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SETTING OUT TO MARKET Dr Mairead Brady, School of Business, Trinity College Dublin March 2008 What is Market Research? Market research is the process of systematically gathering, recording and analyzing data and information about customers, competitors and the market. Its can help create a business plan, launch a new product or service, fine tune existing products and services, and expand into new markets. Market research can be used to determine which segment of the population will purchase a product/service, based on variables like age, gender, location, income level and lifestyle. Questions that need to be answered What is happening in the market? What are the trends? Who are the competitors? How do consumers or businesses talk about the services or products in the market? Which needs are important? Are the needs being met by current products or services? Is there a gap in the market and a market in the gap? Market Research Marketing is becoming a battle based more on information than on sales power. Marketing decisions draw on Marketing Research: STP Segmentation Decisions Which segment should we target? What benefits are most important to each segment? Which geographic area should we enter? What is the profile of our target market Age and Lifestyle: Geographic Gender Segmentation Positioning Contradiction - NIKE FASHIONABLE STYLE contradiction Trendy authentic sportswear norm CASUAL DAY/ NIGHT WEAR norm contradiction BASIC STYLE HIGH PERFORMANCE FOOTWEAR Brand Strength - Matrix High Head High Heart Low Heart Low Head Combining Marketing Research and the Marketing Information System The Components of a Modern Marketing Information System Marketing Information System (MIS) 10 useful questions for determining the information needs of marketing managers. What decisions do you regularly make? What information do you need to make these decisions? What information do you regularly get? What special studies do you periodically request? The Components of a Modern Marketing Information System What information would you want that you are not getting now? What information would you want daily? Weekly? Monthly? Yearly? What magazines and trade reports would you like to see on a regular basis? What topics would you like to be kept informed of? What data analysis programs would you want? What are the four most helpful improvements that could be made in the present marketing information system? Forecasting and Market Demand Measurement Ninety Types of Demand Measurement (6X5X3) Forecasting and Demand Measurement Which Market to Measure? Market Potential market Available market Target market (severed market) Penetrated market A Vocabulary for Demand Measurement Market Demand Market share Market penetration index Share penetration index Forecasting and Demand Measurement Forecasting and Demand Measurement Market Forecast Market Potential Product penetration percentage Company Demand Company Sales Forecast Sales quota Sales budget Company Sales Potential Forecasting and Demand Measurement Estimating Current demand Total Market Potential Area Market Potential Market-Buildup Method Industry Sales and Market Shares Estimating Future Demand Survey of Buyers’ Intentions Forecasting Purchase probability scale Forecasting and Demand Measurement Composite of Sales Force Opinions Expert Opinion Group discussion method Pooling of individual estimates Past-Sales Analysis Time-series analysis Exponential smoothing Statistical demand analysis Econometric analysis Market-Test Method Quantitative and Qualitative Data Collection and Analysis The Market Research Process Advances in Data Collection Techniques Quantitative and Qualitative Techniques Forecasting and Market Demand Measurement ‘The art of prophecy is very difficult especially with respect to the future’ (Mark Twain, 1835-1910) The Marketing Research Process The Research Process Scanning, Risk Assessment and Monitoring Primary data - gathered directly from people you are interested in Secondary data - data published for its own reasons which is secondary to your purpose Exploratory, descriptive and causal Validity and Reliability Secondary-Data Sources Secondary-Data Sources A. B. • • • • C. • • Internal Sources Company profit-loss statements, balance sheets, sales figures, sales-call reports, invoices, inventory records, and prior research reports. Government Publications Statistical Abstract of the United States County and City Data Book Industrial Outlook Marketing Information Guide Periodicals and Books Business Periodicals Index Standard and Poor’s Industry Qualitative versus Quantitative Research Comparative Dimension Qualitative Research Quantitative Research Types of questions Probing Limited probing Sample size Small Large Information per respondent Substantial Varies Administration requirements Special skills Fewer special skills needed Type of Analysis Subjective Statistical Hardware Tape recorders, video, pictures Questionnaires, computers, printouts Ability to replicate Training the researcher Low Psychology,sociology marketing, consumer behavior Exploratory High Statistics, decision models, marketing research Type of research Descriptive or casual Key Aspects of Exploratory Research Techniques Exploratory Technique Focus Groups Understand Functional Aspects of Consumption Individual Interviews Understand Symbolic Aspects of Consumptio n Observation Accurate Description of What People Actually Do - Not What They Think They Do Qualitative Techniques – The Customer Observation Experimental Research Eye Cameras Mystery Shopping Diaries Personal interviews/Focus Groups Online/Video links Projective techniques Critical Incident Analysis Cognitive mapping The Growing Role of Focus Groups To gain insight into conducting and analyzing a focus group. The Popularity of Focus Groups About 25 percent of all research expenditures is spent on focus groups. Conducting Focus Groups Preparing for a Focus Group The Setting: focus group facility often in a conference style room Recruiting Participants: mall intercept, telephone The Growing Role of Focus Groups Developing a Discussion Guide •An outline of the topics to be covered •Three stages: • Rapport is established • Provoke intense discussion • Summarize significant conclusions Preparing a Focus Group Report Other Qualitative Methodologies Depth Interviews --mainly used in exploratory research Unstructured(both questions and answers) one-on-one interview with key respondents. *Expensive *No group pressure and no interaction *more time and attention for the respondent *respondent can be probed at length *Needs a good interviewer Individual Depth Interviews Project beliefs or feelings onto a third party, to an inanimate object, or to a task situation word association sentence completion third-person role-playing thematic apperception test pictorial symbols Common types of projective techniques Quantitative – Contact/Survey Methods Addressing the questions of why people behave the way they do Personal interviews and focus groups Telephone interviews Mail, email and fax surveys Online and Internet surveys Marketing Research System Contact Methods Mail questionnaire Personal interviewing Arranged interviews Intercept interviews Online methods Click-stream Cookies Automated telephone surveys Personal interviews Flexible Misunderstandings noted and clarified Costly Interviewer bias High response rate? Telephone interviews Low response rate Misunderstandings Bias Geographical coverage Less expensive Factual details Fast and inexpensive Online Surveys www.surveymonkey.com Fast with lowner costs but …. Demographics of target market Novelty and ease of answering Bias Cyber environment - authenticity Hits and webs tracking Dialogue with customers, interactive discussions and learning from customers Virtual product testing Syndicated Research - Market Research Companies An organisation that regularly provides a standardised set of data to customers is called a syndicated service http://www.gallup.com http://www.teleport.com/~tbchad/stats1. html Online Surveys http://www.survey.net The Future: Neuro Marketing MRI Scanning Inside the mind The Buy Button….. Interactive TV – Tracking, Monitoring and Scanning Setting out to Market The Voice of the Customer….speak loudly and clearly……. Hire a professional….. You are basing your whole business on this…..
