Transcript 3220-02.PPT

THE RESEARCH PROCESS
• What is different?
– 1. Falsification!
• The ability to find out that you’re wrong
– 2. Theories and observation
• Movement between concepts and observation
– 3. Not very efficient
• Slow. Lots of work.
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THE MARKETING RESEARCH PROCESS
• Five critical questions:
– 1. What do we want to know?
– 2. How would we conduct the research?
– 3. What would it cost?
– 4. How else could we conduct the research?
– 5. Should we conduct research?
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1. What do we want to know?
It's important to ask the right questions
– asking the wrong ones is at best, useless;
– at worst, it will lead to the wrong decision
• Examples:
– audio CD players
– New Coke
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2. How would we do the research?
Are there useful insights that exist?
– e.g., everyday low pricing
• perhaps not for your product, but
theoretically applicable
– seasonality, loyalty, stockpiling
• Is there existing data we can use?
– has our or the competitors price varied?
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3. What would it cost?
• estimate:
– a. staff * hours
• (double how long you think it would take)
– b. survey or experiment costs
– c. incentives for participants
• cost-benefit comparison
• potential gain versus loss
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4. How else could we do the research?
• if cost-benefit fails:
– is there a cheaper way to go?
• a. easier way to go?
• b. smaller sample?
• c. other ways to save $?
• cost-benefit comparison
• potential gain versus loss
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5. Should we conduct research?
• cost-benefit calculation
– are there more benefits than costs?
• capital of the company
– can we afford it?
• extension of existing product
– if we already produce something similar...
• confidence in factors identified
– do we know what we need to know?
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Case
•
Women's clothing store
–
four years decreasing profits
–
niche: conservative wear, not trendy
–
competition: aim at young, fashionable
–
idea: less conservative, younger buyer
• What are the useful research questions?
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The End
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