BUSM 137-Market Research.pdf - Market Research Instructor Dr Zahra Sharifonnasabi([email protected] Housekeeping 1 Groups are up on QM 2 Group

BUSM 137-Market Research.pdf - Market Research Instructor...

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Market Research Instructor: Dr. Zahra Sharifonnasabi ( [email protected] )
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Housekeeping 1. Groups are up on QM+ 2. Group project deadline: November 15 th 3. Individual report deadline: December 14 th
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Re-Cap: The Ingredients: Segmentation Variables Geographic Behaviour Demographic/ Firmographic Psychographic “Wants”/ Customer Needs Most useful when combined: Multi-variable segmentation! 3
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Re-Cap: 8 Types of market segmentation 1. Geographic 2. Demographic 3. Geodemographic 4. Psychographic 5. Need-based 6. Behaviour 7. Use-based 8. Benefit-based
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Example of segmentation table 5 (Ferrel and Hartline 2014)
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Targeting After assessing the potential of each segment choose which one(s) to target; Assess/Evaluate market segments on: 1.Substantial : Size and growth potential and profitability 2.Competition and ease of access 3.Fit with the company offerings and actionable Tailor the marketing mix accordingly (positioning)
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Can you target two different segments with the same marketing mix? NO!!! Some element of the marketing mix has to adapted.
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Let’s Talk About Market Research Be familiar with some methodologies for market research Be familiar with interviewing, Dos and Don’ts, and ethical considerations in conducting an interview Session Goal
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“We built the website first and asked our customers about it later” With my second company, GoLoco – social online ridesharing – we spent too much money on the website and software before engaging with our first customers. This meant that part of our learning was undoing our first guesses . Get to your customers as fast as possible & learn from them to build your product. Robin Chase is the Founder and CEO of Buzzcar and also the founder and former CEO of Zipcar 10
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“We wasted $1,000,000 on a company that never launched” My co-founder and I spent $1,000,000 on a web hosting company that never launched. We were perfectionist so we built the best thing we could without even understanding what our customers cared about. We have now learned to spend smart, optimize for learning and focus on customer delight Hiten has since co-founded two wildly successful analytics companies with KISSmetrics and Crazy Egg 11
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Market Research Market research is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company. Companies normally budget marketing research at 1 percent to 2 percent of company sales
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When should you not conduct market research? 16
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Do You Agree?
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When and How Not to Do MR? Occasion Comments/Example Lack of resources Research results not actionable Closed mindset Late timing Poor timing Vague objectives Cost outweighs benefit If quantitative research is needed, it is not worth doing unless a statistically significant sample can be used When psychographic data won’t help the company to form actions When research is used only as a rubber stamp of a preconceived idea When research results come too late to influence the decision If a product is in the ‘decline’ phase (e.g. records) there’s
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