lobsters, wine and market research

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Market Research: Market Research: How It Can Transform How It Can Transform Your Business Your Business Ted Clark, Professor of Marketing, SUNY New Ted Clark, Professor of Marketing, SUNY New Paltz Paltz and Director, Ted Clark & Associates and Director, Ted Clark & Associates

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Page 1: Lobsters, Wine and Market Research

Market Research:Market Research: How It Can Transform How It Can Transform

Your BusinessYour Business

Ted Clark, Professor of Marketing, SUNY New PaltzTed Clark, Professor of Marketing, SUNY New Paltzand Director, Ted Clark & Associatesand Director, Ted Clark & Associates

Page 2: Lobsters, Wine and Market Research

What is Market Research?What is Market Research?

• The function of linking the consumer to the marketer through information.

• The planning, collection, and analysis of data relevant to the marketing decision making.

• The communication of the results of the analysis to management.

Page 3: Lobsters, Wine and Market Research

Problem definition and statement of objectives

Creation of the research design

Choice of research method

Sampling selection / plan

Data collection

Data analysis

Write and present the research report

Follow-up

Does it involve hypothesisor just a statement?

Exploratory, descriptive, causal,planning, implementing, controlling

Primary/secondary - survey,focus groups, experiments, etc.

Probability vs. non-probability, sample size

Telephone, mail, mallintercept, Internet, etc.

Level & scope mustbe determined early

Determine format,font, layout, PPTs, etc.

Were recommendations followed? Ismore research needed ?

The Market Research ProcessThe Market Research Process

Page 4: Lobsters, Wine and Market Research

Survey Research:• Interviewer interacts with respondents to obtain facts, opinions, and attitudes.

Observation Research:-Descriptive research monitors respondents’ actions.

Experiments:• Measure causality• The researcher changes one or more variables and observes the changes on other variables.

Other Qualitative Research:•Research such as focus groups, interviews, secondary analysis, and case studies.

Choosing the Research MethodChoosing the Research Method

Page 5: Lobsters, Wine and Market Research

Cross Sectional Surveys:• One time snapshots of population• Use the same survey and different sample

Survey TypesSurvey Types

Longitudinal Surveys:• Identify market trends• Use the same survey and same sample• Use tracking panels & groups

Page 6: Lobsters, Wine and Market Research

Common Survey MethodsCommon Survey Methods

Telephone

Mail

E-mail/Internet

Page 7: Lobsters, Wine and Market Research

Telephone SurveysTelephone Surveys Who should conduct telephone surveys? Why?

◦ Who? Businesses/ organizations who need to understand their image or

reputation among the general public or within a specific market. ◦ Why?

Allows a firm to rapidly obtain feedback from customers in a cost-effective manner.

◦ Useful for assessing customers’ response to product or service changes or for measuring awareness.

Page 8: Lobsters, Wine and Market Research

Telephone SurveysTelephone Surveys Challenges:

◦ To reassure people that you are carrying out legitimate research to get them to participate in a telephone interview.

◦ Time limit; 10-12 minutes and no than 25 questions.

◦ Remember complex concepts are difficult to convey by telephone.

Page 9: Lobsters, Wine and Market Research

Online Survey MethodsOnline Survey Methods Web Survey Systems: Software systems designed for Web

questionnaire construction and delivery i.e. Web Survent, SurveyPro, SurveyMonkey

Survey design Web Sites/Web Hosting: Allows researcher to design a survey online without loading design software, and is administered on the design site’s server i.e. WebSurveyor, Perseus

Page 10: Lobsters, Wine and Market Research

Advantages of Online SurveysAdvantages of Online Surveys High response rates

Rapid development and real time reporting

Dramatically reduced costs

Ability to personalize and tailor the study

General higher response rates

Ability to reach hard-to-reach

Ability to change the research focus quickly

Page 11: Lobsters, Wine and Market Research

Survey MonkeySurvey Monkey http://www.surveymonkey.com/: A common, inexpensive

way to gather research in areas such as:◦ Customer insight◦ Employee feedback ◦ Event planning◦ Education and training

Choice of three inexpensive plans:◦ Free: Up to 10 questions, 100 responses per survey◦ Pro: $19.95/month, unlimited questions, 1,000 responses,

customization, security option,◦ Unlimited: $200/year, unlimited questions and responses◦ http://www.surveymonkey.com/Home_PricingDetail.aspx

Page 12: Lobsters, Wine and Market Research

Mail Survey MethodsMail Survey MethodsAd hoc surveys aka one-shot surveys:

questionnaires sent to selected names and addresses without prior contact by the researcher

Mail panels: pre-contracted and prescreened participants who are periodically sent questionnaires

Page 13: Lobsters, Wine and Market Research

Mail SurveysMail Surveys Advantages:

◦ Comparatively low data collection costs.◦ Ease of administration.◦ Good strategy for obtaining negative feedback.

