4.4+Market+Research

Page 1: Introduction

  • Title: Market Research

  • Presented by: Mrs. Glasbrenner

Page 2: Role of Market Research

  • Purpose of Market Research (MR)

    • Ad Hoc: One-off research conducted as necessary.

    • Continuous: Ongoing activities aimed at discovering customer opinions, beliefs, and preferences.

  • Generic Types of Market Research: Two primary categories.

Page 3: Purposes of Market Research

  • Objectives:

    • Gather up-to-date information.

    • Inform marketing strategies and assess reactions.

    • Compare competitors and make predictions.

  • Key Questions to Address:

    • Are customers likely to buy the product?

    • Which market segments show interest?

    • What price are customers willing to pay?

    • How frequently are customers likely to purchase?

    • Which brands are viewed as competitors?

    • What promotional methods are most effective?

    • Where and how should products be sold?

Page 4: Primary Market Research

  • Methods Continued:

    • Surveys

      • One-to-one discussions.

      • Interviews and small discussion groups.

      • Consumer panels and focus groups to observe behaviors and responses.

    • Observations

Page 5: Types of Surveys

  • Survey Types:

    • Self-completed surveys

    • Personal interviews

    • Postal surveys

    • Phone interviews

    • Online surveys

Page 6: Effective Surveys

  • Principles for Effective Surveys:

    • Focus on clear objectives to gather relevant data.

    • Employ a mix of closed and open-ended questions for quantitative and qualitative analysis.

    • Avoid jargon and technical terms to enhance comprehension.

    • Example Questions:

      • "How much do you like Coca-Cola?"

      • "Which brand of cola do you prefer?"

Page 7: Secondary Research Sources

  • Market Analysis Sources:

    • Market Research Firms

    • Competitor Analyses

    • Trade Publications

    • Academic Journals

    • Government Publications (e.g., census, inflation).

    • Media Articles (newspapers, books, documentaries).

    • Internet resources encompassing all the above.

Page 8: Ethics in Market Research

  • Ethical Considerations:

    • Avoidance of deceitful practices.

    • Transparency and disclosure in research methodologies.

    • Ethical treatment of research participants.

Page 9: Sampling Concepts

  • Key Terms:

    • Population: The entire group of interest.

    • Sample: A subset of the population chosen for research.

Page 10: Quota Sampling

  • Definition: Sampling based on segmentation; group respondents by shared characteristics.

  • Example: Sample 200 females and 300 males aged 45-60.

  • Advantages: More reliable findings, cost-effective.

  • Disadvantages: Potential for non-representative samples and sampling errors.

Page 11: Random Sampling

  • Definition: Every individual in the population has an equal chance of being chosen for the sample.

Page 12: Stratified Sampling

  • Definition: The process of dividing the population into homogeneous subgroups before sampling.

  • Example: Often used in political surveys.

Page 13: Example of Stratified Sampling

  • Scenario: Management wants to assess the timing of the school day.

  • Demographics of 100 teachers:

    • 40 full-time males

    • 30 full-time females

    • 10 part-time males

    • 20 part-time females

  • Question: Calculate the stratified sample of 30 from each group.

Page 14: Stratified Sampling Calculation

  • Calculation Steps:

    • Full Time Males: 40% of 30 = 12

    • Full Time Females: 30% of 30 = 9

    • Part Time Males: 10% of 30 = 3

    • Part Time Females: 20% of 30 = 6

    • Total: 30 staff members sampled.

Page 15: Snowball Sampling

  • Definition: A method where existing participants suggest additional respondents to increase sample size.

  • Common Usage: Seen in sectors like finance and health insurance.

  • Advantages: Cost-effective and easy access to participants' contacts.

  • Disadvantages: Potential for extreme bias based on lifestyle similarities.

Page 16: Cluster Sampling

  • Definition: A cost-effective sampling method where geographical areas (clusters) are selected to gather feedback.

  • Application: Useful when travel time or costs are prohibitive.

Page 17: Sampling Limitations and Errors

  • Types of Errors:

    • Sample Design Errors: Problems in how the sample is structured.

    • Non-Sampling Errors: Human errors, mistakes in processing.

    • Sampling Errors: May occur if sample size is too small or not representative, or if inappropriate methods are used, leading to biases.

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