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1
Q

Guide your business decisions by

A
  • Insight into your market
  • Your competitors
  • Your products
  • Marketing
  • Customers
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2
Q

First steps to undertaking key tasks

A
  • Preparing a marketing plan
  • SWOT analysis
  • Product development
  • Branding strategies
  • Pricing
  • Design of website or email newsletters
  • Social networking
  • SEO strategy
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3
Q

Types of market research

A
  • Exploratory – qualitative
    o Better understanding of the different qualities of costumer response
  • Confirmatory – quantities
    o Count the frequency of/ or measure the strength of the various qualities of response identified during the exploratory
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4
Q

Methods

A
  • Secondary research
  • Big data
  • Customer visit
  • Focus groups
  • Descriptive survey
  • Experiments
  • Conjoing analysis
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5
Q

Key questions to ask

A 
-	Market research can be expensive
o	ROI?
o	Does this justify your decision
-	Enough time to carry out research 
-	Will we really benefit by carrying it out?
-	If ROI doesn´t justify the cost
o	Consider doing weekly/ monthly intelligence gathering
	Check out competitor activity
	Salesforce to gather information
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6
Q

Secondary Market Research

A 
-	Existing research material
o	Data from government agencies
o	Competitor research/ activities 
o	Reports by consulting firms
o	Trade press
-	Big data
o	Web behaviour
o	Web based databases
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7
Q

Costumer Visits

A
  • Face to face
    o Customers describing products can help you identify new product opportunities
    o Enables you to really drill down into detail
    o Prossibility to see the product in use
    o Can monitor changing market trends/ business environment
    o Help you create many options
    o CAN BE PRONE TO BIAS – NEVER USE TO TEST/ EVALUATE
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8
Q

Focus Groups

A
  • Group of 8-12 cosumers
  • Controlled condition with a moderator
  • Approx. 2 hours in duration
  • One way mirror
  • Effective for exploring, defining and generating
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9
Q

Survey Research

A
  • Fixed set of questions
  • Large sample of customers
  • Sample carefully select to represent total population of interest
  • 10 point scaling often used – Survey Monkey
  • Good use in environment scanning
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10
Q

Secondary Research

A
  • Any data gathered for one use can be reused for a second purpose
  • Broadest tool in the tool box
  • Cheapest and quickest form of market research
  • Important not to ignore it as a tool
  • Includes the use of BIG DATA
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11
Q

Secondary Research – Internal

A
  • Information gathered elsewhere in the company
  • Sales reports
  • Trends and forecasts
  • Customer databases (CRM systems)
  • Privious primary market research
  • Data from previous marketing campains
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12
Q

Sales Reports

A
  • Product service
  • By region
  • Usually monthly reporting
  • Customer type
  • Distribution channel
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13
Q

Secondary Research – external

A 
-	Information from government agencies
o	Census Bureau
-	Information compiled for sell by commercial vendors
-	Information from trade associations
-	Various kinds of public information 
o	Department of commerce
	Demographic data
	Economic trend data
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14
Q

Syndicated reports

A
  • From commercial vendors
    o Analyst compiles data from various sources
    o Goal is to address an individual topic
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15
Q

Public Data

A
  • Anything from websites, newspaper, magazins, journals, trade journals
  • Some data if free / some you need to pay for
  • Important to find a good and reliable source
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16
Q

Secondary Data – Strenght

A
  • Moderate cost
  • Time saving – data already exists and is readily available
  • Internal data is already in a format that matches your company / industry structure
  • Validity of data is better
  • External data: more objective viewpoint
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17
Q

Secondary data . Weaknesses

A
  • May not exactly address your issue
    o (Originally gathered for a different use)
    o Maybe doesn´t go into enough depth or not specific enough
  • Quality of external data may be suspect!
    o Quality varies by analyst, firm, type of information
    o May be an individual´s judgement
  • Internal sales data: only contains information about existing customers
18
Q

Secondary Data – BIG DATA

A

Business to Consumer (B2C)
- In-store fata gathering from POS terminals
o Can see customers´ buying behaviour
 What products purchased at the same time
o Data from customer loyalty cards
- Website e-commerce data
- Google analytics – pathway etc
Business to Business (B2B)
- More from a branding perspective
o References on social media to the brand or the products
o Google analytics (However, volumes are smaller)

19
Q

Big Data – Strenghts

A
  • The volume of data available
    o Much larger than any data gained by traditional market research
  • The data is 100% real
    o It´s obtained from purchases that customers actually made
  • It´s always up-to-date
    o Purchases are on-going
20
Q

Big Data - Weaknesses

A
  • It doesn´t show the cause of the purchase – only the correlation
    o Reason for purchase could be due to a third variable not shown
  • It´s mute and superficial
    o Doesn´t tell us the costumers intention
  • Data companies can over-hype the benefits
21
Q

Ethnography

A

The scientific description of peoples and cultures with their customs, habits and mutual differences

22
Q

Obersvation only

A

The researcher only observes individual or group

Can be used to observe product use

23
Q

LAB V´s Field

A
  • Laboratory conditions are easier
    o Convenient, Controlled, less prone to interuptions
    o Most B2C research is conducted this way
  • Field conditions do have some benefits
    o Can actually see the customer using the product
    o You can ask questions based on this behaviour
  • Field conditions used more in B2B
24
Q

Key decisions in Planning qualitative research

A
  • Field of laboratory setting
    o If field, what proportion of time on conversation/ interviews vs observation
    o If lab, interview in groups or individually
     If individual, what instruments will you use to supplement and support the conversation
25
Q

Customer visits

A
  • Decision maker visits a customer ( existing or potential) to ask questions and listen
  • Needs to be someone who doesn´t have regular contact with customers
    o Product manager
    o Marketing Manager
    o Product designer/ engineer
    o Not field sales representative!!
26
Q

