wednesday, october 15, 2014. the gathering and analyzing of data to provide a business with...
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MARKET RESEARCHWednesday, October 15, 2014
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MARKET RESEARCHThe gathering and analyzing of data to provide a business with information on consumers’ needs and wants
Used toPlanProblem solveControl
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PLANNINGWhat factors will affect changes in consumer purchasing
What new markets can be targeted DomesticInternational
What are the effects of trends in our economy
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PROBLEM SOLVINGProduct
What new products should be introduced?How should they be packaged?What features?
PriceHow much should we charge?How much are competitors charging?How much do prices effect our sales?
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PROBLEM SOLVINGPlace
How do we get our products to our consumers?Is there a more efficient way?Would our customers prefer direct selling?
Promotion What should our advertising/promotion budget be?
How should we be allocating it amongst products
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CONTROLHow do our sales compare with our targets
How does our market coverage compare with our targets?
What is our “corporate image”Present customersPotential customersDistributorsCompetitors
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WHO DOES MARKETING RESEARCHMarketing decisions require information to help predict what will happen after we make those decisions
83% of manufacturers of consumer products have formal marketing research departments
93% of publishing and Broadcasting companies
85% of advertising agencies
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ADVANTAGES OF IN-HOUSE RESEARCHYou know your company and the research problem better than anybody else
More contact and control while researching information
More likely to keep the information within the companyDon’t have to worry that somebody is going to sell the information to a competitor
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ADVANTAGES OF OUTSOURCING RESEARCHCan obtain specialists in the field of question
Opportunity for unbiased researchOpportunity for saving money
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FORMS OF RESEARCHThere are many different forms of research such asQuestionnairesField workStatisticsMathematical analysis
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QUESTIONNAIRES Focus on for this classOpen and closed ended questionsOrder of questionsPoints to consider
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CLOSED FORMAT QUESTIONSUsually take the form of multiple choiceSaves time and reduces the burden on people
May not be the exact answer people want to give
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OPEN ENDED QUESTIONSAsks for opinions with no set of responsesTruly reflects the opinionRequires more thought and timeOpen to interpretationDifficult to analyse information
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ORDER OF QUESTIONSAvoid randomization of questionsBegin with questions that raise an interestKeep similar questions togetherEnd with demographics
AgeSexLevel of income
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POINTS TO CONSIDERQuestions must be clear Avoid
Leading questionsEmbarrassing questionsHypothetical questionsBiased questions