Understanding Research in Market Analysis PDF

Understanding Research in Market Analysis Agnes L. Cajucom Subject teacher OBJECTIVES 1.Define key research methods in market analysis. 2.Recognize the importance of research using product development. 3.Illustrate appropriate research methods for specific product types KEY...

Understanding Research in Market Analysis Agnes L. Cajucom Subject teacher OBJECTIVES 1.Define key research methods in market analysis. 2.Recognize the importance of research using product development. 3.Illustrate appropriate research methods for specific product types KEY RESEARCH METHODS IN MARKET ANALYSIS QUALITATIV E RESEARCH METHODS QUALITATIVE RESEARCH METHODS 1. FOCUS GROUPS: GATHER A SMALL, DIVERSE GROUP OF PEOPLE TO DISCUSS A SPECIFIC TOPIC OR PRODUCT. QUALITATIVE RESEARCH METHODS EXAMPLE: a COMPANY WANTS TO LAUNCH A NEW ENERGY DRINK. THEY CONDUCT FOCUS GROUPS WITH YOUNG ADULTS TO GATHER FEEDBACK ON THE PRODUCT`S TASTE, PACKAGING AND MARKETING/ QUALITATIVE RESEARCH METHODS 2. IN-DEPTH INTERVIEWS:CONDUCT DETAILED, ONE-ON-ONE INTERVIEWS WITH INDIVIDUALS TO GATHER RICH CONTEXTUAL DATA. QUALITATIVE RESEARCH METHODS EXAMPLE:A MARKET RESEARCH FIRM CONDUCTS IN –DEPTH INTERVIEWS WITH BUSINESS OWNERS TO UNDERSTAND THEIR NEEDS AND PAIN POINTS RELATED TO ANEW SOFTWARE PRODUCT. QUALITATIVE RESEARCH METHODS 3. OBSERVATIONAL RESEARCH: OBSERVE PEOPLE`S BEHAVIOR IN NATURAL OR CONTRIVED ENVIRONMENTS. QUALITATIVE RESEARCH METHODS EXAMPLE: A RETAILER OBSERVES CUSTOMER BEHAVIOR IN THEIR STORES TO UNDERSTAND HOW THEY INTERACT WITH PRODUCTS AND MAKE PURCHASING DECISIONS. QUANTITATIVE RESEARCH METHODS 1. SURVEYS: COLLECT DATA THROUGH STRUCTURED QUESTIONNAIRES, OFTEN ONLINE OR VIA PHONE. QUANTITATIVE RESEARCH METHODS EXAMPLE: A COMPANY CONDUCTS AN ONLINE SURVEYS TO GATHER DATA ON CUSTOMERS SATISFACTION WITH THEIR PRODUCTS AND SERVICES. QUANTITATIVE RESEARCH METHODS 2. EXPERIMENTS: MANIPULATIVE VARIABLES TO MEASURE CAUSE- AND-EFFECT RELATIONSHIPS. QUANTITATIVE RESEARCH METHODS EXAMPLES: A COMPANY CONDUCTS AN A/B TEST TO COMPARE THE EFFECTIVENESS OF THE DIFFERENT MARKETING CAMPAIGNS. QUANTITATIVE RESEARCH METHODS 3.SECONDARY RESEARCH:ANALYZE EXISTING DATA FROM INTERNAL OR EXTERNAL SOURCES. QUANTITATIVE RESEARCH METHODS EXAMPLE: A COMPANY ANALYZES INDUSTRY REPORTS AND ACADEMIC STUDIES TO UNDERSTAND MARKET TRENDS AND COMPETITOR ACTIVITY.  OTHER RESEARCH METHODS: 1. SOCIAL MEDIA LISTENING:MONITOR SOCIAL MEDIA CONVERSATIONS TO UNDERSATND CONSUMER SENTIMENT AND PREFERENCES.  OTHER RESEARCH METHODS: EXAMPLE: A COMPANY USES SOCIAL MEDIA LISTENING TOOLS TO TRACK MENTIONS OF THEIR BRAND AND COMPETITORS.  OTHER RESEARCH METHODS: CUSTOMER PANELS: GATHER FEEDBACK FROM REPRESENTATIVE GROUP OF CUSTOMERS OVERTIME.  OTHER RESEARCH METHODS: EXAMPLES:A COMPANY ESTABLISHES A CUSTOMER PANEL TO GATHER FEEDBACK ON NEW PRODUCT IDEAS AND FEATURES.  OTHER RESEARCH METHODS: 3. MYSTERY SHOPPING: CONDUCT UNDERCOVER RESEARCH TO EVALUATE CUSTOMER EXPERIENCES.  OTHER RESEARCH METHODS: EXAMPLE: A COMPANY HIRES MYSTERY SHOPPERS TO EVALUATE THE CUSTOMER SERVICE EXPERIENCE AT THEIR RETAIL STORE. HOW TO RECOGNIZE THE IMPORTANCE OF RESEARCH USING PRODUCT DEVELOPMENT  UNDERSTANDING CUSTOMER NEEDS 1. IDENTIFIES TARGET AUDIENCE: RESEARCH HELPS IDENTIFY THE TARGET AUDIENCE, THEIR NEEDS, PREFERENCES AND PAIN POINTS  UNDERSTANDING CUSTOMER NEEDS 2. VALIDATES ASSUMPTIONS: RESEARCH VALIDATES ASSUMPTIONS ABOUT CUSTOMER NEEDS, REDUCING THE RISK OD LAUNCHING A PRODUCT THE DOESN`T MEET MARKET DEMANDS. Day 1 Quiz 1. What is a common method of market research? a) Guessing b) Surveys c) Ignoring feedback d) Assuming trends 2. What is the purpose of market research? a) To waste time b) To understand customer needs c) To confuse competitors d) To guess trends Day 1 Answer Key 1. b) Surveys 2. b) To understand customer needs