Planning Customer visits

A
  • Deasible objectives
  • select sample
  • list these by type
  • most surprising information can come from unfamiliar costumers
  • second stage, specify job roles
  • multiple job roles for each costumer
  • select teams
  • devise a discussion guide
  • conduct interviews
  • analyse and report results
27
Q

Customer visits – Strengths

A
  • Visits put you in the customer´s world
  • Face to face according to research is the richest of all communication modes
    o Easier to handle complex subjects
  • Get a real sense of the customer´s thought process – you can think like a customer
  • Information is gained “first hand”
28
Q

customer visits - weaknesses

A
  • Ptential for interview bias
    o May not explore options that go against your product design concept
  • Instability and imprecision consequent to small sample size
    o Reporting that 75% of customer thought…
     For statistical data like this a bigger sample of customers is required
     Better to say “the majority of customers thought….”
29
Q

Quantitative research

A
  • Uses an instrument to gain kownlefge
  • Passive instruments
    o Designed to measure the customer
    o Set numerical relationships
    o Accurate numerical description is the goal
    o Survey questionnaire is the most well known
  • Active instruments
    o Manipulate the customer and then measure the results
30
Q

Survey research

A
  • Questionnaire completed by a large number of respondents
    o Website
    o Email
    o Telephone call
    o Street survey
    o By POSt
  • Majority of companies use a Market Research agency
31
Q

Survey Research – Cost Factors

All of these things will affect the cost of the research:

A
  • Sample size
  • Sample accessibility
  • Survey length
  • Analysis type – more sophisticated analysis costs more
32
Q

Survey Research – Typical applications

A

Customer satisfaction e.g. timely response to enquiries

  • Segementation studies
  • Ownership of innovative products
  • Purchase intentions
  • Brand Image and perceptions
  • Tracking studies
  • Media Usage
  • Readership studies
33
Q

Survey Research – Strenghts

A
  • Ability to deliver precise numerical estimates of frequency and magnitude of consumer response
  • Objectivity – free from bias. Delivered to a large number of people
  • Allows you to use many statistical techniques to analyse results
  • Allows you to clearly difine differences between groups of consumers
  • Become more powerful when repeated over time
    o Allows you to see trends
34
Q

Survey research - weaknesses

A
  • Tells you “what”, but not “why”
    o E.g. learn that customer satisfaction has decreased… but you don´t know why!
  • Only based on what you know, not what you don´t know!
  • Maybe the consumer doesn´t know the answer
    o i.e. What they will buy in the future
  • Surveys are only as good as the database and questions
  • Survey research is good at getting broad data, but not in-depth
  • You can´t ask hard questions – respondents won´t take the time to answer!
  • Surveys are designed to minimise cost of response but maximise the rewards of responding
  • Surveys need to be brief and easy to reply to
35
Q

Questionnaire design Procedure

A
  • Generate a list of potential topics
  • Construct a first draft questionnaire
  • Put it to one side and take another look at it 3 days later
  • Circulate a draft widely in your company for feedback
  • Revise your questionnaire based on the feedback received
  • Pre-test your questionnaire
    o Make any changed based on pre-testing
36
Q

Questionnaire as a whole

A
  • Maximise the rewards and minimise the cost
    o Give the respondent the incentive that they are adding value
    o Reduce the time cost for the participant
    o You can sometimes offer a financial incentive to encourage participation
37
Q

Short is better

A
  • Depending on the topic or market research, your questionnaire should be kept short
    o Printed approx.. 4 pages
  • B2B surveys tend to have a bigger response rate because they are being completed in work hours, so can also be made longer
    o Subject matter is also more engaging
    o Student project/ thesis questionnaires fall into the above category too
  • It´s all about the engagement level and the perceived value contributed by completing the survey questionnaire
  • Participant is usually given a guide on how long they survey is as the go through it
38
Q

Questionnaire structure

A
  • Cluster the related content together so that it has a natural flow, it also avoids confusing the participant
  • Lead with the most clearly relevant, engaging and non-threatening questions, this encourages the participant to continue
  • Make sure you format it well, leave plenty of white space, make it look professional
    o A large block of questions can seem daunting and qppear as if there are more questions that there actually are
39
Q

Questionnaire Demographic questions

A
  • Should go at the start or end of the questionnaire
  • No fix rule on placement
  • Some demographic questions may be fundermental to the research, so you should put these at the start
  • However, avoid putting sensitive demographic questions at the start i.e. income, race, religion
    o This may cause participant to exit the survey at question 1
40
Q

FOCUS GROUPS – B2C & B2B

A
  • Used in both B2C and B2B markets
  • Groups of between 9-12 participants sitting in a room to discuss/ explore products/ services/ potential marketing campaigns
  • Focus groups are usually carried out at an external location
    Focus groups are run by a professional moderator
    no longer than 90 minutes
  • multiple Focus Groups are carried out
    B2B – usually carried out during the working week
  • B2C – depends on the market, but usually carried out in the evening or Saturdays
    incentives or payments
  • be filmed with sounds, as well as written notes
    clear on what your research goal is
  • maximum of 3 aspects
41
Q

Pros of focus groups

A
  • Looks beyond facts and figures – can find out why
  • Can see body language, reactions, how people handle the product
  • Can get unexpected results
  • Able to get a better understanding of the customers viewpoint, enabling you to think like a customer
42
Q

Cons of focus groups

A
  • Small groups
  • Some people don´t show up
  • Limited amount of time per participant
  • Can be prone to bias if two participants like each other they can start agreeing with each others point of view
  • Some people will dominate the discussion (need of a good menotor)

market research (2 decks)

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