MARKET RESEARCH & B2B B2C 5.pdf

MARKETING RESEARCH  QUESTIONS? 1. What is marketing research? 2. When is marketing research needed? 3. What are the critical steps in the market research process? 4. How does market segmentation contribute to effective market research? 5. What is the role of a research hypothesi...

MARKETING RESEARCH  QUESTIONS? 1. What is marketing research? 2. When is marketing research needed? 3. What are the critical steps in the market research process? 4. How does market segmentation contribute to effective market research? 5. What is the role of a research hypothesis in guiding the market research process? 6. Why is it important to differentiate between qualitative and quantitative research method?  WHAT IS MARKETING RESEARCH? Process of collecting, understanding, and analyzing data through market research. Is a systematic collection, analysis and interpretation used to develop marketing strategy or solve a marketing problem. - It can be existing information called secondary data or specifically for the purpose of the company’s objectives called primary data  WHEN IS MARKETING RESEARCH NEEDED? Ø When business needs a marketing decision. Ø Introduce New Products Ø Change the existing products Ø Location for new store Ø Where, When, How to advertise?  SOURCES OF DATA SECONDARY DATA PRIMARY DATA CONSIST OF RESEARCH FROM RESULT FROM RESEARCH PUBLIC DOCUMENTS, BOOKS, SPECIFICALLY DEVELOPED JOURNALS, MAGAZINES, THE AND CONDUCTED FOR INTERNET, AND EVEN THE EXPLICIT OBJECTIVES AND COMPANY’S INTERNAL GOALS OF THE COMPANY OR DATABASE. THE BRAND. SURVEYS, EXPERIMENTS OR OBSERVATIONAL RESEARCH  RESEARCH PROCESS Gathering starts with It defines the purpose of the secondary data from research. available sources like books, üWhat is your goal? newspaper, government üWhat do you want research publications, and online and to achieve? printed articles. üWhat do you want to find out?  RESEARCH PROCESS 3. RESEARCH DESIGN übetter describe the Collecting primary data population, determine the üResearch Approach cause and effect relationship, (Qualitative and Quantitative) or to prove theory. üQualitative- in-depth üSurveys, experiments, and information about participant observational research are and focus-group discussion some tools. (taste test of üQuantitative- requires a flavors) systematic investigation of üData is factual, consumer characteristics, demonstrative, objective and experiences and behavior. can processed using mathematical or statistics.  QUALITATIVE FOCUS GROUP IN-DEPTH DISCUSSIONS (FGDs) DISCUSSIONS/INTERVIEW (IDIs) Number of 7-9 per batch (4-8 other individual Participants reference) Advantages Share experiences Privacy- no need to be Build from others in the room conscious of the presence of others Not influenced by opinions of others in FGDs Ability to follow answers Disadvantag Discussions with strangers More time-consuming es in the room Inability to share Maybe influenced by experiences and build from opinions of others others. Inability to follow up  RESEARCH PROCESS üMixed Methods (3rd reseach üSampling Plan approach) Scientific way of gathering Use of both qualitative and participants for your research. quantitative research SAMPLE- “a segment of the methods. population selected for Deeper understanding of marketing research to customers and behavior represent the population as a profile becomes richer and whole” more robust.  TWO WAYS OF SELECTING YOUR SAMPLES PROBABILISTIC SAMPLING NONPROBABILISTIC SAMPLING ü Every individual in the ü Researchers set guidelines population has an equal on how to select participants chance of being selected from the population and the to be part of the sample selection is more deliberate and not random.  RESEARCH INSTRUMENTS DISCUSSION GUIDE SURVEY QUESTIONAIRE üFor qualitative research, üFor quantitative research interviews and focus group üIt is a list of questions or discussions are conducted statements administered with discussion guide. personally by an interviewer üCaptured through audio or face-to-face, by phone or video recording so no online. information is missed out during data analysis.  RESEARCH PROCESS 4. DATA ANALYSIS üFor quantitative research, üThis must be performed to data is measurable and make all the information computable, and can be meaningful. analyzed through descriptive üTranscription- for qualitative statistics that determine the research, audio or video mean, median, mode. recorded data must be written out, word per word. Activity: Short Response essay 1. What is the difference between primary and secondary data and their purpose? 2. What are the different steps in the research process? 3. Discuss the different sampling methods. 4. Discuss the importance of marketing research. CONSUMER AND BUSINESS MARKETS THINK ABOUT THIS 1. What factors do consumers naturally consider when purchasing, and how do these factors differ based on the product type? 2.How does consumer decision-making differ when purchasing regular items versus a high- involvement product? 3. What role does marketing play in influencing consumer behavior, and how do businesses use marketing to affect consumer decision-making? BUSINESS TO BUSINESS VS BUSINESS TO CONSUMER  TWO TYPES OF MARKETS MARKET- composed of all customers who buy the product, and potentially buy the product. 1. CONSUMER MARKET-consist of individuals who purchase and avail of the products and services for personal and household use. 2. BUSINESS MARKET- composed of companies or individuals who purchase and avail of products and services to resell to end-buyers or to help produce their own products and services. CHARACTERISTICS INFLUENCING BUYER BEHAVIOR IN CONSUMER MARKETS The actions that the consumer goes through in their journey to purchase. 1. Cultural Characteristics- how a learned world view can influence buyer behavior. Example: Culture and sub-culture, social class 2. Social Characteristics- How influence around un can influence buyer behavior. Example: family, reference group, roles and statuses 3. Personal Characteristics- how personal circumstance can influence buyer behavior. Example: Age and life cycle, Occupation Economic Circumstances, Lifestyle, personality. 