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Discovering Demand/Opportunities through Marketing Research

Welcome to class of Discovering Opportunities and Forecasting International Demand Dr. Satyendra Singh Professor, Marketing and International Business University of Winnipeg Canada s.singh@uwinnipeg.ca https://abem.uwinnipeg.ca https://www.abem.ca/conference.

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Discovering Demand/Opportunities through Marketing Research

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  1. Welcome to class of Discovering Opportunities and Forecasting International DemandDr. Satyendra SinghProfessor, Marketing and International BusinessUniversity of WinnipegCanadas.singh@uwinnipeg.cahttps://abem.uwinnipeg.cahttps://www.abem.ca/conference

  2. Discovering Demand/Opportunities through Marketing Research • Issues with international research • Communication across cultural barriers • Adaptation of research tool • Secondary data • Primary data • Estimating foreign demand/opportunities • Analyzing/Interpreting research information • Communicating with decision makers

  3. Top 20 Marketing Research Firms ($)

  4. Top 25 Marketing Research Firms (%)

  5. Secondary Data • Problem definition • Availability of data • No government agency, proxy, language barrier • Reliability of data • Too optimistic government, false data reporting—transfer of goods between countries, tax policies—match production with sales • Comparability of data • Old data (not up-to-date), not frequently collected, data are reported in different categories—definition of superstore, manager • Validating secondary data • Judgment validity—check for correlations e.g. diapers and babies

  6. Primary Data • Ability to communicate opinions • Must have the product, understand usefulness • Willingness to respond • Males, maids, prestige, socially desirable answers, suspicious character—researcher, in-store cooperation, political interference • Sampling in field surveys • Sampling problems, no street names, no house nos., no accurate maps, outdated tel. Directory, limited use of questionnaire/tel. method, lack of demographic details • Language and comprehension • Language barrier, equivalent concept e.g. def of family, literacy, back translation and parallel translation, conservative responses (Japan vs. USA)

  7. Estimating Market Demand • Historical data, if available • Production + Import • Expert opinion • Poll experts—own sales managers, distributors, consultants, government officials—for size and growth • Triangulation—compare estimates produced by different sources • Analogy (chain-ratio method) • Establish correlation between product and GDP/sales/…

  8. Analyzing and Interpreting Research Information • Cultural understanding • Local interpreter • Adaptive research methodology • More pictures, focus group • Skeptical about primary or secondary data • Correlate with other sources—governments…

  9. Vals—The Values and Lifestyle (USA) Innovators Take-charge Sophisticated Curious Survivors Nostalgic Constrained Cautious Thinkers Reflective Informed Content Believers Literal Loyal Moralistic Achievers Goal oriented Brand conscious Conventional Strivers Contemporary Imitative Style conscious Experiencers Trend setting Impulsive Variety seeking Makers Responsible Practical Self-sufficient

  10. Vals—Values and Lifestyle (JAPAN) Innovator segmentsshow a distinct and individualistic self-concept, high Levels of involvement and activity in areas of personal interest, and enthusiasm for innovations. Adapter segmentstend to follow the trends started by the Innovators in their interest areas, but at moderate levels of involvement and activity. Pragmatic segmentsshow slightly below average involvement and activity; flexible behavior, few distinct interests, and avoidance of risk. Sustainers show low levels of activity, a focus on the past, and resistance to social change and innovations

  11. Communicating with Decision Makers

  12. Group Exercise Q1. What is the difference between Product 1 and Product 2? Comment. Q2. Forecast demand for the next 4 weeks for both products. Q3. Justify the forecasting methods used for both products. Q4. Write any assumptions, if any, when using forecasting methods.

  13. Group Exercise Q1. Predict demand for Tyres in 2018? Q2. Do you find seasonality? Q3. Do you find cycle? Q4. Do your find randomness?

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