Mark3054 Notes
The Market Research Process
1. Establish need for information 2. Establish information needs
Recap MARK 2052
3. Determine research design/data sources 4. Develop data collection procedures
5. Sample design 6. Survey design
Decision
7. Collect data 8. Process data 9. Analyze data 10. Write report/present findings 11. Action
R a h u l R a h u l d vi n d Go vi n Go
Australian School of Business South Wales The University of New
R a h u l R a h u l d vi n d Go vi n Go
Aus tralian Sc hool ersBus ines s South Wales The Univ of ity of New
Step 1: Establish Need for information
(Why) Do we need to conduct Marketing research?
1) Check out what the market is like! (SWOT analysis-Proactive Research)
Explore a new opportunity Check for any threats in the market Identify our strengths Identify or weaknesses
S tep 1 con td. : Establish Need for in form ation
3) I see changes? Why do I see changes? (Reactionary Research)
My product used to sell very well… but its sales are now declining!
4) Have things changed from the past? (Tracking Study)
I had a 30% Market Share last year. What is it now?
2) Check out if a strategy makes sense! (Dry run)
Introducing a new product… will it make money?
5) The law wants me to! (Mandatory Studies) – Location based
Insurance and Medicine need to check for consumer satisfaction
R a h u l R a h u l d vi n d Go vi n Go
Australian School of Business South Wales The University of New
R a h u l R a h u l d vi n d Go vi n Go
Aus tralian Sc hool ersBus ines s South Wales The Univ of ity of New
Step 2: Establish Information Needs
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S tep 3: Determ in e Design an d Data S ources
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What are the questions that we need to ask (the consumers)? Will they give us answers to what we want to know in step 1? Show me the numbers!!! Don’t use toooo much intuition!!
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Can I get by using less money and time?
} Use Secondary Data!
} }
General Motors had a similar problem and they
1. Establish need for information 2. Establish information needs
Recap MARK 2052
3. Determine research design/data sources 4. Develop data collection procedures
5. Sample design 6. Survey design
Decision
7. Collect data 8. Process data 9. Analyze data 10. Write report/present findings 11. Action
R a h u l R a h u l d vi n d Go vi n Go
Australian School of Business South Wales The University of New
R a h u l R a h u l d vi n d Go vi n Go
Aus tralian Sc hool ersBus ines s South Wales The Univ of ity of New
Step 1: Establish Need for information
(Why) Do we need to conduct Marketing research?
1) Check out what the market is like! (SWOT analysis-Proactive Research)
Explore a new opportunity Check for any threats in the market Identify our strengths Identify or weaknesses
S tep 1 con td. : Establish Need for in form ation
3) I see changes? Why do I see changes? (Reactionary Research)
My product used to sell very well… but its sales are now declining!
4) Have things changed from the past? (Tracking Study)
I had a 30% Market Share last year. What is it now?
2) Check out if a strategy makes sense! (Dry run)
Introducing a new product… will it make money?
5) The law wants me to! (Mandatory Studies) – Location based
Insurance and Medicine need to check for consumer satisfaction
R a h u l R a h u l d vi n d Go vi n Go
Australian School of Business South Wales The University of New
R a h u l R a h u l d vi n d Go vi n Go
Aus tralian Sc hool ersBus ines s South Wales The Univ of ity of New
Step 2: Establish Information Needs
} }
S tep 3: Determ in e Design an d Data S ources
}
} }
What are the questions that we need to ask (the consumers)? Will they give us answers to what we want to know in step 1? Show me the numbers!!! Don’t use toooo much intuition!!
} }
Can I get by using less money and time?
} Use Secondary Data!
} }
General Motors had a similar problem and they