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Marketing research is a formalised means of collecting, analysing and interpreting information to be used in helping making marketing decisions.
Market Research should be thought of as a lamp-post. Without light you are fumbling around in the dark
However, it should not be used as a drunk may use the lamp post to prop himself up
Market Research
How to collect certain information about: your customers, market and competitors.
This information tells you about: your potential market, prices, trends, competition, target customer, its preferences, income, habits, accessibility, convenient time and plans.
This information should be accurate, and reliable to help you make the right business decision.
Important questions
Who are my competitors and what kind of product, price and service they offer?
How I differentiate my business from my competitors? What types of service do my customer prefer? What types of advertising attract my customers? What is the market price and how I can change my price accordingly?
An Existing business
What are the new trends, product, time, location and service in the market? And how I adapt them?
What are my weaknesses and strengths in my business compare to my competitors? How I can differentiate my business and make it unique?
Should I change and redirect my advertising campaign according to the recent situations?
How can I change my customers spending habits? How can I expand my business with minimum cost?
Make your questions only in your subject matter. Customize your questions to encompass more than one group of people, male/female. Be honest with the intent of the questionnaire. Give enough time answer. Be courteous and friendly when asking people to participate in your survey. Ask questions in different repeated ways, so you minimize missing data.
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2 Approaches to Research
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Exploratory research is conducted because a problem has not been clearly defined. It helps determine the best research design, data collection method and selection of subjects.
Market Research
Secondary Research
Internal Sources
Company Accounts Internal Reports and Analysis Stock Analysis Retail data - loyalty cards, till data, etc.
External Sources
Government Statistics Commercial Data Household Expenditure Survey Magazine surveys Other firms research Research documents publications, journals, etc.
Sampling Methods
Market Research
Market Research
Market Research
Quota Sampling
Again by segment Not randomly selected Specific number on each segment are interviewed, etc. May not be fully representative Cheaper method
Market Research
Cluster Sampling
Primarily based on geographical areas or clusters that can be seen as being representative of the whole population Sample selected from multi-stage sub-groups
Samples developed from contacts of existing customers word of mouth type approach!
Multi-Stage Sampling
Snowball Sampling
Primary Research
Market Research
Primary Research
First hand information Expensive to collect, analyse and evaluate Can be highly focussed and relevant Care needs to be taken with the approach and methodology to ensure accuracy Types of question closed limited information gained; open useful information but difficult to analyse
Market Research
Quantitative and Qualitative Information: Quantitative based on numbers 56% of 18 year olds drink alcohol at least four times a week - doesnt tell you why, when, how Qualitative more detail tells you why, when and how!
Purpose
Market Research
Helps focus attention on objectives Aids forecasting, planning and strategic development May help to reduce risk of new product development Communicates image, vision, etc. Globalisation makes market information valuable (HSBC adverts!!)
Market Research
Information only as good as the methodology used Can be inaccurate or unreliable Results may not be what the business wants to hear! May stifle initiative and gut feeling Always a problem that we may never know enough to be sure!