MARKET RESEARCH Principles of Marketing BUSI 141 | Professor Conrad Solomon, M. B., Marshall, G. W., & Stuart, E. W. (2016). Marketing: Real People, Real Choices (8th ed.). Boston: Pearson Education, Inc.
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MARKET RESEARCHPrinciples of Marketing BUSI 141 | Professor ConradSolomon, M. B., Marshall, G. W., & Stuart, E. W. (2016). Marketing: Real People, Real Choices (8th ed.). Boston: Pearson Education, Inc.
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WHAT WE WILL DISCUSS TODAY
•What is market research•Market research steps•Take a survey
3
MARKET RESEARCHPAGES 96 – 101
• Data and Information• Data = raw, unorganized facts• Information = data that are processed, organized,
structured and presented for the decision making process• Where does the data come from?• Internal company data• Market intelligence• Market research• Acquired databases
4MARKET RESEARCH STEPSPAGES 100 – 117
STEP 1 - DEFINE THE RESEARCH PROBLEM
Research objectives
Consumer population
Environmental Situation
5MARKET RESEARCH STEPSPAGES 100 – 117
STEP 2 - DETERMINE THE DESIGN
• Information that already exists• Collected for some other purpose• Internal & External sources
Secondary Data
• Gathered directly from respondents
• Addresses defined problem• Demographic and psychographic
Primary Data
6MARKET RESEARCH STEPSPAGES 100 – 117
STEP 2 - DETERMINE THE DESIGN
Exploratory Research
Ethnography
Case Study
Focus Group • Qualitative• Small scale• Less costly• Lower risk• Tests “hunches”• In-depth probing of
customer who fits the profile of Mona Lisa customer.
7MARKET RESEARCH STEPSPAGES 100 – 117
STEP 2 - DETERMINE THE DESIGNCross-
sectional Design
Longitudinal Design
Descriptive
Research
• Quantitative• Probes the problem• Large sample of
participants• Expressed in numbers• Averages• Percentages• Other statistical
values
8MARKET RESEARCH STEPSPAGES 100 – 117
STEP 2 - DETERMINE THE DESIGN
Responsible for this change?
Causal Researc
h
• Experimental• Cause-and-effect
relationships• Independent variable
(the cause)• Dependent variable
(the outcome)
9MARKET RESEARCH STEPSPAGES 100 – 117
STEP 3 – COLLECTION METHOD
• Questionnaire• Structured• Unstructured
• Mail• Telephone• Face-to-face• Online
Survey
• Personal• Laboratory• Field
• Mechanical
Observation
• Track customers as they surf
• Questionnaires on websites, e-mail, virtual focus group
• Social media
Online
10MARKET RESEARCH STEPSPAGES 100 – 117
STEP 4 – DESIGN THE SAMPLE
SAMPLE
• Probability Sampling• Everyone in populations
has a chance• Better representation of
population• Nonprobability Sampling• Personal judgement to
select respondents• Some members may
never have opportunity to be chosen• Convenience sample• Quota Sample
11MARKET RESEARCH STEPSPAGES 100 – 117
FINAL STEPS
•Collect the data•Analyze and interpret the data•Prepare the research report
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SURVEYMONKEY TIPS
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TAKE A SURVEY
https://www.surveymonkey.com/r/7XCTNS7
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