THE KEY-STONE RESEARCH DEPARTMENT
Activities
Desk research (market facts & figures, industry studies, etc.)
Quantitative research
Qualitative research and focus groups
Customer satisfaction
Customer needs and market tests
Trade analysis, mystery shopping
Positioning analysis
Business Panels
Ad hoc and customized surveys
Method
MARKETING RESEARCH AND MARKET STUDIES
Identify customer needs
Set researchgoals
Set the type of research
Collection of secondary data
Collection of primary data
PRIMARYsurveys
DESKresearch
REPEATEDsurveys
AD-HOCsurveys
QUANTITATIVEShares,
penetration,
etc…
QUALITATIVEneeds,
perception,
etc …
Business PANEL
sell-in, sell-out,
etc…
QUALI-QUANTITATIVEbrand analysis,
etc…
Results presentation
Data processing and analysis
Strategic support to the interpretation
QUANTITATIVE RESEARCH
Key-Stone, following the requests from its clients, is
able to develop quantitative researches with tactical
and strategic aims. The interpretation and analysis of
the results are also provided.
The used methodology allows Key-Stone to approach
different fields and market segments.
In particular, a specific know how in some
niches/segments (medical, dental, cosmetics,
publishing, civil and industrial plant design, mechanics,
automotive) has been developed, both in Italy and
abroad.
The used methodologies are the most suitable ones,
according to the goals of the research, and they can be
explained as follows.
QUANTITATIVE RESEARCH A
.P.B
.S.
ME
TH
OD
OL
OG
Y
Positioning: A.P.B.S. methodology
A.P.B.S. methodology gives a “positioning analysis” of the main brands in a
specific market segment, and it investigates:
Awareness
Penetration index
Buying behavior
Satisfaction level
This analysis allows to spot the main drivers of a given market segment and, from
a benchmarking point of view, it makes possible to understand the positioning of
the competitors.
QUANTITATIVE RESEARCH
Awareness Analysis
MAIN INDEXES (PRIMARY INDEXES)
Top of Mind
It’s the unaided, first named brand, related to a
given product family.
Unaided awareness
It’s the total of spontaneously quoted brands, related
to a given product family.
Aided awareness
It’s the awareness coming from the interviewees,
when prompted to a list of brands (which are not
spontaneously quoted).
QUALITATIVE INDEXES (DERIVED INDEXES)
These indexes come from the ratios between the
main awareness indexes.
Prominence index
It’s the ratio between Top of Mind and unaided
awareness: this is – for a given brand - the ability to
represent a given product family. This index is not
related to the total awareness.
Relevance index
It is the ratio between unaided awareness and total
awareness: the brand’s ability to be included in the
basket of the brands taken into account by
customers at the moment of the purchase.
A.P
.B.S
. M
ET
HO
DO
LO
GY
QUANTITATIVE RESEARCH
Penetration
It represents the percentage of customers who
declares to use a given product or brand, not
necessarily in an exclusive way.
Top Used
Percentage of customers who uses a given
product as the first one, in order of importance.
PQI (Penetration Quality Index)
It is the ratio between “Top Used” e “Penetration”: it
indicates the quality of the penetration and the
consequent chance that the increase in the number of the
customers will considerably affect sales.
Penetration Analysis
A.P
.B.S
. M
ET
HO
DO
LO
GY
P.Q.I. Index
0%
10%
20%
30%
40%
0%
20%
40%
60%
80%
100%
Penetration 30,4% 17,7% 9,9% 7,8% 5,4% 4,6%
Top used 25,8% 15,6% 6,7% 6,2% 3,8% 3,2%
P.Q.I. 0,85 0,88 0,68 0,79 0,70 0,71
Brand 1 Brand 2 Brand 3 Brand 4 Brand 5 Brand 6
QUANTITATIVE RESEARCH
The buying behaviour investigates on the main drivers in the choice or abandon of products or
brands.
With the aim of obtaining some consistent statistical items which are related to the reasons to buy, all the
main starting items are submitted to the sample.
The analysis leads to the assessment of a limited number of factors as a synthesis of the different
variables taken into consideration.
