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Basic Marketing Research For Entrepreneurs

Basic Marketing Research For Entrepreneurs. Entrepreneur and Venture Capital Club Workshop Prof. Fred Feinberg UMBS. Assume you will NOT be performing lots of PRIMARY Research: Time-consuming (surveys: making it up, pre-testing, analyzing, etc.) Costly (performed by third party)

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Basic Marketing Research For Entrepreneurs

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  1. Basic Marketing Research For Entrepreneurs Entrepreneur and Venture Capital Club Workshop Prof. Fred Feinberg UMBS

  2. Assume you will NOT be performing lots of PRIMARY Research: Time-consuming (surveys: making it up, pre-testing, analyzing, etc.) Costly (performed by third party) Good Place to Start: Secondary and External Data But first… a few things from primary data

  3. Things you’d want to know about your customers: Demographic (Personal circumstances): age, gender, income, ethnicity, religion, etc. Psychographic (Lifestyle): social class, personality Geographic (Location): where, climate Behavioristic: Product / Shopping behaviors Attitudes / Opinions about or towards a product Awareness / Knowledge: about a product, features, availability, price, manufacturer, possible uses, competitive products S E G M E N T A T I O N

  4. Things you’d want to know about your customers: Purchase Intention – very difficult People are ‘optimistic’ and don’t consider situational factors Purchase / Usage Behavior: Who in the household is using it / purchasing it? How / Where / When / In what situation are they using it? How often / How much do they use it? What other complimentary / substitute products do they use? ALL come from ‘primary’ data… usually

  5. Types of Secondary Data Internal (already collected): Sales Invoice / Register Receipt: customer name, location, product or service sold, volume and dollar amount of transaction, customer’s industry or distribution channel Salesperson’s call reports Individual Customer Records: historical (“longitudinal”) Financial records Warranty Cards / Consumer Complaints Advantages: Cheap, reliable, already collected Disadvantage: Too company-specific

  6. Types of Secondary Data External / Published:[Check at Kresge!] Directories: Guide to Industrial Statistics, ... Periodicals and Newsletters: Ad Week, Marketing News, ... On-Line Databases: ABI/INFORM, Adtrack, Choices3 Statistical Sources: Stat. Abstract of the United States, ... Indexes: Business Periodicals Index, JMR Lit. Review, ... Financial Records: financial statements, quarterly reports ... Advantages: widely available, inexpensive, complete / accurate Disadvantages: overwhelming not always applicable to specific situation / time wrong “level of aggregation”

  7. External / Commercial: Geodemographic Data Based on Census (www.census.gov): City Block, Block groups, Census tracts, Metropolitan Statistical Area (MSA) Consumer typologies, consumption by area Diary Panel Data: household level; longitudinal; self-recorded Store Audit Data: store level, records consumer sales, retailer purchase and inventory, prices, dealer promotional support Scanner Data: records all marketing mix variables at purchase can be keyed into consumer characteristics and media exposure

  8. Low-Cost Web-based Resources www.quirks.com Monthly print magazine Provides vast marketing research resources Article Archive: 1,000 case history and technique articles Interactive researcher forum HUGE directory of custom research providers cyberatlas.internet.com Internet Trends & Statistics www.marketingpower.com American Marketing Association www.mindbranch.com Provides industry and investment research 350 independent research firms

  9. www.knowthis.com MarketingVirtualLibrary – Huge Archive of Marketing Data Market Research: Basics of Marketing Research: General Info, Research Design Company, Industry & Competitive Info: Annual Reports, Competitive Intelligence, Corporate History, Company Rankings, Lists Finding Companies & Information: Business Directories, Help Finding Information US Government & Social Science Data: Gov't Reports, Demographic Data, Population Stats Expert Sources: Find Experts, Ask Experts, Event Speakers Internet Marketing Research: Domain Name Search/Info, Reports & Summaries, Web Metrics & Stats, Other Reports & Stats Market Research Firms: Find MR Firms, Leading MR Firm Sites Market Research Reports: Sources for Research Reports Online Searching: Databases, Search Help, Top Search Tools

  10. Nielsen (commercial) www.nielsenmedia.com National People Meter Service: audience estimates for ALL national program sources Broadcast networks Cable networks Spanish language networks National syndicators Local ratings estimates: 210 television markets Television stations Regional cable networks

  11. IRI: Information Resources, Inc. (commercial) www.infores.com Consumer packaged goods (CPG) “Consumer Insight” and “Market Intelligence” Robust data analytic techniques Web delivery technology Majority of CPG Fortune 500 InfoScan store tracking: Industry standard scanner data usage Marketing support / Mix Sales / Share / Distribution / Pricing / Promotion Hundreds of product categories 55,000 household consumer panel

  12. Government Sources Absolute Best: U. S. Census www.census.gov Summary Files for ALL States and by County  People: 2002 Data Profiles e.g.: Income, Housing, Demographics Business Economic Census: Survey of Business Owners Statistical Abstract Federal Statistics

  13. Government Sources Statistical: Bureau of the Census (www.census.gov) Bureau of Justice Statistics (www.ojp.usdoj.govbjs) Bureau of Labor Statistics (www.bls.gov) Bureau of Transportation Statistics (www.bts.gov) National Agricultural Statistics Service (www.usda.govnass) National Center for Education Statistics (NCES) (nces.ed.gov) National Center for Health Statistics (www.cdc.govnchs)

  14. Government Sources Industrial: Bureau of Industry and Security: www.bxa.doc.gov Manufacturing Technology Division: www.onr.navy.mil/sci_tech/industrial/manu.htm Product Innovation Division: www.onr.navy.mil/sci_tech/industrial/innov.htm Small Business Innovation Research (SBIR)/Small Business Technology Transfer (STTR) Division: www.onr.navy.mil/sci_tech/industrial/sbir.htm U.S. Commercial Service: www.export.govcomm_svc Assistance with exporting goods and services to worldwide markets Listing of global trade events International market research

  15. WHY are we doing this? What do we use it for? What will you be wanting to predict? Market Size (not so hard) Market Share (very hard) Sales Forecasts / Demand (short- and long-term) Consumer Segments, Possible Niches (primary research) Main Competitors (fairly easy) Cost Structures (internal accounting) Distribution Possibilities (fairly easy, though detailed) Supportable Price Levels (some primary research)

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