Download - Brm Module2
-
7/29/2019 Brm Module2
1/47
Business ResearchBusiness Research
Module 2Module 2
-
7/29/2019 Brm Module2
2/47
Overview of the ResearchOverview of the Research
ProcessProcess
A set ofA set ofsix stepssix steps that defines the tasks tothat defines the tasks to
be accomplished in conducting abe accomplished in conducting a
marketing research study. It includes;marketing research study. It includes;
1.1. Problem DefinitionProblem Definition
2.2. Development of an Approach to theDevelopment of an Approach to the
ProblemProblem
3.3. Research Design FormulationResearch Design Formulation4.4. Field Work or Data CollectionField Work or Data Collection
5.5. Data Preparation and AnalysisData Preparation and Analysis
6.6. Report Preparation and PresentationReport Preparation and Presentation
-
7/29/2019 Brm Module2
3/47
The Marketing Research ProcessThe Marketing Research Process
Step 1. Problem Definition:Step 1. Problem Definition: The first step is to define the problem,The first step is to define the problem,
focus on the the purpose and informationfocus on the the purpose and information
of the study.of the study. It involves discussion with the decisionIt involves discussion with the decision
makers, interviews with the industrymakers, interviews with the industry
experts, analysis of the secondary data,experts, analysis of the secondary data,and focus groups.and focus groups. Once the problem is defined preciselyOnce the problem is defined precisely
defined, the research can be designed anddefined, the research can be designed and
condusted properly.condusted properly.
-
7/29/2019 Brm Module2
4/47
Step 2. Development of an Approach toStep 2. Development of an Approach to
the Problem.the Problem. It includes formulating an objective or aIt includes formulating an objective or a
theoretical framework, analytical models,theoretical framework, analytical models,research questions, hypoteheses andresearch questions, hypoteheses and
identifying the information needed.identifying the information needed.
It also includes discussions withIt also includes discussions withmanagement and industry experts,management and industry experts,
analysis of the secondary data, qualitativeanalysis of the secondary data, qualitative
research and pragmatic considerations.research and pragmatic considerations.
The Marketing Research ProcessThe Marketing Research Process
-
7/29/2019 Brm Module2
5/47
Step 3. Research Design Formulation:Step 3. Research Design Formulation: It is a blueprint or a framework forIt is a blueprint or a framework for
conducting the marketing research projectconducting the marketing research project
It details the procedures for obtaining theIt details the procedures for obtaining therequired informationrequired information
Its purpose is to design a study that willIts purpose is to design a study that will
test the hypotheses, determine possibletest the hypotheses, determine possibleanswers and provide information neededanswers and provide information needed
for decision making.for decision making. It also clears how the data should beIt also clears how the data should be
obtained form the respondents.obtained form the respondents.
The Marketing Research ProcessThe Marketing Research Process
-
7/29/2019 Brm Module2
6/47
Formulating the Research Design involvesFormulating the Research Design involves
the following steps:the following steps: Definition of the information neededDefinition of the information needed Secondary data analysisSecondary data analysis
Qualitative researchQualitative research Method of collecting qualitative dataMethod of collecting qualitative data Measurement and scaling proceduresMeasurement and scaling procedures Questionnaire designQuestionnaire design Sampling process and sample sizeSampling process and sample size Plan of data analysisPlan of data analysis
-
7/29/2019 Brm Module2
7/47
Step 4. Fieldwork or Data Collection:Step 4. Fieldwork or Data Collection: Data collection involves a field force orData collection involves a field force or
staff that operates either in the field, as instaff that operates either in the field, as in
the case of personal interview, bythe case of personal interview, bytelephone, through mail etc.telephone, through mail etc.
Proper selection training, supervision andProper selection training, supervision and
evaluation of the field force halp minimizeevaluation of the field force halp minimizedata collection errors.data collection errors.
The Marketing Research ProcessThe Marketing Research Process
-
7/29/2019 Brm Module2
8/47
Step 5. Data Preparation and Analysis:Step 5. Data Preparation and Analysis: Data preparation includes editing, coding,Data preparation includes editing, coding,
transcription, and verification of data.transcription, and verification of data. Each of the observations orEach of the observations or
questionnaires are inspected, edited, andquestionnaires are inspected, edited, and
corrected if necessary.corrected if necessary.
