Date post: | 08-Apr-2018 |
Category: |
Documents |
Upload: | mohamed-basheer |
View: | 217 times |
Download: | 0 times |
8/6/2019 Market Research Objective
http://slidepdf.com/reader/full/market-research-objective 1/8
Market DirectionsMarket Directions
PresentsPresents
UnderstandingUnderstanding
Market ResearchMarket Research
8/6/2019 Market Research Objective
http://slidepdf.com/reader/full/market-research-objective 2/8
Market Research ObjectiveMarket Research Objective
Provides relevant, accurate and timely information which generates
evidence about customer behavior.
Relevant ± what information do we need to make a decision?
Accurate ± measures drivers, influencers,-- correct respondents. Timely -- point in time predicts or supports past and future events.
Information ± collect data which addresses issues.
Critical Part of Marketing to Improve Management Decisions
Market research is the systematic approach to segmenting customers by needs,values, characteristics, demographics and/or product use.
The principal barrier to building customer satisfaction and value is an inability to
recognize that different customer segments have different needs and priorities
therefore, must be serviced differently.
8/6/2019 Market Research Objective
http://slidepdf.com/reader/full/market-research-objective 3/8
Market Research ProcessMarket Research Process
A systematic progression A systematic progressioncombining cognitive thought combining cognitive thought and objective analysisand objective analysisfacilitated^ byfacilitated^ by activitiesactivities which,which,conclude with reasoning andconclude with reasoning and
understanding or customers andunderstanding or customers andmarkets.markets.
^̂to make easier or less difficult, help forwardto make easier or less difficult, help forward
*Reasoning based on inconclusive evidence;*Reasoning based on inconclusive evidence;conjecture or suppositionconjecture or supposition
**the mental power concerned with**the mental power concerned with conclusions,conclusions, judgments or inferences. judgments or inferences.
8/6/2019 Market Research Objective
http://slidepdf.com/reader/full/market-research-objective 4/8
Benefits of Market ResearchBenefits of Market Research
1.1. Discovers what your customers want Discovers what your customers want and valueand value
2.2. Discovers loyalty driversDiscovers loyalty drivers3.3. Discovers customer satisfaction levelsDiscovers customer satisfaction levels
4.4. Discovers market opportunities andDiscovers market opportunities andniche segmentsniche segments uncovers desires for product uncovers desires for product
innovation matched to emerginginnovation matched to emergingmarket needsmarket needs
5.5. Discovers acceptable price pointsDiscovers acceptable price points6.6. Builds customer relationshipsBuilds customer relationships
Provides a venue for actionableProvides a venue for actionablefeedbackfeedback
7.7. Supports SalesSupports Sales Generates LeadsGenerates Leads implications of marketing actionsimplications of marketing actions
8.8. Keeps marketing plans on trackKeeps marketing plans on track Did we meet our goals?Did we meet our goals? Were our goals reasonable in relationWere our goals reasonable in relation
to market?to market?
9.9. Identifies Competitive PositionIdentifies Competitive Position
10.10. Enables you to benchmarkEnables you to benchmark StrengthsStrengths
WeaknessWeakness OpportunitiesOpportunities
ThreatsThreats ---- relative to competitionrelative to competition
11.11. Avoids cost of bad marketing campaign Avoids cost of bad marketing campaign12.12. Saves costs by targeting right messageSaves costs by targeting right message
to right audienceto right audience13.13. Improves effectiveness of marketingImproves effectiveness of marketing
campaignscampaigns14.14. Identifies customer experiences that Identifies customer experiences that
increase loyalty, retention and lifetimeincrease loyalty, retention and lifetime
value.value.15.15. Applies universal findings to sample Applies universal findings to sample
markets and market segmentsmarkets and market segments a forecasting tool that cana forecasting tool that can
predict/model future behavior/actions predict/model future behavior/actions
16.16. Is a learning and educational toolIs a learning and educational tool valuevalue------ pricelesspriceless
Market Directions identified 16 benefits due to implementing market research within anorganization? Can you add to these benefits? Do you agree or disagree with any on our list?
