Lecture 6 Market Research March 15, 17, 29

Lecture 6 Market Research March 15, 17, 29 - Marketing...

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Unformatted text preview: Marketing Research March 15, 17, and 29 Marketing Research entails (a) generation (b) analysis, (c) presentation, and (d) interpretation of data/information to aid in marketing decisions Challenges: We can get lots of data (and often times there is conflicting data) the challenge is to convert them into meaningful information Before the onset of hurricanes, Wal Mart notices that consumers stock up on flashlights, batteries, and Pop Tarts Airlines have found that the best predictor of a traveler turning up for a flight is when s/he orders a vegetarian meal Davie Brown scores: Composite of seven key attributes: (a)Appeal (b) Notice (c) Trendsetter (d) Influence (e)Trust (f) Endorsement (g) Aspiration. Key Takeaways (a) The link between the problem and the research (data collection) methods (e.g., focus groups, surveys, experiments) (b) Sampling (inferring from the sample to the market) (c) Qualitative marketing research (d) Data analysis: Multiple regression (Excel) 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? There is a problem (e.g., drop in market share) but we are not sure about the root (causes) of the problem We need to conduct exploratory market research to pin-point the specific reasons In our example, we could run focus groups with potential users of the service Focus Groups: Why are town-hall meetings not a good way of conducting exploratory research? Observation research: Focus groups allow us to develop several hypotheses (i.e., testable propositions): In our example, focus groups might reveal that (a) Consumers are afraid that their information is not secure (b) Consumers are uncertain of the technology (c) Consumers fear that they will have a difficult time to opt out of the program after the free-trial period (d) 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 This is the essence of statistical inference We need to conduct descriptive marketing research that allows us to test our hypotheses The research method is surveys Example: Ask 100 potential customers (who are familiar with the service) To what extent are the following reasons contributing to your decision to not sign up for Bill-Pay (a) I am afraid that my credit card / bank account information will not be secure at this site 1 2 3 4 5 6 Not at all Somewhat A Lot (b) I find this site very confusing to navigate 1 2 3 4 5 6 Not at all Somewhat A Lot Item Mean (p value) I am afraid that my credit card / bank account...
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Lecture 6 Market Research March 15, 17, 29 - Marketing...

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