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Market research
process: Need for market research, define the problem, establish research
question, determine research design, identify information types and sources,
determine the methods of acessing data, design data collection forms, determine
sample plan and size, collect data, analyze data, prepare and present the final
research report
Market research, which includes 1. social and 2. opinion research, is the systematic gathering and interpretation of information about individuals or organizations using the statistical and analytical methods and techniques of the applied sciences to gain insight or support decision making.
Market research is the process of designing, gathering, analysing and reporting information that may be used to solve a specific marketing problem.
The American Marketing Association: Marketing research is the function that links the consumer, customer and public to the market through information
Balance: Lower business risk=higher costs, objectivity=subjectivity, science=practice, resources(time,money)=information, investment=expenditure
Information characteristics: accurate and timely, specific and organized for a purpose, presented within a context that gives it meaning and relevance.
Market research for situation that: search for meaning among big data, informations needed to take decisions, rational way of reasoning, decision to lower the risk, assesment, evaluation, grading, direction, trend.
ICC – International Chamber of Commerce, ESOMAR – svjetska organizacija profesionalaca u obradi podataka, istraživanjima tržišta i ispitivanjima javnog mijenja)
ICC/Esomar International Code sets out global standards for self-regulation for researchers and data analysis and is undersigned by all Esomar members
Negotiations for market research project: Research brief – what do I actually want, Talk, Research proposal, Decision (client), Contract, Market research starts.. Problem, Objectives, Information, Technical, Costs, Communication, Contract signed (my word)
Marketing research usage: Developing a company marketing strategy, refining market propositions, research for innovation: defining market propositions, launch and monitoring of in-market performance
Market research usage: Media research, Institutional and social research, Opinion pooling, Employee research, Mystery shopping, Customer satisfaction, market description, market profiling-segmentation, Stage in the purchase proces, Customer trust, loyalty retention analysis, new product concept analysis, habits and uses, product fullfilment, competitive product and market positioning, brand equity, advertising value identification, advertising media and message effectiveness, sales force effectivness, sales lead generation, customer service
Steps in the marketing research process: 1. Define the research problem (objective, customer population), 2. Determine the research design (secondary/primary data), 3. Choose the method for collecting primary data (telephone, face-to-face, online), 4. Design the sample (probability/non-probability sampling), 5. Collect the data (translate, combine data), 6. Analyse and interpret data (tabulate/cross-tabulate data and interpret it graphically), 7. Prepare the research report (executive summary, description of research methods, discussion of results of the study, conclusion)
Types of research design/question is: 1. Explanatory (Define problems, systematic and flexible, results: define, explain general problem, end by defining hypothesis, 2. Descriptive – describe, measure, identify, (Who, where, how, why, when), Snapshot or panel (same people, same question during some period of time),3. Casual (if-then, predictions/expriments)
Secondary research: Internal sources (Company reports, Previous company research, Salesperson feedback, Customer feedback), External sources (Published research, Trade organizations, Syndicated research, Government sources)
Primary reseach: Exploratory Research (Customer interviews, Focus groups, Projective tehniques, Case studies Ethnographies), Descriptive Research (Cross-sectional, Longitudinal), Casual Research (Labaratory research, Field studies)
Qualitative methods: Interviews, Focus groups, Observations, Projective tehniques, Experiment
Quantitative methods: Research question, Hypothesis, Blocks of questions, Questions
Ways of conducting quantitative questionnaire: Self-respondent, Face-to-face
Channels: Personal, telephone, mail, e-mail, paper, mobile, online platforms, social platforms
Segmentation: By Philip Kotler – Market segmentation is the sub-dividing of market into homogeneous sub-sections of customers, where any sub-section may conceivably be selected as a market target to be reached with a distinct marketing mix. Stanton – Market segmentation consists of taking the heterogeneous market for a product and dividing it into several sub-markets or segments, each of which tends it to be homogeneous in all significant aspects.
Differences – Market segmentation (Behavioral, Demographic, Psyhographic, Geographical)
Criteria for effective segmentation:
Substantial – viable market segment is homogenous group with clearly defined characteristics (age, socio-economic, brand perception). Longevity – not focusing on unstable customer that will disperse or change fro year or two.Accessible – When demarcating a market segment, it is important to consider how the group might be accessed and, crucially, whether this falls within the strengths. Differentiable – all customers within this segment should be internally homogeneous (similar preferences and characteristics) but externally heterogenous. Actionable – the market segment must have practical value – it’s characteristics must providing supporting data for a marketing position or sales approach, ideally in relation to the existing measurements of the market segment as defined by initial market research
Structure of the market: Absolute non users market (not use), Relative non users market (maybe), Market of competitors consumer (buy at competitor), Market of existing firm consumer (current)
Sampling: Population, Census (ideal population), Sample (subset of population), Sample unit (basic unit), Sample frame (a master source of sample units), Sample frame error (the degree to which the sample frame fails to account for all of the population), Sampling error (size and ways of sampling methods used (bias)
Probability – members of the population know that they have a chance of being selected into the sample
Nonprobability – members of the population have an unknown chance of being selected into the sample. Uses human interventions (error+biases)
Probability sampling methods: 1. Simple random sampling (probability of being selected into the sample is equal for all member of the population, random device method), 2. Systematic sample (decision on skip intervales, population list size, economic efficiency), 3. Cluster sampling (divides the population into groups, identify clusters/groups which are theoretically identical), One step area sample (various geographical areas are sufficiently identical, concentrate one on one, generalize the resulsts to the full population), Two step area sample (random sample of areas, probability method to sample within chosen areas), clusters might not be homogenous, 4. Stratified sampling – Population is seperated into different strata (slojeva), and a sample is taken from each stratum. When we expect that responses will vary across strata.
Nonprobability sampling methods: 1. Convenience sample – most convenient way, reduced time and effort (malls, high traffic areas), selection subjective. 2. Purposive sample – require judgement or „educated guess“ – knowledge about the population choosing those types of individuals who constitute sample. 3. Referral sample – „snowball samples“ – referral sample require respondents to provide the names of prospective respondents, 4. Quota sample – application of the research objectives, 50% female, 50% male
Online sampling techniues – online panels, river samples (invite website visitors to take part in the survey), e-mail list samples.
Steps in a sample plan: Define a population, Obtain a sample frame, Decide on the sample method, Draw a sample, Validate the sample