dr mairead brady, school of business, trinity college dublin march 2008 setting out to market
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Dr Mairead Brady, School of Business, Trinity College Dublin
March 2008
SETTING OUT TO MARKET
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What is Market Research?Market research is the process of
systematically gathering, recording and analyzing data and information about customers, competitors and the market. Its can help create a business plan, launch a new product or service, fine tune existing products and services, and expand into new markets. Market research can be used to determine which segment of the population will purchase a product/service, based on variables like age, gender, location, income level and lifestyle.
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Questions that need to be answered
What is happening in the market? What are the trends? Who are the competitors?
How do consumers or businesses talk about the services or products in the market?
Which needs are important? Are the needs being met by current products or services?
Is there a gap in the market and a market in the gap?
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Market Research
Marketing is becoming a battle based more on information than on sales power.
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Marketing decisions draw on Marketing Research: STP
Segmentation Decisions Which segment should
we target? What benefits are most
important to each segment?
Which geographic area should we enter?
What is the profile of our target market
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Age and Lifestyle:
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Geographic
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Gender Segmentation
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CASUAL DAY/CASUAL DAY/
NIGHT WEARNIGHT WEAR
HIGH HIGH
PERFORMANCE PERFORMANCE
FOOTWEARFOOTWEAR
BASIC STYLEBASIC STYLE
normnorm
normnorm
FASHIONABLEFASHIONABLE STYLESTYLE
Positioning Contradiction - NIKE
contradictioncontradiction
contradictioncontradiction
Trendy authentic Trendy authentic sportswearsportswear
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Brand Strength - Matrix
High Head
HighHeart
LowHeart
Low Head
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Combining Marketing Research and the Marketing Information System
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Marketing Information System (MIS)
10 useful questions for determining the information needs of marketing managers.
What decisions do you regularly make?
What information do you need to make these decisions?
What information do you regularly get?
What special studies do you periodically request?
The Components of a Modern Marketing Information System
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The Components of a Modern Marketing Information System
What information would you want that you are not getting now?
What information would you want daily? Weekly? Monthly? Yearly?
What magazines and trade reports would you like to see on a regular basis?
What topics would you like to be kept informed of?
What data analysis programs would you want? What are the four most helpful improvements
that could be made in the present marketing information system?
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Forecasting and Market Demand Measurement
Ninety Types of Demand Measurement (6X5X3)
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Which Market to Measure? Market Potential market Available market Target market (severed market) Penetrated market
A Vocabulary for Demand Measurement Market Demand
Market share Market penetration index Share penetration index
Forecasting and Demand Measurement
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Forecasting and Demand Measurement
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Forecasting and Demand Measurement
Market Forecast Market Potential
Product penetration percentage
Company Demand Company Sales
Forecast Sales quota Sales budget
Company Sales Potential
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Forecasting and Demand Measurement
Estimating Current demand Total Market Potential Area Market Potential
Market-Buildup Method Industry Sales and Market Shares
Estimating Future Demand Survey of Buyers’ Intentions
Forecasting Purchase probability scale
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Forecasting and Demand Measurement
Composite of Sales Force Opinions
Expert Opinion Group discussion method Pooling of individual
estimates Past-Sales Analysis
Time-series analysis Exponential smoothing Statistical demand analysis Econometric analysis
Market-Test Method
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Quantitative and Qualitative Data Collection and Analysis
The Market Research Process
Advances in Data Collection Techniques
Quantitative and Qualitative Techniques
Forecasting and Market Demand Measurement
‘The art of prophecy is very difficult especially with respect to the
future’ (Mark Twain, 1835-1910)
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The Marketing Research Process
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The Research Process Scanning, Risk Assessment and MonitoringPrimary data - gathered directly from people you are interested inSecondary data - data published for its own reasons which is secondary to your
purpose Exploratory, descriptive and causal Validity and Reliability
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Secondary-Data Sources
Secondary-Data Sources
A. Internal Sources Company profit-loss statements, balance sheets,
sales figures, sales-call reports, invoices, inventory records, and prior research reports.
B. Government Publications• Statistical Abstract of the United States• County and City Data Book• Industrial Outlook• Marketing Information GuideC. Periodicals and Books• Business Periodicals Index• Standard and Poor’s Industry
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Qualitative versus Quantitative Research
Comparative Dimension Qualitative Research Quantitative Research
Types of questions Probing Limited probing
Sample size Small Large
Information per respondent Substantial Varies
Administration requirements Special skills Fewer special skills needed
Type of Analysis Subjective Statistical
Hardware Tape recorders,video, pictures
Questionnaires, computers,printouts
Ability to replicate Low HighTraining the researcher Psychology,sociology
marketing, consumer behavior
Statistics, decision models, marketing research
Type of research Exploratory Descriptive or casual
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Key Aspects of Exploratory Research Techniques
Exploratory Technique
Focus Groups Individual Interviews Observation
Understand FunctionalAspects of
Consumption
Understand SymbolicAspects of
Consumption
Accurate Descriptionof What People Actually
Do - Not What They Think They Do
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Qualitative Techniques – The Customer
Observation Experimental Research Eye Cameras Mystery Shopping DiariesPersonal interviews/Focus GroupsOnline/Video links
Projective techniques Critical Incident Analysis Cognitive mapping
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The Popularity of Focus Groups
About 25 percent of all research expenditures is spent on focus groups.
Conducting Focus Groups
Preparing for a Focus Group
The Setting: focus group facility often in a conference style room
Recruiting Participants: mall intercept, telephone
To gain insight into conducting and analyzing a focus group.
The Growing Role of Focus Groups
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Developing a Discussion Guide
•An outline of the topics to be covered
•Three stages:• Rapport is established• Provoke intense discussion• Summarize significant conclusions
Preparing a Focus Group Report
The Growing Role of Focus Groups
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Depth Interviews --mainly used in exploratory research
Unstructured(both questions and answers) one-on-one interview with key respondents.
*Expensive
*No group pressure and no interaction
*more time and attention for the respondent
*respondent can be probed at length
*Needs a good interviewer
Other Qualitative Methodologies
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Individual Depth Interviews
Project beliefs or feelings onto a third party, to an inanimate object, or to a task situation
word association sentence completion third-person role-playing thematic apperception test pictorial symbols
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Common types of projective techniques
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Quantitative – Contact/Survey Methods
Addressing the questions of why people behave the way they do
Personal interviews and focus groups
Telephone interviews Mail, email and fax surveys Online and Internet surveys
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Marketing Research System
Contact Methods Mail questionnaire Personal interviewing
Arranged interviews Intercept interviews Online methods
Click-stream Cookies Automated
telephone surveys
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Personal interviews
Flexible Misunderstandings
noted and clarified Costly Interviewer bias High response
rate?
Low response rate Misunderstandings Bias Geographical
coverage Less expensive Factual details Fast and
inexpensive
Telephone interviews
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Online Surveys
www.surveymonkey.com Fast with lowner costs but …. Demographics of target market Novelty and ease of answering Bias Cyber environment - authenticity Hits and webs tracking Dialogue with customers, interactive
discussions and learning from customers Virtual product testing
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Syndicated Research - Market Research Companies
An organisation that regularly provides a standardised set of data to customers is called a syndicated service
http://www.gallup.comhttp://www.teleport.com/~tbchad/stats1.htmlOnline Surveys http://www.survey.net
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The Future: Neuro Marketing
MRI Scanning Inside the mind The Buy Button….. Interactive TV – Tracking, Monitoring and Scanning
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Setting out to Market
The Voice of the Customer….speak loudly and clearly…….
Hire a professional….. You are basing your whole
business on this…..