What is Market Research?

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A subsidiary of

Market Research

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Steps for a successful market research

Define Research Objective

Plan a Research Design

Plan a Sample

Collect the Data

Analyze the Data

Draw conclusions and prepare reports

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Definition

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Market Research Definition:

The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and

about the past, present and potential customers for the product or service; research into the

characteristics, spending habits, location and needs of your business's target market, the industry as a

whole, and the particular competitors you face.

Entrepreneur, Market Research http://www.entrepreneur.com/encyclopedia/market-research

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Data

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Information

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Intelligence!

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Is all information useful?

• Relevance• Quality• Timeliness• Completeness

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“Not everything shiny is a diamond”

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Role of Marketing Research in Strategic decision-making

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Role of Marketing Research in Strategic decision-making

1. Identifying & Evaluating Opportunities.

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Identifying and evaluating

opportunities

Self-Analysis

Financial Component

Risk Assessment

Support

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Role of Marketing Research in Strategic decision-making

1. Identifying & Evaluating Opportunities.2. Selecting Target Markets.

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Role of Marketing Research in Strategic decision-making

1. Identifying & Evaluating Opportunities.2. Selecting Target Markets.3. Planning a Marketing Mix.

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1st P: Product

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2nd P: Price

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3rd P: Promotion

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4th: Place

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Role of Marketing Research in Strategic decision-making

1. Identifying & Evaluating Opportunities.

2. Selecting Target Markets.

3. Planning a Marketing Mix.

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Types of Marketing Research

Primary Research

Secondary Research

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Primary Research: It is obtaining data and information from original sources.

• Experiments

• Quantitative

• Qualitative

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Primary Research: Experiments Create a

hypothesis Test The

hypothesis Analyze

the results

Most used for: Cause and effect analysis; for example, price testing

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Primary Research: Quantitative

Quantitative research is the study of information, such as, social phenomena and market behavior, through statistical analysis.

Quantitative research enables the individual to see the information in the form:

1- Trends; 2- Percentages;

3- Growth rates; 4- Market Size;

Quantitative research can be manipulated to zoom in or zoom out on important statistical information, that can enable better business decision making.

Most use for: Market size, market share, penetration, installed base and market growth rates.

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Primary Research: Qualitative Qualitative researchers is about taking a deep look into understanding the

reasons behind a certain phenomena, whether it is a market behavior or a human behavior. It is concerned with why this happening and how decisions are made.

Most used for: Understanding customer behavior, generating ideas for improvement, market segmentation.

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Quantitative & Qualitative

Quantitative Qualitative

Both must be used together to provide meaningful analysis of the market and

reliable information for informed decisions

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Conducting Primary Research

Personal Interviews

• Door to Door• Mall

intercept • Phone

interviews • Focus Group

Questionnaires

• Mail Surveys • E-mail

Surveys • Internet

Surveys

Observation

• Direct Observation

• Mechanical Observation

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Secondary Research

Using other people’s research, that is now publicly available, as a reference. Secondary research, is usually referred to as “Desk Research”. Includes reports, articles, survey results and other form of publications.

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Case Study: Residential Compound

• Value Chain Analysis:

Purchasing Land Developing Selling

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Where should my compound be?

Area Size Land plot

Features Surroundings

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Features:

Residential

Office Commercial

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Study the Market?

Experiment (Preference)

Study Demand

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Experiment: I want to develop a Villa Compound in New Cairo

Experiment

Surroundings Analysis

Competitors Analysis

Sales Analysis

Target Market Analysis

Growth Rate Analysis

New Market Trends Analysis

PEST

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Study Demand: What kind of compound should I develop

Study Demand

Location Analysis

Type Analysis

Market Mapping

Sales Analysis Growth Rate Analysis

New Market Trends Analysis

PEST

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You Can’t Have it All !

Tim

e

Quality

Cost

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PEST Analysis

PEST Analysis is an important tool to ensure that your business is aligned with the forces affecting your market.

• Political

• Economy

• Socio-Cultural

• Technology

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Example:

Competitors Analysis

Primary Research

Customer Perception Survey

Mystery Shopping

Site Visits

Field Mapping

Secondary Research

Financial Reports Analysis

Reading and analyzing media reports/articles

Analyzing competitors

websites

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Example:

Target Market Analysis

Primary Research

Demographic analysis

Psycho-Graphically

Analysis

Behavior Analysis

Secondary Research

Analyzing Consumer

reports online

Analyzing competitors

positioning/sales

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Thank you

Presentation by : Yara Eid