The data from the questionnaire &The data from the questionnaire &observation is transferred to the computerobservation is transferred to the computer
for data analysisfor data analysis The data is analyzed to derive informationThe data is analyzed to derive information
related to the marketing researchrelated to the marketing research
The Marketing Research ProcessThe Marketing Research Process
-
7/29/2019 Brm Module2
9/47
Step 6: Report Preparation and Presentation:Step 6: Report Preparation and Presentation:
The entire project is documented into a written reportThe entire project is documented into a written report
that addresses the specific marketing problemthat addresses the specific marketing problem
It describes the approach, the research design, the dataIt describes the approach, the research design, the data
collection, data analysis and the procedures adopted,collection, data analysis and the procedures adopted,and thus the results and major findings.and thus the results and major findings.
The findings should be presented in a comprehensibleThe findings should be presented in a comprehensible
format so that the management can readely use it forformat so that the management can readely use it for
decision making process.decision making process. An oral presentation has to be made to theAn oral presentation has to be made to the
management using tables figures, graphs to enhancemanagement using tables figures, graphs to enhance
clarity and impact.clarity and impact.
The Marketing Research ProcessThe Marketing Research Process
-
7/29/2019 Brm Module2
10/47
Problem FormulationProblem FormulationA problem well defined is a problem half solved!
Failure to properly identify where you are headed and
why will inevitably lead you to wonder where you are
and how you got there!
-
7/29/2019 Brm Module2
11/47
Management Problems vs. Research ProblemsManagement Problems vs. Research Problems
Most marketing research problems manifestMost marketing research problems manifest
themselves asthemselves as Management Decision ProblemsManagement Decision Problems
Situation arises, management needs to make aSituation arises, management needs to make a
decision, requires research, starts the researchdecision, requires research, starts the research
processprocess
No actionable guidanceNo actionable guidance
Simply a statement of the issue that managementSimply a statement of the issue that management
is dealing withis dealing with
Must restatement in research terms.Must restatement in research terms.
-
7/29/2019 Brm Module2
12/47
Management Problems vs. Research ProblemsManagement Problems vs. Research Problems
Marketing Research ProblemMarketing Research Problem: a statement: a statementof the information needed by a decisionof the information needed by a decision
maker to help solve a managementmaker to help solve a management
decision problem.decision problem.
Most critical part of the mktg. researchMost critical part of the mktg. research
processprocess
Provides guidance and direction forProvides guidance and direction forresearch processresearch process
-
7/29/2019 Brm Module2
13/47
-
7/29/2019 Brm Module2
14/47
Tips for Accurately DefiningTips for Accurately Defining
Research ProblemsResearch Problems Find out why the information is being sought.Find out why the information is being sought.
Determine whether the information already exists.Determine whether the information already exists.
Determine whether the question really can/shouldDetermine whether the question really can/shouldbe answered.be answered.
Use exploratory research to define background ofUse exploratory research to define background ofthe problemthe problem
Situation analysisSituation analysis
The iceberg principleThe iceberg principleDetermine relevant variablesDetermine relevant variables
-
7/29/2019 Brm Module2
15/47
Definition of Research ObjectivesDefinition of Research Objectives
Marketing Research ObjectivesMarketing Research Objectives: the specific bits of knowledge: the specific bits of knowledge
that need to be gathered to close the information gapsthat need to be gathered to close the information gapshighlighted in the research problem.highlighted in the research problem.
Stated in action termsStated in action terms
Serve as a standard to evaluate the quality and value ofServe as a standard to evaluate the quality and value ofthe researchthe research
Objectives should be specific and unambiguousObjectives should be specific and unambiguousExamples:Examples:
To measure the number of college freshmen at the VTUTo measure the number of college freshmen at the VTU
To assess viewer recall of our ad campaignTo assess viewer recall of our ad campaign
To describe the segments of the marketplaceTo describe the segments of the marketplace
-
7/29/2019 Brm Module2
16/47
Putting It All TogetherPutting It All Together Management ProblemManagement Problem
Placement office has noticed, while major companies makePlacement office has noticed, while major companies makeannual recruiting visits to campus for engineers, not manyannual recruiting visits to campus for engineers, not many
national or local companies are formally recruiting businessnational or local companies are formally recruiting businessmajors through the placement officemajors through the placement office
Why? How do we address this?Why? How do we address this?
