But as for me, I watch in hope for the Lord, I wait for God my Savior; my God will hear me. - Micah 7:7.

But as for me, I watch in hope for the Lord, I wait for God my Savior; my God

will hear me. - Micah 7:7

Conducting Market ResearchMarket Research Process

Market Research Process Defining the Problem Obtaining Data Analyzing Data Recommending Solutions Applying the Results

Defining the Problem Most difficult step

Problem definition When a business identifies a problem and the

information that is needed to solve it

Defining the Problem Possible research questions

Are customers satisfied? Are prices competitive? Are promotions effective? Are products getting to customers efficiently?

Problem, cont. Because time and money are limited, business

must determine what issues are important More importantly, must determine which will

most impact the bottom line of the company

Obtaining Data Primary Data

Obtained for specific purpose of current study Secondary Data

Previously obtained for a different purpose Much less expensive than primary data

It will be a sign and witness to the LORD Almighty in the land of Egypt. When they cry out to the LORD because of their oppressors, he will send them a savior and defender, and

he will rescue them.

- Isaiah 19:20

Primary Data Collection Through in-house or contract companies

Nielson, Arbitron, Market Facts, IMS Health, Westat

Survey Observation Experimental

Survey Method Most frequently used method Must first determine size of population or sample Types

Personal interview – mall intercept Focus groups – reliable, but expensive Telemarketing – inexpensive, but invasive Mail – inexpensive, but non-responsive Internet – well rounded, but limited in scope

Observation Method Can be more accurate then survey if

performed well Cannot measure attitudes or motivation Contrived or natural situations

Contrived – kids in a small room to test what toys they might play with

Natural – mystery shoppers; cameras

Observation Method Point-of-sale research

Combines observation and interviews Pick only those who are looking at a certain

product More focused, better data

Overall, observing is inexpensive, but if not performed well, useless

Experimentation Often used in new or improved products Keeps some control, while varying product Infrequently used

Very costly to set up Responses differ greatly from real life choices in

situations

Guide me in your truth and teach me, for you are God my Savior, and my hope is in you

all day long.

-Psalm 25:5

Secondary Data Internet

Digital dossiers Company profile, income state, and balance sheet Available from Hoover, Fortune 500, Inc. 500

Government sources Collects population demographics, specific

markets, exports, legal trends Available from FedWorld & The Federal Web

Locator

Secondary Data, cont. Consumer & Business Information

Companies Syndicated services & specialized research

companies Demographics, 5 yr forecasts, census information

ASW – Audit & Surveys Worldwide Provides annual update of retail and service outlets

Secondary Data, cont. Business and Trade publications

Forbes American Association for Public Opinion

Business Week Council of American Survey Research

Wall Street Journal

Sales & Marketing Management

Secondary Data, cont. Advantages

Obtained easily on the internet or public libraries Saves companies money since the government

collects information through Census Disadvantages

May not be suitable or available Projections may be off as result of Census lag

Analyzing Data Data analysis

Compile, analyze, & interpret results of data Need to set up data in such a way that it makes

sense A repair shop gathered data to determine

levels of service Data broken down into percentages to make sense

Analyze, cont. How would you rate the level of service?

Rating Men Women

Excellent 30% 60%

Good 15% 10%

Average 20% 20%

Fair 20% 5%

Poor 15% 5%

Recommending Solutions Research helps solve problems Results must be presented in an organized manner

1. Title page5. Problem definition and

assumptions9. Recommendations

2. Acknowledgements 6. Review of information10. Summary and

conclusions

3. Table of contents 7. Procedures used11. Appendices (tables,

figures, graphs)

8. Findings 12. Works cited

Applying the Results Results must be conclusive

Must definitively answer problems stated Implications must then be monitored for

effectiveness Research is ongoing Every new answer brings more questions