The average of the statistically most significant and discriminating items allows to create positioning
maps according to different purchase drivers.
Buying Behaviour
A.P
.B.S
. M
ET
HO
DO
LO
GY
Main reason that pushes to use the product
4,4
4,3
4,2
4,1
3,5
4,0
Functionality
Pricing
Aesthetic
Quality
Habit
Security
Focus on
Mean
QUANTITATIVE RESEARCH
The Customer satisfaction investigates on the perceived quality of a product/service through spotting
and analysing some evaluation items. There are two main analysis with this regard: Pearson’s
Correlation and Multiple Regression.
Bivariate correlation (Pearson)
It evaluates the ratio between the single factors
satisfaction level and the total satisfaction. The
result is the identification of an importance
hierarchy of the single factors of satisfaction (this
can be showed on a map).
Multiple regression
It evaluates the relation between a dependent target variable
(e.g. the overall satisfaction) and a group of independent,
explanatory variables.
In this way, we try to understand and foresee the behaviour of the
dependent variable in response to the variations of the explicative
ones and how they affect the dependent variable.
Strenght points
Critical area of
improvement
Indifference
Waste
COMPANY/PRODUCT
E.G.: Satisfaction
related to a
specific
company/product
E.G.: The factors linked to the “Product” weight for more
than twice compared to the “Price” and the “Service”. Thus,
these are the variables which a company must work on in
order to increase the total satisfaction level.
Satisfaction Analysis
A.P
.B.S
. M
ET
HO
DO
LO
GY
SODDISFAZIONE
COMPLESSIVA
Prodotto
Servizio
(R 2 =0,56)
Company
relationships
51%
25%
24%
experience
Price
OVERALL
SATISFACTION
Product
Service
(R 2 =0,56)
51%
25%
24%
QUANTITATIVE RESEARCH
We can focus on the perceived image of a brand or product with two analysis: the Correspondence
Analysis and the Discriminant Analysis.
Correspondence Analysis
It highlights the customer perception for a given
brand in comparison with the other considered
brands: it is a visual statistical method which is
applied to qualitative variables. The aim is to
synthesize all the associations through a frequency
table.
Discriminant Analysis
The Discriminant analysis is a multivariate statistical
analysis: it spots the “elements” (discriminant function)
which better distinguish the items (brands or products) in
the consumer’s mind. It identifies all the aspects which better
explain the differences in the evaluation of the different items.
It is useful to position brands or products in relation to a list of
technical attributes.
Analysis of the
perceived image
QUANTITATIVE RESEARCH
The Pricing is a key element to the company business. It is crucial to implement an effective pricing policy
based on the knowledge of the market, the competitors, the distribution channels and the customers. This must
be done with effective methods and techniques. The most relevant methods used by Key-Stone are:
Gabor-Granger Analysis
It is an interview with the aim to
understand which is the maximum
price customers are willing to pay for
the purchase of a product.
Van Westendorp Analysis
It implies the assessment of 4 basic
information (threshold prices): a
threshold within the product is seen as
affordable; a threshold within the
product is seen as expensive but the
purchase is still considered; a threshold
beyond which the quality of the product
is questioned; a threshold beyond
which the product is considered so
expensive that it is not even considered
for the purchase.
0
10
20
30
40
50
60
70
80
90
100
0 1 2 3 4 5 6 7 8 9 10
% r
esp
on
den
ts w
ho
beli
eve t
his
pri
ce/i
mp
ressio
n f
or
this
pro
du
cts
Price in Euro
EXPENSIVE
TOO EXPENSIVE
TOO CHEAP
CHEAP
INDIFFERENT PRICE
POINT
POINT OF
MARGINAL
EXPENSIVENESS
POINT OF
MARGINAL
CHEAPNESS
OPTIMUM PRICE
POINT
Pricing Analysis
QUANTITATIVE RESEARCH
The aim of this research is to find clusters of people which have different characteristics but with common
features inside the same cluster. All people belonging to the same cluster can be reached with appropriate
marketing segmentation techniques. People belonging to the same cluster are characterized by similar
characteristics and behaviors.
