module 2 topic 4
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8/16/2019 Module 2 Topic 4
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M ARKET RESEARCH
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ROLE AND IM PORTANCE OF
M ARKET RESEARCH
Process of collecting and analyzing
data for a good/service in a market Analyzing consumer reaction to eg.
Price changes, forms of promotion,packaging
Impacts marketing decisions
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IM PORTANCE OF A RESEARCH
PLAN
Reduce risk of new product launches
Predict future changes Eplain patterns in sales of eisting
products and market trends
Assess most popular designs, !avors,styles, promotions and packages
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STAGES OF M ARKET
RESEARCH "anagement pro#lem identi$cation
Research o#%ectives
&ources of data 'primary, secondary( &ling 'pro#a#ility, non
pro#a#ility(
Research techni)ues 'focus groups,surveys, in depth interviews,o#servation(
Analysis and presentation of results
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M ANAGEM ENT PROBLEM
IDENTIFICATION "ost important step in process
*lear idea of purpose of research of
pro#lem to #e investigated
+hat is the size of the potentialmarket for our product
+hy are sales falling
-ow can we challenge our competitors
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M ARKET RESEARCH
OBJECTIVES "ust tie in with original pro#lem
&et to collect all information needed
to solve pro#lem
-ow many people are willing to #uy
our productIf we advertise via newspaper, what
will #e the impact on sales and marketshare
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SOURCES OF DATA
Primary original data gathered from people in targetmarket
&econdary use and analysis of data that already eist
&econdary data may #e more #ene$cial and should #eundertaken $rst
Advantages cheap, )uick, identi$es nature of
market/helps plan for primary research, comparison ofdata from di0erent sources
1isadvantages out of date, unsuita#le/irrelevant,inaccurate, not availa#le for new product developments
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SECONDARY SOURCES OF
DATA 2overnment pu#lications social indicators report,
economic trends, annual a#stract of statistics,family ependiture survey
3ocal li#raries and local government o4ces 5rade organizations society of motor traders,
furniture retailers assoc, engineering employersfederation
"arket intelligence reports mintel, keynotes,#usiness monitor intl, euromonitor
6ewspapers and specialist pu#licationsmarketing %ournals, $nancial times
Internal company records
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SAM PLING
Pro#a#ility and non pro#a#ilitysampling
&le size larger samples give#etter results
*ost and time to consider
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PROBABILITY VS NON
PROBABILITY SAM PLINGPROBABILITY SAMPLING NON PROBABILITY
SAMPLING
&imple random sampling eachmem#er of population has an
e)ual chance of #eing includedin sample
*onvenience sampling samplechosen #ased on ease of access
&ystematic sampling sample ismade up of every nth item frompopulation
&now#all sampling refer fromfriend to friend
&trati$ed sampling sample istaken from di0erentgroups/layers/stratas ofpopulation 'di0erent opinions(
7udgemental sampling samplemade up of suita#le persons'timely(
Ad hoc )uotas any person ischosen to make u re8set
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RESEARCH TECHNIQUES
9uantitative num#er of consumerswho may #uy a product and in what)uantities
9ualitative discovering motivationalfactors #ehind consumer #uyingha#its
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QUANTITATIVE RESEARCH
:;&ERR
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+ho to ask sample must representpopulation
+hat to ask clear, logical)uestions
-ow to ask self completed)uestionnaire or direct interview
-ow accurate is it sampling #ias,)uestionnaire #ias, untruthfulness
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QUALITATIVE RESEARCH
@:*>& 2R:>P&
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PRESENTATION OF RESULTS
;ar charts
-istograms
3ine graphs Pie charts
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LIM ITATION OF M ARKET
RESEARCHBC of products fail after they have #een launchedPR:;3E"& +I5- PRI"AR? 1A5A
Relia#ility of data
-uman #ehavior untruthful, unpredicta#le &ling and #ias sample may not represent
population 'sampling discrepancy(
;adly constructed )uestionnaires, leading )uestions
PR:;3E"& +I5- &E*:61AR? 1A5A
out of date, unsuita#le/irrelevant, inaccurate, notavaila#le for new product developments
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