Market Researach Process

8/13/2019 Market Researach Process

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Wayne Roberts


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Marketing Intelligence : The formal and/orinformal ongoing collection of informationabout competitors and other environmentaldevelopments (e.g., regulations, tech.) Includes reading trade reports, newspapers,

visiting competitors, etc. Likened to a low-wattage light bulb in large roomMarketing Research : The design, collection,

analysis etc. of data relevant to a specificmarketing situation Likened to a focused flash in a part of a room


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STEP 1. Determine the research Purpose MOSTIMPORTANT STEP! Problem or opportunity analysis

What is (are) the problem(s) or opportunities?What is the scope of the problem(s) and the possiblereasons? Or what is the scope of the (potential)opportunity, and what are the crucial success factors?

Generation & Evaluation of decision alternatives

Generate alternatives to be considered

Decide on criteria for choosing among the alternatives

Time constraints


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STEP 2. Set Research Goals (FastTrac)/Research Objectives Practical Suggestion: Generate research qu st ons

to which you want answers. An aside: The value of models

EX: Sales volume = function of ..

STEP 3. Estimate Value of InformationCost-benefit analysis


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4. Design research: A detailed blueprintused to guide a research study toward itsobjectives

Research Approach:ExploratoryDescriptiveCausal


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4 (Continued)Data collection methods

SECONDARYData/studies/literature already competed

Standardized data (e.g., syndicated data)PRIMARY To be collected to meet research objectives

Qualitative (depth interviews, observation, etc.)SurveysExperiments


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5. Collect data6. Prepare and analyze data7. Prepare a research report


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Comment: Some primary sources, as well


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REMEMBER: Your reference librarian is yourfriendExplore SUU

s library

ALSO REMEMBER: All secondary data is NOT inlibraries and available over the Internet Digging for information may be necessary
http://www.li.suu.edu/http://www.li.suu.edu/http://www.li.suu.edu/http://www.li.suu.edu/http://www.li.suu.edu/http://www.li.suu.edu/


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Trade organizations (Gale s Encyclopedia ofAssociations)Regulatory Groups (e.g., U.S. FDA)

Non-regulatory government agencies Dept. of Commerce, SBA, state economic agenciesUpstream and downstream businessesSame/similar businesses, other areas


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Organizations with same/similar datainterests E.g., utility companies, schools, cities, and

businesses with same data needs


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1997 North American IndustrialClassification System (NAICS) was adopted. Up to 6 numbers Is being phased inSIC Standard Industrial Classificationsystem is being phased out. 4 numbers

See www.census.gov/epcd/www/naics.html


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Economic Census in years that end with a 2and 7 (e.g., 1997, 2002) Data by NAICS/SIC code Data by geographical area

Census of Pop n and Housing in years thatend with 0Explore through www.census.gov
http://www.census.gov/http://www.census.gov/


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EXAMPLES OF RESOURCESStatistical Abstract of the United States Bureau of Labor Statistics ConsumerExpenditure Survey

Claritas/nielsen's MyBest Segment Business Analysis Online (ESRI)

Strategic Business Insights VALS
http://www.census.gov/compendia/statab/http://www.bls.gov/cex/http://www.bls.gov/cex/http://www.claritas.com/MyBestSegments/Default.jsphttp://bao.esri.com/BAO93/main.map?errorCode=1&CFID=8107485&CFTOKEN=75608021&jsessionid=a730d8322a283d64114ehttp://www.strategicbusinessinsights.com/vals/ustypes.shtmlhttp://www.strategicbusinessinsights.com/vals/ustypes.shtmlhttp://bao.esri.com/BAO93/main.map?errorCode=1&CFID=8107485&CFTOKEN=75608021&jsessionid=a730d8322a283d64114ehttp://www.claritas.com/MyBestSegments/Default.jsphttp://www.bls.gov/cex/http://www.bls.gov/cex/http://www.census.gov/compendia/statab/


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Interview folks/talk to peopleFocus groups talk to > 1 person at a timeObservation

Case studiesSurveysExperiment

Market Researach Process

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