Lecture on marketing research.

Lecture on Marketing Research

Quezon City,Philippines

Marketing research defined

Is the systematic design , objective & exhaustive gathering collecting , recording, and analyzing and reporting of data & findings relevant to a specific marketing situation of the company in order to facilitate decision making

Note:

Scientific: Since scientific process is used to obtain relevant information

Objectivity: Since logical reasoning is used not bias & prejudices to obtain data and to draw conclusion based on the basis of evidence presented.

Exhaustive: Since only through comprehensive study & effort can the research be successful

Marketing research process

Step one:Defining the problem & research objectives

Step two:Developing the research planStep three:Collect the informationStep four:Analyze the informationStep five:Present the findings

Step one : Defining the problem & objectivesWhy research???Defining the problemSetting the the objectivePreliminary investigation situation analysis Hypothesis formationUse of marketing researchScope of marketingTypical application of marketing research

Why research?

In general: Identify customer needs & wantsUnderstand the competitionMarket dynamicsThen use this information to provide a package:To meet those needsThat is better than competitionWhich is within the market parameter

Defining the problem

1. Prepare list specific questions management wants answered.

2. Determine specific information needed.3. Prepare statement of specific problem

Setting the objective

Why you want the information?What you will do with the info?The format it should be in?What is the use of the study?

Uses of market research

As an input for analysis & subsequent management decision

Product development To ascertain your

customer real needs Find new market or use

for existing product Product operation

improvement

To find out what your competitor is doing or why you are not doing well

To establish CVP Helps minimize risk Helps focus effort Help maximize return

Scope of market research

Market measurementStudy influence of controllables

(marketing mix)Study the competitive situationStudy influence of uncontrollables ( bread

basket study ) Consumer

Typical application of marketing research

Give as handouts

Step two

Data sourceResearch approachesResearch instrumentsSampling planContact methodResearch design classificationResearch tools

Data

Are facts or the raw materials of any information gathering process

Data source: Definitions

Primary: Original research compiled to meet your specific requirements. There are two category.

Quantitative: The data and info are usually obtained through surveys with data gathered from a representative random sample of a given universe

Qualitative:Data derived from Research method such as FGD that do not statistically represents the target market universe.

Secondary: Data that were collected for another purpose, is not specifically compiled for your company but rather is existing information

Types of data

Primary

Secondary

Advantages Specific tailor

made Practical

Low Cost Easy to obtain Less time

Disadvantages Costly Time consuming May duplicate

secondary info available

Outdated Limited

application Inaccuracy

Data: Sources

Internal : From within

External : from outside the company

Techniques

are the basic procedures by which research tools are put to used( ex. Public opinion, lab experiment, computer simulations, mathematical model historical investigation)

Research methods/ approaches

are the basic approaches involved in obtaining information , such as survey, observations & experimentation

Research methods approaches

Observational: Fresh data that can be gathered by observing the relevant actors and settings

Focus group: A focus group is a gathering of six to ten people who are invited to spend a few hours with a skilled moderator to discuss a product,service,organization or other marketing entity

Experimental: Calls for selecting matched groups of subjects, subjecting them to different treatment, controlling extraneous variables & checking whether observed response differences are statistically significant. The purpose of experimental research is to capture cause & effect relationship by eliminating competing explanation of the observed findings. Price,ad,channel of distribution

Research method / approaches

Survey : Observation and FGD are suited for exploratory research , surveys are best suited for for descriptive research

Survey : three main uses

Factual survey: to gather facts from respondent

Opinion survey: To report the respondents opinion or views

Interpretative : to prove their interpretations the respondent give on the subject

Research tools

are devices & instruments used in collecting & analyzing data ( questionnaire)

Research tools instrument

Questionnaire : Set of questions presented to respondents for their answer

Open ended: Questions that allow the respondent to answer in their own word

Close ended: are questions that pre-specify all possible answer to the question and the respondents makes a choice among them.

Questionnaire: closed end

Dichotomous: A question with two possible answer Sample : Do you use this brand? Yes ___ No___ Multiple choice: A questions with three or more answers. Sample : With whom will you be traveling? No one___Wife__Kids___ Business associates__ Likert scale : statement with which the respondent shows

the amount of agreement /disagreement. Sample: This brand is good ? 1. SDA__ 2.DA___3. NAD__ 4.A__5.SA__

Other types

Questionnaire: closed ended

Other typesSemantic differential, importance scale, rating scale, intention to buy scale

Questionnaire: open ended

TypesCompletely unstructured, words association, sentence completion, story completion, picture completion, thematic appreciation

Mechanical

Psychogalvanometer: measures the subjects interest or emotions aroused by exposure to specific ad or picture

Tachistoscope:machine that flash numerous picture and afterwards the subject is ask what he remembers about it

CCTV audiometerTV Channel monitor

Sampling consideration

Unit : who is to be surveyed? Size: How many people should be surveyed Procedure:How should the respondent be chosen Sample: Probability:sample results form a process of random selection

where by each member of the universe has an equal chance of being selected

(Simple random,Stratified random, cluster )Non probability sample:samples result from a process in which

judgment enters into selection of the member of the universe included in the sample

(Convenient, judgment , Quota )

Sample: continuation

Reliability: refers to the consistency of the test results

“ If the reading preferences survey were conducted among two sample groups taken from the same universe & resulted in identical findings the research would be categorized as reliable”

Contact method

Mail questionnaireTelephone interviewPersonal/Face o face Arranged InterceptWritten questionnaire

Product testingConsumer panelsObservationsFocus groups

Research design classification

Exploratory: is done when little knowledge is available on the subject or problem

Conclusive:refers to projects which aids a manager in making a decision from a number of alternative consumer buying pattern, Heavy or light user etc

Descriptive: is characterized by planned structured research design which makes extensive use of information from secondary source

Causal : is conducted if data is to be used for predictions

Step three: Collect information

Observational: Focus group:Experimental:SurveyComputerInteractive terminal in shopping mallModern IMS

Step four: Analyze the information

The Data gathered are the processed. The data undergoes editing, coding, tabulation.

Data are reassembled in the form required by management.

Step five: Present the findings

OutlineStatement of the problemSignificance/limitation of the studyResearch designFindingsAnalysis & evaluationConclusion & recommendations

MIS Marketing information system

Consist of people, equipment & proceduresto gather, sort,analyze,evaluate,& distributeneeded, timely and accurate information tomarketing decision makers.

MIS vs Marketing research

•MIS suggest process

•MIS is a system concept •research usually deals with fragmented, unrelated projects

•MIS is future oriented •Concerned more on explaining why something in the past happened

•Research is concerned with techniques

Character of effective MIS

Collects needed informationProcessed data accurately,quickly &

reduced it to useful infoStores info for as long as it is neededProvide for quick & easy retrievalAutomatically monitors key eventsOperates continuously

That’s all Folks!!!!!

Thank You Very MuchThe End