Review

Market Structure

& Landscape

Strategic

Framework Plan

Brand Vision &

Footprint

Brand Stretch

Analysis

Brand Audit

Simulated Test

Market

WHICH RESEARCH METHOD WILL HELP YOU FIND OUT THE ABOVE QUESTIONS?

Communication

tracking

Primary Research Secondary Research Market Intelligence Strategic Plan

Information collected

specifically for the purpose

of current research project.

Data gathered and

recorded by someone else

prior to a purpose other

than the current project.

Market intelligence is the gathering,

analysis, and dissemination of

information that is relevant to the

market segments your company

participates, or wishes to

participate in. This really

encompasses two major activities:

competitive understanding and

market understanding

The results obtained from

this type of research will

help your business establish

feasible goals and how they

will achieve it

REPRESENT

Prepare Idea Feasibility Launch

Page 8: Young Marketers Elite 3 - Assignment 4.1 - Nhóm 2 - Đức Hiệp, Ngọc Khánh, Minh Thông

WHAT IS MARKET RESEARCH BRIEF?

The market research brief is the statementthat:

- Sets out the background to the researchand what objectives it is hoped will be met

- An essential preparation to a successfulmarket research study

WHY MARKET RESEARCH BRIEF IS IMPORTANT?

Market Researcher Side•Has a full understanding of requirements•Helps develop a relevant and appropriate research program

Writer side

•Shapes thinking around research needs•Enables the author to prioritize the objectives and planned outcomes of the research.

1. Business Objectives2. Research Background3. Research Objectives4. Action Standard5. Key Information to be Obtained6. Respondent Requirements7. Segment breakouts Required8. Deadlines and Deliverables Required9. Budget10. Key contact11. Brief number & Date

ELEMENTS NEEDED FOR CLEAR BRIEF

What are they?

Page 9: Young Marketers Elite 3 - Assignment 4.1 - Nhóm 2 - Đức Hiệp, Ngọc Khánh, Minh Thông

KEYELEMENTS

WHAT IS IT? WHY IS IT NEEDED? TIPS TO WRITE IT EXAMPLE

1. BUSINESS OBJECTIVES

- What business decisions

will be made?

- Focus

- Base to make key

conclusions/suggestions

- Be a explanation rather than a list

- Be summarized separately from

research objectives

Company X has 2 food product recipes A

and B and seeking to launch one of them

at HCMC in 2017

2. RESEARCH BACKGROUND

- Providing context

- What you see happening

- Why need research?

- Agency aware of what is

already known, not waste

money

- Puts research in proper

context

- What already know about market

- Information help understand the

research problem

- Not include brand’s entire history

Co-working space category

-Comes to Vietnam market 3 years ago

- There are about 10 co-working space in

Vietnam

-…

3. RESEARCH OBJECTIVES

- What is the researcher

expected to prepare

recommendations for?

- Focus

- Design suitable

size/samples

- Helps make right

questions/key conclusions

- 2 -4 primary objectives is enough

- Secondary objectives built on

primary objectives (If any)

- Not write it like a list

Business objective: Launch a new product

Research objectives- Measure the level of market interest

- Estimate likely revenue levels at the

optimum price point

4. ACTION STANDARDS

Answer question:

- How to do this research

-

- Emphasize highlight

problems

- Base for key conclusions or

suggestions

Sets action standards bases on- Brand/Category norms

- Cost – Benefit analysis

- Minimum objective in sales

Should- Specific/Measurable

- Cover all scenarios could happen

Agenda 1 : quantitative research (PAPI)

Sample Size : 350 in each location

- SEC A , Middle –Aged Women ( 30-40

years): 100 respondents

- SEC B , Middle –Aged Women ( 30-40

years): 100 respondents

5. KEY

INFORMATION

TO BE OBTAINED

What is specific questions

we have to ask base on

research objectives?

- Foundation in addressing

problems

- Estimate interview and

question length

It should include- Specific information need to have

to solve objectives

- Specific attributes need to have

evaluate test material

Valuable Users

- What sport do they do?

- What do they wear?

- What is important?

- Which brands do they use?

- Why do they use them? …

Page 10: Young Marketers Elite 3 - Assignment 4.1 - Nhóm 2 - Đức Hiệp, Ngọc Khánh, Minh Thông

KEY

ELEMENTSWHAT IS IT? WHY IS IT NEEDED? TIPS TO WRITE IT EXAMPLE

6.

RESPONDENT REQUIREMENTS

- You have any

requirements to define

respondents clearly?

