Market research presentation

Market ResearchMarket ResearchModule 3 (Final part)

What is Market ResearchWhat is Market ResearchNeed based research to solve

current marketing problems.Gathering dataAnalysisArriving at a decision / solutionBetter Service Offer to Customers

Different approaches to Different approaches to ResearchResearchObservationalFocus Group ResearchExperimentalSurvey ResearchSecondary ResearchPrimaries

ObservationalObservationalWatch and note the behaviour of

potential / existing customers in a particular service setting.◦Eg. Retail Mall – Parking bay – note

the number of 2-wheelers/ 4-wheelers parked and compute parking revenue.

Focus Group ResearchFocus Group ResearchGather a set of customers and

experts to increase qualitative understanding

Airlines / Hotels invite their customers for a group discussion and put forward proposals.

Can also be used for same set of customers, if they are providing details for a long time, then behavioral changes can be noted,

ExperimentalExperimentalPut plans into action and gauge

impactTest MarketingAdvertising campaignWhat is the consumer feedback ?

Survey ResearchSurvey ResearchMost popularMarket IntelligenceWhat do the customers think about the

serviceCompare with competitionSurvey done using Telephone / Personal

Interview/ Email. ( Questionnaires)Email least effectivePersonal Interview most effectiveSecondary Research – Journals, InternetClose Ended questionsOpen Ended questions

Ordinal ScalesOrdinal ScalesLikert ScaleImportance ScaleRating Scale

Likert ScaleLikert ScaleStrongly AgreeAgreeNeither Agree nor disagreeDisagreeStrongly disagree

ImportanceImportanceVery importantImportantSomewhat importantNot importantNot at all important

RatingRatingExcellentGoodAcceptableFairPoor

Interval ScaleInterval ScaleI am willing to spend ________ on

books every year.◦A. Rs.1000- Rs.1500◦B. Rs. 1500 – Rs. 3000◦C. Rs.3000- Rs.5000◦D. Less than Rs.1000◦E. More than Rs,5000

Sample SizeSample SizeDetermine the appropriate sample

size for conducting the survey which depends on overall goal of consumer research

MR for services – more specialisedModels based on service failure

◦Critical Incident Study ◦Customer Complaints

ComplaintsComplaintsAcknowledge receipt of complaintsActions to prevent its recurrenceInform customers about action takenLost Customer Analysis (Root Cause

Analysis) Example – Magazine Subscriptions –

difficult to trace the lost customerThrough data mining, frequency of

use by customer is traced.Follow up calls after a complaint is

resolved

Other techniquesOther techniquesMYSTERY SHOPPING

AN OBSERVER ALONG WITH A BUYER

Some Revision..Some Revision..What are positive and negative

biases during the post purchase evaluation phase?

If Real Customer Satisfaction occurs during __________, then it will help build customer loyalty ?

Services are experiencesServices are experiencesAll services are experiences. Services are actions or

performances.Sequence of steps, actions and

activities.It is the experience that is

evaluated by customer.

Service Provision as Service Provision as DramaDramaMetaphor of theatre is a

framework for describing and analyzing service performance.

Theatre & Service Organizations … aim to create an impression before an audience.

Carefully manage the actors and the physical setting of their behaviour

Walt DisneyWalt DisneyThe Walt Disney company

considers its service provision a “performance”

At Disney World, delivery of At Disney World, delivery of service is considered as service is considered as drama.drama.

Disney WorldDisney WorldSkill of service actors in performing

their routines, the way they appear and their commitment to the show are all essential to service delivery.

Condition 1 – personal contactCondition II - Contact of service

personnel important when services involve repeated contact

Condition III – when service personnel have to determine nature of service

Moods and EmotionsMoods and EmotionsInfluence Service PerformanceAmplify service performance

making them more positive or negative than they might seem in the absence of moods and emotions.

This leads to biasFeelings associated with an

encounter become inseparable part of the memory.

Managing emotional Managing emotional statesstatesOrganizations must manage the

emotional component of experiences with the same rigor they bring to the management of product and service functionality.

Consumer’s emotional responses may be the best predictors of their ultimate loyalty.