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Conducting and Using Market Research For Marketing & Sales Managers Your step-by-step guide to gathering the right information needed to develop a more effective marketing strategy. Benefit from attending this 2 day training course and learn how to: 1. Determine whether and when market research will add value to your organisation 2. Identify what specific information would enable you to improve your marketing strategy 3. Analyse the data collected and convert it into useful marketing information 4. Save money by correctly applying market research information to your marketing strategy 5. Improve the sales performance of existing products or services through correctly researching the product life-cycle 6. Minimise financial losses by testing packaging, advertising and marketing strategies prior to costly production “Marketing Intelligence” – It’s a catchy phrase, is it not? It is also a phrase that describes one of the most important tools needed to survive in business today: without an understanding of the environment in which your company, product or service competes, you have little more than luck to rely on for the success of your business. Understanding customer behaviour and market perceptions, coupled with a keen awareness of the nature and activities of your competition is vital when planning a marketing strategy. Thus, it is imperative that your company gathers current and accurate information about the market in which your business contends. Not only will this information provide explanations for the current performance of your business and its products or service, it will also enable you to recognise ways of increasing your bottom-line through innovative marketing. Although research projects in South Africa tend to be outsourced, it is vital to understand exactly what information you need, whether this information could be gathered through market research and how this should be done. This intensive 2-day training course has been developed to provide marketing and business professionals with invaluable insight into the actual value and process of market research. Understanding the process of market research and the various methods of conducting research, will enable you to: Determine whether and when market research will add value to your business Select the supplier best suited to conduct your research project Effectively assist your supplier to guarantee the success of the project Correctly analyse the information gained and use it to improve your bottom-line Are you interested in acquiring and utilising relevant knowledge about customer behaviour and perceptions as well as the nature and activities of your competition, to improve your company’s performance? If so, then this is a course you cannot afford to miss! 1. An introduction to market research Information about the market in which your business operates is vital to the success of your organisation. In order to market your product or service effectively, you have to know who your customers are and why they buy your product. In addition, knowledge of your competition will enable you to stay one step ahead when competing for the buying power of new existing customers Defining market research, marketing research, business espionage and competitive intelligence Determining whether and when market research will add value to your business Getting and using the information you really ned to improve your bottom-line Evaluating various ethical dilemmas in market research 2. Determining what information you require and finding the best way of getting it Market information is crucial to developing an effective marketing strategy. It is, however, vital to ensure you base your marketing strategy on relevant and accurate information to ensure success. Identifying clear marketing and research objectives How will you know when you have gathered enough of the correct information through research? Evaluating different methods of gathering the correct information Comparing primary and secondary research Conducting informal research Using test markets for experimental research Understanding when and how to conduct descriptive and / or causal research Designing a research project that is guaranteed to deliver accurate and appropriate information to enable you to improve your marketing strategies 3. Avoiding the most common pitfalls guaranteed to ruin a perfectly good research project The best way to ensure that your research project delivers the wrong information is to attach incorrect values to the answers it delivers. This session will highlight all the aspects you should avoid in order to ensure that your marketing strategy and activities are not based on incorrect market and marketing information. Ensure that you do not rely on market information gathered through incorrect methods Don’t conduct your research with the wrong people, ask the wrong questions or incorrectly analyse your data Use the available research tools correctly Don’t combine and compare data gathered through different research methods 4. Selecting the right respondents for your survey Addressing the right questions to the wrong people will probably deliver answers that seem to be correct. Unfortunately, probably is just not good enough: it is vital to ensure that you ask the right questions to the right people in order to obtain the correct information on which to base your marketing activities. Identifying the potential for product re-launches and line –extensions that will improve your sales performance Predicting the need for renewals and re-launches of existing products in order to minimise financial losses Knowing when to discontinue a product 5. Understanding the techniques and applications of different research methodologies Although there are various methods of obtaining the information you require from your respondents, it is important to understand which technique will give you the most comprehensive and reliable information. Using quantitative research for numerical and factual information Identifying consumers’ options, attitudes and motivations through qualitative research Exploring different data collection opportunities Discovering different techniques used to acquire accurate information 6. Applying the knowledge gained from market research to improve your marketing results Even the most accurate and relevant information has no value to your business if it is not used to improve your bottom-line. It is imperative that the information gathered from the research project is correctly analysed and applied in your business activities. Analysing the data collected and converting this into useful information Applying rules of thumb to determine how close this information beings you to the actual truth Extracting hidden relationships and implicit information from your research results Progressing from data, to information, to productive action 7. Research and the product life-cycle The performance of a product is determined by customer needs and interest. As consumer behaviour Is influenced by ever-changing circumstances, it is vital to ensure that you are constantly updating your knowledge of your market and the preferences and actions of your customers. This will enable you to monitor the reasons of changing product performance levels and devise new ways of improving wanting performance. Using marketing research to answer “consumer call” for new products Determining the viability of new product ideas through research Researching packaging, advertising and marketing strategies in order to predict their success Following your product’s fortunes – monitoring the performance of your existing products Identifying the potential for product re-launches and line –extensions that will improve your sales performance Predicting the need for renewals and re-launches of existing products in order to minimise financial losses Knowing when to discontinue a product 8. Conducting effective advertising research It is said that 50% of advertising is a waste of money – the only problem is determining which 50% that is. Advertising research aims to solve this problem as it enables advertisers to measure the value of planned and existing advertising campaigns. Saving money by testing advertising concepts prior to production of costly advertisements Can research actually evaluate the potential impact of an advertisement? Measuring the on-going value of a current advertisement and predicting wear-out 9. Selecting the right research supplier Ensure that you outsource your research project to the supplier that will deliver results. Find out how to monitor and manage the relationship with your supplier to ensure the success of your research project. Getting to know the South African marketing research industry Briefing potential suppliers on your research requirements Evaluating and choosing the supplier best suited to provide your research needs Monitoring the progress of the research project through effectively managing the relationship with your supplier Who should attend? This course has been developed to assist all marketers and business managers in obtaining information that can be used to improve their bottom-line, from their market and current customers. It will be of particular interest to: Marketing Managers Trade marketing managers Product managers Brand managers Channel managers Sales managers Business development managers Regional and divisional managers General managers Government and non-government organisational Officials concerned with public opinions and needs