MARKETING RESEARCH FOR NEW VENTURES

PRESENTED BY GROUP 9

WHAT IS MARKETING RESEARCH?WHAT IS MARKETING RESEARCH?

“Marketing research is the systematic and objective search for, and analysis of, information relevant to the identification and solution of any problem in the field of marketing.”

“Marketing research is the systematic and objective search for, and analysis of, information relevant to the identification and solution of any problem in the field of marketing.”

THE GOLDEN RULES!!!THE GOLDEN RULES!!!

• Golden Rule I: Know Thy Customer! Does the product/service meet a customer's needs or wants? How can the new business attract customers to its

product(s)/service(s)? How can the new business keep those customers coming back

for repeat purchases?

• Golden Rule II: Know Thy Self!The entrepreneur must be able to determine if his or her strengths lie in the areas of production, marketing, or business management and how those strengths match up with the needs of the business.

• Golden Rule I: Know Thy Customer! Does the product/service meet a customer's needs or wants? How can the new business attract customers to its

product(s)/service(s)? How can the new business keep those customers coming back

for repeat purchases?

• Golden Rule II: Know Thy Self!The entrepreneur must be able to determine if his or her strengths lie in the areas of production, marketing, or business management and how those strengths match up with the needs of the business.

RESEARCH DESIGN

The problem should be stated as a question

The problem statement should express a relation between two or more variable

The research problem should be related directly to decision the management

need to take

Will new product, if launched, gain at least a 10% market share?

Are consumers with average income more likely to buy exotic fruits than the lower

income groups?

Research which is important and not merely interesting

PROBLEM DEFINTION

It clearly communicate the purpose of the research The procedures included are as follows: Brainstorming, Researching secondary sources of information as well as studying competitive products.

HYPOTHESIS GENERATION

DECISION ON TYPE(S) OF STUDY

Marketing research can be carried out on one of three levels:

Exploratory, Descriptive Causal.

DECISION ON METHOD OF DATA COLLECTION

The main methods of data collection are :

Secondary data searches, Observation, The survey, Experimentation and Consumer panels.

DEVELOPMENT OF AN ANALYSIS PLAN

Is it known how each and every question is to be analyzed? Does the researcher have the means to perform these calculations? If a computer program is to be used at the data analysis stage, have the questions been

properly coded?

DATA COLLECTION At this stage the researcher is ready to go into the field and collect data.

ANALYSIS OF THE DATA

DRAWING CONCLUSION AND RCOMMENDATIONS

QUALITATIVE MARKETING RESEARCH

• Generally used for exploratory purposes

• Small number of respondents

• Examples include focus groups discussions and depth interviews.

QUANTITATIVE MARKETING RESEARCH

• Generally used to draw conclusions

• Tests a specific hypothesis

• Uses random sampling techniques so as to infer from the sample to the population

• Involves a large number of respondents

• Examples include surveys and questionnaires

OBSERVATIONAL TECHNIQUES

• The researcher observes social phenomena in their natural setting

• Observations can occur cross- sectionally (observations made at one time) or longitudinally (observations occur over several time-periods)

• Examples include product-use analysis

EXPERIMENTAL TECHNIQUES

• The researcher creates a quasi-artificial environment to try to control spurious factors, then manipulates at least one of the variables

• Examples include purchase laboratories and test markets

IDENTIFY

• Chinese character text messaging is popular in shanghai.

• To utilize on this opportunity, Motorola developed the A732 cell phone, with which users could write messages directly on the keypad using a finger.

NEW VENTURE BY GROUP 9 ENTREPRENEURS

Wireless Charger &

TV Connector

FOCUS GROUP DISCUSSION

ANALYSIS FOR THE NEW VENTURE

A - Electronic Shop

B - Big Departmental Stores

C - Exclusive Showrooms

D - Mega Malls and Hyper Malls

A – Electronic MediaB – Print MediaC – RadioD – Internet

THANK YOU