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But as for me, I watch in hope for the Lord, I wait for God my Savior; my God
will hear me. - Micah 7:7
Market Research Process Defining the Problem Obtaining Data Analyzing Data Recommending Solutions Applying the Results
Defining the Problem Most difficult step
Problem definition When a business identifies a problem and the
information that is needed to solve it
Defining the Problem Possible research questions
Are customers satisfied? Are prices competitive? Are promotions effective? Are products getting to customers efficiently?
Problem, cont. Because time and money are limited, business
must determine what issues are important More importantly, must determine which will
most impact the bottom line of the company
Obtaining Data Primary Data
Obtained for specific purpose of current study Secondary Data
Previously obtained for a different purpose Much less expensive than primary data
It will be a sign and witness to the LORD Almighty in the land of Egypt. When they cry out to the LORD because of their oppressors, he will send them a savior and defender, and
he will rescue them.
- Isaiah 19:20
Primary Data Collection Through in-house or contract companies
Nielson, Arbitron, Market Facts, IMS Health, Westat
Survey Observation Experimental
Survey Method Most frequently used method Must first determine size of population or sample Types
Personal interview – mall intercept Focus groups – reliable, but expensive Telemarketing – inexpensive, but invasive Mail – inexpensive, but non-responsive Internet – well rounded, but limited in scope
Observation Method Can be more accurate then survey if
performed well Cannot measure attitudes or motivation Contrived or natural situations
Contrived – kids in a small room to test what toys they might play with
Natural – mystery shoppers; cameras
Observation Method Point-of-sale research
Combines observation and interviews Pick only those who are looking at a certain
product More focused, better data
Overall, observing is inexpensive, but if not performed well, useless
Experimentation Often used in new or improved products Keeps some control, while varying product Infrequently used
Very costly to set up Responses differ greatly from real life choices in
situations
Guide me in your truth and teach me, for you are God my Savior, and my hope is in you
all day long.
-Psalm 25:5
Secondary Data Internet
Digital dossiers Company profile, income state, and balance sheet Available from Hoover, Fortune 500, Inc. 500
Government sources Collects population demographics, specific
markets, exports, legal trends Available from FedWorld & The Federal Web
Locator
Secondary Data, cont. Consumer & Business Information
Companies Syndicated services & specialized research
companies Demographics, 5 yr forecasts, census information
ASW – Audit & Surveys Worldwide Provides annual update of retail and service outlets
Secondary Data, cont. Business and Trade publications
Forbes American Association for Public Opinion
Business Week Council of American Survey Research
Wall Street Journal
Sales & Marketing Management
Secondary Data, cont. Advantages
Obtained easily on the internet or public libraries Saves companies money since the government
collects information through Census Disadvantages
May not be suitable or available Projections may be off as result of Census lag
Analyzing Data Data analysis
Compile, analyze, & interpret results of data Need to set up data in such a way that it makes
sense A repair shop gathered data to determine
levels of service Data broken down into percentages to make sense
Analyze, cont. How would you rate the level of service?
Rating Men Women
Excellent 30% 60%
Good 15% 10%
Average 20% 20%
Fair 20% 5%
Poor 15% 5%
Recommending Solutions Research helps solve problems Results must be presented in an organized manner
1. Title page5. Problem definition and
assumptions9. Recommendations
2. Acknowledgements 6. Review of information10. Summary and
conclusions
3. Table of contents 7. Procedures used11. Appendices (tables,
figures, graphs)
8. Findings 12. Works cited