Market Research

2011Sai Anurag ChavaAegis School of Business & Telecommunication12/19/2011

Market Research

Marketing researchMarket researchis the collection and analysis of information about consumers, competitors and the effectiveness of marketing programs.Market research consists of testing the market to determine the acceptance of a particular product or service, especially amongst differentdemographics. It is used to establish which portion of the population will or does purchase a product, based on age, gender, location, income level and many other variables. Market research allows companies to learn more about past, current and potential customers, including their specific likes and dislikes.Based on market research data, businesses can develop a "target audience." A target audience is a specific group of customers that has a distinct need or desire for a product or service. Market research is used to determine how often the target audience will buy a particular item, how much they are willing to pay for it, and their overall satisfaction with it. By analyzing market research information, manufacturers and service providers learn where to focus their resources most effectively.

Market research is a process of the systematic collection of data, about a particular target market, competitors, customers, market trends, etc. The aim of market research is to obtain an in-depth understanding of the particular subject. Rising competition has compelled many organizations to conduct market research. Organizations may conduct market research themselves, by appointing a team to work on the same. Or else, they may get it done via a market research consultancy or an agency. This research is vital for business organizations looking out for opportunities to tap the market, for firms which have come up with an improvised product and want to evaluate its demand and for companies planning to introduce their products into the market. However, before conducting a market research, it's vital to have the research objectives defined. Once the objectives have been outlined, the research can be carried out in different ways.

There are two methods of conducting market research: primary research and secondary research. The choice of the method depends on the research objectives.Primary ResearchIn primary research, data is collected directly from the source. For example, if the objective of the research is to understand the demand of a particular product, then collecting feedback directly from the customer by talking to them, is called primary research. Primary research involves the collection of crucial data via interviews, surveys or focus group sessions. It's time-consuming and expensive. However, it is suited for gathering specific data. Primary research can be further categorized into the qualitative and the quantitative type.Quantitative Primary Research:This type of primary research involves the collection of numerical data via surveys. The most frequently used quantitative technique is the 'market research survey'. The numerical or quantitative information obtained is then statistically analyzed. Such surveys comprise questionnaires with closed ended questions. In a close ended question, a respondent is needed to answer by ticking one of the options given. People generally agree to cooperate, when surveys are less time-consuming. For example, a bank may generate a questionnaire, wherein its aim is to find out what people think of their services. Numerous questions may be asked in the questionnaire and the answer options are excellent, good, poor or very poor. This data obtained is analyzed statistically and a conclusion is ascertained. The main rule followed, while conducting quantitative research is that all the respondents should be given the same questionnaire with the same set of questions. These quantitative surveys can be carried out, either face to face (asking people on the street to fill them), email, telephone or by post (self completion and posting it back).Qualitative Primary Research:This type of research involves gathering data via interviews or focus group sessions. In this type, open ended questions are included. This means the questions cannot be answered with a yes or a no. They include in-depth interviews, wherein a trained executive interviews one or more respondents. The interviewer may carry out the interview on a one to one basis, with two, triad or even 4-5 respondents. Such open ended interviews enable the researcher to receive data about the likes-dislikes, requirements, positive-negative feedback, trends and emotional motivators of the primary market. Unlike the quantitative type, this type does not comprise a fixed set of questions. The interviewer may have a basic framework of questions ready, however, the flow of the interview is impromptu. The respondent has the freedom to express himself. This helps the interviewer understand the situation better. Focus groups are another method of carrying out qualitative research. These groups generally comprise 6-8 respondents, led by experienced professionals (research moderators). The role of the professional is to ask general, as well as specific questions, to the group of respondents. By encouraging a discussion, they are to draw out the required information. However, since focus groups require experienced professionals, it's an expensive technique.Secondary ResearchIn secondary research, the analysis of information that has been collected for some other purpose, is carried out. This means, that secondary research is carried out by gathering data from sources such as government publications, libraries, internet, magazines, chambers of commerce, etc. The data required may be in the form of demographic or statistical data, set of articles or some studies. Firms can analyze their target markets, evaluate competitors, assess social, political and economic factors. Data for secondary research can be obtained from a variety of sources such as:

Chambers of Commerce: Each local area comprises a chamber of commerce, which possesses information about the local businesses and local community.Business Information Centers: Small business firms can use such centers, as they provide a large collection of books, videos, publications and other important resource materials.Trade Associations: Trade associations provide information on industry leaders, the standards they observe, latest trends, competitors, etc.Marketing Departments of Local Colleges: Firms can access special research projects prepared by students.