- Not assumption

- Ensure information to be

obtained belongs 1 system

- Bigger scope, More it will cost

and the longer it will take

- Demographic: Sex, Age, SEC, Living

- Requirements about users and

define users

- Penetration levels (low users

categories)

- Demographic: Young males, 15 – 25

years old, SEC ABCD

- AXE is one of their preferred brand

- Use internet for at least 1 hour everyday

for the past 3 months

- Estimates deodorant penetration is 15%

among the said target group

7. SEGMENT

BREAKOUTS

REQUIRED

Respondent segments

you want agency to

sub-analysis

- Design suitable

samples/structures

- Figure out specific segment

you need

Should include- Specific segments needed to sub-

analysis

- Minimum size

- Analysis by SEC AB and CD, by Age: 15 –

20 and 20 – 25

- Minimum size: At least 200 respondents

use regularly

8. DEADLINES

AND DELIVERABLES

REQUIRED

- Answer the question

“WHEN”.

- When you want

researcher to complete

and deliver results

-Allow researcher to plan for

research program

- Proposal due

- Stimulus available on

- Topline due

- Final report due

- Don’t be a detailed timetable

=> Allow researcher the flexibility

- Request for proposal distributed: 8th

May

- Proposals: 19th May

- Agency selected: 22nd May

- Briefing meeting w/c: 22nd May

9. BUDGET The total of money you

spend for this research

-Allow researcher to develop

an appropriately program with

this budget

- Depends on the scope, scale

- Look back total of brief

- Total budget: 2 Billion

10. KEY

CONTACT

Include details of

relevant contacts to

work with researcher

Communication/Meeting

between 2 sides

- Preferably just one individual

- Name/Designation

- Phone number/Email address

-Name: Hung Vo – Co-Founder YM

- Phone number: 0169 3731 779

- Email address:

[email protected]

11. BRIEF

NUMBER

AND DATE

- The number of brief

- The time you send

brief

- In some occasions, you need

to reference again

- Look back brief before to write for

this one

- Date: 20/01/2016

- Number brief: 206

Page 11: Young Marketers Elite 3 - Assignment 4.1 - Nhóm 2 - Đức Hiệp, Ngọc Khánh, Minh Thông

1. BUSINESS OBJECTIVEHKT TEAM wants to build a real co-working space in

Vietnam, firstly in HCMC in period 2016 – 2020

2. RESEARCH BACKGROUNDHKT TEAM want to build one in Vietnam, firstly in HCMC in

period 2016 - 2018. So, we want to do a research to cf:

“Are there a big opportunity at present to entry this

category?”

What Co-working space is:-A style of work that involves a shared working

environment, yet independent activity. Shared by

individuals from different organizations and professions

Vietnam market insights- 30% of Vietnamese is 20-30, 13% is managing startups

- Strong tidal wave of cultural exchange from studying

abroad have encouraged enhancement of living needs

- There are approximate 10 real co-working spaces in VN

3. RESEARCH OBJECTIVES- To defines that there is a opportunity to grow co-

working space in Vietnam at the present time

- To understand behaviors in choosing and using co-

working space of consumers now

4. ACTION STANDARDS- Often go to coffee store to work

- Quantitative research (PAPI)

- Location: 2 big cities in Vietnam: HN and HCMC

-Sample Size : 350 in each location

+ SEC A, (30-40 years): 100 respondents

+ SEC B, (30-40 years): 100 respondents

+ SEC A, Young Adult people (20-30 years): 75

+ SEC B, Young Adult people (20-30 years): 75

5. KEY INFORMATION TO BE OBTAINED- How much is the market size?

- How much money this category bring back every year?

- Behavioral qualities express through 6W1H questions

method

6. RESPONDENT REQUIREMENTS- Demographic

+ Gender: Male & Female

+ Age: 20 – 40 years old

+ SEC: BC

- Behavioral: Use the Internet for at least 3 hour everyday

for the past 3 months

- Users: Don’t have a fixed place to work

- Incidences: Estimates co-working space penetration is

10% among the said target group

7. SEGMENT BREAKOUTS REQUIRED- Sub-analysis by age: 20 – 30 and 30 – 40

- Sub-analysis by living: HCMC and HN

- Show all detailed tables for all types of age and living

where respondent base it at least 200

8. DEADLINES AND DELIVERABLES REQUIRED- Proposal due: April 1

- Stimulus available on: April 10

- Topline due: May 1

- Final report due: May 10

9. KEY CONTACT- Name: Hiep Luong

- Phone number: 0169 3731 779

-Email address: [email protected]

10. BUDGET-The total cost of the study would be INR 25,00,000

Co-working space is a

developed business model in

the world and HKT TEAM

want to build one in Vietnam

HKT TEAM We are HKT TEAM - 1 startup team

Page 12: Young Marketers Elite 3 - Assignment 4.1 - Nhóm 2 - Đức Hiệp, Ngọc Khánh, Minh Thông