Disadvantages:◦ Possibility of bias due to low response rates.◦ Need for translation for people who do not understand English.◦ Lower quality of information collected.

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Conducting Marketing Conducting Marketing ResearchResearch

By using SPSS

Page 15: Lobsters, Wine and Market Research

What is SPSS?What is SPSS? SPSS is a provider of predictive analytics software and

solutions which help organizations to:◦ Predict future events.◦ Act productively upon that insight to drive better business outcomes.◦ Allow companies to make direct and automate decisions to meet

business goals and achieve measurable competitive advantage.

Page 16: Lobsters, Wine and Market Research

What is “Predictive What is “Predictive Analytics”?Analytics”? Predictive analytics:

◦ Informs and directs decision making by applying an optimization to organization’s enterprise data.

◦ Offers advantages to recognize the inherent value locked within existing enterprise data.

◦ Strategically, provides a quantitative analysis to identify, evaluate, and pursue new market opportunities.

◦ Tactically, identifies whom to target, how to reach them, when to make contact, and what messages should be communicated.

Page 17: Lobsters, Wine and Market Research

Fg.1 How Predictive Analytics works

Page 18: Lobsters, Wine and Market Research

Using SPSS for Statistical Using SPSS for Statistical AnalysisAnalysis• Descriptive Statistics:

• Summarize the importance of a data set. • Provide simple summaries about the sample and the measures.• Present quantitative descriptions in manageable forms.

• Inferential Statistics:• Test hypothesis about a set of data. • Make inferences about population based on a sample population.

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The Capabilities of SPSSThe Capabilities of SPSS

Descriptive Statistics

◦Frequencies

◦Crosstabs

◦Ratios

Page 20: Lobsters, Wine and Market Research

The Capabilities of SPSS The Capabilities of SPSS (Cont’d)(Cont’d)Regression

Direct Marketing

Forecasting

Quality Control

… and more

Page 21: Lobsters, Wine and Market Research

Launching SPSSLaunching SPSS Let’s start the SPSS program:

◦ First start by clicking on the SPSS icon on your desktop. You will notice SPSS has the same basic look as other Windows

programs. You can use the Open File button on the toolbar.

Page 22: Lobsters, Wine and Market Research

Opening a Data FileOpening a Data File It will open up in a spreadsheet-like format.

Page 23: Lobsters, Wine and Market Research

Using the Data EditorUsing the Data Editor

The Data Editor displays the contents of the active data file. The information in the Data Editor consists of variables and cases.◦ In Data View, columns represent variables, and rows represent cases

(observations).◦ In Variable View, each row is a variable, and each column is an

attribute that is associated with that variable.

Page 24: Lobsters, Wine and Market Research

Entering Numeric DataEntering Numeric Data To begin the process of

adding data, simply click on the first cell and enter data.

Notice that entering data on SPSS is exactly like entering data on a spreadsheet.

Entering data for the first time might automatically generate variable names.◦ To change the name, double

click on the variable name button.

◦ A dialog box will appear so you can correctly label your data.

Page 25: Lobsters, Wine and Market Research

A Sample Frequency A Sample Frequency AnalysisAnalysis

• Let’s examine the summary measure of categorical data on a specific example.

• In this example, we'll examine the people who have TV or PDA (personal digital assistant) ownership.

Page 26: Lobsters, Wine and Market Research

Descriptive StatisticsDescriptive Statistics Frequencies:

◦ This command is used to obtain counts on a single variable's values.

• The Frequencies procedure produces frequency tables that display both the number and percentage of cases for each observed value of a variable. -From the menus choose:

1.  Analyze2. Descriptive

Statistics3. Frequencies...

Page 27: Lobsters, Wine and Market Research

Creating Frequency OutputCreating Frequency Output Select Owns PDA

[ownpda] and Owns TV [owntv] and move them into the Variable(s) list.