Wholesalers and Manufacturers: Firms can obtain information from wholesalers and manufacturers, regarding customer's likes and dislikes, complaints, costs, industry standards, etc.

Magazines and Newspapers: Industry journals and newspapers are a great source of crucial information. News events, latest news on politics, economic indicators, etc. are helpful for firms in understanding the market and its trends.Competitors: Conducting research on the products or services, prices, brochures, marketing techniques, etc. helps firms understand how to augment their business.Besides the above mentioned resources, firms can obtain data from libraries, various books and publications, banks, insurance companies, real estate companies, etc. As compared to primary research, secondary research is easier. It is less time-consuming and not as expensive. However, the drawback of secondary research is that the data may not be updated and may not be customized to suit the need of the research. Since it involves the analysis of data collected by somebody else for a different purpose, the analysis may not be accurate. For example, a firm manufacturing leather bags can find out how many people buy their bags, using secondary research. However, they can't determine the amount people are willing to pay for their particular leather bag design.

For firms planning to introduce a new product or service, conducting market research helps understand the customers attitude and preferences. It also minimizes the risk of incurring losses in the business. A market research conducted by either primary or secondary method is vital to any business and its objectives.Role of marketing research (MR)The task of marketing research (MR) is to provide management with relevant, accurate, reliable, valid, and current information. Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information. Sound decisions are not based on gut feeling, intuition, or even pure judgment.Marketingmanagersmake numerous strategic and tactical decisions in the process of identifying and satisfying customer needs. They make decisions about potential opportunities, target market selection, market segmentation, planning and implementing marketing programs, marketing performance, and control. These decisions are complicated by interactions between the controllable marketing variables of product, pricing, promotion, and distribution. Further complications are added by uncontrollable environmental factors such as general economic conditions, technology, public policies and laws, political environment, competition, and social and cultural changes. Another factor in this mix is the complexity ofconsumers. Marketing research helps the marketing manager link the marketing variables with the environment and the consumers. It helps remove some of the uncertainty by providing relevant information about the marketing variables, environment, and consumers. In the absence of relevant information, consumers' response to marketing programs cannot be predicted reliably or accurately. Ongoingmarketingresearch programs provide information on controllable and non-controllable factors and consumers; this information enhances the effectiveness of decisions made by marketing managers.Traditionally, marketing researchers were responsible for providing the relevantinformationand marketing decisions were made by the managers. However, the roles are changing and marketing researchers are becoming more involved in decision making, whereas marketing managers are becoming more involved with research. The role of marketing research in managerial decision making is explained further using the framework of the "DECIDE" model:The DECIDE model conceptualizes managerial decision making as a series of six steps. The decision process begins by preciselydefiningthe problem or opportunity, along with the objectives and constraints. Next, the possible decision factors that make up the alternative courses of action (controllable factors) and uncertainties (uncontrollable factors) areenumerated. Then, relevant information on the alternatives and possible outcomes iscollected. The next step is toidentifyand select the best alternative based on chosen criteria or measures of success. Then a detailed plan todevelopand implement the alternative selected is developed and put into effect. Last, the outcome of the decision and the decision process itself areevaluated.Marketing research characteristicsMarketingresearch is systematic. Thus systematic planning is required at all the stages of the marketing research process. The procedures followed at each stage are methodologically sound, well documented, and, as much as possible, planned in advance. Marketing research uses the scientific method in that data are collected and analyzed to test prior notions or hypotheses. Experts in marketing research have shown that studies featuring multiple and often competing hypotheses yield more meaningful results than those featuring only one dominant hypothesis. Marketing research isobjective. It attempts to provide accurate information that reflects a true state of affairs. It should be conducted impartially. While research is always influenced by the researcher's research philosophy, it should be free from the personal or political biases of the researcher or themanagement. Research which is motivated by personal or political gain involves a breach of professional standards. Such research is deliberately biased so as to result in predetermined findings. The objective nature of marketing research underscores the importance of ethical considerations. Also, researchers should always be objective with regard to the selection of information to be featured in reference texts because such literature should offer a comprehensive view on marketing. Research has shown, however, that many marketing textbooks do not feature important principles in marketing research.

