Market Research Chapter 9 What is Market Research
- Slides: 18
Market Research Chapter 9
What is Market Research? n n “The process of planning, collecting, and analyzing data relevant to a marketing decision. ” Decision support system Why is marketing research important? Concerns n n n Respondent knowledge Respondent honesty Respondent actions Source: http: //www. era-az. com/xeber/market_research. png
The Marketing Research Process Define the Problem Plan the Design & Collect Primary Data Specify the Sampling Procedure Collect the Data Analyze the Data Prepare & Present the Report Follow Up
Step 1: Define the Problem n Marketing research problem n Set the research objectives
Step 2: Plan the Design & Gather Primary Data n n Research Design Primary Data Pros: n Cons: n n Secondary Data Pros: n Cons: n
Step 2: Plan the Design & Gather Primary Data n Types of Primary Research n Survey research n n n In-home personal interviews Mall-intercept Telephone interviews Mail surveys Executive interviews Focus groups Source: http: //www. sesrc. wsu. edu
Step 2: Plan the Design & Gather Primary Data n Types of Primary Research n Survey research (cont’d) n Questionnaire Design n n Open-ended Close-ended Scaled-response n Likert scale n Semantic differential scale Errors n Leading questions n Ambiguous question n Unanswerable question n 2 -1 question n Nonexhaustive question n Nonmutually exclusive answers
Step 2: Plan the Design & Gather Primary Data n Types of Primary Research n Observation research n n n Source: http: //yoursecretshopper. com Mystery shopper Behavioral targeting Ethnographic research Virtual shopping Experiments
Information Overload n n What is it? Information technology Databases n Sensitivity analysis n Data Mining n n Extraction of hidden predictive information from large databases n Links between the two actions or products
Step 3: Specify the Sampling Procedure n Population v. sample n Types of sampling procedures n Probability sampling n n Random sample Nonprobability sampling n Convenience sample
Step 4: Collecting the Data & Step 5: Analyzing the Data n Collecting the Data n n In-house Hire a company n Analyze the data n Statistical software n SPSS
Step 6: Prepare & Present Results Step 7: Follow Up n Prepare & Present n n Formal report Recommendations n Follow Up n Additional research
Other Research n Internet research n n n Advantages Scanner-based research Competitive Intelligence (CI) Source: http: //students. egfi-k 12. org
Sales Forecasting n n Market or industry potential Sales or company forecast
Sales Forecasting n How to Forecast Top-Down Forecast n Buildup Forecast n
Sales Forecasting Techniques n Judgment of Decision Maker Direct Forecast n Lost-horse forecast n
Sales Forecasts Techniques n Knowledgeable groups Survey of Buyers’ Intentions Forecast n Salesforce Survey Forecast n Jury of Executive Opinion Forecast n Survey of Experts n
Sales Forecasting Techniques n Statistical Methods n Trend extrapolation n Look at past results
- Leader follower challenger nicher
- Benefits of market segmentation targeting and positioning
- Teaching market structures with a competitive gum market
- Spaghetti meat market form
- Primary target market and secondary target market
- Decision making units
- Real estate asset market
- Money market and capital market
- "@" inurl:market= market; cryptanalysis;
- Spot market in foreign exchange market
- Market and market identification
- Example of negative externality
- Difference between primary market and secondary market
- Conclusion for money market
- Genesis market research
- The role of marketing research
- Explain the nature of marketing research.
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