Click OK to run the procedure.

Page 28: Lobsters, Wine and Market Research

Sample Frequency Analysis Sample Frequency Analysis OutputsOutputs After the completion of the frequency analysis, the

results are shown as below.

Page 29: Lobsters, Wine and Market Research

Descriptive Statistics (Cont’d)Descriptive Statistics (Cont’d) Crosstabs (Contingency Tables):

◦ Cross-tabulation tables (contingency tables) display the relationship between two or more categorical (nominal or ordinal) variables.

◦ The size of the table is determined by the number of distinct values for each variable, with each cell in the table representing a unique combination of values.

◦ Numerous statistical tests are available to determine whether there is a relationship between the variables in a table.

Page 30: Lobsters, Wine and Market Research

A Sample CrosstabA Sample Crosstab• Let’s examine What factors affect the products that people buy?

oThe most obvious is probably how much money people have to spend.

•In this example, we'll examine the relationship between income level and PDA (personal digital assistant) ownership.

Page 31: Lobsters, Wine and Market Research

Descriptive Statistics (Cont’d)Descriptive Statistics (Cont’d) Crosstabs:

◦ This command is used to obtain counts on more than one variable's values.

Page 32: Lobsters, Wine and Market Research

Creating a Crosstabs OutputCreating a Crosstabs Output Select Income

category in thousands (inccat) as the row variable.

Select Owns PDA (ownpda) as the column variable.

Click OK to run the procedure.

Page 33: Lobsters, Wine and Market Research

A Sample Crosstabs OutputA Sample Crosstabs Output After the cross tabulation, the results shows us the

relationship between income level and PDA (personal digital assistant) ownership as below.

Page 34: Lobsters, Wine and Market Research

Creating and Editing ChartsCreating and Editing Charts You can create and edit a wide variety of chart types. In

this example, we will create and edit three commonly used types of charts:◦ Simple bar chart◦ Pie chart◦ Scatter-plot with groups

Page 35: Lobsters, Wine and Market Research

Basic Chart Builder Basic Chart Builder The Chart Builder

dialog box is an interactive window that allows you to preview how a chart will look while you build it.

Page 36: Lobsters, Wine and Market Research

Sample Bar Chart OutputSample Bar Chart Output In this example, the bar chart reveals that respondents

who are more satisfied with their jobs tend to have higher household incomes.

Page 37: Lobsters, Wine and Market Research

SPSS Demonstration SPSS Demonstration VideoVideo

On YouTube

Page 38: Lobsters, Wine and Market Research

Benefits of Using SPSSBenefits of Using SPSS Strengthen customer

relationships◦ Develop cost-effective marketing

campaigns.◦ Improve customer acquisition by

understanding the habits, characteristics, and attitudes of your most profitable customers.

◦ Minimize the loss of desirable customers.

◦ Deepen your understanding of current and prospective customers through survey research.

◦ Monitor customer satisfaction levels to spot any perceived problems with your products or services.

◦ Increase the usability and strategic value of your Web sites.

Minimize risk◦ Identify credit risk among credit

applicants.◦ Detect and minimize the effect of

fraudulent claims or transactions.◦ Uncover the patterns of suspicious

behavior that merit further investigation.

Deploy analytical products and applications◦ Perform standard or customized

product implementations.◦ Convert data files and design

audit services.◦ Develop and deploy predictive

models◦ Build multidimensional databases.◦ Design automated reporting

processes◦ Optimize system resources.

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Accessibility of SPSSAccessibility of SPSSSPSS can be purchased electronically or physically

through its company website:◦www.spss.com

Trial version is also available for 21 days.Purchasing software will require a creation of an

accountPrice Range: $999-$1,799 Instructional books and software are also available

through Pearson, Amazon, and Ebay $156-$269.

Page 40: Lobsters, Wine and Market Research

Decide carefully before Decide carefully before conducting…conducting…

The resources are lacking The research results might not be useful The opportunity has passed The decision has already been made Managers cannot agree on what they need to know to

make a decision Decision-making information already exists The research cost outweighs the benefits of the research You do not have the time to do the research right The research results will likely only be shelved

Page 41: Lobsters, Wine and Market Research

Questions?Questions?

http://tedclarkandassociates.com/TedClarkandAssociates/TEDC.html

[email protected]://www2.newpaltz.edu/~clarkt/