Marketing Research ProblemsMarketing Research Problems
Why are companies not taking advantage of the resources thatWhy are companies not taking advantage of the resources thatthe placement service offers? Are companies going around thethe placement service offers? Are companies going around the
service?service? Are companies aware of the VTU placement service?Are companies aware of the VTU placement service?
Are companies aware of the reputation of the VTU Business School?Are companies aware of the reputation of the VTU Business School? What kind of things might generate more recruiting activity?What kind of things might generate more recruiting activity?
Marketing Research ObjectivesMarketing Research Objectives
To determine to what extent companies are aware of the VTUTo determine to what extent companies are aware of the VTUplacement serviceplacement service
Determine whether companies, especially locals, are aware of theDetermine whether companies, especially locals, are aware of the
strong reputation of the VTUstrong reputation of the VTU
To determine whether a quarterly newsletter highlighting VTU businessTo determine whether a quarterly newsletter highlighting VTU business
programs and students might generate more recruiting activity.programs and students might generate more recruiting activity.
-
7/29/2019 Brm Module2
17/47
Another ExampleAnother Example Management ProblemManagement Problem
What price should we charge for our new product?What price should we charge for our new product?
Research ProblemResearch Problem What are our costs of production and marketing (COGS)?What are our costs of production and marketing (COGS)?
What are our pricing objectives and position in the market?What are our pricing objectives and position in the market?
What price does similar types of products sell for?What price does similar types of products sell for?
What is the perceived value of our product in theWhat is the perceived value of our product in themarketplace?marketplace?
Are there any norms or conventional practices in theAre there any norms or conventional practices in themarketplace (e.g., customary prices, continualmarketplace (e.g., customary prices, continualdiscounting)discounting)
Research ObjectivesResearch Objectives
To assess the costs involved in producing and selling ourTo assess the costs involved in producing and selling our
productproduct To determine corporate objectives and their implicationsTo determine corporate objectives and their implicationsfor pricingfor pricing
To examine current prices for direct and indirectTo examine current prices for direct and indirectcompetitioncompetition
To determine potential customer reaction to various pricesTo determine potential customer reaction to various prices
and their perception of the benefits of owning the productand their perception of the benefits of owning the product
-
7/29/2019 Brm Module2
18/47
Practice, PracticePractice, Practice
For the following management problems,For the following management problems,identify the underlying research problems and aidentify the underlying research problems and a
couple of research objectives.couple of research objectives.
Should our retail chain offer onlineShould our retail chain offer online
shopping?shopping?What advertising media should we use toWhat advertising media should we use to
reach our market?reach our market?
How do we get more people to attend ourHow do we get more people to attend our
outdoor festival/event?outdoor festival/event?Should we build a new warehouse to storeShould we build a new warehouse to store
our excess inventory?our excess inventory?
-
7/29/2019 Brm Module2
19/47
Practice, PracticePractice, Practice (contd)(contd)
For the following management problems,For the following management problems,identify the underlying research problemsidentify the underlying research problems
and a couple of research objectives.and a couple of research objectives.
How can we increase customerHow can we increase customerretention?retention?
Should the amount of in-storeShould the amount of in-store
promotion for an existing product linepromotion for an existing product line
be increased?be increased?Should the compensation package beShould the compensation package be
changed to better motivate the saleschanged to better motivate the sales
force?force?
-
7/29/2019 Brm Module2
20/47
Problemdiscovery
Problem definition(statement of
research objectives)
Secondary(historical)
data
Experiencesurvey
Pilotstudy
Casestudy
Selection of
exploratory researchtechnique
Selection ofbasic research
method
Experiment SurveyObservation
SecondaryData StudyLaboratory Field Interview Questionnaire
Selection ofexploratory research
technique
Sampling
Probability No probability
Collection ofdata
(fieldwork)
Editing and
codingdata
Dataprocessing
Interpretationof
findings
Report
DataGathering
DataProcessingandAnalysis
Conclusions
and Report
Research Design
Problem Discoveryand Definition
U i I fl h T fU t i t I fl th T f
-
7/29/2019 Brm Module2
21/47
COMPLETELYCERTAIN
ABSOLUTEAMBIGUITY
CAUSAL ORDESCRIPTIVE
EXPLORATORY
Uncertainty Influences the Type ofUncertainty Influences the Type of
ResearchResearch
-
7/29/2019 Brm Module2
22/47
Problem Discovery and DefinitionProblem Discovery and Definition
First stepFirst step
Problem, opportunity, or monitorProblem, opportunity, or monitor
operationsoperations
Discovery before definitionDiscovery before definition
Problem means management problemProblem means management problem
-
7/29/2019 Brm Module2
23/47
The formulation of the problem isThe formulation of the problem is
often more essential than itsoften more essential than itssolution.solution.
