Market Research Market Research Exploring Partnership Opportunities 1.
Market Research
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Transcript of Market Research
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Market Research
Chapter 9
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What is Market Research? “The process of
planning, collecting, and analyzing data relevant to a marketing decision.”
Decision support system
Why is marketing research important?
Concerns Respondent knowledge Respondent honesty Respondent actions
Source: http://www.era-az.com/xeber/market_research.png
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The Marketing Research ProcessDefine the Problem
Plan the Design & Collect Primary Data
Specify the Sampling Procedure
Collect the Data
Analyze the Data
Prepare & Present the Report
Follow Up
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Step 1: Define the Problem Marketing research problem
Set the research objectives
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Step 2: Plan the Design & Gather Primary Data
Research Design Primary Data
Pros: Cons:
Secondary Data Pros: Cons:
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Step 2: Plan the Design & Gather Primary Data
Types of Primary Research Survey research
In-home personal interviews
Mall-intercept Telephone interviews Mail surveys Executive interviews Focus groups
Source: http://www.sesrc.wsu.edu
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Step 2: Plan the Design & Gather Primary Data
Types of Primary Research Survey research (cont’d)
Questionnaire Design Open-ended Close-ended Scaled-response
Likert scale Semantic differential scale
Errors Leading questions Ambiguous question Unanswerable question 2-1 question Nonexhaustive question Nonmutually exclusive answers
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Step 2: Plan the Design & Gather Primary Data
Types of Primary Research Observation
research Mystery shopper Behavioral targeting
Ethnographic research
Virtual shopping Experiments
Source: http://yoursecretshopper.com
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Information Overload What is it? Information technology
Databases Sensitivity analysis Data Mining
Extraction of hidden predictive information from large databases
Links between the two actions or products
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Step 3: Specify the Sampling Procedure
Population v. sample
Types of sampling procedures Probability sampling
Random sample Nonprobability sampling
Convenience sample
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Step 4: Collecting the Data & Step 5: Analyzing the Data
Collecting the Data In-house Hire a company
Analyze the data Statistical software
SPSS
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Step 6: Prepare & Present Results
Step 7: Follow Up Prepare & Present
Formal report Recommendations
Follow Up Additional research
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Other Research Internet research
Advantages
Scanner-based research
Competitive Intelligence (CI) Source: http://students.egfi-k12.org
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Sales Forecasting Market or industry potential Sales or company forecast
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Sales Forecasting How to Forecast
Top-Down Forecast Buildup Forecast
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Sales Forecasting Techniques
Judgment of Decision Maker Direct Forecast Lost-horse forecast
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Sales Forecasts Techniques Knowledgeable groups
Survey of Buyers’ Intentions Forecast Salesforce Survey Forecast Jury of Executive Opinion Forecast Survey of Experts
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Sales Forecasting Techniques
Statistical Methods Trend extrapolation
Look at past results