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Lecture 2 - The Marketing Research Process

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As firms grow more and more in global markets, the role of reliable, verifiable, timely and high quality marketing research information to support decision-making becomes increasingly indispensable. The effectiveness and usefulness of decision-making is directly connected to the broad condition of the preferred sector(s) of the global market. To obtain complete information regarding the market entails designing and completing a significant number of activities arranged in logical sequence. Marketing research is the principal means by which firms comprehend existing and potential customers. Thus, this conceptual paper proposes a framework for accomplishing global market research ventures. In addition, the paper outlines a number of factors that should be taken into consideration by scholars who engage in global market research ventures. The factors represent the diversity of challenges that should be focussed on in conducting research globally. Specific attention is given to the nuances linked to data collection and analysis. Taking cognisance of the above, the informational core in the management of global firms should be assessed according to its value and role in worldwide marketing management. Lastly, technological advances should be integrated into the market research process in order to ease and accelerate research performed across national borders. Introduction In today's global marketplace, the access to relevant information is the key competitive advantage in business operations. Also, the right understanding of relevant information calls for relevant competence among the workforce, whose ability in evaluating the current and making future projections based on global market conditions will result in managing the business in the most profitable and cost-effective way (Grubor, 2010).

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Types of Marketing Research

Jan 01, 2020

270 likes | 604 Views

Types of Marketing Research. Marketing Research Types. Basic research Applied research. Basic Research. Attempts to expand the limits of knowledge Not directly involved in the solution to a pragmatic problem. Basic Research Methods. Surveys Experiments Secondary data Observation.

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Types of Marketing Research Dr. Michael R. Hyman, NMSU

Marketing Research Types Basic research Applied research

Basic Research • Attempts to expand the limits of knowledge • Not directly involved in the solution to a pragmatic problem

Basic Research Methods • Surveys • Experiments • Secondary data • Observation

Basic Research Example Do consumers experience cognitive dissonance in low-involvement situations?

Applied Research Conducted when a decision must be made about a specific real-life problem

Applied Research Example • Should McDonalds add Italian pasta dinners to its menu? • Marketing research told McDonald’s it should not? • Should Procter & Gamble add a high-priced home teeth bleaching kit to its product line? • Research showed Crest Whitestrips would sell well at a retail price of $44

Types of Research • Exploratory • Descriptive • Causal

Uncertainty Influences the Type of Research CAUSAL OR DESCRIPTIVE COMPLETELY CERTAIN ABSOLUTE AMBIGUITY EXPLORATORY

Degree of Problem Definition Exploratory Research Descriptive Research Causal Research (Unaware of Problem) (Aware of Problem) (Problem Clearly Defined) “Our sales are declining and “What kind of people are buying “Will buyers purchase more of we don’t know why.” our product? Who buys our our products in a new package? competitor’s product?” “Would people be interested “Which of two advertising in our new product idea?” “What features do buyers prefer campaigns is more effective?” in our product?” possible situation

Exploratory Research

Exploratory Research Techniques: Two Examples • Secondary data (historical data) • Previously collected • Census of population • Literature survey • Pilot study • A number of diverse techniques

Exploratory Research • Initial research conducted to clarify and define the nature of a problem • Does not provide conclusive evidence • Subsequent research expected

Descriptive Research • Describes characteristics of a population or phenomenon • Some understanding of the nature of the problem

Descriptive Research Example • Weight Watchers average customer • Woman about 40 years old • Household income of about $50,000 • At least some college education • Trying to juggle children and a job

Descriptive Research Example • Men’s fragrance market • 1/3 size of women’s fragrance market • But growing at a faster pace • Women buy 80 % of men’s fragrances

Causal Research • Conducted to identify cause and effect relationships

Identifying Causality • A causal relationship is impossible to prove. • Evidence of causality: • The appropriate causal order of events • Concomitant variation--two phenomena vary together • An absence of alternative plausible explanations

Research-Directed Marketing: Minimizing Risk, Maximizing Profits Source: AMA Best Practice Webcasts Sponsored by:  Vividence Webcast Date: July 22, 2004 Time: 55 minutes Presenter: Dr. Bonny Brown, Director of Research, Vividence Corporation Click here for free webcast (you’ll need to register on the AMA site; introduces many topics covered in this course)

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Market research presentation: A comprehensive guide

This comprehensive guide covers everything from choosing the right topic to delivering with confidence.

