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Lesson-2_-Market-Research-Methods-1

This lesson covers market research methods, emphasizing the components of a Marketing Information System (MIS) and the steps involved in creating a market research plan. It outlines various research methods such as observation, surveys, focus groups, and experimental research, highlighting their specific applications and potential biases. The document aims to equip learners with the skills to gather, analyze, and present market data effectively.

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NJ Tolentino
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3 views

Lesson-2_-Market-Research-Methods-1

This lesson covers market research methods, emphasizing the components of a Marketing Information System (MIS) and the steps involved in creating a market research plan. It outlines various research methods such as observation, surveys, focus groups, and experimental research, highlighting their specific applications and potential biases. The document aims to equip learners with the skills to gather, analyze, and present market data effectively.

Uploaded by

NJ Tolentino
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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LESSON 2:

MARKET RESEARCH METHODS


OBJECTIVES:

● LEARN THE COMPONENTS OF A


MARKETING INFORMATION SYSTEM

● BE ABLE TO PUT TOGETHER AN MARKET


RESEARCH PLAN
STATE AN OBSERVATION ABOUT HOW PEOPLE
BEHAVE WHEN THEY ARE BUYING OR USING AN
PARTICULAR PRODUCT. IDEALLY, IT SHOULD BE
SOMETHING THAT YOU THINK NOT TOO MANY
PEOPLE HAVE NOTICED.

PRODUCT:

OBSERVATION:
The Marketing Information System
How do you keep track of your environment
on a regular basis?

If you are a small business owner, how


will you assess your competitor around
your area?
INTERNAL RECORDS - this refers to
MARKET documents in the company’s Order-to-
Payments cycle, such as invoice, shipping
INFORMATION orders, etc.

MARKETING INTELLIGENCE - The set of


SYSTEM (MIS) procedures and sources used by managers
to obtain everyday information about
The Market Information developments in the marketing
environment. This includes newspapers,
System is the people, intermediaries, social networks, trade
equipment, and procedures conference, suppliers, ad agencies, the
used to gather, sort, reverse engineering of competitor
products, published reports, purchased
analyze, evaluate, and information, etc.
distribute needed, timely,
and accurate information to MARKET RESEARCH - the systematic
design, collection, analysis, and reporting
marketing decision-makers. of data and findings relevant to a specific
marketing situation facing the company.
Market research is scientific in nature,
utilizing the scientific method to gain insights on
how to solve real world problems. In this case,
problems usually involve resolving questions
about how to best provide value to customers or
about understanding how consumers behave.
Research Process
Market research is primarily concerned with understanding the
nature of a market. Some of the questions that a market research
typically seeks to answer are:

● Who are our typical buyers?


● Where do our buyers come from?
● How big is our market?
● What are our customers' aspirations?
● How do our customers shop and with whom?
● What do our customers buy?
● Why do customers refuse to buy our products?
The Market Research Process

1.Define 2.Develop 3.Collect 4.Analyze 5.Present


Problem the the the Data the
and Research Informati Findings
Research Plan on
Objective
s
The processes involved in conducting market research can be
outlined as follows:
Define the Problem and Research Objectives. The problem should not be
def too broadly nor too narrowly. In fact, great care should be taken when
defining problem as this will determine the very nature and direction of the
research.

Develop the Research Plan. The Research plan is composed of the following
components:

● Data Sources. Secondary data involves the gathering of prior and related
research works since it is possible that other parties have already
developed useful findings on the matter being studied.
● Primary data involves actually undertaking the research itself in order to
get first-hand knowledge on the matter.
● Research Approaches. Research can be conducted through observation,
focus groups, survey research, behavioral data, and experimental
research.
● Research Instruments. These include questionnaires or mechanical
instruments such as video recorders.
● Sampling Plan. This addresses (1) sampling unit (Who is to be
surveyed?), (2) sampling size (How many people should be surveyed?),
and (3) sampling procedure (How should they be chosen?).
● Contact Methods. Contact with the survey sample could be done via
personal or impersonal means. Methods include the use of mail
questionnaires, telephone surveys, personal interviews, or the internet.
Collect the information. This involves the actual gathering of the data. For
surveys, for instance, this would involve mobilizing a suitable number of field
workers who will then find respondents according to the sampling plan.

Analyze the data. Once all the data have come in (whether in the form of
surveys, interviews, group discussions, or through electronic means such as
online ballots). the next step involves the actual processing of the data.
Quantitative data can be processed through software such as statistical packages,
while qualitative data (such as interviews) can be processed through data
reduction or summarization techniques.
Present the findings. Once processed, the data can now become useful
information. However, its usefulness will still be a function of how well it is
presented. Quantitative information, for instance, may best be digested in the form
of graphs and charts so that trends can be more easily seen. Qualitative data, on
the other hand, may best be presented in the form of clear examples and case
studies.
Research Methods
As a rule, it is generally expensive to collect primary data. That is why firms with
smaller budgets generally resort to accessing secondary data and extrapolating
conclusions from them.

Observation is best to use when trying to answer questions involving how a


market behaves. Thus, observation works for situations such as the following:

• identifying which section of a supermarket a shopper typically visits first;


• finding out how much toothpaste a consumer applies to his toothbrush per use;
and
• determining how long a type of customer typically stays in a quick-service food
outlet.
Survey research is best to use when trying to determine a market's opinions,
perceptions, and basic demographic data. Surveys are best for situations such as
the following:

● identifying discrete factual data such as the person's age, gender, level of
education, place of residence, occupation, hobbies, etc.;
● knowing a person's opinions about a particular product; and
● determining a person's likes and dislikes.
Focus groups are useful for gathering strong opinions and beliefs from a given
target market. Focus groups are actually a subset of survey research except that,
unlike surveys which tend to be composed of individual opinions, focus groups are
composed of a set of people (belonging to the same target market) who are placed
together in a closed, controlled environment to discuss a product or issue with a
moderator.

The idea here is that by getting the group to discuss and critique their own
opinions, the resulting answers to questions would more reliably reflect their reality
as compared to answers obtained via surveys or interviews.
Experimental research is a means of answering a hypothesis through the use of
an experiment. While the bulk of Philippine market research efforts typically
gravitates toward the use of surveys and field interviews, experiments are an
under-appreciated method for validating issues of causality.

Bias An important issue to address in market research is the matter of bias. Bias is
the tendency of data to skew toward a particular direction. It is normal for any
research to have a certain amount of bias, but it is the job of researchers to
minimize bias to the best of their abilities.
Other examples of biases:

● Phone or online interviews. Respondents may not take these interviews 100
seriously because of the lack of actual contact.

● Mail or email surveys. Only a particular kind of respondent may be motivated


to actually mail the surveys back.

● Questions regarding income. Respondents may either not actually know


what their incomes are or post a different figure due to fear of divulging such a
personal bit of information.
EXERCISES:

1. What can a survey do that an in-depth interview


cannot?
2. Conversely, what can an in-depth interview do that
a survey cannot?
3. What are the possible biases that a focus group
discussion can be prone to?

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