Marketing research is often partitioned into two sets of categorical pairs, either by target market: Consumer marketing research, and Business-to-business (B2B) marketing researchOr, alternatively, by methodological approach: Qualitative marketing research, and Quantitative marketing researchConsumer Market Research Find out what audience feels, behaves and expects with consumer market research surveys. By ascertaining this type of important information, a company can improve employee performance and profitability.Consumer market researchsurveys can help to discover: Customers perceptions of to the brand, product and service The probability of current customers becoming repeat purchasers What customers think of competition Customers future needs and wantsConsumer market research surveys give the data need to enhance relationships with current customers, increase retention and cultivate sales. Once analyzing the opinions of customers we can funnel the data into winning marketing and customer service strategies. source: http://www.qualtrics.com/blog/market-research-v-marketing-research/Business-to-business (B2B) marketing researchBusiness to business (B2B) research is inevitably more complicated than consumer research. The researchers need to know what type of multi-faceted approach will answer the objectives, since seldom is it possible to find the answers using just one method. Finding the right respondents is crucial in B2B research since they are often busy, and may not want to participate. Encouraging them to open up is yet another skill required of the B2B researcher. Last, but not least, most business research leads to strategic decisions and this means that the business researcher must have expertise in developing strategies that are strongly rooted in the research findings and acceptable to the client.There are four key factors that make B2B market research special and different to consumer markets: The decision making unit is far more complex in B2B markets than in consumer markets B2B products and their applications are more complex than consumer products B2B marketers address a much smaller number of customers who are very much larger in their consumption of products than is the case in consumer markets Personal relationships are of critical importance in B2B markets.

source: http://www.small-business-world.com/market-research/Marketing research in small businesses and nonprofit organizationsMarketing research does not only occur in huge corporations with many employees and a large budget. Marketing information can be derived by observing the environment of their location and the competitions location. Small scale surveys and focus groups are low cost ways to gather information from potential and existing customers. Most secondary data (statistics, demographics, etc.) is available to the public in libraries or on the internet and can be easily accessed by a small business owner.Below are some steps that could be done by SME (Small Medium Enterprise) to analyze the market: Provide secondary and or primary data (if necessary); Analyze Macro & Micro Economic data (e.g. Supply & Demand, GDP, Price change, Economic growth, Sales by sector/industries, interest rate, number of investment/ divestment, I/O, CPI, Social analysis, etc.); Implement the marketing mix concept, which is consist of: Place, Price, Product, Promotion, People, Process, Physical Evidence and also Political & social situation to analyze global market situation); Analyze market trends, growth, market size, market share, market competition (e.g. SWOT analysis, B/C Analysis, channel mapping identities of key channels, drivers of customers loyalty and satisfaction, brand perception, satisfaction levels, current competitor-channel relationship analysis, etc.),etc.; Determine market segment, market target, market forecast and market position; Formulating market strategy & also investigating the possibility of partnership/ collaboration (e.g. Profiling & SWOT analysis of potential partners, evaluating business partnership.) Combine those analysis with the SME's business plan/ business model analysis (e.g. Business description, Business process, Business strategy, Revenue model, Business expansion, Return of Investment, Financial analysis (Company History, Financial assumption, Cost/Benefit Analysis, Projected profit & Loss, Cash flow, Balance sheet & business Ratio, etc.).Note as important: Overall analysis should be based on 6W+1H (What, When, Where, Which, Who, Why and How) question.

International Marketing Research planInternational Marketing Research follows the same path as domestic research, but there are a few more problems that may arise. Customers in international markets may have very different customs, cultures, and expectations from the same company. In this case, Marketing Research relies more on primary data rather than secondary information. Gathering the primary data can be hindered by language, literacy and access to technology.