Raja Bothra

Building presentations

Ever wondered what goes into creating a killer market research presentation that not only impresses your stakeholders but also provides valuable insights?

You're in the right place.

In this comprehensive guide, we'll dive deep into the world of market research presentations, dissecting everything from what they are to how to create one that stands out.

How do you explain market research?

Before we jump into the nitty-gritty of market research presentations, let's start with the basics – what is market research?

Market research is the process of gathering, analyzing, and interpreting data about a particular market, industry, or consumer group. It's the compass that guides businesses in making informed decisions.

Market research comes in various forms: quantitative and qualitative. Quantitative research involves collecting numerical data, while qualitative research focuses on understanding the why and how behind consumer behavior. Both are crucial components of effective market research.

What is a market research presentation?

Now that we have a clear understanding of market research, let's move on to market research presentations. A market research presentation is the culmination of your research efforts, a visual and data-driven representation of your findings. It's the bridge that connects your research to your stakeholders, making it easier for them to grasp the insights you've gathered.

A well-crafted market research presentation is not just a collection of slides; it's a storytelling platform. It should engage your audience, present data in an understandable manner, and ultimately guide your stakeholders towards informed decision-making.

What to include in a market research presentation?

Creating a market research presentation involves more than just inserting a few charts and graphs. To ensure your presentation hits the mark, here are some essential elements to include:

1. Market research overview

• Define the purpose and objectives of your research.
• Provide a brief overview of the market you've studied.

2. Methodology

• Explain how you conducted your research, whether through surveys, data analysis, or other methods.
• Discuss any challenges you faced and how you overcame them.

3. Key findings

• Highlight the most significant discoveries from your research.
• Use charts, graphs, and infographics to visualize data.

4. Market analysis

• Dive deep into your market analysis, discussing trends, competition, and market share.
• Share insights that can impact the business.

5. Recommendations

• Based on your findings, provide actionable recommendations.
• Discuss the pros and cons of each recommendation.

6. Conclusion

• Summarize the core points of your presentation.
• Emphasize the key takeaways for your audience.

How to structure a market research presentation

Structuring a market research presentation effectively is essential to convey your findings and insights clearly to your audience. Whether you're presenting to stakeholders, colleagues, or clients, a well-structured presentation can make your data more understandable and impactful. Here's a suggested structure for a market research presentation:

1. Title slide

• Title of the Presentation
• Your Name and Affiliation
• Date of the Presentation
• Briefly outline what you will cover in the presentation. This gives your audience a roadmap of what to expect.

3. Introduction

• Provide a brief overview of the purpose and context of your market research.
• Explain why the research was conducted and its relevance.

4. Background and objectives

• Describe the background information, including any relevant industry trends or developments.
• Clearly state the research objectives and what you aimed to achieve.

5. Methodology

• Explain the research methods and techniques used.
• Discuss the data collection process, sample size, and any limitations.

6. Data collection

• Present the findings from your research.
• Use charts, graphs, and visuals to make data more accessible.
• Highlight key insights and trends.

7. Analysis and interpretation

• Explain the significance of the findings.
• Interpret the data and provide insights.
• Address any unexpected or interesting observations.

8. Competitor analysis

• Analyze the competitive landscape in your market.
• Highlight strengths, weaknesses, opportunities, and threats (SWOT analysis) for your company and competitors.

9. Consumer insights

• Share any insights into customer preferences, needs, and behaviors.
• Explain how these insights impact your business.

10. Recommendations

• Based on your research, provide actionable recommendations.
• Highlight strategies or changes that should be implemented.

11. Implementation plan

• If applicable, outline a plan for implementing the recommendations.
• Include timelines, responsibilities, and resources needed.

12. Conclusion

• Summarize the key points of your presentation.
• Reiterate the importance of the research.

13. Q&A session

• Open the floor for questions and discussion.

14. Appendix

• Include any supplementary information, detailed data, or additional charts and graphs.
• Ensure that this information is easily accessible but not essential for understanding the main presentation.

15. Contact information

• Provide your contact information in case the audience has further questions or needs clarification.

16. Thank you slide

• Express your gratitude for the audience's time and attention.

Remember to keep your presentation clear, concise, and visually engaging. Use visuals sparingly but effectively to support your points. Practice your delivery to ensure that you can explain the findings and recommendations confidently. Tailor the presentation to the needs and interests of your specific audience.

