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Conducting Market Research

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Title: Conducting Market Research


1
Conducting Market Research
  • Market Research
  • Is the process of designing, gathering,
    analyzing, and reporting information that may be
    used to solve a specific marketing problem.

2
Role of Marketing Research
  • Provide information to assist marketing managers
    in decision making process.
  • Decisions the marketing manager may need to make
    Advertising, pricing, promotion, etc.
  • Identify market opportunities.
  • Who is the target audience, how are they spending
    their money?
  • Help monitor performance.
  • How well is the product doing in the market
    environment
  • Sales, customers response, etc.

3
Role of Marketing Research cont
  • Extend knowledge (Basic Research)
  • Learn more about the product on a general level
  • Solve a specific problem (Applied Research)
  • Determine what problem the company or product is
    having.

4
Market Research Process
  • Establish need for research
  • Define the problem
  • Establish research objectives
  • Determine research design
  • Identify information types and sources
  • Determine methods of accessing data
  • Design data collection forms
  • Determine Sample plan and size
  • Collect data
  • Analyze data
  • Prepare and present the final research report
  • Step 1
  • Step 2
  • Step 3
  • Step 4
  • Step 5
  • Step 6
  • Step 7
  • Step 8
  • Step 9
  • Step 10
  • Step 11

5
Market Research Process
  • Step 1 Establish need for research
  • Is information already available?
  • Is there enough time to conduct market research?
  • Are resources available? (funding)
  • Do costs outweigh the value of research?
  • Step 2 Define the Problem
  • Most important step
  • A well designed problem is half solved

6
Market Research Process
  • Step 3 Establish Research Objectives
  • What do you want to learn from this research?
  • What information is needed to solve the problem?
  • Step 4 Determine Research Design
  • Three types of design you may use in conducting
    research
  • Exploratory collecting information in an
    unstructured informal manner.
  • Descriptive a set of methods and procedures that
    describe marketing variables. (observation)
  • Casual isolate cause and effects, that usually
    rely on experiments.

7
Market Research Process
  • Step 5 Identify Information Types and Sources
  • Primary Data is data gathered specifically for
    the research objectives at hand.
  • Secondary Data is data that has been collected
    for some other purpose.
  • I.e. Stats Canada
  • Step 6 Determine Methods of Accessing Data
  • Data bases (Stats Canada)
  • Telephone surveys
  • Mail surveys (direct mail 2 response rate)
  • Door-to-door personal interviews
  • Focus Groups (usually 8-12 people)

8
Market Research Process
  • Step 7 Design Data Collection Forms
  • Two basic methodsAsking or observing
  • Both use Questionnaires to determine info.
  • Questions on the questionnaires can be either
    structured or unstructured which means the person
    being interviewed is either given answer choices
    or asked to give an individual response (open
    ended questions).
  • Step 8 Determine Sample Plan Size
  • Three issues
  • Who is to be sampled and how to select them
  • What the sample element is, including supermarket
    shopper, head of household, etc.
  • Sample size how many sample elements that need
    to be studied.

9
Market Research Process
  • Step 9 Collect Data
  • Because many errors can occur while collecting
    data, trained interviewers usually conduct data
    collection.
  • Telemarketers have strict guidelines to follow to
    conduct their research without error.
  • Step 10 Analyze Data
  • To analysis data it can be inputted into software
    programs that process the information. (SPSS)
  • You can create your own data analysis by putting
    your information onto a spread sheet and compare
    responses.

10
Market Research Process
  • Step 11 Prepare Present Final Research Report
  • Conducting report involves
  • Describing the process used to conduct research
  • Create tables and charts to support findings
  • Present graphs and data clearly
  • Conclude your findings with suggestions or
    alternatives to solve the outlined problem.

11
Questionnaire Design
  • The five Shoulds of Question Wording
  • Focus the question on a single issue or topic.
    (I.e. what type of hotel do you like to use? Is
    not specific enough because it doesnt focus on
    particulars. A better question would beWhen you
    are traveling on business and you arrive at your
    destination, what type of hotel do you typically
    use?
  • Questions should be brief.
  • All questions should be interpreted the same way
    by all being interviewed. They should be clear.
  • Questions should use everyday vocabulary.
  • The question should be as grammatically simple as
    possible.

12
Questionnaire Design
  • Approaches to question flow
  • Funnel Approach general-to-specific question
    flow.
  • Questions on age, sex, location, etc. are general
  • Specific questions would relate directly to the
    product.
  • Work Approach difficult to answer questions are
    placed deep into the questionnaire.
  • Sections Approach arrange questions according to
    topic.

13
Questionnaire Organization
  • What you (the surveyor) should do before
    conducting questionnaire
  • Introduction
  • Identify the surveyor/sponsor
  • Introduce yourself
  • Identify the purpose of the survey
  • Tell the participant why you are conducting the
    survey.
  • Tell the respondents how they were selected
  • Ask for participation
  • Remind Respondents of their rights
  • The respondents have the right to be anonymous
  • Conduct questionnaire.

14
Assignment
  • Given the 5 different products presented in
    class, create five groups who will then conduct
    their own market research
  • Create a questionnaire for one of these products
    to determine general information (basic research)
  • Who is the target audience?
  • What gets the customer to buy this product?
  • How often does the audience use the product?
  • Where do they live?
  • What sex are they?
  • Who does the shopping in their household?
  • Etc.
  • Ask questions that would determine some of these
    things. Ask the questions as if you were speaking
    to the person being interviewed.
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