Types of Market ResearchMarketing research techniques come in many forms, including: Ad Tracking periodic or continuous in-market research to monitor abrandsperformance using measures such as brand awareness, brand preference, and product usage. (Young, 2005) Advertising Research used to predictcopy testingortrackthe efficacy of advertisements for any medium, measured by the ads ability to get attention (measured withAttention Tracking), communicate the message, build the brands image, and motivate the consumer to purchase the product or service. (Young, 2005) Brand EquityResearch - how favorably do consumers view the brand? Brand Association Research - what do consumers associate with the brand? Brand Attribute Research - what are the key traits that describe the brand promise? Brand Name Testing- what do consumers feel about the names of the products? Commercial Eye TrackingResearch - examine advertisements, package designs, websites, etc. by analyzing visual behavior of the consumer Concept Testing- to test the acceptance of a concept by target consumers Cool Hunting- to make observations and predictions in changes of new or existing cultural trends in areas such as fashion, music, films, television, youth culture and lifestyle Buyer Decision ProcessesResearch - to determine what motivates people to buy and what decision-making process they use Copy Testing predicts in-market performance of an ad before it airs by analyzing audience levels ofattention,brand linkage,motivation, entertainment, and communication, as well as breaking down the adsflow of attentionandflow of emotion. (Young, p 213) Customer Satisfaction Research- quantitative or qualitative studies that yields an understanding of a customer's satisfaction with a transaction DemandEstimation - to determine the approximate level of demand for the product Distribution ChannelAudits - to assess distributors and retailers attitudes toward a product,brand, or company Internet Strategic Intelligence - searching for customer opinions in the Internet: chats, forums, web pages, blogs... where people express freely about their experiences with products, becoming strong opinion formers. Marketing Effectivenessand Analytics - Building models and measuring results to determine the effectiveness of individual marketing activities. Mystery ConsumerorMystery Shopping- An employee or representative of the market research firm anonymously contacts a salesperson and indicates he or she is shopping for a product. The shopper then records the entire experience. This method is often used for quality control or for researching competitors' products. PositioningResearch - how does thetarget marketsee thebrandrelative to competitors? - what does the brand stand for? Price ElasticityTesting - to determine how sensitive customers are to price changes Sales Forecasting - to determine the expected level of sales given the level of demand. With respect to other factors like Advertising expenditure, sales promotion etc. Segmentation Research- to determine thedemographic,psychographic, and behavioural characteristics of potential buyers Online Panel- a group of individual who accepted to respond to marketing research online Store Audit - to measure the sales of a product or product line at a statistically selected store sample in order to determinemarket share, or to determine whether a retail store provides adequate service Test Marketing- a small-scale product launch used to determine the likely acceptance of the product when it is introduced into a wider market Viral Marketing Research- refers to marketing research designed to estimate the probability that specific communications will be transmitted throughout an individual'sSocial Network. Estimates ofSocial Networking Potential(SNP) are combined with estimates of selling effectiveness to estimate ROI on specific combinations of messages and media.Marketing research methodsMethodologically, marketing research uses the following types of research designs:Based on Questioning Qualitative marketing research- generally used for exploratory purposes - small number of respondents - not generalizable to the whole population - statistical significance and confidence not calculated - examples includefocus groups,in-depth interviews, andprojective techniques Quantitative marketing research- generally used to draw conclusions - tests a specifichypothesis- uses randomsamplingtechniques so as to infer from the sample to the population - involves a large number of respondents - examples includesurveysandquestionnaires. Techniques includechoice modeling,maximum difference preference scaling, andcovariance analysis.Based on observations Ethnographicstudies - by nature qualitative, 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 and computer cookie traces. See alsoEthnographyandObservational techniques. Experimental techniques- by nature quantitative, 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 marketsResearchers often use more than one research design. They may start with secondary research to get background information, then conduct a focus group (qualitative research design) to explore the issues. Finally they might do a full nation-wide survey (quantitative research design) in order to devise specific recommendations for the client.

Applications of Market Research Advertising Research Product Research Pricing Research Concept Testing Promise Testing Positioning Research Marketing Due Diligence Customer Satisfaction Branding Research Customer Satisfaction Brand Equity Research Market Segmentation CRM Database Analysis Ad Copy Testing Market Opportunity Scan Market Sizing Competitive AnalysisAdvertising ResearchAdvertising research design is determined by specific advertising goals and the stage of ad development, or campaign. We use a broad range of advertising research techniques including ad recall surveys, message and theme salience and impact measures, buying motivation and association with the ad message or positioning theme.Product ResearchProduct market research serves several goals: new product design and market validation research, or assessing existing product strength and line extension potential. We follow the product development cycle integrating research with creative positioning and technical product design efforts.

New Product Development StagesFor new product development market research, the question becomes one of matching the stage of new product development with the right creative or product market research method. We use theMarketing Intelligence Platformto guide the use of the three forms of Intelligence --Ideas, Data, & Drivers -- to the product development process. We provide consulting and specific new product research market research capabilities at each new product development stage.Product development market research methods and tools used may vary according to the product type, the extent of incremental change from other products, the investment and risk factors, and the costs of seeding the new product in the marketplace.