Do’s and don'ts on a market research presentation

To ensure your market research presentation hits the mark, here are some do's and don'ts to keep in mind:

• Do your research: Know your subject matter inside out.
• Do use visuals: Incorporate charts, graphs, and infographics.
• Do engage your audience: Encourage questions and discussions.
• Do practice: Rehearse your presentation until you're confident.

Don'ts:

• Don't overwhelm with data: Keep it concise and focused.
• Don't read slides: Speak naturally and use slides as visual aids.
• Don't rush: Take your time; clarity is key.
• Don't ignore questions: Address all queries from your audience.

Summarizing key takeaways

In this comprehensive guide, we've covered the ins and outs of creating and presenting a market research presentation. From understanding the basics of market research to crafting engaging presentations, you now have the knowledge to excel in this essential aspect of business strategy.

• Market research essentials: Market research is the process of gathering, analyzing, and interpreting data about a specific market, industry, or consumer group. It provides the foundation for informed decision-making in business.
• The role of market research presentations: A market research presentation is a visual and data-driven representation of research findings. It serves as a bridge between your research and stakeholders, helping them understand and act upon the insights you've gathered.
• Elements of a great presentation: A well-crafted market research presentation includes an overview, methodology, key findings, market analysis, recommendations, and a concise conclusion. These elements help structure your presentation effectively.
• Presentation delivery matters: Knowing your audience, practicing your presentation, engaging your audience, using visuals effectively, and being concise are all crucial for a successful presentation.
• Do's and don'ts: Do your research thoroughly, use visuals to enhance understanding, engage with your audience, and practice your delivery. Avoid overwhelming with data, reading slides, rushing through your presentation, and ignoring audience questions.

Remember, an effective market research presentation isn't just about showcasing data; it's about telling a compelling story that guides decision-making. So, use the power of visuals, engage your audience, and deliver insights that make a real impact.

1. Why is using a market research presentation template important?

Using a market research presentation template can streamline your research process. It provides a structured framework in powerpoint ppt with graphs and charts that help you present the results effectively. You can easily download a market research presentation template to make your presentation look professional and save time in creating a presentation design.

2. How can I effectively communicate market trends in my presentation?

To effectively communicate market trends in your presentation, start your presentation by explaining the research process and how you conducted market research. Use market research powerpoint (ppt) slides with graphs and charts to show key pieces of information. Connect the dots between the data and present the results using the market research PowerPoint template. This will make your presentation more engaging for your audience.

3. Why is market research essential for launching a new product or service?

Market research is essential when you want to present a new product or service idea to your core business audience. By conducting market research, you gather valuable insights about your target market, which can be used to create your presentation. A well-designed research ppt can make the best case for your business idea by showcasing the market trends and data you've collected.

4. How do I use market research to make my presentation more impactful?

To make your research presentation more impactful, start by using a market research presentation template. Incorporate graphs and charts to present the research data effectively. Make sure your presenter skills are polished when presenting your research to stakeholders or investors. Use market research PowerPoint slides to show key findings and connect the dots between the research process and the business objectives you want to achieve.

5. Can you provide tips on how to present the results of my market research effectively?

Certainly! When presenting your research, use a market research PowerPoint template to organize your content. Download a template that suits your needs. Focus on the research design and how you conducted market research, talking to customers and gathering data. Use the template to create your presentation and ensure it flows smoothly. This will help you present the results in a way that engages your audience and conveys the importance of the research in supporting your business goals.

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Market Research Diagram PowerPoint Template

The Market Research Diagram PowerPoint Template is a concept design for marketing analysis and to be used in business market presentations. A key to business success is in understanding customer needs and deliver it at profit. The process of analyzing customer needs can be covered in a market research study. It involves systematic data collection of target market i.e. market segmentation .

This analysis of data gives insights into what different groups of people needs. The businesses use market research report data to improve products, strategies, and operations. All market research efforts eventually lead to increase profits as well as effective and more targeted product marketing.

Market research helps organizations to get consumer’s opinions on various aspects of product and business operations. For example, pricing, features, quality, customer support, etc. It is a collection of data from customers, competitors, and ever-changing market trends. Market research is basically a starting point of marketing strategy . Market research methods are divided into two broader terms i.e. Primary and Secondary research. These are further divided into 7 types of market research methods to obtain results:

Primary research – when business conducts its own research using its own data, tools, and results. During planning of primary research, it is important to define Qualitative vs Quantitative tools. A quantitative study refers to collecting data through surveys, questioners, or poles. Whereas, Qualitative study involves close observations such as face-to-face encounters.

