Lecture 5 Market Research

Lecture 5 Market Research - Marketing Research& 22...

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Unformatted text preview: Marketing Research October 13, 15, & 22 Marketing Research entails (a) generation (b) analysis, (c) presentation, and (d) interpretation of data/information to aid in marketing decisions Key Takeaways (a) The link between the research methods (e.g., focus groups, surveys, experiments) and the nature of the problem (b) Sampling, and calculating sample size (c) Example of data analysis: Multiple regression (Excel) (d) Qualitative marketing research Steps in the Market Research process: (a) Define the problem (b) Decide what type of research bests suits the analysis of the problem (c) Decide on the method We will discuss each type using the example of a service that is set up to encourage consumers to pay their bills online (see next slides) Problem: Very few customers are interested in paying their bills online. Why is that so? We need to conduct exploratory market research to pin-point the specific reasons The typical research method is to run focus groups (pilot-tests) with current and potential users of the service Focus Groups: Focus groups allow us to develop several hypotheses: For example, Consumers are afraid that they will have to compromise on security Consumers are uncertain of the technology Consumers fear that they will have a difficult time to opt out of the program after the trial period Consumers find the site difficult to navigate The next step is to test for these specific hypotheses, i.e., we want to be confident that these are legitimate concerns among the population (the potential users of our services) and not just those in our focus-group samples We need to conduct descriptive marketing research that allows us to test our hypotheses The research method is surveys Example: Measurements (a) I am afraid that my credit card / bank account information will not be secure at this site 1 2 3 4 5 6 7 Disagree Neither Disagree Nor Agree Agree (b) I find this site very confusing 1 2 3 4 5 6 7 Disagree Neither Disagree Nor Agree Agree Results: Sample size: n = 100 Item Mean (Std. Dev) Remarks* I am afraid that my credit card / bank account information will not be sure at this site 6.2 (1.33) p = .01 I find this site very confusing 4.2 (2.67) p = .75 * Indicates significant difference from the scale mid-point of 4.0 What do these numbers mean? (very briefly) We are comparing the average response to 4.0, the scale’s mid-point (indifference) and trying to ascertain whether this difference (Average – 4.0) is due to chance. Specifically, the p value indicates the probability that this difference (Average – 4.0) is zero in the population of all users Exploratory research: Research Method: Focus groups and pilot tests; (a) small sample size, (b) cannot generalize to the market Descriptive research : Research Method: Surveys, (a) large samples, (b) statistical inferences possible to generalize from sample to the broad market Causal research : Research Method: Controlled Experiments (a) mostly done in laboratories (b) lacks external validity Summary: What is causal research ?What is causal research ?...
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Lecture 5 Market Research - Marketing Research& 22...

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