Pricing ResearchWe provide pricing strategy consulting backed by strong pricing research capabilities. Our perspective is broad when dealing with pricing research and pricing strategy decisions, and focus on finding for your business optimum price-product-feature configurations in the context of market positioning opportunities. We employ both qualitative and quantitative pricing research tools.Concept TestingConcept testing research evaluates advertising concepts, ad theme concepts and appeals, new product concepts, pricing, brand concepts, brand names, and positioning strategy concepts. We select techniques -- qualitative and quantitative -- to both develop concepts, refine, and screen to assess market potential.Staged Concept TestingStaged or sequenced concept testing acknowledges the importance of the creative, research, and concept refinement process involved in concept development. We believe our concept testing research philosophy is what differentiates us from many other market research firms. These principles guide our concept development and testing study designs: Concept testing is both a research, and a creative concept development activity. Testing outcomes spawn creativity so we build it in to the process. In the beginning, we focus on concept development rather than screening, which comes later. Concept development requires an exploratory market research mode and mindset, starting first using exploratory qualitative research methods such asdepth interviewsamong target audience members. We address bothtangible attribute clusters, andemotional appealswhen creating concepts and building concept statements. We move from qualitative depth interviews, to larger sample time-extended depth interviews, often employingonline depth interviewswhich allow for repeated respondent interaction and concept incubation. Using a hybrid research design, we blend the qualitative research mode with quantitative concept ranking, this to refine concept development and assessment of appeal. Thus, our approach to screening concepts favors smaller sample multiple waves rather than one large sample wave. Finally, we acknowledge that a full understanding of concept appeal must be assessed in a mode with maximum realism. Here's a case when we believe thatonline market surveyshave a strong advantage as they allow use of a variety of exhibits for the testing of advertising concepts, product concepts, brand concepts, and strategic positioning concepts.

Positioning ResearchWe offer experienced market positioning and creative branding research capabilities to define and go-to-market with a high-impact positioning strategy. First, it requires understanding the market positioning concept, your current and potential markets, and the process needed to generate brand name impact.

Brand positioning research approach and goals refine highly differentiating advertising themes, appeals and messaging... employ the most appropriate market segmentation approach throughmarket segmentation research... understand customer needs to discover high-impact brand positioning opportunities through stagedqualitative, behavior research,market research ethnography, and quantitative research.... useCreative Branding Research-- driven by positioning research results -- to identify high-potential brand power, and creatively deliver a brand promise.Positioning Base ResearchPrior to conducting primary positioning research, we first take time to gauge your brand landscape. For client companies, we evaluate positioning assumptions and prior market structure studies, market segmentation information, branding research, client and competitive advertising, and competitive brand name architecture. We build hypotheses regarding the strength of comparative brands, their brand equity, acceleration of brand power, and how the market decision-makers -- consumers and B2B decision-makers and firms-- view the marketplace.As a part of the Positioning Base Research, we conduct far reaching interviews with client management, field sales, product development and customer service staff. We talk to sales people in the channel about their own brand preferences and their perception of customers. We cap off Positioning Base Research with qualitative market research where we reach a small sample of client customers and those competitor-loyal customers. The purpose here is to refine hypotheses about how customers see and define the marketplace.Positioning Qualitative ResearchWe employ a unique qualitative methods. Our typical starting point is a small sample round of depth interviews. In the beginning stages of a positioning study, this is an optimum method of qualitative market research. Here, we usea non-directive design and style, combined with projective interviewing techniquesto uncover buyer perceptions of the brand choices, and their differentiation qualities. We do not bombard respondents with a laundry list of questions, but rather, let them talk freely in a wide ranging manner about their buying and use experience, and market perceptions. The focus here is to uncover the language about the choice dimensions on which buying decisions are made. Positioning relies upon a solid segmentation and market definitionanalysis. We may continue the qualitative exploration with a larger sample using anonline qualitative time-extended methodwhich combines both qualitative and quantitative assessments.If certain conditions exist, we may addfocus group discussionsto the qualitative market research work.Positioning Quantitative Market SurveyBrand Screening Survey: Test hypotheses developed from thePositioning Qualitative Research. These pertain to segmentation, strength of segment dimensions, and category perceptions and buyer attitudes. Screen positioning concepts using concept statements and appeal ratings to assess qualities of positioning distance, or differentiation power. (See...Concept Testing)See our Strategy Newsletter article discussion aboutfinding and owning a market spaceas the basis of successful brand positioning. The issue is "How do we find and own a market space and build or rebuild a brand?"Positioning Research Methods DiscussionQualitative Research: Online Depth InterviewsOnce hypotheses about brand positioning and market opportunities are articulated from our initial limited round in ourPositioning Base Research, and initial depth interviews, we may expand the qualitative exploration to a broader set of Time-Extended Online Depth Interviews. This method engages each participating respondent over a period of one week or more thinking about and reporting their perceptions in a running dialog. We have successfully used this innovative tool and process with many high profile clients. While primarily qualitative, our online implementation has some important quantitative features for segmentation and attitude measurement.

