Marketing Research Any decision that helps in making informed marketing decisions'

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Marketing Research Any decision that
helps in making informed marketing decisions.
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Why do Marketing Research?

• The individual (wo)man is an insoluble puzzle, in
  the aggregate (s)he becomes a mathematical
  certainty.

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Why do we need Marketing Research?

• Perception is Reality.
• Initial perceptions can lead to selective
  interpretation. That may hurt your prospects.
  MYOPIA.
• Environmental Changes.

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Benefits of Marketing Research

• Market research guides your communication with
  current and potential customers.
• Market research helps you identify opportunities
  and problems in the marketplace.
• Market research minimizes the risk of doing
  business.
• Market research helps you to create benchmarks,
  track your progress, and evaluate your success.

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Marketing Research for Businesses

• Marketing Research is a mindset.It is an art as
  much as a science.
• Observe the happenings around you carefully.
• STYLE. ENTERT. AUTO.

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Types of Data
Primary Data Collected by the researcher for
the problem at hand.FRESH Focus groups Indepth
interviewing Surveys Observation Experiments

• Secondary Data
• Already collected by persons other then the
  researcher

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The Marketing Research Process
5. Data collection
4. Selecting the Sampling procedure
How?
3. Choosing the research method
What?
7. Follow-up
2. Creating the
Why?
research design

• Identifying
• Formulating the
• Research Problem

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Step 1 Problem Diagnosis

• The root cause of the problem is harder to
  identify than its obvious manifestations.
• To define the problem, list every factor that may
  have influenced it, then eliminate any that
  cannot be measured.
• Assess the information that is immediately
  available. Weigh the cost of gathering more
  information against its potential usefulness.

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Step 2 Research Design
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Exploratory Research

• Exploratory Research
• Seeking insight into the general nature of the
  problem.
• Examples
• Why do consumers shop / not shop in our stores?
  SM.
• What are the internal motivations of consumers
  for using DSL and not cable modems?
• Focus groups, Depth Interviews, Observation

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Descriptive Research

• Describe the characteristics of relevant groups
  of customers
• Who buys our products?
• What are their needs?
• Where do they buy it?
• Surveys (Mail., Telephone, Online)

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Collecting Primary Data
Survey Methods
Mail and Personal Online
Telephone Interview
Costs Flexibility Interviewer Bias Length
5-10 Low Low Low
25 Med. Probes Med. Med.
gt 200 High High High
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Step 3 Choosing a Method of Research Data
Sources
Primary Data Collected by the researcher for
the problem at hand. Focus groups Indepth
interviewing Surveys Observation Experiments

• Secondary Data
• Collected by persons other then the researcher

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Step 4 Sampling Fundamentals

• Population vs. Sample.
• Probability vs. Non-probability sampling.

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Non Probability Sampling Techniques

• Convenience
• Used to obtain information quickly and
  inexpensively
• Quota
• Minimum number from each specified subgroup in
  the population.
• Often based on demographic data.
• Snowball
• Each respondent, after being interviewed, is
  asked to identify one or more others in the
  appropriate group
• Example When conducting personal interviews
  about customer satisfaction with a treadmill, the
  interviewer can ask Do you know anybody that
  uses the same type of treadmill?