Http:// Copyright 2006 – Biz/ed Market Research.
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http://www.bized.co.uk
Copyright 2006 – Biz/ed
Market Research
http://www.bized.co.uk
Copyright 2006 – Biz/ed
Market Research
http://www.bized.co.uk
Copyright 2006 – Biz/ed
Secondary Research
http://www.bized.co.uk
Copyright 2006 – Biz/ed
Existing SourcesInternal Sources• Company Accounts• Internal Reports and
Analysis• Stock Analysis• Retail data - loyalty cards,
register data, etc.
External Sources• Government Statistics• Trade publications• Commercial Data - Gallup,
Mintel, etc.• Household Expenditure
Survey• Magazine surveys• Other firms’ research• Research documents –
publications, journals, etc.
http://www.bized.co.uk
Copyright 2006 – Biz/ed
Primary Research
http://www.bized.co.uk
Copyright 2006 – Biz/ed
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
http://www.bized.co.uk
Copyright 2006 – Biz/ed
Sampling Methods
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Copyright 2006 – Biz/ed
Market Research
• Random/Segment Sampling– Samples on the basis of a
representative segment– Random– May give more relevant information– May be more cost effective
http://www.bized.co.uk
Copyright 2006 – Biz/ed
Market Research
• Random Samples – equal chance of anyone being picked– May select those not in the target
group – indiscriminate– Sample sizes may need to be large
to be representative– Can be very expensive
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Copyright 2006 – Biz/ed
Market Research
• Concept Testing– Description in Writing– Likes and Dislikes– Willingness to Buy
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Copyright 2006 – Biz/ed
Market Research
• Geographic Test Market– Primarily based on geographical areas or
‘clusters’ that can be seen as being representative of the whole population
• Direct Market Testing– Testing Certain Households
• Focus Groups• Snowball Sampling
– Samples developed from contacts of existing customers – ‘word of mouth’ type approach!
http://www.bized.co.uk
Copyright 2006 – Biz/ed
Outline your “Areas of Questioning”
Such as:A. Shopping Habits among customers for this store and other similar stores.
B. Level of Customer Service Satisfaction today and in the past.
C. Demographic Questions
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Copyright 2006 – Biz/ed
Designing Your Survey
• Use close ended questions as much as possible.
• Yes/No• Multiple Choice• Likert Scale (1-10, with
1=poor, 10=excellent)
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Copyright 2006 – Biz/ed
Market Research
• Quantitative and Qualitative Information:
• Quantitative – based on numbers – 56% of 18 year olds drink alcohol at least four times a week - doesn’t tell you why, when, how
• Qualitative – more detail – tells you why, when and how!
http://www.bized.co.uk
Copyright 2006 – Biz/ed
How many surveys to conduct?
• If your survey is among consumers (B2C) a good number of completed surveys would be 50-60 (try for 100!).
• If you are conducting a survey among business people: B2B (25-30 surveys would be fine).
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Copyright 2006 – Biz/ed
Purpose
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Copyright 2006 – Biz/ed
Market Research
• Advantages of 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!!)
http://www.bized.co.uk
Copyright 2006 – Biz/ed
Market Research
• Disadvantages of 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!
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Copyright 2006 – Biz/ed
Research Lab Center
Your Assignment
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Copyright 2006 – Biz/ed
Kool Is Cool
• To increase market share in the refrigerator market by developing the first refrigerator with options
• Sold in the same way as new cars with each person ordering the features they want
• Target market is second-time buyers 30-50 years old
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Copyright 2006 – Biz/ed
Smiles Toy Company
• Toy that will sell well in the holiday rush• Market is 3-10 years of age• Develop a product that will position itself well
in this market segment• Management team needs you to inteview
parents of children in this age group. Find out wants and needs that parents look for in toys to satisfy their small children
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Copyright 2006 – Biz/ed
94 Fifty
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Copyright 2006 – Biz/ed
Holo Generator
• Innovative product like a Holo-Generator
• Fits in the size of your hand• Plays three-dimensional music
videos through sound and holographic images.
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Copyright 2006 – Biz/ed
Hints
• Brainstorm questions to ask a segment
• Make sure segment is accurate for product
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