The qualitative research methods include:

• Survey polls
• Case study research
• One-on-one interview
• Record keeping

Quantitative research methods include:

• Random sampling
• Systematic operations
• Advanced statistical analysis
• Graphical data representation
• Quantifying a problem
• Deductive reasoning
• Object-based research

Secondary research – Drive conclusions from existing sources to understand competition.

• Online research
• Literature research

Research Presentation templates like this one could be used in all industry types to discuss marketing strategies and gaps. For example:

• Find viability of a business
• understanding the target market
• Polish market strategy
• Best use of marketing tools using well-researched data

The Market Research Diagram PowerPoint Template contains 4 slides of circular design. It is a suitable diagram for presentations on market research studies. The market research clipart icons and vibrant colors give an infographic effect to the diagram design. Each clipart icons represents a market research method. The multiple variations of diagram design will help focus on primary and secondary research methods separately.

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Market Research Method (PowerPoint PPT)

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MARKETING RESEARCH - PowerPoint PPT Presentation

MARKETING RESEARCH

Descriptive research refers to a set of methods and procedures describing marketing ... difference testing can be done with variables that are measured either ' ... – powerpoint ppt presentation.

• 5th edition
• Alvin C. Burns Ronald F. Bush
• What is marketing?
• What is the marketing concept?
• What is marketing strategy?
• A Marketing Strategy consists of selecting a segment of the market as the companys target market and designing the proper mix of the product/service, price, promotion, and distribution system to meet the wants and needs of the consumers within the target market.
• Target market segment?
• Marketing strategy
• Advertising?
• To practice marketing to implement the marketing concepts to implement marketing strategy, managers must make decisions.
• Many decisions require additional information and marketing research is needed in order to supply that information.
• Marketing research is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem.
• Step One Establishing the Need for Marketing Research
• Step Two Defining the Problem
• Step Three Establishing Research Objectives
• Step Four Determining Research Design
• Step Five Identifying Information Types and Sources
• Step Six Determining Methods of Accessing Data
• Step Seven Designing Data Collection Forms
• Step Eight Determining Sample Plan and Size
• Step Nine Collecting Data
• Step Ten Analyzing Data
• Step Eleven Preparing and Presenting the Final Report
• 1 Establish Need
• 2 Define Problem
• 3 Research Objectives
• 4 Determine Design
• 5 Identify Information Sources
• 6 Decide Data Collection Method
• 7 Design Questionnaire
• 8 Determine Sample Plan Size
• 9 Collect Data
• 10 Analyze Data
• 11 Write and Present Report
• An 11-step process there is nothing
• Not all studies use all 11 steps
• Few studies follow the steps in order
• Is there a real need for marketing research?
• Research takes time and costs money.
• Marketing research is not always needed.
• When is marketing research not needed?
• The information is already available.
• Decisions must be made now.
• We cant afford research.
• Costs outweigh the value of marketing research.
• This is the most important of the 11 steps.
• If the problem is incorrectly defined, all else is wasted effort.
• Problems may be either specific or general.
• Problems stem from gaps between what is supposed to happen and what did happen and gaps between what did happen and what could be happening.
• Research objectives, when achieved, provide the information necessary to solve the problem identified in step 2.
• Research objectives state what the researchers must do.
• Exploratory Research collecting information in an unstructured and informal manner.
• Descriptive Research refers to a set of methods and procedures describing marketing variables.
• Causal Research (experiments) allows isolation of causes and effects.
• Primary information information collected specifically for the problem at hand
• Secondary information information already collected
• Secondary data is relatively easy to access primary data is more complex.
• Three main choices for primary data
• Have a person ask questions
• Use computer assisted or direct questioning
• Allow respondents to answer questions themselves without computer assistance
• Questionnaire must be worded objectively, clearly, and without bias in order to communicate with respondents.
• Software programs are available to assist marketing researchers in preparing forms.
• Sample plan refers to the process used to select units from the population to be included in the sample.
• Sample size refers to determining how many elements of the population should be included in the sample.
• Data collection is very important because, regardless of the data analysis methods used, data analysis cannot fix bad data.
• Nonsampling errors may occur during data collection.
• Data analysis involves entering data into computer files, inspecting data for errors, and running tabulations and various statistical tests.
• The last step is one of the most important phases of marketing research.
• Its importance cannot be overstated because it is the report, or its presentation, that properly communicates the results to the client.
• Difference Tests are used a lot especially in segmentation. There are several types of difference tests
• One Sample T Test
• Independent Sample T Test
• Paired Sample T Test
• Difference testing can be done with variables that are measured either categorically (nominal or ordinal) or metrically (interval or ratio).
• SPSS can do the stats if the measures are metric
• If the variable you want to analyze is measured categorically, you need to get the basic data from SPSS and then use the formulas from the book and your calculator
• Our book does NOT provide formulae for the manual calculation of statistical differences for Paired Sample T Tests or ANOVA. These formula can be found in other books, though.
• Our book DOES provide formulae for the manual calculation of One Sample and Independent Sample T Tests .
• When to use what
• Identify how the question is measured nominal, ordinal, interval, ratio
• If nominal or ordinal, use the formulae and your calculator once you get the descriptive stats out of SPSS
• If interval or ratio, use SPSS alone
• 2. Identify What Test To Use
• If you are testing a hypothesis (like, Patrick believes the average amount of money people expect to pay for an entree is 18), then use the One Sample T Test approach and test if the sample mean is different (enough) from Patricks hypothesis.
• If you are testing for differences between how TWO different groups answer a question (like if males gave different answers than females), then use the Independent Sample T Test.
• If you are testing how MORE THAN TWO groups answered a question (like how answers differ depending on what radio station people listen to), then use ANOVA which will tell you if ANY of the two-group differences are statistically significant. If they are, use the Duncan test to see what groups differ.
• If you are testing how ONE GROUP answers a pair of questions , then use a PAIRED SAMPLE T Test
• If the Sig. column is .05, then there IS a Statistically significant difference between what (ever) you have tested
• Between what you hypothesized and found (One Sample T Test)
• Between two independent groups such as males and females answers to a question (Independent Sample T Test)
• Between the answers given by multiple groups like those who listen to Country, versus the answers of those who listen to Talk/News, versus Rock versus Jazz (ANOVA)
• Between the answers given by the same people concerning their preference for waterfront dining versus how much they prefer wait staff in tuxedos (Paired Sample T Test)
• A caution big samples (n) mean lots of statistically significant differences so be careful. Just because there is a statistically sig. difference doesnt mean that the marketer should necessarily do anything about it. It has to also be managerially significant.
• We also want to know about what relationships exist between different variablesamong people who want a drive of less than 30 minutes, what menu/décor preferences are important?
• If variables are nominal, use cross tabs (and the Chi Square).
• If variables are metric, use correlations (and Pearsons r)

