MARKET RESEARCH

Marketing Research Two Types Quantitative Answers “How Many… / How Much…” Questions Typically Large sample sizes Surveys / Questionnaires Qualitative Answers “Why… / How…” Questions Usually fewer than 100 sample size Focused Discussions on Topics

Marketing Research Researching Media Print Broadcast Internet Why Important? Was the media noticed or remembered? How did it associate with the topic or brand? What demographics approved/disapproved of the media?

Marketing Research Market Research Process Step 1: Define Problem When a problem is defined – Objectives can be created to answer the problem Objectives: Ex. Customer satisfaction / Distance / Etc. Survey Questions should be based upon your objectives Ex. Objective = Determine customer Satisfaction Ex. Survey Question = Rate your satisfaction with company X on a scale of 1-5

Marketing Research Market Research Process Step 2: Obtain Data Primary Data 1 st time data Secondary Data Previously obtained for another purpose Examples?

Marketing Research Market Research Process Step 2: Obtain Data – Primary Data Survey Method Information gathered from people by surveys or questionnaires Census = Survey entire population Sample = Part of target population that represents the entire population *** Larger the sample…more accurate the results***

Marketing Research Market Research Process Step 2: Obtain Data – Primary Data Survey Method – Constructing the Questionnaire Validity When a survey measures what it was supposed to Examples? Reliability Producing nearly identical results in repeated trials Asking the same questions to all respondents

Marketing Research Market Research Process Step 2: Obtain Data – Primary Data Survey Method – Constructing the Questionnaire Types of Questions Forced Choice – Predetermined answers Open Ended – Respondents construct their own response

Marketing Research Market Research Process Step 2: Obtain Data – Primary Data Survey Method – Constructing the Questionnaire Writing Questions Be brief and clear Use the same rating scale for similar questions Keep it short so it can be answered quickly

Final Project Part-1 You will be creating a Marketing Plan for LSW Pep Rally The goal will be to create a new marketing campaign for the LSW Pep Rally Including Recommendations!! You may work in teams of 4-5 You must work with peers whom you did not work with in the MFL project

Final Project Part-1 Each team will identify a specific problem for the LSW Pep Rally No repeats First come / first serve…If you yell out or run up here I’ll send you to the back of the line…Keep it classy Identify your Objectives: 3-5 Needed Identify your Questions that will help you answer your objectives Remember Validity / Reliability

Final Project Part-1 Survey and Interviews Use Marketing books for assistance Focus on pages 663, You will want to brainstorm the following: Surveys: How will you administer your surveys? How many students/teachers should be surveyed (Min. of 50)? Begin Rough Draft Today…

Final Project Part-1 The final submission will be a summative project (80% weight of grade) worth 200 points All final submissions must be typed You will need to schedule survey times with teachers in advance Save all drafts and survey results You will submit a Typed Marketing Plan which will be provided to the Pep Rally Committee and Administration You will present Your Marketing Plan to the Class (20 Pts) You will submit a peer evaluation (20 Pts)

Marketing Research Market Research Process Step 3: Analyzing the Data Compiling, analyzing, and interpreting the data Look for themes and trends from demographics Men vs Women Age Grade What are the reoccurring trend across all demographics?

Marketing Research Market Research Process Step 4: Recommending Solutions to the Problem Conclusions drawn from research Recommendations must be clear and well supported by the research data

Marketing Research Market Research Process Step 4: Recommending Solutions to the Problem Research Report Title Page Table of Contents Introduction – Problem/Objectives/Basic Assumptions Procedure – Research techniques/Surveys/Interviews Review of Information – Results Recommendations Summary/Conclusions