Market Studies
What are the 4 purposes of the Market Studies ?
1. Understand the market
2. Understand the customers
3. Understand and develop the offer
4. Positioning the brand and its communication
Can you name a few examples for each ? (1/4)
1. Understand the markets:
A market is defined by its size and structure to understand its value in both currency and units sold (products sold), and also by the historical trends it has marked down to track its evolution. Plus, analyzing the key consuming segments within the market to highlight the main groups of buters or users. Finally, an analysis of competition and market shared to show how the company domines the market.
Can you name a few examples for each ? (2/4)
2. Understand the customers.
The customers is understood by uts satisfaction/loyalty. Strategically, it includes the customer ratings analyze to understand the most influential factors that help them make decisions and understand their satisfaction levels.
Can you name a few for each ? (3/4)
3. Understanding and developing the offer:
The offer resides in the product (likelihood of purchasing different products, attitude, unmet meeds and volume), pricing (great quality-price correlation) and promotion (key message)
Can you name a few for each ? (4/4)
4. Positioning the brand and communications:
This one explores customers'overall attitudes toward the bramd by raising awarness and making a good perception of the brand(how easily they can recognize it among each other & remember it)
How to solve a problem ?
1. It should be general to include the fields concerned or not.
2. The problem should go from vague to more clearer.
3. We should drill down to look at certain aspect of the issue.
4. After understanding the marketing problem, go straight to sub-questions (marketing questions)
What are internal data sources for a documentary review ?
Sales statistics, customer files
What is the first step in turning a vague decision problem into a researchable marketing problem ?
Specify the fields to explore
What are some internal sources examples ?
Sales department,
Accounting & Financial department,
R&D,
After sales service ?
Explain and give examples for each of those internal data ?
• Sales department is responsible for selling products/services and driving a compaby's profitability (sales statistics, sales persons, distribution channels).
• Accounting and financial department (cost accounting, profitability..).
• After-sales service: level of customer satisfaction, complaints service..).
• Research & Development (how to develop more the company).
What is a quantitative research ?
A quantitative research is used to measure the market (size, segments, shares, purchase frequencies).
What is a qualitative research ?
A qualitative research is used to understand a phenomenon (behaviours, attitudes, adverts testing..).
What are some tools used to make quantitative research ?
Tools such as: telephone surveys, online surveys..).
Why doing a good documentary review ?
• To respond to marketing questions that could not be investigated through the questionnaire.
• To respond to marketing questions that could be investigated and that were already explored by others.
• To improve the market study quality.
Explain the points you mentioned for why is making a questionnaire good ?
• Certain marketing questions are not covered and should be investigated through a questionnaire. They should explore some topics/subjects that may be overlooked.
• Befinit from existing research (you can use them as comparative benchmarks to compare your business to others', save time and resources by leveraging prior knowledge rather than starting from scratch).
• To enhance the quality of market research (helping to reformule new marketing questions that may have not been previously considered, identifying new development opportunities that were previously unrecognized)
What is the definition of a questionnaire ?
Structured list of questions, designed to extract information, has the purpose to reach the objectives.
How to plan a questionnaire ?
1) Listing the information: make a list of information needed based on the marketing problem and marketing questions.
2) Choosing questions based on the nature of information needed (behaviors: what people do..), mental states: what people think or feel, identification: what people do.
3) Check-list: four questions should be asked before formulating the "question": • Is this question strictly necessary to reach the target of the study ?
• Is only one question enough to get the information ?
• Will the respondent be able to answer the question ?
• Will the answer want to give the exact answer ?
What type of questions are there and what examples could you give ?
1) Open-ended questions: (numerical or literary type).
2) Close-ended questions: (single answer, multiple choices, ranking, specific rating scales)
How a questionnaire is structured ?
1) Presentation of the investigator and the study.
2) Starting questions: Do you buy organic products ?
3) Specific questions: What attributes do you consider when you buy one of them ?
4) Identification questions: What is the highest level education you have atteined ?
What to note when making a questionnaire ?
1) questionnaire should last 5 minutes
2) go straight to the point
3) ask only one information per question
4) vary the best of questions (attitudes, behaviors..)
5) analyze the data obtained with open-ended questions ?
What is ratio ?
Ratio is a variable type that considers any comparison value and has a true zero.
What is nominal ?
Nominal is a variable type that asks for inherent order.
What is ordinal ?
Ordinal is a type of variable that asks for an order set of choicesbut not measurable in intervals.
What is an interval ?
Interval is a type of variable that ask for a set of choices that are set in an interval.