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Market Research Methods

Published by Johnathan Kelley Modified over 9 years ago

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Presentation on theme: "Market Research Methods"— Presentation transcript:

Marketing Information The Key To Business Success.

SEM A – Marketing Information Management

2.06 Understand data-collection methods to evaluate their appropriateness for the research problem/issue.

The gathering of information to make marketing decisions.

The Main Idea To ensure success, entrepreneurs need to understand the industry and the market.   They should define areas of analysis and conduct effective.

4.11 PowerPoint Emily Smith.

Marketing 300 discussion section. announcements the first exam  How was it? Questions? Comments?

9 Entrepreneurship Marketing in a New Venture. 9-2 “Advertisers are the interpreters of our dreams.” --E. B. White.

Agenda Recap Survey Methods  Types of survey Methods  Advantages and Disadvantages  Criteria for Choosing  Increasing Response Rates Observation Methods.

BSBMKG506B Plan market research Session 1

Identify and Meet a Market Need

© 2010 Innovation and Business Industry Skills Council Ltd. BSBMKG506B Plan market research Session 3 Define data gathering approaches.

Chapter 29 conducting marketing research Section 29.1

CARRYING OUT MARKETING RESEARCH IN THE UAE

Marketing Research.

Introducing New Market Offerings

Start-Up Market Research

Chapter 33 Conducting Marketing Research. The Marketing Research Process 1. Define the Problem 2. Obtaining Data 3. Analyze Data 4. Rec. Solutions 5.

IDENTIFY AND MEET A MARKET NEED

Year 11 Unit 2 – Controlled assessment (25%)

About project

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