Objective:
Learn and apply the various procedures, techniques and results of market research as essential elements in the planning, execution and control (evaluation) of marketing strategies, as well as in decision making.
market-research-iiDefinition of Market Research
It is the systematic process of collecting, recording and analyzing all the data related to the problems of commercialization of goods and services, which serves the company for decision making.
Market research does not provide data but information for decision-making, aimed at real and potential customers.
STAGES FOR A MARKET INVESTIGATION
1. CONCEPTUALIZATION
Definition of the problem
- User Market researcher
2. PLANNING
goals
- BusinessGeneralSpecific
information
Preliminary investigation
Analysis of the situation
Studies and sources
Hypotheses and alternatives
Universe and sample
Formal investigation
Internal and external sources
Capture
Method to process data
STAGES FOR A MARKET INVESTIGATION
3. COLLECTION
Questionnaire
Test
Definitive
Interviewers
Selection
training
Dues
Control and criteria standard
Selection of respondents
Questions
Answers and interpretation
Deviation correction
Information gathering
Data processing
Edition
Coding
Tabulation
STAGES FOR A MARKET INVESTIGATION
4. RESULTS
- Analysis and interpretation of the information Conclusions and recommendations Final report: ExecutiveOperative Results and dissemination: WrittenOralAudiovisualImplementation of decisionsMonitoring of resultsMarket Research Process
PROBLEM DEFINITION DIFFERENCE BETWEEN REALITY AND DESIRE
A problem can be defined as the process that conditions that a specific situation requires a discussion, an inquiry, a decision or a solution.
The problem must be stated in the form of a question.
From the point of view of market research, the solution of a problem consists of three elements:
An objective.
Two or more alternatives to reach the objective.
Uncertainty regarding which is the best alternative to achieve the objective.
DETERMINATION OF OBJECTIVES
The objectives can generally be of two types:
Overcoming difficulties (SURVIVAL)
Exploit opportunities. (OVERCOMING)
Definition of objectives:
Explore the problem
Divide it into as many parts as possible
Define the terms in a precise way.
CHARACTERISTICS OF THE OBJECTIVES
Explicit (both the general objective and the specific objectives).
Quantifiable.- That is, measurable.
Proportional to available (achievable) resources
EXAMPLES OF OBJECTIVES
Type of objective:
• Improvement objective: Take advantage of the success of the resources that the 3M industry division has had in the industrial commercialization of the product to support the effort to increase sales of the presentation for the end user of the Do it Yourself division.
• Business objectives: Increase sales of the product in its presentation to the final consumer starting in the first quarter of 1999.
EXAMPLES OF OBJECTIVES
Specific objectives:
• Know the level of awareness of the product in the consumer and suggest the best alternative to increase it.
• Determine the positioning of the product in relation to the competition.
• Identify substitute products and how they will affect the sales target.
• Define what would be the best distribution strategy.
EXAMPLES OF OBJECTIVES
Objective:
• Evaluate consumer perception of Pincelín Wearever.
Specific objectives:
- Know the market preferences for drawing pens Inquire the distribution of preferences between boys and girls Evaluate brush against the competition in terms of: Design Durability Packaging Net ink content Resistant tip
Marketing Information System
(SIM): It is a permanent and interactive structure composed of people, teams and procedures whose purpose is to collect, classify, analyze, evaluate and distribute pertinent, timely and precise information that will serve those who make marketing decisions to improve planning, execution and control.
Relationship between the life cycle of a product and its research
Weather
Pre-commercialization phase Presentation Growth Maturity Decline
Focus groups Awareness / attitude studies Follow-up studies Segmentation studies Price elasticity study
Identification of key segments Usage studies Positioning studies Lifestyle research Cost reduction study
Advertising strategy test Promotion studies
Phase prior to Development Implementation in
market launch
GUIDELINES FOR A SUCCESSFUL MARKET INVESTIGATION
RELEVANT INVESTIGATION. Support of strategic and tactical planning activities.
TIMELY INVESTIGATION. Schedule market research to be done on time and influence decisions.
Failure to take corrective action or seize an opportunity will result in opportunity costs.
EFFICIENT INVESTIGATION. From two points of view: a) Consequences of reduced research spending
b) The study should be expensive and elaborate if the decision is important and the research information is useful and timely.
EXACT INVESTIGATION. Using more than one approach results in research biases, but if they produce similar conclusions, the accuracy will be increased
TO REMEMBER
PRELIMINARY INVESTIGATION
It is the obtaining of basic knowledge on a subject: it requires determining what the research needs are in order to avoid errors and find viable solutions to any situation that arises.
Also called exploratory research or market survey.
Its main objective is to verify that the results obtained are useful to know the true problem or, failing that, to define the objective of the investigation and the understanding of the problems presented to identify the cause, in order to decide if the investigation is necessary. conducting conclusive research.
It is the collection of background information about the business and its environment, through interviews with both company personnel and outsiders.
INFORMATION SOURCES
When the objectives and working hypotheses have been established, it is necessary to determine who can provide this information. For this, it is used:
Secondary sources (existing information).- Figures and information that someone has compiled for other purposes. There are two types of secondary data according to their source: Internal source and external source.
Primary information. The most frequently used sources are: consumers and buyers, retailers, wholesalers and other distributors, and company personnel.