Cluster Analysis
Free time employment
Specialists
Reachers 1,4%
Internet surfers 9,7% 1,4%
Senior 25,0%
New customers 13,0% 17,1% 8,9% 2,4%
Total market 19,8% 16,3% 10,8% 5,8% 8,0%
Free time employment
Travels
Free time employment
Reading
Free time employment
Hobbies
Ifree time employment
Sports
Free time employment
Don’t know
1.
2. REACHERS
3. INTERNET SURFERS
4.
5. NEW CUSTOMERS
Segments profiles
description to
understand
characteristics, habits and
buying behaviour:
SPECIALISTS
SENIORS
QUANTITATIVE RESEARCH
Brand Positioning Analysis
Cluster Analysis
Quantitative Analysis Validation
Buying Behaviour
Customer Satisfaction
Geomarketing Analysis
The qualitative approach is complementary to the
quantitative approach.
Key-Stone, in response to its customers needs, is able
to design tactic and strategic qualitative studies,
together with the interpretation and the analysis of the
results.
The qualitative research promotes the analysis and
the deepening of attitudes, opinions and languages
of the different targets, by mean of an approach that
analyze the psychological and emotional aspects of the
customers behavior.
By studying small samples, the qualitative research
allows the investigation of not well known
phenomena and emotional aspects and perceptions.
QUALITATIVE RESEARCH
QUALITATIVE RESEARCH
The qualitative research is particularly effective when it is requested to:
• investigate in depth on a given topic (diagnostic function)
• analyze on attitudes, emotions and specific behaviors (explorative function)
• set up adv campaigns key elements (creative function)
• prepare a quantitative questionnaire (preparatory function)
Within this context, important indications can be obtained on:
• symbols and values standing at the base of the target lifestyle and habits
• language and typical customer expressions
• psychological and socio-cultural factors underneath attitudes and opinions
• target’s latent needs, ambitions and desires
QUALITATIVE RESEARCH
In depth Interview
Focus Group
In home visit
Go shopping with
consumer
The qualitative research implies a group of different techniques according to the specific needs and goals set.
It allows to better explore latent emotional/psychological elements otherwise
difficult to verbalize. It is particularly suggested when dealing with difficult targets
or delicate topics.
It focuses the attention and discussion of a group of people on a specific topic; its
goal is to reveal knowledge, believes and motivations which lay under attitudes
and behaviors associated to that topic.
It allows to observe the conditions of use of products, in order to highlight existing
relations with stated opinions and showed attitudes. It also allows to understand
the dynamics and perceptions in a private scenario.
It analyses the spontaneous attitude of a customer towards brands and products.
It verifies the main drivers which affect the purchase process.
QUALITATIVE RESEARCH
The qualitative research allows to investigate and to understand different areas, in relationship to the goals of
the study, through specific methodologies. Particularly:
Its aim is to understand the incidence of the deep and unconscious motivations on the
purchase process and the use of a product. The analysis is focused not only on the
functional aspects but most of all on the symbolic ones. The relevant factors which
activate specific behaviours towards objects or activities will emerge.
Motivational
Analysis
It is based on the lifestyle analysis of the target and it tries to link the expressed attitudes
towards a product/service with all the performed activities, interests and opinions. It
enables to establish a connection between the buying behaviour and the personality
variables.
Psychographic
Segmentation
Product test It verifies in functional and emotional terms which are the characteristics/attributes of a
given product and it also compares them with the main competitors’ ones. It aims to build a
unique and attractive selling proposition, in line with the customer expectations and needs.
QUALITATIVE RESEARCH
It is based on an interactive research process between the interviewed target and the
team in charge of the project. (commissioner, adv agency and researcher). Its goal is to
realize and fine tuning of positioning concepts.
Concept Lab
It analyses the reaction to the possible names and the product profile basing on the
evoked sensations, emotions and perceptions. It helps with the assessment of a final
decision which is coherent with the brand values and the universe of symbols of the
target.
Name test
Packaging test It investigates on the deep dynamics underlying the liking of and the product/brand image
defined by the packaging and its ability to encourage the purchase.
