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The Market Research Process

1. Establish need for information 2. Establish information needs

Recap MARK 2052

3. Determine research design/data sources 4. Develop data collection procedures

5. Sample design 6. Survey design

Decision

7. Collect data 8. Process data 9. Analyze data 10. Write report/present findings 11. Action

R a h u l R a h u l d vi n d Go vi n Go
Australian School of Business South Wales The University of New

R a h u l R a h u l d vi n d Go vi n Go
Aus tralian Sc hool ersBus ines s South Wales The Univ of ity of New

Step 1: Establish Need for information
(Why) Do we need to conduct Marketing research?
1) Check out what the market is like! (SWOT analysis-Proactive Research) Explore a new opportunity Check for any threats in the market Identify our strengths Identify or weaknesses

S tep 1 con td. : Establish Need for in form ation
3) I see changes? Why do I see changes? (Reactionary Research) My product used to sell very well… but its sales are now declining!

4) Have things changed from the past? (Tracking Study)
I had a 30% Market Share last year. What is it now?

2) Check out if a strategy makes sense! (Dry run)
Introducing a new product… will it make money?

5) The law wants me to! (Mandatory Studies) – Location based Insurance and Medicine need to check for consumer satisfaction

R a h u l R a h u l d vi n d Go vi n Go
Australian School of Business South Wales The University of New

R a h u l R a h u l d vi n d Go vi n Go
Aus tralian Sc hool ersBus ines s South Wales The Univ of ity of New

Step 2: Establish Information Needs
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S tep 3: Determ in e Design an d Data S ources
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What are the questions that we need to ask (the consumers)? Will they give us answers to what we want to know in step 1? Show me the numbers!!! Don’t use toooo much intuition!! } }

Can I get by using less money and time?
} Use Secondary Data!
} }

General Motors had a similar problem and they conducted a survey. Since GM and FMC are perceived similarly, that data might be used

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Can we just get by observing what is going on around us?
} Observational Research
} }

What percentage of the time do you think you smell bad amongst friends/co-workers? What percentage of the time do you think your friends/coworkers smell bad? } }

Ask people who come to the showroom and not buy the product Observe what people who buy a competing brand (Honda) focus on when they buy the product.

}

Ok, we do need to spend Time AND Money!
} Survey Research
} } }

You think < 10% Everybody else thinks – 35%

Ask Subjects questions that will help us in answering our questions “Are you satisfied with the reliability of Ford Cars?” “Are you satisfied with the looks of Ford Cards?”

R a h u l R a h u l d vi n d Go vi n Go
Australian School of Business South Wales The University of New

R a h u l R a h u l d vi n d Go vi n Go
Aus tralian Sc hool ersBus ines s South Wales The Univ of ity of New

1

Secondary and Primary Data

S tep 4: Dev elop data collection procedure
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What types of data do we need?
} Attitudes: how do people think/feel about our products?
}

What is the first thing that comes to mind when you think of FMC?

} Behaviors: how do people behave in the market?
}

Which was your last vehicle purchase?

} Demographics: company, people, industry
} }

Where do you live? How many children under 12 do you have in your family?

}

How should we collect the data? Get the right guys to do it
} Phone/Personal/Mail/E-mail (Surveys) } Secondary research } Observation

R a h u l R a h u l d vi n d Go vi n Go
Australian School of Business South Wales The University of New

R a h u l R a h u l d vi n d Go vi n Go
Aus tralian Sc hool ersBus ines s South Wales The Univ of ity of New

Step 5: Sample Design
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Step 6: Survey Design
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Who should be interviewed? (Population and Sample)
} }

Want to sell to the entire US....
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