-
7/29/2019 Brm Module2
24/47
Problem DefinitionProblem Definition
The indication of a specific businessThe indication of a specific businessdecision area that will be clarified bydecision area that will be clarified byanswering some research questions.answering some research questions.
It should interest the researcherIt should interest the researcher It should be researchableIt should be researchable
It must have uniqueness / noveltyIt must have uniqueness / novelty
It must be feasibleIt must be feasible
Social relevanceSocial relevanceProblem definition allows a researcher to set theProblem definition allows a researcher to set the
proper research objectives.proper research objectives.
Th P f
-
7/29/2019 Brm Module2
25/47
The Process of
Problem Definition
Ascertain thedecision makersobjectives
Understandbackground of theproblem
Isolate/identify theproblem, not thesymptoms
Determine unit ofanalysis
Determinerelevant variables
State researchquestions andobjectives
1 A t i th D i i M k 1 Ascertain the Decision Makers
-
7/29/2019 Brm Module2
26/47
2626
1.Ascertain the Decision Makers1.Ascertain the Decision Makers
ObjectivesObjectives
Decision makers objectivesDecision makers objectives
Managerial goals expressed inManagerial goals expressed in
measurable termsmeasurable terms..
-
7/29/2019 Brm Module2
27/47
The Iceberg PrincipleThe Iceberg Principle
The principle indicating that theThe principle indicating that the
dangerous part of many businessdangerous part of many business
problems is neither visible to norproblems is neither visible to nor
understood by managers.understood by managers.
2 Understand the Background of2 Understand the Background of
-
7/29/2019 Brm Module2
28/47
2828
2.Understand the Background of2.Understand the Background of
the Problemthe Problem
Exercising judgmentExercising judgment
Situation analysis - The informalSituation analysis - The informal
gathering of background informationgathering of background information
to familiarize researchers orto familiarize researchers ormanagers with the decision area.managers with the decision area.
3 Isolate and Identify the3 Isolate and Identify the
-
7/29/2019 Brm Module2
29/47
2929
3. Isolate and Identify the3. Isolate and Identify the
Problems, Not the SymptomsProblems, Not the Symptoms
Symptoms can be confusingSymptoms can be confusing
-
7/29/2019 Brm Module2
30/47
3030
4.Determine the Unit of Analysis4.Determine the Unit of Analysis
Individuals, households, EntireIndividuals, households, Entire
organizations, Departments, Groupsorganizations, Departments, Groups
etc.etc.
In many studies, the family ratherIn many studies, the family ratherthan the individual is thethan the individual is the
appropriate unit of analysis.appropriate unit of analysis.
-
7/29/2019 Brm Module2
31/47
3131
5.Determine the Relevant Variable5.Determine the Relevant Variable ((change in value)change in value)
Anything that may assume differentAnything that may assume different
numerical valuesnumerical values
A Variables is defined as anythingA Variables is defined as anything
that varies or changes in value,that varies or changes in value,because variable represents abecause variable represents a
quality that can exhibit differencesquality that can exhibit differences
in value or strengthin value or strength
-
7/29/2019 Brm Module2
32/47
HypothesisHypothesis
An unproven propositionAn unproven proposition
A possible solution to a problemA possible solution to a problem
GuessGuess
-
7/29/2019 Brm Module2
33/47
3333
6.State the research questions6.State the research questionsand research objectivesand research objectives
-
7/29/2019 Brm Module2
34/47
Statement ofbusinessproblem
Exploratoryresearch (optional)
Broad researchobjectives
Specific Objective1
Specific Objective2
Specific Objective3
Research DesignResults
-
7/29/2019 Brm Module2
35/47
Research ProposalResearch Proposal
A written statement of the researchA written statement of the researchdesign that includes a statementdesign that includes a statement
explaining the purpose of the studyexplaining the purpose of the study
Detailed outline of procedures associatedDetailed outline of procedures associatedwith a particular methodologywith a particular methodology
Basic Questions -Basic Questions -
-
7/29/2019 Brm Module2
36/47
Basic Questions Basic Questions
Problem DefinitionProblem Definition
What is the purpose of the study?What is the purpose of the study?