Copy test
It evaluates the impact and the effectiveness of an adv campaign related to the
psychological and emotional feedbacks from the target. It allows the evaluation of
different proposals, ideas and topics and their actual matching with needs and
expectations.
The desk research collects, studies and compares all
the economic, social and regulatory information,
already available in the literature, with the objective of
creating a wide perspective of the topic under
investigation.
It is often utilized during the first design steps of the
entrepreneurial idea, to define a determined scenario.
Main types of desk research:
• Industry studies
• Sales data management
• Balance Sheet data management
• Markets facts & figures
DESK RESEARCH
DESK RESEARCH
Key-Stone offers industry studies mainly to Category Associations or to groups of companies.
The actual economic scenario constantly imposes new tasks to the Category Associations concerning market analysis
and the ability to supply accurate and reliable information to its members and to Institutions.
The already performed industry studies, are related to the Balance Sheet Data Management analysis, which represents
the economic/financial analysis of the balance sheets of a group of companies belonging to the same industry segment.
The aim of this analysis is to allow the management to compare the performance of their company with the average
performance of the industry segment.
The analysis is performed by mean of the collection and normalization of the balance sheet from several years (at least 3),
sample segmentation (by geographical and dimensional clusters or upon specific request by the customer), standard
economic and financial analysis (capital profitability, ROI, ROE, etc.), economic and managerial analysis (structure of
assets and liabilities, etc.)
Industry studies
UNIDI (Union of the Italian
Dental Industries): How the
production and distribution of
dental products evolved in Italy
- 2008
UNIPRO (Italian Association of
the Cosmetic Companies):
Integrated research in the
professional cosmetic industry in
Italy – 2008-2009
European leader in the market of
furniture for large-scale organized
retailing: Development models in the
market of furniture for large-scale
organized retailing in Europe – 2005-2008.
So
me
ca
se
his
tory
DESK RESEARCH
Sales data collection in order to analyse the trend of a particular industry or a company in particular. The
research can be performed through panels, or they can be done especially for marketing/commercial
analysis to support strategic decisions and/or business plans (e.g. Customer retention).
Since 10 years, Key-Stone’s panels in the European dental sector have been the reference point in market
research for local and international companies operating worldwide in the dental industry.
Well-known surveys are:
- Flash Analysis: it collects sales data and it constantly
tracks the trend of the overall figures, thus monitoring the
market with a monthly pace; it also forecasts the turnover
trend at the end of the current year.
- Fast Track Analysis: it is developed through a sales data
collection from the participating companies. The data are
grouped by product families, product segments and by
country. It is a very useful tool to estimate the business
trend and weight of investigated product families and
countries.
- Sell-in Analysis: it provides actual market size and trend
by mean of a sales data collection from the participating
companies and an estimation of the unknown market (non
participating companies). In order to classify every single
item, the data entry is customized and each packaging is
examined.
Sales data management
• By product
• By product family
• Value and volume sales
at sell-in level
Dealers
• By brand and product
family
• Average selling values
• Sales by region at
sell-out level
Producers
• Sell - in Analysis
• Flash Analysis
• Sell - out Analysis
• Fast Track Analysis
Companies’ information
Supply sales data: Supply sales data:
DESK RESEARCH
Nails sector
THE COMPETITIVE SYSTEM, MAIN PLAYERS
INDIPENDENT NAILS CENTERSINDIPENDENT
NAILS CENTERS
“NAILS”CHAINS“NAILS”CHAINS
IN HOMEOPERATORS
IN HOMEOPERATORS
MIDDLE/BIG SIZED BEAUTY CENTERS
MIDDLE/BIG SIZED BEAUTY CENTERS
SMALL/MIDDLE SIZED
BEAUTY CENTERS
SMALL/MIDDLE SIZED
BEAUTY CENTERS
HAIR DRESSING
SALONS
HAIR DRESSING
SALONS
Low Quality and level of specialization HighLow
Nu
mber
of
operato
rs
Hig
h
Hypothesis on
available spaces
Need forevaluation...
Facts & Figures analyses come from the companies’ needs to have a quali-quantitative evaluation of a specific
business. This analysis show the customers a comprehensive perspective which is useful for implementing a
strategic marketing plan or a simple commercial action.
