7 b2b ind mkt research

8/7/2019 7 B2B Ind Mkt Research

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Industrial Market Research

Consumer Market research studies the

buying habits of people

Industrial Market research investigates

the market for products sold by one

business to another


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Difference Between Consumer

and Business MR


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Scope of Business MR

Development of Market Potential

Market share analysis

Sales Analysis

Forecasting

Competitor Analysis

Benchmarking New product acceptance and potential

Business trend analysis

Sales quota determination


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Market Research ProcessDefine researchobjective

1 Informationneeded

Identify sourcesOf information

Techniques forAcquiring info

Gather & processinformation

Data analysis &interpretation

Report &

communicate

2

3

4

5

6

7


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MR Process Design elements:

Secondary or primary or both in sequence

Sampling plan

Q design (if applicable)

Field work

Tabulation

Secondary search:

From published sources and internal records

SIC: Standard Industrial Code

(exim.indiamart.com)


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STANDARD INDUSTRIAL CODE (INDIA)

Division D: Manufacturing

Major Group 33: Primary Metal Industries

Major Group 34: Fabricated Metal Products, Except Machinery

And Transportation EquipmentMajor Group 35: Industrial And Commercial Machinery And

Computer Equipment

Major Group 36: Electronic And Other Electrical Equipment And

Components, Except Computer EquipmentMajor Group 37: Transportation Equipment

Major Group 38: Measuring, Analysing, And Controlling

Instruments; Photographic, Medical And Optical Goods; Watches

And Clocks

Major Group 39: Miscellaneous Manufacturing Industries


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Major Group 35: Industrial And Commercial Machinery And

Computer Equipment

Industry Group 351: Engines And TurbinesIndustry Group 352: Farm And Garden Machinery And Equipment

Industry Group 353: Construction, Mining, And Materials

Handling

Industry Group 354: Metalworking Machinery And Equipment

Industry Group 355: Special Industry Machinery, ExceptMetalworking

Industry Group 356: General Industrial Machinery And Equipment

Industry Group 357: Computer And Office Equipment


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Industry Group 356: General Industrial Machinery AndEquipment

3561 Pumps And Pumping Equipment3562 Ball And Roller Bearings3563 Air And Gas Compressors3564 Industrial And Commercial Fans And Blowers And AirPurification3565 Packaging Machinery3566 Speed Changers, Industrial High-speed Drives, And Gears3567 Industrial Process Furnaces And Ovens

3568 Mechanical Power Transmission Equipment, Not ElsewhereClassified3569 General Industrial Machinery And Equipment, NotElsewhere


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Forecasting Process

Identifying forecasting objectives

Short-range (3 to 6 months); Mid-range (1 to 2years) and Long-range (>2 years)

General economy forecast

Industry sales forecast

Company sales forecast

Sales forecast for the product lines


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Forecasting Process

Determining independent and dependent

variables Developing forecasting procedure

Select forecast analysis method


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Sales Forecasting Methods

Qualitative:

Experts opinion Delphi Method

Survey of buyers expectation

Sales force composite method

Historical analogy method for new products


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Time Series Analysis

Nave or simple method based on rate of change ofsales of previous periods

Free hand or Graphic method Method of semi averages

Method of moving averages

Method of least square

Using seasonality index (Decomposition method)

Exponential smoothing method

Correlation analysis

Regression analysis


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Hypothesis Testing Type I error: If the 5% level of significance is

used, there is probability of 0.05 of rejecting thenull hypothesis, when it is in fact true. This iscalled Type I error.

Type II error: occurs if the null hypothesis is notrejected, and therefore accepted, when it is in factfalse.

Consequences of decisions in hypothesis testing isgiven in next slide Statistical decision is not necessarily is a

managerial decision


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Hypothesis Testing

Null hypothesis falseNull hypothesis true

Correctly rejectedType I error

(Alpha error)

Reject null hypothesis

Type II error

(-Beta error)

Correctly acceptedAccept null hypothesis

Possible states

Possible Decision

Consequences of decisions in Hypothesis Testing


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Market Research Application ANOVA

Correlation and Regression

Discriminant Analysis

Factor Analysis

Cluster Analysis

Multi-dimensional Scaling (MDS) Conjoint Analysis

Perceptual Mapping


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Market Research Application ANOVA

Independent variables are nominal

scales Dependent variables are continuous

Used analysing design of experiments


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Market Research Application Correlation and Regression

Used for sales estimates

Explains causation

Establishes degree of associationbetween quantitative data


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Market Research Application Discriminant Analysis

Assigns objects to groups

Selects, classifies and predicts

Used for identifying potential/non-potential customer or low-risk/high-risk

customers


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Market Research Application Factor Analysis

Reduction of variables

Factor extraction

Used for establishing purchase criterion

Classifies attributes


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Market Research Application Cluster Analysis

Combines similar objects

Segmentation application


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Market Research Application Multi-dimensional Scaling (MDS)

Used for brand positioning

Attribute based

similarity/dissimilarity based


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Market Research Application Conjoint Analysis

Used for product design and pricing

Works on utility levels


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Market Research Application Perceptual Mapping

Attribute based

Extension of discriminant analysis

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