Introduction to Market Research PDF

Introduction to Market Research By Ahmer Rasheed What is  What is Market Research Customers Marketers Marketing Research ►Market research is the process of systematic gathering, recording and analyzing of data...

Introduction to Market Research By Ahmer Rasheed What is  What is Market Research Customers Marketers Marketing Research ►Market research is the process of systematic gathering, recording and analyzing of data about customers, competitors and the market.  What is Market Research stakeholders Business Decision Makers Marketing Research ►Market research is the process of systematic gathering, recording and analyzing of data about customers, competitors and the market. Who are the Stakeholders Which business decision can be done without research  Basic Categorization of Research  Types of Market Research Syndicated Research Customize Research Research Conducted Designed as per client by research agency at business problem their own cost Data is proprietary to the client Data is sold to multiple Flexible as you can alter clients information sought/ Cheaper as cost is methodology/ target audience shared among clients as per your needs ► Retail Sales Tracking ► TAM - Television Audience Measurement ►Consumer Research ► Net Rating ►B2B Research ► Ad Tracking ►Trade Research ► Euro Monitor ►Social Research Qualitative Quantitative Research Research  Retail Sales Tracking ►Universe of Traders established through a census ►Panel of representative is recruited ►Weekly sales records obtained from each panel shop ►Sales are projected to the total universe of the outlet ►Helps understand… ►Products’ Market share in terms of volume and value ►Products’ Distribution ►Merchandising impact TAM - Television Audience Measurement ►A panel of representative household recruited ►A Device is installed at selected HH TV ►Each person records its viewing data which is then transmitted to a central database ►Helps advertisers and media planners by understanding ►Who watches what and when  Qualitative Research ►What you know about your customers is just like a tip of an iceberg ►Deeper consumer understanding ►Use of projective technique ►Word Association ►Leddering ►Brand personification ►Brand world ►Collages ►Etc. ►Not conclusive in nature (indicates direction only)  Types of Qualitative Research ►Focus Group Discussion ►6 – 8 people ►Group Dynamics helps generate healthy discussion ►A moderator conducts the group using a discussion guide ►In-depth Interviews ►One on one Interview ►Used when topic is sensitive or hard to get target audience ►A moderator conducts the interview using a discussion guide  Types of Qualitative Research ►Mini Groups ►3 – 4 people ►Used when target audience is difficult to reach OR Topic is very simple not requiring much depth ►Paired Interviews ►Two friends, a couple, siblings interviewed together ►Used when interaction between two is explored or category decision is done jointly  Types of Qualitative Research ►IHV – In Home Visits ►Product usage is observed in the real life scenario ►Duration approx. 2-3 hours ►Ethnos ►Researchers observe and/or interact with a study's participants in their real-life environment. ►It is designed to explore cultural phenomena where the researcher observes society from the point of view of the subject of the study. ►Duration: At least half day to few days  Quantitative Research ►Counting of people/ occasions/ events/ usage etc in a defined market ►Gives clear cut direction for the decision making  Quantitative Research Interface ►Online Research ►Face to face interview ► Door to door ► Mall intercepts ► Central Location Test (CLT) ►Telephonic Interview ►Mail Interviews ►CATI – Computer Assisted Tele Interviews ►CAPI - Computer Assisted Personal Interviews ► CAWI - Computer Assisted Web Interviews  Most Common Research Studies ►Habits & Practice ►Customer Commitment & ►Usage & Attitude Satisfaction Studies ►Knowledge Attitude ►Product / Concept Testing Perception Studies ►Ad Testing ►Brand Image/ Equity Studies ►Mystery Shopping ►Brand Health Tracker ►Segmentation ►Communication Tracker ►Pricing ►Market Size Estimation Global Spend by Research Type Research Sample Analysis Design Design Design Perfecting the Research Design  ►Primary Research | Desk Research | Hybrid ►Qualitative | Quantitative | Hybrid ►Qualitative: FGD |IDI | IHV | Paired| Ethnos ►Online | F2F | Telephonic Research ►F2F: D2D | Mall Intercept | CLT Design  ►Study Objectives: Sample Size largely depends on study type and Objective. For instance, a U&A study requires larger sample representative of national population whereas a Product test require smaller Sample in key 3 markets ►Geographical Coverage: If a study is required to be conducted in Karachi only vs. a Study required to be done in Key 10 Cities ►Required Data Breakdowns: If data is required to be read on an overall basis, then the sample will be smaller but if the same research is required to be read by Sample Gender, Age groups and SEC then a larger sample will be required Design ►Required Error Margin and Confidence Interval: Higher the precision higher the sample ►Probability vs. Non-Probability Sample ►Probability Sample: Simple Random | Quasi Random | Stratified | Quota Based | Proportionate | Disproportionate  ►What Questions are required to be answered ►What Data Breakouts are required to be analyzed ►How the data would be reported ►Counts | Percentage | Sum ►Mean | Median | Mode Analysis ►Data Projection |Data Weighting Design ►Test Of significance