3 - Market Research Six Step Model

8/18/2019 3 - Market Research Six Step Model

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ENT4310Business Economics and

Marketing

A six-step model for marketing research

Arild Aspelund



Outline

• Key variables of market research

• A six-step model for marketing research – Selection of methods

– Development of tools

• What characterizes good marketing research?



What do you wanna know?

• olume – What is a reasonable estimate of the total market for this product

or service?

• alue – What value !ould consumers associate to the product or service?

– Does it change !ith the population?

• Appropriability – What is a reasonable estimate of your part of the pie?



!i"#ste$ Model %or Market

&esearch

Define the problem

Develop research plan

"ollect information

Analyze information

#resent findings

$akedecision



!te$ 1' (e%ining the $ro)lem

• %he problem must be ade&uately defined – 'ot too narro!( not too broad

• )emember that reality is complex – "learly state the alternatives( ob*ectives and limitations of the

research pro*ect

• Different problems re&uire different research

approaches – +xploratory

– Descriptive

– "ausal



!te$ *' (e+elo$ the research $lan

• %he research plan helps you to coordinate the *ob(

but also –

"ommunicating and assessing ob*ectives – Assessing costs

– Document the process

• "ontents and key decision points – Data sources

– )esearch approaches

– )esearch instruments

– Sampling plan

– "ontact methods




# (ata sources

• %here t!o sources of data – #rimary data , data collected for this specific pro*ect – Secondary data , originally gathered and structures for another purpose

• A marketing research pro*ect normally involves use of bothtypes of data

• )esearchers usually starts out the pro*ect by investigating and

exploring secondary data

• Secondary data are advantageous because it is readilyavailable at usually lo! costs




# &esearch a$$roach

• $ost pro*ects !ill involve gathering of primary data And you

have several !ays of doing so – .ust make sure your data fits your purpose/

• 0bservational research – 0bserving relevant actors in relevant settings , consumer behavior/

•

1ocus group research – 2 , 34 carefully selected people

– 5n-depth discussion of various topics

– #rofessionally moderated

– "onsumer motivation( &uality and functional feed-back




# &esearch a$$roach

• Survey research – 6arge scale investigations of peoples kno!ledge( beliefs( preferences and

satisfaction in the general population

– $arket potential and feasibility studies for ne! product launches

• 7ehavioral data – Analysis of actual consumer behavior from collected customer records

– $ore reliable that &uestionnaire data

• +xperimental research – %he most scientific approach

– #rimarily used to detect cause-and-effect relationships




# &esearch instruments

• 8uestionnaires – A very flexible instrument for data collection( and by far the most

fre&uently used

• 8uestionnaires need to be developed( tested and

debugged before they are exposed to the respondent

– "arefully choose &uestions( !ording and se&uence

– %he form of the &uestion can influence the response

– 0ne can choose from a broad range of &uestion types




# &esearch instruments

• +nsure &uestions are free of

bias

• $ake &uestions simple

•$ake &uestions specific

• Avoid *argon

• Avoid sophisticated !ords

• Avoid ambiguous !ords

• Avoid negatives

• Avoid hypotheticals

• Avoid !ords that could be

misheard• 9se response bands

• 9se mutually exclusive

categories

• Allo! for :other; in fixed

response &uestions

Some questionnaire do’s and don’ts




# &esearch instruments8ualitative measures

Shado!ingShado!ing

7ehavior mapping7ehavior mapping

"onsumer *ourney"onsumer *ourney

"amera *ournals"amera *ournals

+xtreme user intervie!s+xtreme user intervie!s

StorytellingStorytelling

9nfocused groups9nfocused groups




# &esearch instruments$echanical devices

Galvanometers

Tachistoscope

Eye cameras

Audiometers

GPS




# !am$ling ,lan

• #robability sample – Simple random sample

– Stratified random sample

– "luster sample

• 'on-probability sample – "onvenience sample

– .udgement sample

– 8uota sample

• Sampling unit

•

Sample size

• Sampling procedure




# -ontact Methods

• $ail &uestionnaire

•

%elephone intervie!

• #ersonal intervie!

• 0nline intervie!

• What are the pro<s and con<s of these methods?



!te$ 3' -ollect the in%ormation• "ollecting the data is the most time and resource consuming

part of the process

• $ake sure yourself reasonably sure that you have done your

home!ork before entering this phase

• 'umerous problems may arise along the process –

)espondents not available( not cooperative( biased or dishonest

• Such problems are unavoidable( *ust make sure they don<t

leave a bias in your data



!te$ 4' nalyse the in%ormation• = this is the point !here you do not !ant to find out that your

data is not analyzable=

• Structure out the data and explore it

• Analyze it according to – 5nteresting descriptives

–

)elevant causal relations

• >our level of sophistication in analytical methods !ill determine

the value added from the research process



!te$ .' ,resent the %indings• Structure the information that you find relevant for management

• $ake sure the presentation is not overloaded – )ather split it up in nice packages=

•#resenting the scientific method is almost as important aspresenting the results – >ou need to document your reliability=



!te$ /' Make the decision

• Decisions are made in the intersection bet!een the

findings and their reliability

• 5ngredients of good market research – Scentific method

– "reativity

– $ultiple research methods

– Accurate model building

– "ost-benefit analysis

– ealthy scepticism

– +thical focus



!ummary and -ontinuation• %he key variables of market research are volume( value and

appropriability

•

%he market research process can be defined into 2 distinctivesteps – Define the problem – Develop a research plan

– "ollect information – Analyze information –

#resent findings – $ake decisions

• "ontinuation – $arket analysis , +xternal Analysis

3 - Market Research Six Step Model

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