MKTG101 Lecture Notes - Lecture 3: Colmar Brunton, Affinity Analysis, Roy Morgan Research
16 Jun 2018
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Week 3- Market research
• A business activity that discovers information of use in making marketing decisions.
Often outsourced to a specialist- Roy Morgan, Colmar Brunton
• Is essential component of understanding the market- problem solving, identifying
future O&T, how to
communicate.
• Only valuable if info provided can
contribute to improved
performance.
• Secondary data- data collected
for a purpose other than to
address the current market
research problem, info already
available.
• Primary data- collected
specifically for current market research project.
• Data mining- processing large data sets to identify patterns and trends not obvious
or even discernible by observation. Market basket analysis- retailers seek to
understand consumer purchase patterns.
• Concept test- to determine if a new product idea or concept is attractive to potential
customers
• Copy test- to determine if the intended message in an ad is being communicated
effectively.
• Price responsiveness- to gauge the effect of a price change would have on demand
for a brand.
• Market share analysis- to determine a firms proportion of the total industry sales of
a product.
• Segmentation studies- to identify distinct groups within the total market for a
particular product.
• Customer service/ satisfaction studies- to monitor how customers feel about an
organisation and its products and services.
• Market segmentation: what is segments profile? What does each segment value
most? Which segment to target?
• Sales performance: why did we fail to meet out sales target? How can we improve
sales?
• Product: what features to include? How to package product? How should we brand
it?
• Distribution: what type of retailer should we use? What geographic region should we
sell it in? should we sell directly to consumers online?
• Promotion: how much should we spend on advertising? In which media should
advertising be placed? Should we use sales promotions?
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• Pricing: what price should be charged? What response should be made to a
competitors pricing?
• Attitudes and behaviours: what do customers and clients think? What do they know
about out product? What do they buy? when? where? Who are our customers?
• Market research involves 5 major components:
o Defining the research problem
o Designing the research methodology
o Collecting data
o Analysing data and drawing conclusions
o Presenting the results and making recommendations
• Careful monitoring is needed after implementation to ensure marketing goals are
being met.
• Market research factors should be considered:
o Relevance: must be able to address the problem at hand.
o Timing: info needs to be received and analysed ahead of the time when the
marketing decision needs to be made.
o Availability of resources: research should be undertaken only if it can provide
reliable and valid results which requires adequate resources.
o Need for e ifo: eed to esure iforatio ist already aailale.
o Cost-benefit analysis: costs of market research assessed against resultant
benefits.
• Market research brief is a set of instructions and requirements that generally states
the research problem, the information required and specifies the timeframe, budget
and other conditions of the project.
• More specific the problem more specific the answer will be.
• A market research brief will include:
o Executive summary: overview
o Intro: explains why research needs to be conducted and who is proposing the
research.
o Background: details the marketing problem, provides all known facts and
related projects.
o Problem definition: the question that is to be addressed.
o Time and budget: when results are needed, various milestones and
contingencies.
o Reporting schedule: precise dates on which reports are required and details
about report format.
o Appendices: additional detailed background info
• The question that the market research project is intended to answer should be clear
and specific. Original question may be redefined as research proceeds.
• Exploratory research: gathers more information about a loosely defined problem,
when issue has arisen for the first time, when management uncertain about what
actions should be taken, helps generate ides for action.
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Week 3- market research: a business activity that discovers information of use in making marketing decisions. Often outsourced to a specialist- roy morgan, colmar brunton. Hypothesis (a tentative explanation that can be tested) is generated: more complex research project may combine approaches, qualitive research: most often used in exploratory research, obtain rich, deep and detailed info about attitudes and emotions that underlie behaviours. Includes interviews and focus groups- useful for understanding customer needs, evaluation potential new products, understanding how customers use products: quantitative research: info that can be represented numerically, approaches include experimentation, observation. Closed answer questions, prone to distortion, global shift toward quantitative. Allows you to measure actual behaviour (unbiased) Does not tell you why they did it. In laboratories or in situ (supermarkets or web site visits) Allows you to test cause and effect. In laboratories (taste tests) or in situ (test markets) Allow measurement of both behaviour and attitudes.
