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Market Research

Market Research. Chapter 9. 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.

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Market Research

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  1. Market Research Chapter 9

  2. 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

  3. The Marketing Research Process Define the Problem Plan the Design & Gather Primary Data Specify the Sampling Procedure Collect the Data Analyze the Data Prepare & Present Report Follow Up

  4. Step 1: Define the Problem • Marketing research problem • Set the research objectives

  5. Step 2: Plan the Design & Gather Primary Data • Research Design • Primary Data • Pros: • Cons: • Secondary Data • Pros: • Cons:

  6. 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

  7. 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

  8. 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

  9. 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

  10. Step 3: Specify the Sampling Procedure • Population v. sample • Types of sampling procedures • Probability sampling • Random sample • Nonprobability sampling • Convenience sample

  11. Collecting the Data In-house Hire a company Analyze the data Statistical software SPSS Step 4: Collecting the Data & Step 5: Analyzing the Data

  12. Prepare & Present Formal report Recommendations Follow Up Additional research Step 6: Prepare & Present ResultsStep 7: Follow Up

  13. Sales Forecasting • Market or industry potential • Sales or company forecast

  14. Other Research • Internet research • Advantages • Scanner-based research • Competitive Intelligence (CI) Source: http://students.egfi-k12.org

  15. Sales Forecasting • How to Forecast • Top-Down Forecast • Buildup Forecast

  16. Sales Forecasting Techniques • Judgment of Decision Maker • Direct Forecast • Lost-horse forecast

  17. Sales Forecasts Techniques • Knowledgeable groups • Survey of Buyers’ Intentions Forecast • Salesforce Survey Forecast • Jury of Executive Opinion Forecast • Survey of Experts

  18. Sales Forecasting Techniques • Statistical Methods • Trend extrapolation • Look at past results

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