CEFLA ENERGY: Market scenario and trend
of co-generation plant engines and turbines
in Italy - 2006
GTS: Market scenario and trend of the nails
industry in Italy and Europe - 2007
Markets – facts & figures
CEFLA ARREDAMENTI: Market scenario of
point of sale interior furniture in Russia - 2007
LINEA R: Market scenario of interior doors in
Italy - 2008
Business by product/service
42%
70%
43%
68%
27%
23%
36%
27%
11%
3%
9%
3%3%1%
7%
1%
17%
4%6%
1%
% Treatments % Revenues % Treatments % Revenues
Beauty Centers Nails Centers
Initial reconstruction - avg. %
42%
70%
43%
68%
27%
23%
36%
27%
11%
3%
9%
3%3%1%
7%
1%
17%
4%6%
1%
% Treatments % Revenues % Treatments % Revenues
Beauty Centers Nails Centers
Initial reconstruction - avg. % Maintenance refill - avg. % Nail polishing or french manicure - avg. %Maintenance refill - avg. % Nail polishing or french manicure - avg. %
Nail art or nail piercing - avg. % Manicure - avg. %
Turnaround
artificial effectDecrease
Growth
Flat
French manicure
begins to be outdated
Coloured, long,
Not too long, natural effect
Gel nails
La “frenchmanicure” comincia ad essere superata
È Superata
Colorate, lunghe, effetto artificiale
Diminuisce
Non lunghissime, effetto naturale
Cresce
Unghie in gelContinua
La “frenchmanicure” comincia ad essere superata
È Superata
Colorate, lunghe, effetto artificiale
Diminuisce
Non lunghissime, effetto naturale
Cresce
Unghie in gelContinua
La “frenchmanicure” comincia ad essere superata
È Superata
Colorate, lunghe, effetto artificiale
Diminuisce
Non lunghissime, effetto naturale
Cresce
Unghie in gelContinua
La “frenchmanicure” comincia ad essere superata
È Superata
Colorate, lunghe, effetto artificiale
Diminuisce
Non lunghissime, effetto naturale
Cresce
Unghie in gelContinua
La “frenchmanicure” comincia ad essere superata
È Superata
Colorate, lunghe, effetto artificiale
Diminuisce
Non lunghissime, effetto naturale
Cresce
Unghie in gelContinua
La “frenchmanicure” comincia ad essere superata
È Superata
Colorate, lunghe, effetto artificiale
Diminuisce
Non lunghissime, effetto naturale
Cresce
Unghie in gelContinua
La “frenchmanicure” comincia ad essere superata
È Superata
Colorate, lunghe, effetto artificiale
Diminuisce
Non lunghissime, effetto naturale
Cresce
Unghie in gelContinua
La “frenchmanicure” comincia ad essere superata
È Superata
Colorate, lunghe, effetto artificiale
Diminuisce
Non lunghissime, effetto naturale
Cresce
Unghie in gelContinua
Così?
Il settore NAIL
PRODOTTI PROFESSIONALI
PRODOTTI AT HOME
USE
SERVIZIO RICOSTRUZIONE
FORMAZIONE
PRODOTTI PROFESSIONALI
PRODOTTI AT HOME
USE
SERVIZIO RICOSTRUZIONE
FORMAZIONE
Products and services to
the distribution
Deliveringservices to
the final customer
In storeretail
Deliveringservices to
the final customer
In storeretail
A) TRADITIONAL CHANNEL
(strategy corresponding tothe concentric
diversification)*
B) CHANNEL INNOVATION
(strategy corresponding tothe horizontal
diversification)*
Products and services to
the distribution
Deliveringservices to
the final customer
In storeretail
Deliveringservices to
the final customer
In storeretail
A) TRADITIONAL CHANNEL
(strategy corresponding tothe concentric
diversification)*
B) CHANNEL INNOVATION
(strategy corresponding tothe horizontal
diversification)*
RECONSTRUCTION SERVICES
PROFESSIONAL PRODUCTS
AT HOME USE
PRODUCTS
TRAINING