What is Marketing Research? Why do Organizations Need Market Research?
What is Market Research?
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Transcript of What is Market Research?
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A subsidiary of
Market Research
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Steps for a successful market research
Define Research Objective
Plan a Research Design
Plan a Sample
Collect the Data
Analyze the Data
Draw conclusions and prepare reports
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Definition
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Market Research Definition:
The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and
about the past, present and potential customers for the product or service; research into the
characteristics, spending habits, location and needs of your business's target market, the industry as a
whole, and the particular competitors you face.
Entrepreneur, Market Research http://www.entrepreneur.com/encyclopedia/market-research
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Data
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Information
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Intelligence!
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Is all information useful?
• Relevance• Quality• Timeliness• Completeness
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“Not everything shiny is a diamond”
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Role of Marketing Research in Strategic decision-making
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Role of Marketing Research in Strategic decision-making
1. Identifying & Evaluating Opportunities.
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Identifying and evaluating
opportunities
Self-Analysis
Financial Component
Risk Assessment
Support
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Role of Marketing Research in Strategic decision-making
1. Identifying & Evaluating Opportunities.2. Selecting Target Markets.
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Role of Marketing Research in Strategic decision-making
1. Identifying & Evaluating Opportunities.2. Selecting Target Markets.3. Planning a Marketing Mix.
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1st P: Product
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2nd P: Price
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3rd P: Promotion
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4th: Place
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Role of Marketing Research in Strategic decision-making
1. Identifying & Evaluating Opportunities.
2. Selecting Target Markets.
3. Planning a Marketing Mix.
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Types of Marketing Research
Primary Research
Secondary Research
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Primary Research: It is obtaining data and information from original sources.
• Experiments
• Quantitative
• Qualitative
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Primary Research: Experiments Create a
hypothesis Test The
hypothesis Analyze
the results
Most used for: Cause and effect analysis; for example, price testing
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Primary Research: Quantitative
Quantitative research is the study of information, such as, social phenomena and market behavior, through statistical analysis.
Quantitative research enables the individual to see the information in the form:
1- Trends; 2- Percentages;
3- Growth rates; 4- Market Size;
Quantitative research can be manipulated to zoom in or zoom out on important statistical information, that can enable better business decision making.
Most use for: Market size, market share, penetration, installed base and market growth rates.
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Primary Research: Qualitative Qualitative researchers is about taking a deep look into understanding the
reasons behind a certain phenomena, whether it is a market behavior or a human behavior. It is concerned with why this happening and how decisions are made.
Most used for: Understanding customer behavior, generating ideas for improvement, market segmentation.
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Quantitative & Qualitative
Quantitative Qualitative
Both must be used together to provide meaningful analysis of the market and
reliable information for informed decisions
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Conducting Primary Research
Personal Interviews
• Door to Door• Mall
intercept • Phone
interviews • Focus Group
Questionnaires
• Mail Surveys • E-mail
Surveys • Internet
Surveys
Observation
• Direct Observation
• Mechanical Observation
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Secondary Research
Using other people’s research, that is now publicly available, as a reference. Secondary research, is usually referred to as “Desk Research”. Includes reports, articles, survey results and other form of publications.
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Case Study: Residential Compound
• Value Chain Analysis:
Purchasing Land Developing Selling
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Where should my compound be?
Area Size Land plot
Features Surroundings
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Features:
Residential
Office Commercial
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Study the Market?
Experiment (Preference)
Study Demand
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Experiment: I want to develop a Villa Compound in New Cairo
Experiment
Surroundings Analysis
Competitors Analysis
Sales Analysis
Target Market Analysis
Growth Rate Analysis
New Market Trends Analysis
PEST
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Study Demand: What kind of compound should I develop
Study Demand
Location Analysis
Type Analysis
Market Mapping
Sales Analysis Growth Rate Analysis
New Market Trends Analysis
PEST
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You Can’t Have it All !
Tim
e
Quality
Cost
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PEST Analysis
PEST Analysis is an important tool to ensure that your business is aligned with the forces affecting your market.
• Political
• Economy
• Socio-Cultural
• Technology
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Example:
Competitors Analysis
Primary Research
Customer Perception Survey
Mystery Shopping
Site Visits
Field Mapping
Secondary Research
Financial Reports Analysis
Reading and analyzing media reports/articles
Analyzing competitors
websites
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Example:
Target Market Analysis
Primary Research
Demographic analysis
Psycho-Graphically
Analysis
Behavior Analysis
Secondary Research
Analyzing Consumer
reports online
Analyzing competitors
positioning/sales
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Thank you
Presentation by : Yara Eid