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Marketing for New Ventures

Marketing for New Ventures. Research. Research Process. Formulate the problem Secondary research If necessary, determine appropriate primary research design: Exploratory Descriptive Causal Develop data collection method and materials Define sample and selection process

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Marketing for New Ventures

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  1. Marketing for New Ventures Research

  2. Research Process • Formulate the problem • Secondary research • If necessary, determine appropriate primary research design: • Exploratory • Descriptive • Causal • Develop data collection method and materials • Define sample and selection process • Collect data—analyze—interpret—report

  3. What type research? • Do people think this is a good idea? • How much would people be willing to pay? • Would people pay more to get more____? • What kinds of people will be most interested? • How often will people buy? • How much will they buy? • How many people will buy? • Which of these three versions should I produce? • How much service will people expect? • Is my _____ (marketing tool) working?

  4. Research Tools • Focus group interviews • Conjoint analysis • Customer surveys • Perceptual mapping • Concept testing

  5. Focus Group Interviews • Exploratory • Insight into ideas, not simply generation of ideas • You can do it, but doing it well is NOT automatic • Do not generalize

  6. What MBA's Said... Rank Based on Conjoint Job Attribute Salary 6th 1st 2nd 2nd Region of US 5th 3rd Job Location 1st 4th People/Culture 3rd 5th Functional Area 7th 6th Firm Growth 8th 7th Business Travel 4th 8th Opp. to Advance Conjoint Analysis: Why not ask directly about attributes?

  7. Conjoint analysis • Advantages: mimics real decisions, standard metrics, quick and cheap • Process: • Identify attributes and levels • Develop an orthogonal array of descriptions • Identify sample • Collect rating, ranking, or preference data • Analyze

  8. Conjoint analysis • Output: • Utility weights, usually 0-1.0 • Attribute importance scores (range of utility/sum of ranges • Applications: • Compare attractiveness of various combinations • Identify “best” product • Identify preference segments • Analyze cost trade-offs • Forecast sales

  9. Surveys • Sample? • Method • Organization • Scale (question) design

  10. Satisfaction Monitoring • Confirmation of expectations • Clear instructions; control • Balance space and size • Repeat scales

  11. Perceptual Mapping • Managerial judgments • Insight into market structure • Insight into similarities/competition • Attribute ratings • Specify attributes; collect data; factor analyze; present means • Overall similarity ratings • Collect data; mds; present positions; interpret structure

  12. Perceptual Mapping Applications • Gaps may suggest new product ideas • Concept positioning can be assessed • Maps can suggest directions for development—ideal points

  13. Concept Testing • Validation, estimation, refinement • Information—core to positioning • Measures—PI, frequency, amount, general diagnostics, specific attribute responses, customer characteristics • Analysis—PI, crosstabs

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