The Value of the Qualitative StepWe believe sound qualitative research is a vital component in decision-oriented marketing research. It is especially useful in developing hypotheses about consumer motivations. These help us understand from the consumer's perspective and in the consumer's own language. Qualitative research, which is characterized by free-ranging, open-ended interviews among a limited number of respondents, is primarily an exploratory motivational technique. We use it here to identify important marketing variables and to suggest the relationships among those variables, to focus the creative process and lay the design groundwork for the later quantitative screening research stage.The main point here is the value of getting in-depth insight into the buyer belief and attitude structure, and use this insight for business strategy development. For example, when scanning for strategicopportunitiesthey can uncover important consumer and business buyer attitudes, beliefs, and behaviors that may precede an emerging trend.Non-directive techniquesand projective research techniques are especially useful in defining buyer motivations .What about focus groups?Customer discussion groups -- another term for "marketing research focus groups" -- can be useful in the early stages of positioning strategy decision-making. For brand positioning research, we tend to prefer in-person or online time-extended depth interviews, our preferred methods of getting inside the buyer's mind which may offer equally rich, or better, marketing information at an overall lower cost.We will recommend focus groups when the following conditions are important Idea generationamong prospects and customers When observinggroup interactioncan provide insight about potential opinion leadership and word-of-mouth activity... Little is known, or knowledge is stale, about the product or brand category, and hearing thecategory languageandbuyerbehavior rangereported first hand is desired... Observing emotionsas brand, products, or ads are revealedWhile group discussions are very popular among qualitative techniques, there are many important "do's and don'ts". It is critical that the researcher knows how, when and where they can be used, and where they should be avoided. The January 2001 issue of theStrategyNewsletterupdates the basics and some new issues brought on by the advent of online focus groups, and other tech offshoots.Content analysis to understand the brand languageAside from market research focus group discussions and depth interviews, we might use other methods to understand customer brand perceptions and screen your branding options. Content analysis is a process of examining customer diary entries, articles by observers of behavior, advertising, and other language used by advertisers, customers and suppliers in the product category.Content analysis can be applied to marketing research data collected from a range of sources, open-ended responses to online surveys, phone surveys, self-administered questionnaires, time-extended qualitative depth interviews, standard depth interviews, competitive promotional literature, brand advertising. In content analysis we examine word use, style, meaning, etymology, and core attitudes reflected.Ethnography to'watch' what people doOur positioning exploration research may involve special observational qualitative methods such as ethnographic studies. Photoethnography, uses various methods, such as self-directed-video to watch what people do in and around the product category. We make inferences from this data as to relevant positioning dimensions at play. We watch as customers and prospects engage in store shopping, using products in their home, and their interactions with other people when the product category or brand is involved. A pet food company may employ a video ethnography study and ask pet owners to video tape their pet.Marketing Due DiligenceAssessing Market Position for Private Equity and Venture Capital Firms with Expert Fast-paced Marketing ResearchIn technology and innovative early stage companies marketing, the value proposition can be a moving target, both for companies, component suppliers, and their new products. Market segmentation tools can meaningfully identify the need structure of differing market sectors. Technology market research often requires the researcher to be both knowledgeable in the language and concepts of technical issues, while bring a fresh approach to technology marketing issues. Depending on the marketing decisions and issues, we often design technology market research studies using hybrid designs, incorporating market survey method of both qualitative and quantitative genres. When assessing new products opportunities, primary and secondary research can be driven by what we call 'next bench' innovation -- the concepts and market knowledge of technology workers on the firing line. Competitive intelligence techniques may also be required.Customer Satisfaction ResearchThe buzz and interest around customer satisfaction research sometimes deflates if the research design does not lead to actionable results. Also, customer expectations generally rise overtime as advances in technology in many categories boost the consumer consciousness of what to expect. We build into our customer satisfaction study design "action indicators" to point to immediate use of customer satisfaction results.Customer Satisfaction Development ComponentsCustomer Satisfaction Decision DriversQualitative research uncovers the broad picture of how customers make purchase and repeat purchase decisions. We explore the product and company attributes, and we go the next step, to understand purchase and brand loyalty factors beyond attributes which affect customer satisfaction and customer loyalty. These may be the brand-product use application, emotional drivers, or external forces.