8/6/2019 Market Research Objective
http://slidepdf.com/reader/full/market-research-objective 5/8
Successful Market ResearchSuccessful Market Research
DiscoversDiscovers what you dont know about yourwhat you dont know about your
customers or prospectscustomers or prospects
shifts in the market placeshifts in the market place------ trendstrends
shifts in consumer valuesshifts in consumer values a firms strengths, weaknesses,a firms strengths, weaknesses,
opportunities and threats inopportunities and threats inrelationship to competitionrelationship to competition
intentions of competitorsintentions of competitors
stimuli that influences behavior orstimuli that influences behavior oractionaction
satisfiers and dissatisfierssatisfiers and dissatisfiers conscious decision makingconscious decision making
customer similarities and differencescustomer similarities and differences
ImplicatesImplicates memorable experiencesmemorable experiences
demand for products or services that demand for products or services that do not yet exist do not yet exist
your best customersyour best customers new prospectsnew prospects
new marketsnew markets
future reactions based on past future reactions based on past behaviorbehavior
unconscious processesunconscious processes
customer expectationscustomer expectations
customer and marketer biascustomer and marketer bias
marketing actionsmarketing actions
marketing performancemarketing performance
8/6/2019 Market Research Objective
http://slidepdf.com/reader/full/market-research-objective 6/8
Market Research InstrumentsMarket Research Instruments
Should probe and ask direct Should probe and ask direct questions to determine:questions to determine:
Attitudes Attitudes
emotions, feelings and expectationsemotions, feelings and expectations
ImagesImages
th e mental pictur e develop edth e mental pictur e develop ed ---- metaphors metaphors ---- associations associations
DecisionsDecisions
w hat ar e th e influ enc ers? w hat ar e th e influ enc ers?
BehaviorBehavior
w hat actions ar e tak en? w hat actions ar e tak en?
DemographicsDemographics indicating th e mak eindicating th e mak e--up, w ho, w hat, up, w ho, w hat,
w h er e, etc .w h er e, etc .
Go beyond first impressionsGo beyond first impressions
Include:Include: SurveysSurveys
onon--line, telephone, mailline, telephone, mail
InterviewsInterviewsone on one, telephoneone on one, telephone
ObservationsObservations in customer environment in customer environment
Focus GroupsFocus Groups formal or informalformal or informal
onon--line panelsline panels
DatabasesDatabases
database miningdatabase mining lists, directorieslists, directories
Internal Environment Internal Environment SWOT AnalysisSWOT AnalysisStrengths, Weaknesses, Opportunities, ThreatsStrengths, Weaknesses, Opportunities, Threats
8/6/2019 Market Research Objective
http://slidepdf.com/reader/full/market-research-objective 7/8
Applying Data Implications Applying Data Implications
Data from a larger universe will help determine:Data from a larger universe will help determine:
BenchmarksBenchmarks
How do we compare?How do we compare?
Y our position in the mind of the customer relative to the competition Y our position in the mind of the customer relative to the competition
Market SizeMarket Size
Market PotentialMarket Potential ProfilesProfiles
Reasonable Goals and ObjectivesReasonable Goals and Objectives
What do we need to do?What do we need to do?
ForecastsForecasts
TrendsTrends
Differences and SimilaritiesDifferences and Similarities
After hiring Market Directions, an experienced, qualified market research firm and implementing our research After hiring Market Directions, an experienced, qualified market research firm and implementing our researchplan, Y OU will be able to understand your customers better, identify market opportunities, makeplan, Y OU will be able to understand your customers better, identify market opportunities, makeinformed marketing decisions, formulate business planning and use the data to justify more creative andinformed marketing decisions, formulate business planning and use the data to justify more creative andbolder business decisions.bolder business decisions.
8/6/2019 Market Research Objective
http://slidepdf.com/reader/full/market-research-objective 8/8
Benefits of Market ResearchBenefits of Market Research
Discovers what your customers want and value.Discovers what your customers want and value.
Discovers loyalty drivers.Discovers loyalty drivers.
Discovers competitive position.Discovers competitive position.
Basis for implications of marketing actions.Basis for implications of marketing actions.
Keeps marketing plans on track.Keeps marketing plans on track.
Did we meet our goals?Did we meet our goals?
Were our goals reasonable in relation to market?Were our goals reasonable in relation to market?
Is a learning and educational tool.Is a learning and educational tool.
Applies universal findings to sample markets and market segments. Applies universal findings to sample markets and market segments.
Enables you to benchmark.Enables you to benchmark.
Strengths, Weakness, Opportunities, Threats relative to competitionStrengths, Weakness, Opportunities, Threats relative to competition
Avoids cost of bad marketing campaign. Avoids cost of bad marketing campaign.
Saves costs by targeting right message to right audience.Saves costs by targeting right message to right audience.
Improves effectiveness of marketing campaigns.Improves effectiveness of marketing campaigns.