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The Market Research Process. Chapter 29.1. 5 Steps of the Market Research Process. Define the Problem Obtaining Data Analyzing Data Recommending Solutions Applying the Results. Step 1: Defining the Problem. Most difficult step of the research process

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5 steps of the market research process
5 Steps of the Market Research Process
  • Define the Problem
  • Obtaining Data
  • Analyzing Data
  • Recommending Solutions
  • Applying the Results
step 1 defining the problem
Step 1: Defining the Problem
  • Most difficult step of the research process
  • Problem definitionoccurs when a business clearly identifies a problem and what is needed to solve it.
  • Helps researcher create objectives that will help answer the problem
    • Objectives are used to develop the actual question
step 2 obtaining data
Step 2: Obtaining Data
  • Data (or facts) are collected
    • Primary Data - obtained for the first time and used specifically for the particular problem under study
    • Secondary Data - already exists; previously collected for some other purpose
ways to collect secondary data
Ways to collect Secondary Data
  • Internet Sources – company home pages, digital dossiers, business clearinghouses
  • U.S. and State Government Sources – data collected by the government, like population demographics and economic trends
  • Specialized Research – companies collect data to sell to other businesses like demographic data, economic forecasts, and consumer purchase information
  • Business Publications – BusinessWeek, Forbes, Wall Street Journal
ways to collect secondary data1
Ways to collect Secondary Data
  • U.S. and State Government Sources – data collected by the government, like population demographics and economic trends
  • Specialized Research – companies collect data to sell to other businesses like demographic data, economic forecasts, and consumer purchase information
secondary data
Secondary Data

Advantages

Disadvantages

  • Easily obtained
  • No or low cost
  • Saves time and money
  • Data may not be suitable for the problem under study
  • Can be inaccurate
ways to collect primary data
Ways to collect Primary Data
  • The Survey Method
  • The Technological Method
  • Interviews
  • The Observation Method
  • The Experimental Method
the survey method
The Survey Method
  • Information is gathered from people through the use of surveys or questionnaires
    • Most frequently used method
    • Conducted in person, by phone, by mail or Internet
    • Census– survey the entire target population
      • Not usual because population is normally too large and it would cost too much money and time
    • Sample– part of the target population that represents it accurately
      • Size of sample depends on the amount of time and money available
      • Generally speaking, the larger the sample the more accurate the results
technological method
Technological Method
  • Online surveys and focus groups – survey is conducted in a “chat room” environment
  • Smart Phones/Devices – IPods, smartphones
  • Fax broadcasts – questionnaires can be sent to a select group of fax numbers
  • Automated dialers
    • automatically rejects busy signals and answering machines
    • Prerecorded voice walks caller through a series of questions and caller responds with key pad
interviews
Interviews
  • Questioning people face-to-face
  • Because it is expensive they are usually conducted in central locations
    • “Mall Intercept Interviews” - (started in shopping malls)
    • Focus Group Interview – 8-12 people brought together to evaluate advertising, product, or packaging under the direction of a moderator
the observation method
The Observation Method
  • Peoples actions are watched and recorded
  • Better results because people are unaware that they are being observed
  • Mystery Shoppers – sent in to observe interactions between customers and employees
  • Disadvantage – cannot measure attitude or motivation
the observation method1
The Observation Method
  • Point-of-Sale Research – combines natural observation with personal interview
    • People can explain their buying behavior
the experimental method
The Experimental Method
  • Researcher observes results when changing one or more marketing variables while keeping all the others constant
  • Used to test:
    • New package design
    • Media usage
    • New promotions
step 3 analyzing the data
Step 3: Analyzing the Data
  • The process of compiling, analyzing and interpreting results
  • Data Mining – computer process that uses statistical methods to extract new information from large amounts of data
step 4 recommending solutions to the problem
Step 4: Recommending Solutions to the Problem
  • Conclusions drawn form research are usually presented in an organized report
step 5 applying the results
Step 5: Applying the Results
  • After research is completed and changes have been made, businesses must monitor the results carefully.
  • The research efforts were a success if resulting decisions lead to increased sales.
review
Review
  • What are the five steps to market research?
    • Defining the problem, obtaining data, analyzing data, recommending solutions, applying results
  • What are the two types of research?
    • Primary and Secondary
  • What are the five methods used to collect primary data?
    • Survey methods, technological method, interview, observation method, experimental method