AttributeBefore proceeding to quantitative customer satisfaction research, we identify and create core attribute factors which, based on preliminary findings, account for most of the differences in customer satisfaction levels.Opportunity ScanningOpportunity scanning asks the question, "What else?" "What are your core needs and what would be the ideal solution to those needs?" Here our qualitative research exploration uncovers possible emerging needs, and changing competitive factors. See how we think about the decision process and where opportunity scanning fits in the process as an important first step.Customer Satisfaction Measurement -- Static MeasuresStatic customer satisfaction measurements are standard core quantitative survey measurements. They are termed "static" because they are used as constant comparative measures and are of our standard CSM research measurements. Brand-Company Attribute Ratings Specific product, brand or company attributes. Attribute Importance Reported or stated importance levels. Brand-Company Overall Ratings These are the global or "dependent" measures which are later correlated to attribute ratings and importance ratings. Brand-Company Loyalty Here we measure the stability of repeat purchase of the client product brand or company brand. Global Shift ExpectationsOver time, customer expectations change as competitors and technology enhance customer service and product quality. Performance which once would "exceed expectations" is today the norm. Here we assess how expectations are evolving.Customer Satisfaction Measurement -- Dynamic MeasuresThe dynamic measures focus on competitive positioning and the pathway for making specific changes to product or customer service to improve customer satisfaction.Competitive AdvantageEmerging NeedsHere, we look at today's and tomorrow's customer needs, forecasting where possible how needs will evolve over time. We employ, where appropriate, concept testing to posit future ways the client company, products, or brands may respond to these changing customer need environments. A customer satisfaction measurement study that accounts for market dynamics by anticipating emerging customer needs becomes actionable so that our clients "see the future" a bit more clearly from the customers' perspective.CSM Action ResultsCustomer Satisfaction Competitive ProfileThis is today's snapshot of relative customer satisfaction in the current market environment, with current technology and innovation, and the current competitive set. It answers the question, "Where exactly do we stand today?"Customer Loyalty GrowthThis is the endpoint, the dependent result we seek to continually enhance. While we measure customer loyalty growth over time in our customer satisfaction tracking studies, we view it more importantly as the target to affect in the future.Customer satisfaction research data -- collected by phone survey or online survey -- are a core component for a marketing research information system. We research customer views about satisfaction using an innovative approach that uncovers customer loyalty, brand loyalty, and importance of your brand and the full market category.Power Decisions Group' customer satisfaction research measurements track customer loyalty, and loyalty strength and vulnerability. We discover and compare what customers think about you, competitor brands, your product configurations and product by model and style, and cross-category substitute brands. Customer satisfaction market research is a vitaldata componentof anIntelligence Platformand marketing information system for marketing strategy decision-making.Customer satisfaction researchmeasurement (CSM) studies typically involvequantitative market surveys, such as online surveys, phone survey, or other quantitative survey methods, to rate a supplier or product on key product attributes and brand equity image dimensions. Phone surveys, mail surveys, or online surveys are a few market research methods used to collect uniform ratings data. Customer satisfaction data, when consistently repeated over time, can provide trend information and signal problem areas. This is highly useful to guide the new products development process as well as your advertising, and branding strategy programs. While these hard numbers and trends are useful, it is often the qualitative portion -- the open-ended probing questions -- that can provide the most insight for strategy building. Verbal comments, suggestions, and complaint may point to changing needs which in turn may be kernels of new opportunities for strengthening competitive product and positioning advantage.Branding ResearchBranding decisions drive branding marketing research strategy. Corporate, product and advertising brand development is amix of creativity and marketing informationto uncover brand positioning opportunities in cluttered market spaces.Brand Base ResearchHere we gauge the landscape evaluating existing available branding research, client and competitive advertising, and brand name architecture. We seek to uncover existing comparative brand equity marketing information and knowledge. As a part of this brand equity discovery process, we conduct far reaching interviews with client management, field sales, product development and customer service staff. We talk to sales people in the channel about their own brand preferences and their perception of customers. We cap off Brand Base Research with an initial round of qualitative depth interview, focus groups, orqualitative online forums. This qualitative research has a branding and brand name equity focus. We typically include a small sample of client product customers and those loyal to competitor brands.Brand Qualitative ResearchWe employ a unique qualitative methods. Our typical starting point is a small sample round of depth interviews. In the beginning stages of brand development, this method can be far more useful than focus groups which may come later. Here, we usea non-directive design and style, combined with projective interviewing techniquesto uncover buyer motivations and brand perceptions. We do not bombard respondents with a laundry list of questions, but rather, let them talk freely in a wide ranging manner about their brand experience with client brands and competitive brands. We may continue the qualitative exploration with a larger sample using anonline qualitative time-extended methodwhich combines both qualitative and quantitative assessments.If certain conditions exist, we may addfocus group discussionsto the qualitative market research work.Brand Screening SurveyAfter Brand Generation Round 2, we typically implement a Brand Screening Survey: Test hypotheses developed from theBranding Qualitative Research. These pertain to segmentation, strength of brand and category perceptions, buyer attitudes and beliefs, and product behavior patterns. Screen positioning concepts using concept statements and appeal ratings Screen brand name and communications themes Evaluate linguistic considerationsCreative Development -- Brand GenerationWe interact with your creative team in the development of concepts and ideas aided by findings of the Creative Branding Research components. We may act as a team participant or contract with you for full management of the creative development process.Refining Options - Making DecisionThe narrowed choices are refined and selection made. This process may interact with an additional wave of screening research.Go-To-Market PlanIf our assignment includes assisting with the Market Plan, we act as facilitators and managers in the execution stage in the introductory phase. If the plan includes a live market test, a new advertising campaign, or repositioning, we may design branding, advertising, sales, and product success metrics and methods as a part of your marketing information system.Mixing creativity and market researchJust great chefs, or potters at the wheel both evaluate and create at the same time, a successful brand development and branding research process requires the same blended intuitive and analytical mindset. Success comes with creative branding ideas and astute market understanding. Often, branding research can present a dilemma for marketing decision-makers and a tug-of-war among the pros they rely upon. Creative and advertising people -- whether inside or agencies -- who conceive exciting concepts may voice that brand ideas come from creative insight and genius, not research. Research and analytical types might espouse a "customer-driven" approach to branding and brand opportunity discovery. Our view is to design a process that draws on both: creative power, and marketing information. Further, we view branding research as useful primarily to feed, rather than judge, the process. This is especially true with brand concept creation and brand naming assignments.Our tact is a process we call "creative branding research." Powerful positioning and the branding to execute the positioning strategy, first, requires understanding the marketplace. The Strategy Newsletter talks about the notion offinding and owning a market spaceas the basis of successful brand positioning. The issue is "How do we find and own a market space and build or rebuild a brand?"Brand Equity ResearchBrand equity research measures the breadth and depth of brand power in your target markets. We use both standard and custom tailored brand equity survey measurements. A key to research design is the goal of a brand equity measurement study.

