Market(ing) Research

Presented by: Asma & Zaib, BBA

• Discuss what ,why ,when ,how …

•Highlight some important elements.

•Discuss creative ways to do quick scans.

•Offer some tips.

•Some final thoughts.

•Q A.

Have A Conversation About Marketing Research

So lets get started……

What can entrepreneurs learn from this ?

Don’t do things just for doing, but ask first where you want to take your business ,and subsequently choose the right path to reach that destination.

STRATEGYrticulatesthedirectionabusinesswillpursueandthestepsitwilltaketoachieveitsgoals…PresentationbyEdwardErasmus

Articulates the direction a business will pursue and the step it will take to achieve its goal ….

You can not develop a strategy without proper knowledge on key aspects of your business or industry……

And here is where Market(ing)Research comes in….

Strategy

Conducting marketing research is about gathering facts and opinions in an orderly ,objective way to find out what people want to buy, not just what you want to sell them…..

In essence….

Marketing Research…

a few more things you should know about it..

Marketing Research :when?

>Startups >Established

Presentation by Edward Erasmus

• Small enterprises • Big corporations

Marketing Research: who?

Presentation by Edward Erasmus

• In times of • In times ofeconomic growth economic decline

Marketing Research: when?

Marketing Research Purpose

Problem Identification Problem Solving

Presentation by Edward Erasmus

Identify potential customers

Understanding your existing customers.

Examine and solve business problems

Prepare for business startup or expansion

Identify business opportunities

Develop effective strategies

Why do marketers research?

How to conduct

market research?

The Process

Step One - Define Marketing Problems and Opportunities

Step Two - Set Objectives, Budget and Timetables

Step Three - Select Research Types and Methods

Step Four - Design Research Instruments

Step Five - Collect Data Step Six - Organize and Analyze Data

Step Seven - Present and Use Marketing Research Findings

Quick scanning your business

Presentation by Edward Erasmus

CREATIVE WAYS TO GATHER INFORMATION

• No time or budget to do extensive research?

• There are some quick and creative ways to gather information for decision making….

Presentation by Edward Erasmus

INTERNAL • Talk to customers

• Talk to employees

• Observe activities in your store

• Look at sales records

• Product return data

• Customer complaints

Presentation by Edward Erasmus

EXTERNAL • Visit your competitor(s)…what/how are they

doing?

• Look for secondary research (data already available)

• Read the newspapers

• Read global news (online)

Presentation by Edward Erasmus

BUT BE AWARE.. • It‘s a quick scan

• It provides limited and unstructured information

• It‘s no replacement for formal research…

Final thoughts…

―Advertising people who ignore research are as dangerous as generals who ignore decodes of enemy signals.‖

~David Ogilvy, advertising pioneer and

founder of Ogilvy Group