Effective Market Research

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BASIC DEFINITIONS

Basic definitions… RESEARCH

Basic/theoritical/pure

Applied research

Problem solving

Problem oriented Market Research

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Basic definitions…

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What is marketing research? The systematic , gathering, recording and analyzing of data about problems relating to the marketing of goods and services.

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Why do companies use MR? „ „ „ „ „ „ „ „ „ „ „

New product decision Estimating market share Gathering competitive information Product modification decision Measuring customer satisfaction Product positioning decisions Diversification decisions Market segmentation decisions Advertising theme/message decisions Product elimination/evaluating advert effectiveness Channel modification decision etc

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Types of research Quantitative „ Is objective, logical and numerical oriented „ Seeks explanatory laws

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Qualitative „ Is subjective, imagery, and emotional /feeling oriented „ Aims at in-depth description

Types of research cont’d Quant. „ Measures what it assumes to be a static reality in hope of „ developing universal laws „ Structured/closed ended „

Involves a larger sample size

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Qual. „ Is exploration of what is assumed to be dynamic reality and does not claim that what is discovered is universal „ Usually involves smaller sample size „ mostly open- ended

Qauli-Quant… few examples Quantitative „ Audit „ Mystery shopping „ Face to face interviews „ Ad test „ Product placement „ Omnibus „ Taste test „ Diary panels „ U and A studies „ Tracking studies etc

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Qualitative „ Focus group discussions „ In-depth interviews „ Observations „ Motivation research „ Lifestyle research „ Concept evaluation „

Mini-groups etc

Research Process Before a MR is initiated the following process are involved: „ „ „ „ „ „

The project brief [ usually developed by the client] The proposal [prepared by the agency] Data collection or fieldwork Data entry Data analysis/ interpretation reporting and presentation

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The brief „ „ „ „ „ „ „

The brief defines the background to the study and what problem the study is set to solve. Develops from the “why” reasons Researcher may also assist the client to restructure or develop a good brief. Poor briefs brings ambiguity and waste of time and money of the client. What is the main focus of the study? What is the key information needed? How does the client intend to use the finding?

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The proposal

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This is a creative response to a client brief – verbal or written. The proposal is a work plan, a marketing tool, the basis of a contract.

Common features includes „ „ „ „ „ „ „ „

The background to the problem Objective Methodology and sample design and analysis Forms and content of final report and deliverables Project timeline Cost Validity period of the proposal document Personnel +credentials, company credentials reference.

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Data collection „

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This is the bedrock of every marketing research. Data can be collected by primary or secondary means Primary data are collected directly from a given source, using a structured questionnaire and/or people Secondary data are collected by intermediate source, either internally or externally, e.g published materials, reports, text books or other documents. Most research agencies uses both methods depending on the type and nature of the project. On a large scale primary source is the most popular.

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Data entry

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This includes the coding, punching and the cleaning of the collected data often undertaken by the production department or the Data processing unit depending on the departmentalization structure of the agency. At this stage the data are painstakingly edited for errors and filtered before interpretation and reporting.

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Analysis and interpretation „

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The researcher here analysis the data inline with the findings and interprets using the standard statistical method Use of tables and chart are of great importance here for clarity Inadequate knowledge about data analysis often leads to wrong conclusion and decision Wrong methodology may also lead to wrong interpretation and analysis

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The reports and presentation „

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After the data have been analyzed and the conclusion reached, the researcher has to report his findings. Reporting has to be done in a clear manner so the chances of any misunderstanding can be minimized. Most marketing research reports are written reports though it is not uncommon to have oral reports. Oral reports often lacks visual advantage, no chart ,no diagram is used. This is very unpopular.

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Reporting….. „ „ „ „

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Report outline includes the following: Title page, letters of transmittal and authorization Table of contents, stats table, charts and illustrations Introduction, methodology, findings, summary and conclusion, recommendations, appendices, The report must be objective, coherent, clarity in presentation of ideas. Finally if presentation is part of the deliverables contained in the proposal then a date is agreed for this purpose.

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