3 - market research six step model
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8/18/2019 3 - Market Research Six Step Model
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ENT4310Business Economics and
Marketing
A six-step model for marketing research
Arild Aspelund
8/18/2019 3 - Market Research Six Step Model
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Outline
• Key variables of market research
• A six-step model for marketing research – Selection of methods
– Development of tools
• What characterizes good marketing research?
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What do you wanna know?
• olume – What is a reasonable estimate of the total market for this product
or service?
• alue – What value !ould consumers associate to the product or service?
– Does it change !ith the population?
• Appropriability – What is a reasonable estimate of your part of the pie?
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!i"#ste$ Model %or Market
&esearch
Define the problem
Develop research plan
"ollect information
Analyze information
#resent findings
$akedecision
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!te$ 1' (e%ining the $ro)lem
• %he problem must be ade&uately defined – 'ot too narro!( not too broad
• )emember that reality is complex – "learly state the alternatives( ob*ectives and limitations of the
research pro*ect
• Different problems re&uire different research
approaches – +xploratory
– Descriptive
– "ausal
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!te$ *' (e+elo$ the research $lan
• %he research plan helps you to coordinate the *ob(
but also –
"ommunicating and assessing ob*ectives – Assessing costs
– Document the process
• "ontents and key decision points – Data sources
– )esearch approaches
– )esearch instruments
– Sampling plan
– "ontact methods
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!te$ *' (e+elo$ the research $lan
# (ata sources
• %here t!o sources of data – #rimary data , data collected for this specific pro*ect – Secondary data , originally gathered and structures for another purpose
• A marketing research pro*ect normally involves use of bothtypes of data
• )esearchers usually starts out the pro*ect by investigating and
exploring secondary data
• Secondary data are advantageous because it is readilyavailable at usually lo! costs
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!te$ *' (e+elo$ the research $lan
# &esearch a$$roach
• $ost pro*ects !ill involve gathering of primary data And you
have several !ays of doing so – .ust make sure your data fits your purpose/
• 0bservational research – 0bserving relevant actors in relevant settings , consumer behavior/
•
1ocus group research – 2 , 34 carefully selected people
– 5n-depth discussion of various topics
– #rofessionally moderated
– "onsumer motivation( &uality and functional feed-back
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!te$ *' (e+elo$ the research $lan
# &esearch a$$roach
• Survey research – 6arge scale investigations of peoples kno!ledge( beliefs( preferences and
satisfaction in the general population
– $arket potential and feasibility studies for ne! product launches
• 7ehavioral data – Analysis of actual consumer behavior from collected customer records
– $ore reliable that &uestionnaire data
• +xperimental research – %he most scientific approach
– #rimarily used to detect cause-and-effect relationships
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!te$ *' (e+elo$ the research $lan
# &esearch instruments
• 8uestionnaires – A very flexible instrument for data collection( and by far the most
fre&uently used
• 8uestionnaires need to be developed( tested and
debugged before they are exposed to the respondent
– "arefully choose &uestions( !ording and se&uence
– %he form of the &uestion can influence the response
– 0ne can choose from a broad range of &uestion types
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!te$ *' (e+elo$ the research $lan
# &esearch instruments
• +nsure &uestions are free of
bias
• $ake &uestions simple
•$ake &uestions specific
• Avoid *argon
• Avoid sophisticated !ords
• Avoid ambiguous !ords
• Avoid negatives
• Avoid hypotheticals
• Avoid !ords that could be
misheard• 9se response bands
• 9se mutually exclusive
categories
• Allo! for :other; in fixed
response &uestions
Some questionnaire do’s and don’ts
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!te$ *' (e+elo$ the research $lan
# &esearch instruments8ualitative measures
Shado!ingShado!ing
7ehavior mapping7ehavior mapping
"onsumer *ourney"onsumer *ourney
"amera *ournals"amera *ournals
+xtreme user intervie!s+xtreme user intervie!s
StorytellingStorytelling
9nfocused groups9nfocused groups
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!te$ *' (e+elo$ the research $lan
# &esearch instruments$echanical devices
Galvanometers
Tachistoscope
Eye cameras
Audiometers
GPS
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!te$ *' (e+elo$ the research $lan
# !am$ling ,lan
• #robability sample – Simple random sample
– Stratified random sample
– "luster sample
• 'on-probability sample – "onvenience sample
– .udgement sample
– 8uota sample
• Sampling unit
•
Sample size
• Sampling procedure
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!te$ *' (e+elo$ the research $lan
# -ontact Methods
• $ail &uestionnaire
•
%elephone intervie!
• #ersonal intervie!
• 0nline intervie!
• What are the pro<s and con<s of these methods?
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!te$ 3' -ollect the in%ormation• "ollecting the data is the most time and resource consuming
part of the process
• $ake sure yourself reasonably sure that you have done your
home!ork before entering this phase
• 'umerous problems may arise along the process –
)espondents not available( not cooperative( biased or dishonest
• Such problems are unavoidable( *ust make sure they don<t
leave a bias in your data
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!te$ 4' nalyse the in%ormation• = this is the point !here you do not !ant to find out that your
data is not analyzable=
• Structure out the data and explore it
• Analyze it according to – 5nteresting descriptives
–
)elevant causal relations
• >our level of sophistication in analytical methods !ill determine
the value added from the research process
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!te$ .' ,resent the %indings• Structure the information that you find relevant for management
• $ake sure the presentation is not overloaded – )ather split it up in nice packages=
•#resenting the scientific method is almost as important aspresenting the results – >ou need to document your reliability=
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!te$ /' Make the decision
• Decisions are made in the intersection bet!een the
findings and their reliability
• 5ngredients of good market research – Scentific method
– "reativity
– $ultiple research methods
– Accurate model building
– "ost-benefit analysis
– ealthy scepticism
– +thical focus
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!ummary and -ontinuation• %he key variables of market research are volume( value and
appropriability
•
%he market research process can be defined into 2 distinctivesteps – Define the problem – Develop a research plan
– "ollect information – Analyze information –
#resent findings – $ake decisions
• "ontinuation – $arket analysis , +xternal Analysis