MARKET INFORMATION
1. DEMOGRAPHICS
- Population Employment and training Education Transport and communications Housing and health
2. ECONOMIC
- Gross Domestic Product Trade Imports and exports Prices Wages Financial sector Industrial sector Tourism
TRADITIONAL SOURCES OF SECONDARY INFORMATION
- Previous company studies Specialized journals Conference reports, conventions, etc. Company accounting system Sales history by customer, channel, etc. Production and warehouse records Orders Interviews with sales and production personnel National statistics on
On:
- EconomyEmploymentEducationPopulationHealthPricesSalariesTransportHousingTourism
EXAMPLES OF A HYPOTHESIS APPROACH
3. Related to
- The market for Goods and services The needs of the consumer The concerns of the producer
EXAMPLES OF A HYPOTHESIS APPROACH
Research of the XYZ sound equipment users market.
First hypothesis
Once the attention by the sellers has been decided and improved, will it be able or not to stimulate the purchase action of the users of XYZ sound equipment?
Second hypothesis
Depending on the purchasing power and size of the sound equipment users, should the sales force give more attention to those who are potentially more representative for the company?
TYPES OF RESEARCH
EXAMPLE OF A MARKET RESEARCH PROJECT
- Title: Research project referring to… Background: Reasons that make the research necessary.Objectives: They must be written in a consistent and sequential manner.
There are two types of objectives:
A. Basis of the investigation. That is related to the marketing objective; for example:
a) Marketing objective: "Find alternative distribution channels."
Research base objective: Obtain information on the satisfaction levels and expectations of the target market towards the distribution channels.
b) Marketing objective: "Position product X in segment Y".
Research base objective: To know the degree of acceptance / rejection of product X in segment Y.
B. Operational. Once the base objective has been defined, the operational objectives will be proposed, which are those that will respond to specific points of information and that together will allow covering the information of the base objective: Examples:
a) Detect the level of knowledge of the category of products that concern us.
b) Determine the habits of use and purchase.
c) Know the expectations of purchase of the product.
d) Evaluate the attributes of the product:
• Intrinsic
• Extrinsic
e) Measure the impact of the brand.
f) Evaluate the cost-benefit relationship of the product.
COLLECTION METHOD
The choice of the data collection method is a critical aspect of the research process.
The survey is the main choice of researchers.
The main advantage of the survey is that it can collect a large amount of data about an individual interviewee.
PROBABILISTIC AND NON-PROBABILISTIC SAMPLING METHODS
COLLECTION METHOD
The choice of the data collection method is a critical aspect of the research process.
The survey is the main choice of researchers.
The main advantage of the survey is that it can collect a large amount of data about an individual interviewee.
DATA COLLECTION METHODS
For the collection of primary information there is a wide variety of methods to consider.
These can be grouped into:
Quantitative.- They allow quantifying the
information through representative samples. Provides answers to the what, when, how much, where and how events occur in defined segments.
Qualitative.- It allows us to delve into the reason for consumer behavior. It is based on impressions and is done between small groups of people.
Qualitative Studies vs Quantitative Studies
- Quantitative: They generate objective data They look for the quantum? Qualitative They generate subjective data They look for understanding, how? Techniques: Focus group
Depth interviews
Anthropological studies
QUALITATIVE RESEARCH
Qualitative research (QI) has two great benefits when applied to marketing:
Know the elements of public opinion related to the acceptance or rejection of a product, idea, advertising campaign, etc.
Determine which are the most important hypotheses for the marketing of my product to be corroborated by a subsequent quantitative study.
QUALITATIVE METHODS
- In-depth interview.- Obtain information about the motivations, inhibitions, thoughts, feelings, emotions of consumers, as well as their reactions to certain stimuli. It is done one by one, with an approximate duration of 40 min. at 1 hour, in a semi-structured interview session. Group sessions.- Obtain information from a homogeneous group representative of the segment being investigated about motivations, inhibitions, thoughts, feelings and emotions. It allows to deepen in certain aspects that can be known It is carried out in groups of 8 to 12 people, with an approximate duration of 1 to 3 hours. Direct observation.-Without establishing communication with the study subjects, it is limited to observing the actions and events that interest it.
OPINION ELEMENTS
The ic allows us to know the elements of greater emotional connotation of people in the face of a given stimulus, be it a product, an idea, an event, etc.
The most used techniques for this are:
Semantic Discourse Analysis.
Depth interviews.
Focus groups.
SEMANTIC ANALYSIS OF THE SPEECH
It is about allowing free communication with people who are characteristic of the population under study, to obtain a speech or message from them. The repetitions of words and their context are analyzed and their emotional charge is interpreted, it is compared with the other speeches and conclusions are obtained from the most recurrent coincidences and disagreements. There is specialized software.
DEPTH INTERVIEWS
- The in-depth interview, unlike the previous case, involves: The careful selection of the interviewee based on the topic of the research The topic and guide of the interview By virtue of the fact that the speech or message obtained is referred to the topic of the research an analysis similar to the previous case is carried out.
FOCUS GROUPS
It is about forming groups of individuals with similar characteristics to discuss under a controlled environment, around a certain topic, with a topic guide prepared previously and jointly with the client, according to their hypotheses or information needs. In this case, both the content of individual participations (semantic networks) and, perhaps most importantly, the consensuses and the way in which they are obtained are analyzed.
SKILLS OF A MODERATOR
- The interventions of a moderator must allow the free expression of the personal ideas of each participant. Their non-verbal language must not be aggressive or intrusive. They must not make value judgments. Questions must not be directed towards the search for an answer. They must have capacity. analysis, synthesis and paraphrasing of the participants' interventions
