Chapter 5 MARKETING 16

Chapter ANALYSIS OF MARKET OPPORTUNITIES Marketing Research Chapter5.MARKET RESEARCH- Pham khac Thong, MBA ANALYSIS OF MARKET OPPORTUNITIES Marketing Research Warm up: Do you agree with the following statement:’ To manage a business well is to manage the future, and to manage the future is to manage information? Many managers receive too much information How can organizations ensure that the right information gets to the right people at the right time? Chapter5.MARKET RESEARCH- Pham khac Thong, MBA Customer Information • • • • • • Comment cards Registration-membership Disguised/mystery shoppers Company records Exit interviews Follow up phone calls Chapter5.MARKET RESEARCH- Pham khac Thong, MBA The Marketing Research Process Defining the problem and research objectives Developing the research plan for collecting information Implementing the research plan collecting and analyzing the data Chapter5.MARKET RESEARCH- Pham khac Thong, MBA Interpreting and reporting the findings Marketing Research Process Step Defining the Problem & Research Objectives Exploratory Research •Gathers preliminary information that will help define the problem and suggest hypotheses Descriptive Research •Describes things as market potential for a product or the demographics and consumers’ attitudes Causal Research •Test hypotheses about causeand-effect relationships Chapter5.MARKET RESEARCH- Pham khac Thong, MBA Marketing Research Process Step Develop the Research Plan • Research plan development follows these steps: – Determining Specific Information Needs – Gathering Secondary information – Planning Primary Data Collection Chapter5.MARKET RESEARCH- Pham khac Thong, MBA Step Develop the Research Plan a.Gathering Secondary Information Both Must Be: Information That Already Exists Somewhere + Obtained More Quickly, Lower Cost - Might Not be Usable Data Relevant Accurate Current Information Collected for the Specific Purpose at Hand Impartial Chapter5.MARKET RESEARCH- Pham khac Thong, MBA Step Develop the Research Plan b Planning Primary Data Collection Contact Methods Mail Telephone Personal Online Flexibility Poor Good Excellent Good Quantity of Data Collected Control of Interviewer Control of Sample Speed of Data Collection Response Rate Good Fair Excellent Good Excellent Fair Poor Fair Fair Excellent Fair Poor Poor Excellent Good Excellent Fair Good Good Good Cost Good Fair Poor Excellent Chapter5.MARKET RESEARCH- Pham khac Thong, MBA Step Develop the Research Plan Planning Primary Data Collection Observational Research Gathering data by observing people, actions and situations (Exploratory) Research Approaches Survey Research Asking individuals about attitudes, preferences or buying behaviors (Descriptive) Chapter5.MARKET RESEARCH- Pham khac Thong, MBA Experimental Research Using groups of people to determine cause-and-effect relationships (Causal) Develop the Research Plan Planning Primary Data Collection Probability or Non-probability sampling? Sampling Plans Sample representative segment of the population How should the sample be chosen? Chapter5.MARKET RESEARCH- Pham khac Thong, MBA Who is to be surveyed? (What Sampling Unit?) How many should be surveyed? 10 Step Developing research plan (cont) What question; form; open/close; multiple choice; true/false Mechanical – galvanometer (using small electric current) measure interests, emotion etc Chapter5.MARKET RESEARCHPham khac Thong, MBA  Research instruments  questionnaire ( most common) 11 Marketing Research Process Step Implementing the Research Plan Collecting the Data Processing the Data Analyzing the Data Chapter5.MARKET RESEARCH- Pham 12 Research Plan Marketing Research Process Step Interpreting and Reporting Findings Researcher Should Present Important Findings that are Useful in the Major Decisions Faced by Management Step Interpret the Findings Step Draw Conclusions Step Report to Management Chapter5.MARKET RESEARCH- Pham 13 Research Problem Areas • Making assumptions • Lack of Qualitative information • Failing to look at segments within a sample • Improper use of sophisticated statistical analysis • Sample is not representative of the population • Using biased questions in surveys Chapter5.MARKET RESEARCH- Pham khac Thong, MBA 14 Development of questions Every question should focus on a topic and measure what you want it to measure • Wrong: Which restaurant you like the best? • Right: Which of these restaurants you be most likely to choose for a casual dinner? • Wrong: When you usually go to work? • Right: What time you ordinarily leave home for work? Chapter5.MARKET RESEARCH- Pham khac Thong, MBA 15 Questions should be brief • Wrong: Can you tell me how many children you have, whether they are girls or boys, and how old they are? • Right: What is the age and gender of your children? Chapter5.MARKET RESEARCH- Pham khac Thong, MBA 16 Use vocabulary the respondent will understand • Wrong: Are you an exurbanite? • Right: What is your zip code? Chapter5.MARKET RESEARCH- Pham khac Thong, MBA 17 Question must be applicable to the respondent • Wrong: How long does it take you to find a parking place after you arrive at the restaurant? • Right: If you drive to the restaurant, how long does it take you to find a parking place after you arrive at the restaurant? • Might use a screening question first - Do you usually drive to the restaurant Yes _ No , If Yes …… Chapter5.MARKET RESEARCH- Pham khac Thong, MBA 18 Avoid using examples that can introduce bias • Wrong: Do you eat pork ribs, even thought they contain a lot of fat? • Right: How likely are you to order pork ribs when you dine out? Perhaps use this with a point scale Chapter5.MARKET RESEARCH- Pham khac Thong, MBA 19 Make sure the respondent can answer the question • Wrong: How many times did you dine out last year? • Right: How many times did you dine out at a fast food restaurant during the last weeks? Chapter5.MARKET RESEARCH- Pham khac Thong, MBA 20 Avoid ambiguous words • Wrong: About what time you ordinarily eat dinner? • Right: About what time you dine in the evening? • Avoid; sometimes, frequently, usually Chapter5.MARKET RESEARCH- Pham khac Thong, MBA 21 Avoid double barreled questions • Wrong: Do you dine out regularly because it is as cheap as eating at home? • Right: Do you dine out regularly? Why or why not? Chapter5.MARKET RESEARCH- Pham khac Thong, MBA 22 Marketing Research Process Step Implementing the Research Plan Collecting the Data Processing the Data Research Plan Analyzing the Data Chapter5.MARKET RESEARCH- Pham khac Thong, MBA 23 Marketing Research Process Step Interpreting and Reporting Findings Researcher Should Present Important Findings that are Useful in the Major Decisions Faced by Management Step Interpret the Findings Step Draw Conclusions Step Report to Management Chapter5.MARKET RESEARCH- Pham khac Thong, MBA 24 ... your children? Chapter5 .MARKET RESEARCH- Pham khac Thong, MBA 16 Use vocabulary the respondent will understand • Wrong: Are you an exurbanite? • Right: What is your zip code? Chapter5 .MARKET RESEARCH-... not? Chapter5 .MARKET RESEARCH- Pham khac Thong, MBA 22 Marketing Research Process Step Implementing the Research Plan Collecting the Data Processing the Data Research Plan Analyzing the Data Chapter5 .MARKET... attitudes Causal Research •Test hypotheses about causeand-effect relationships Chapter5 .MARKET RESEARCH- Pham khac Thong, MBA Marketing Research Process Step Develop the Research Plan • Research plan