all Flashcards
1
Q
Guide your business decisions by
A
- Insight into your market
- Your competitors
- Your products
- Marketing
- Customers
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
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
4
Q
Methods
A
- Secondary research
- Big data
- Customer visit
- Focus groups
- Descriptive survey
- Experiments
- Conjoing analysis
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
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
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
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
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
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
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
12
Q
Sales Reports
A
- Product service
- By region
- Usually monthly reporting
- Customer type
- Distribution channel
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
14
Q
Syndicated reports
A
- From commercial vendors
o Analyst compiles data from various sources
o Goal is to address an individual topic
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
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
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
Customer visits
- 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
Planning Customer visits
- 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
Customer visits – Strengths
- 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
customer visits - weaknesses
- 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
Quantitative research
- 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
Survey research
- 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
Survey Research – Cost Factors
| All of these things will affect the cost of the research:
- Sample size
- Sample accessibility
- Survey length
- Analysis type – more sophisticated analysis costs more
32
Survey Research – Typical applications
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
Survey Research – Strenghts
- 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
Survey research - weaknesses
- 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
Questionnaire design Procedure
- 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
Questionnaire as a whole
- 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
Short is better
- 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
Questionnaire structure
- 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
Questionnaire Demographic questions
- 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
FOCUS GROUPS – B2C & B2B
- 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
Pros of focus groups
- 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
Cons of focus groups
- 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)