How much is already known?How much is already known?
Is additional background informationIs additional background informationnecessary?necessary?
What is to be measured? How?What is to be measured? How?
Can the data be made available?Can the data be made available?
Should research be conducted?Should research be conducted? Can a hypothesis be formulated?Can a hypothesis be formulated?
Basic Questions -Basic Questions -
-
7/29/2019 Brm Module2
37/47
Basic Questions Basic Questions
Basic Research DesignBasic Research Design
What types of questions need to beWhat types of questions need to beanswered?answered?
Are descriptive or causal findingsAre descriptive or causal findings
required?required? What is the source of the data?What is the source of the data?
Basic Questions -Basic Questions -
-
7/29/2019 Brm Module2
38/47
Basic Questions Basic Questions
Basic Research DesignBasic Research Design
Can objective answers be obtained byCan objective answers be obtained byasking people?asking people?
How quickly is the information needed?How quickly is the information needed?
How should survey questions be worded?How should survey questions be worded? How should experimental manipulationsHow should experimental manipulations
be made?be made?
Basic Questions -Basic Questions -
-
7/29/2019 Brm Module2
39/47
Basic Questions Basic Questions
Selection of SampleSelection of Sample
Who or what is the source of the data?Who or what is the source of the data?
Can the target population be identified?Can the target population be identified?
Is a sample necessary?Is a sample necessary?
How accurate must the sample be?How accurate must the sample be? Is a probability sample necessary?Is a probability sample necessary?
Is a national sample necessary?Is a national sample necessary?
How large a sample is necessary?How large a sample is necessary? How will the sample be selected?How will the sample be selected?
Basic Questions -Basic Questions -
-
7/29/2019 Brm Module2
40/47
Basic Questions Basic Questions
Data GatheringData Gathering
Who will gather the data?Who will gather the data?
How long will data gathering take?How long will data gathering take?
How much supervision is needed?How much supervision is needed?
What operational procedures need to beWhat operational procedures need to befollowed?followed?
Basic Questions -Basic Questions -
-
7/29/2019 Brm Module2
41/47
Basic Questions Q
Data AnalysisData Analysis
Will standardized editing and codingWill standardized editing and coding
procedures be used?procedures be used?
How will the data be categorized?How will the data be categorized?
What statistical software will be used?What statistical software will be used? What is the nature of the data?What is the nature of the data?
What questions need to be answered?What questions need to be answered?
How many variables are to be investigatedHow many variables are to be investigated
simultaneously?simultaneously? Performance criteria for evaluation?Performance criteria for evaluation?
Basic Questions -Basic Questions -
-
7/29/2019 Brm Module2
42/47
Q
Type of ReportType of Report
Who will read the report?Who will read the report?
Are managerial recommendationsAre managerial recommendations
requested?requested?
How many presentations are required?How many presentations are required? What will be the format of the writtenWhat will be the format of the written
report?report?
Basic Questions -Basic Questions -
-
7/29/2019 Brm Module2
43/47
Q
Overall EvaluationOverall Evaluation
How much will the study cost?How much will the study cost?
Is the time frame acceptable?Is the time frame acceptable?
Is outside help needed?Is outside help needed?
Will this research design attain the statedWill this research design attain the statedresearch objectives?research objectives?
When should the research be scheduledWhen should the research be scheduled
to begin?to begin?
-
7/29/2019 Brm Module2
44/47
Anticipating OutcomesAnticipating Outcomes
Dummy tablesDummy tables
Representations of the actual tables thatRepresentations of the actual tables that
will be in the findings section of the finalwill be in the findings section of the final
report; used to gain a betterreport; used to gain a betterunderstanding of what the actualunderstanding of what the actual
outcomes of the research will be.outcomes of the research will be.
-
7/29/2019 Brm Module2
45/47
-
7/29/2019 Brm Module2
46/47
-
7/29/2019 Brm Module2
47/47