Brand Base ResearchHere we gauge the brand equity landscape evaluating existing available research. Our review includes existing brand architecture of both client and competitive brands. We conduct far reaching interviews with client management, field sales, product development and customer service staff. We talk to sales people in the channel about their own preferences and their perception of customers. We cap Brand Base Research with an initial round of qualitative depth interviews among a small sample of client product customers and those loyal to competitor brands. Brand Qualitative ResearchWe employ a unique qualitative methods in brand equity research studies involving the exploration of branding options. Our typical starting point is a small sample round of depth interviews. In the beginning stages of brand equity development, this method can be far more useful than focus groups which may come later. Here, we usea non-directive design and style, combined with projective interviewing techniquesto uncover buyer motivations and brand perceptions. We do not bombard respondents with a laundry list of questions, but rather, let them talk freely in a wide ranging manner about their brand experience with client brands and competitive brands. We may continue the qualitative exploration with a larger sample using anonline qualitative time-extended methodwhich combines both qualitative and quantitative assessments.If certain conditions exist, we may addfocus group discussionsto the qualitative market research work.

Brand Quantitative ResearchHere we precisely measure with custom and tracking studies the components of brand equity: Brand Awareness Brand Image Associations Differentiating Strength (Perceived Difference) between competing brands Brand loyalty and switching likelihood Confidence Brand name latitude -- the extendibility of the brand in current and proposed product categories.Market SegmentationMarket segmentation research maintains focus and delivers needed marketing information in today's moving economy where new markets and new product categories emerge and traditional market segments fade away. Market segmentation research is a way to keep 'your eye on the ball.' Often we start the market segmentation process withqualitative researchto the range and breadth of customers. Then we follow with quantitative research using appropriate multivariate analysis (cluster, k-means factor, etc) to define meaningful segments.Market Segmentation Goals Estimate the market segment dimension salience or impact.Market segmentation dimensions may be demographic, behavioral, attitudinal, or a combination of these which may form psychographic segments. Estimate the market segment dimension salience or impact.Factors here may include buying frequency, strenth of product category importance, perceived value of product use system, and consumer or business customer attitudes. Measure product appeal and purchase intent.Purchase appeal and intent of brands and products, each with a unique brand image and positioning, further attunes our quest for market segment definition. We do this on real or proposed brands and products positioning and price-perfomance offers. The response patterns together with segment dimension data are assessed using advanced analytics. This aids us as we uncover high potential segments, their differentiated customer appeal, and further refines our brand segmentation approach and conclusions.Sales AnalysisData mining -- finding gems of insight from sophisticated or basic analysis of your internal customer and sales and margin trend data -- is a key first step in product and brand analysis. Simply put, a marketing analysis data mining effort searches for meaning and insight among the stacks of sales data and marketing data already within a sales and marketing organization. Through these tools we can better target your best customers, find which advertising and promotion methods are most efficient and effective.