Consumer Behavior Research PDF

TOPIC 2: CONSUMER BEHAVIOR RESEARCH  CONSUMER RESEARCH Consumer research is the practice of identifying the preferences, perception, attitudes, motivations, and buying behavior of the targeted customer. It helps in understanding the needs, preferenc...

TOPIC 2: CONSUMER BEHAVIOR RESEARCH  CONSUMER RESEARCH Consumer research is the practice of identifying the preferences, perception, attitudes, motivations, and buying behavior of the targeted customer. It helps in understanding the needs, preference, attitude, motivation of the target audience It helps to improve the product / service It helps in marketing the products  IMPORTANCE OF CONSUMER RESEARCH Understand the voice of the customer Understand the Buyers Behavior  IMPORTANCE OF CONSUMER RESEARCH Content of the product It will help to understand the contents to be included in the product so as to attract the customers Improving conversion rates process of increasing the percentage of users  MARKET RESEARCH It is a function that links the consumer and public to the marketer through information( an organized effort to gather information about target markets and customers) Involves the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation Purpose of Consumer marketing research identify and define marketing opportunities and problems generate, refine and evaluate marketing actions monitor marketing performance improve understanding of the marketing process FOR EXAMPLE, A RESEARCH STUDY MAY ASK CONSUMERS... What they buy Why they buy Where they buy When they buy How often they buy Primary data &Secondary data ▪ Primary refers to the first hand data gathered by the researcher himself ▪ Secondary data means data collected by someone else earlier. Source Surveys, observations, experiments, questionnaire, personal interview, etc. Government publications, websites, books, journal articles, internal records etc  WHAT ARE SOME EXAMPLES OF SECONDARY DATA? Internal data: Company’s past studies Sales reports and accounting reports External data: Reports Magazine articles Government Academic journals Trade journals Books PRIMARY INFORMATION DECISIONS Research approach: Survey, Observation, Experiment Research Key Decision Contact Instruments: Areas for Methods: Questionnaire Developing Mail Mechanical Primary Telephone Information Personal Sampling Plan: Unit, Size, Procedure  Type of primary data collected Quantitative Qualitative Unstructured Structured Subjective Objective Word-based Number-based, Statistical statistical analysis analysis is possible difficult e.g. survey, experiment e.g. focus group, indepth interview, action research  QUANTITATIVE RESEARCH Uses larger, more representative respondent samples (300–2000) Formal and structured procedures, often large-scale questionnaire surveys; Represents data numerically, offering frequencies, tables and graphs of performance, behaviours or attitude. Alternatives: ❑Observing customers or competitors; ❑Telephone survey (automated and cheapest); ❑Personal interview (in street, door-to-door); ❑Mail questionnaire (time and response downside; good for detailed and delicate issues); ❑Internet survey (similar pros & cons to mail); ❑Test marketing.  QUALITATIVE RESEARCH Usually for exploratory purposes to develop insight and/or hypotheses. Research data that cannot be meaningfully expressed in numbers (quantified); Uses a relatively small number of respondents in an unstructured manner; Examples: ❑Focus group interviews (8-12 people for 1-2 hours) ❑Casual interviews of knowledgeable people ❑Projective techniques (eg. Word association, sentence completion, story-telling) ❑In-depth interview (more usual for clinical psych.) ❑Suggestions, complaints, etc.  ONLINE METHODS May involve observation, experiments, focus groups or surveys using email Online survey methods offer speed Many people dislike unsolicited emails which may be dismissed as Spam Privacy of information may concern respondents as might fear of computer damage due to worms and viruses Software development costs may be high PRIMARY CONSUMER RESEARCH PROCESS WATCH THIS VIDEO FOR MORE INFORMATION https://youtu.be/ZJLFn68i8Ik CRITICAL EVALUATION OF A JOURNAL ARTICLE THIS IS A TITLE  VOICE OF THE CUSTOMER TO KNOW THE FEEDBACK, PREFERENCE. ATTITUDES ECT.. Quantitative data is structured and statistical; its results are objective and conclusive. It uses a grounded theory method that relies on data collection that is systematically analyzed. Quantitative research is a methodology that provides support when you need to draw general conclusions from your research and predict outcomes. Qualitative data collects information that seeks to describe a topic more than measure it. This type of research measures opinions, views,