7 B2B Ind Mkt Research
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Transcript of 7 B2B Ind Mkt Research
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Industrial Market Research
Consumer Market research studies the
buying habits of people
Industrial Market research investigates
the market for products sold by one
business to another
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Difference Between Consumer
and Business MR
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Scope of Business MR
Development of Market Potential
Market share analysis
Sales Analysis
Forecasting
Competitor Analysis
Benchmarking New product acceptance and potential
Business trend analysis
Sales quota determination
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Market Research ProcessDefine researchobjective
1 Informationneeded
Identify sourcesOf information
Techniques forAcquiring info
Gather & processinformation
Data analysis &interpretation
Report &
communicate
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MR Process Design elements:
Secondary or primary or both in sequence
Sampling plan
Q design (if applicable)
Field work
Tabulation
Secondary search:
From published sources and internal records
SIC: Standard Industrial Code
(exim.indiamart.com)
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STANDARD INDUSTRIAL CODE (INDIA)
Division D: Manufacturing
Major Group 33: Primary Metal Industries
Major Group 34: Fabricated Metal Products, Except Machinery
And Transportation EquipmentMajor Group 35: Industrial And Commercial Machinery And
Computer Equipment
Major Group 36: Electronic And Other Electrical Equipment And
Components, Except Computer EquipmentMajor Group 37: Transportation Equipment
Major Group 38: Measuring, Analysing, And Controlling
Instruments; Photographic, Medical And Optical Goods; Watches
And Clocks
Major Group 39: Miscellaneous Manufacturing Industries
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STANDARD INDUSTRIAL CODE (INDIA)
Major Group 35: Industrial And Commercial Machinery And
Computer Equipment
Industry Group 351: Engines And TurbinesIndustry Group 352: Farm And Garden Machinery And Equipment
Industry Group 353: Construction, Mining, And Materials
Handling
Industry Group 354: Metalworking Machinery And Equipment
Industry Group 355: Special Industry Machinery, ExceptMetalworking
Industry Group 356: General Industrial Machinery And Equipment
Industry Group 357: Computer And Office Equipment
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STANDARD INDUSTRIAL CODE (INDIA)
Industry Group 356: General Industrial Machinery AndEquipment
3561 Pumps And Pumping Equipment3562 Ball And Roller Bearings3563 Air And Gas Compressors3564 Industrial And Commercial Fans And Blowers And AirPurification3565 Packaging Machinery3566 Speed Changers, Industrial High-speed Drives, And Gears3567 Industrial Process Furnaces And Ovens
3568 Mechanical Power Transmission Equipment, Not ElsewhereClassified3569 General Industrial Machinery And Equipment, NotElsewhere
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Forecasting Process
Identifying forecasting objectives
Short-range (3 to 6 months); Mid-range (1 to 2years) and Long-range (>2 years)
General economy forecast
Industry sales forecast
Company sales forecast
Sales forecast for the product lines
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Forecasting Process
Determining independent and dependent
variables Developing forecasting procedure
Select forecast analysis method
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Sales Forecasting Methods
Qualitative:
Experts opinion Delphi Method
Survey of buyers expectation
Sales force composite method
Historical analogy method for new products
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Time Series Analysis
Nave or simple method based on rate of change ofsales of previous periods
Free hand or Graphic method Method of semi averages
Method of moving averages
Method of least square
Using seasonality index (Decomposition method)
Exponential smoothing method
Correlation analysis
Regression analysis
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Hypothesis Testing Type I error: If the 5% level of significance is
used, there is probability of 0.05 of rejecting thenull hypothesis, when it is in fact true. This iscalled Type I error.
Type II error: occurs if the null hypothesis is notrejected, and therefore accepted, when it is in factfalse.
Consequences of decisions in hypothesis testing isgiven in next slide Statistical decision is not necessarily is a
managerial decision
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Hypothesis Testing
Null hypothesis falseNull hypothesis true
Correctly rejectedType I error
(Alpha error)
Reject null hypothesis
Type II error
(-Beta error)
Correctly acceptedAccept null hypothesis
Possible states
Possible Decision
Consequences of decisions in Hypothesis Testing
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Market Research Application ANOVA
Correlation and Regression
Discriminant Analysis
Factor Analysis
Cluster Analysis
Multi-dimensional Scaling (MDS) Conjoint Analysis
Perceptual Mapping
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Market Research Application ANOVA
Independent variables are nominal
scales Dependent variables are continuous
Used analysing design of experiments
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Market Research Application Correlation and Regression
Used for sales estimates
Explains causation
Establishes degree of associationbetween quantitative data
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Market Research Application Discriminant Analysis
Assigns objects to groups
Selects, classifies and predicts
Used for identifying potential/non-potential customer or low-risk/high-risk
customers
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Market Research Application Factor Analysis
Reduction of variables
Factor extraction
Used for establishing purchase criterion
Classifies attributes
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Market Research Application Cluster Analysis
Combines similar objects
Segmentation application
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Market Research Application Multi-dimensional Scaling (MDS)
Used for brand positioning
Attribute based
similarity/dissimilarity based
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Market Research Application Conjoint Analysis
Used for product design and pricing
Works on utility levels
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Market Research Application Perceptual Mapping
Attribute based
Extension of discriminant analysis