4. Psychological- how self concept can influence buyer behavior, such as motivation, perception, learning, beliefs and attitudes. CONSUMER DECISION-MAKING HIGH INVOLVEMENT- for purchases that are seen as important, interesting, or are considered as high risk, consumer exhibit this behavior. The purchase decision is deliberate and well thought of. -Marketer must stimulate the consumer into considering the product by giving them information or allowing them to think about their decisions. -Tend to have high brand loyalty. LOW INVOLVEMENT- express little interest for the product and the purchase decision process, habitually purchased. Purchased instinctively without giving much thought. -Low loyalty -the product is lack of differentiation among products in the category. CONSUMER BUYING PROCESS IDENTIFY THE SEARCH FOR DECIDING ON EVALUATE THE NEEDS INFORMATION PURCHASE PURCHASE Identifying the Consumer Buying Needs u Every purchase starts off with a perception of the problem or a need. u The recognition activated by factors from within the individual or from the external environment.  EXTERNAL CONSUMER BUYING FACTORS The product itself, it’s price, placement, or promotions may start the MARKETING MIX process of buying. ECONOMIC The growth of the local, national, and even global economy has seen an ENVIRONMENT increase in the disposable income of customers. POLITICAL Government affairs, policies and laws impact and affect customers’ ENVIRONMENT purchase behavior. CULTURAL ENVIRONMENT Shared values and beliefs that shape the community’s behavior. Community and its members, like family, the barkada, and other social SOCIAL groups, have influence on an individual’s identification of consumer ENVIRONMENT need and corresponding behavior. INTERNAL CONSUMER BUYING INFLUENCES PERSONAL CHARACTERISTICS PSYCHOLOGICAL FACTORS u Consumer attributes of u The behavior of individuals, like age, gender, customers is influenced occupation, and lifestyle by their inner mental affect how consumer buy. activities. Include motivation, personality, perception, learning, and attitudes  PSYCHOLOGICAL FACTORS The inner force that compels an individual to act or MOTIVATION behave in fulfilling that need. Inner psychological characteristics that both determine PERSONALITY and reflect how a person responds to his or her environment. It is how the customers make sense of the different stimuli, PERCEPTION and how they create meaning of the world around them. It is how customers gain information and experience from LEARNING current purchase behavior that they can use later on. The inclination to judge something as favorable or ATTITUDE unfavorable. BUSINESS MARKET u Composed of companies or individuals who purchase and avail of products and services to resell to end- buyers or to help produce their own products and services. u Example: Restaurants are part of the business market condiments such as fish sauce, soy sauce, and ketchup. Unlike customers who use these products at home, these restaurants use these condiments as ingredients in the dishes they offer to their patrons. PROPONENTS OF BUSINESS BUYING PROCESS BM INFLUENCER DECISION- END-USER BUYER MAKER CONTROLLER  BUSINESS BUYING PROCESS IDENTIFY THE EVALUATE THE DESCRIBE THE SEARCH FOR DECIDE ON BUSINESS PURCHASE REQUIREMENT INFORMATION THE PURCHASE BUYING NEEDS  PERFORMANCE TASK Q1 u Conduct a simple market research on consumer buying behavior. u As a group of marketing students, you are tasked to interview three(3) family members or relatives about their regular grocery trips and conduct a simple market research on consumer buying behavior following the qualitative design. Your output must interpret their decisions and behaviors before, during, and after taking a grocery, and how different business strategies influence their behaviors. Outline the applied buying process presented by the interviewed people. The written outline or output will be submitted to your marketing teacher. u The following will be your guide questions: 1. What is your objective in doing the research? 2. What do you want your research to achieve? 3. What do they usually do and prepare before taking a planned grocery trip? Explain their behaviors. 4. During the grocery trip, what changes and circumstances are perceived to occur? Explain their behaviors. 5. What factors affect the initially planned groceries when they are in the actual grocery setting? 6. What behaviors do they show after the grocery trip? PERFORMANCE TASK Q1 u Conduct a simple market research on consumer buying behavior. u Your qualitative research must follow this outline: u INTRODUCTION (minimum 200 words u METHODOLOGY ( minimum 200words and maximum 300 words) u RESULTS AND DISCUSSION (minimum 300 words, maximum 400words) u CONCLUSION, IMPLICATIONS FOR PRACTICE, AND RECOMMENDATION(minimum 150 words and maximum 200 words) u Your research format will be the following: u Cover page: will be sent to our group chat Short bond paper with green folder Margin: 1” all sides u Font style and size: Georgia 12, 1.5 spacings u You will be evaluated based on the following criteria: CATEGORY EXEMPLARY (4) ACCOMPLISHED( 3) DEVELOPING (2) BEGINNING (1) Student clearly analyzes Student describes Student discusses Student attempts to describe consumer behavior, identifying consumer behavior consumer behavior and consumer behavior activities the target market and the activities but fails to link Behavior Analysis linking each to the but does not accurately and importance of business them appropriately to a importance in a business convey the information and strategy using the best business strategy, citing strategy. does not provide examples. available information. only few examples. Student addresses some of Student addresses clearly Student addresses how the business strategies and Student fails to address how how business strategies business strategies Shopping and how it influenced the business strategies influenced the shopping and influenced shopping and buying decisions shopping and buying influenced shopping and buying decisions are being buying decisions but fails decisions are being buying decisions. influenced. to provide an example. influenced. Compelling evidence and Although connections are Professionally legitimate legitimate sources is given to occasionally given, many sources that support claims support claims. Connection is statements seem Student fails to present QUALITY OF are generally present and clear and fairly presented. unsubstantiated. The evidences to support the RESEARCH connection is, for the most The reader is confident that reader is confused about claim. part, clear and fairly the information and ideas can the source of information presented. be trusted. and ideas.