Financed bySupported byImplemented in cooperation with Financed bySupported byImplemented in cooperation with Market research with limited resources 1Day, Session3 Tijana Sekulic

Financed bySupported byImplemented in cooperation with Understanding Customer Needs Why understand customers? Because they are all different

Financed bySupported byImplemented in cooperation with

Financed bySupported byImplemented in cooperation with Customers differ in many ways... The benefit they want Amount they are able to or willing to pay Media (TV, newspapers,websites, social media) they see Quantities they Buy Time and place that they buy

Financed bySupported byImplemented in cooperation with Marketing research Marketing research involves collecting information relevant to a specific marketing problem facing the organisation.

Financed bySupported byImplemented in cooperation with Marketing research The marketing research process consists of four steps: 1.Defining the problem and research objectives; 2.Developing the research plan; 3.Implementing the research plan; 4.Interpreting and reporting the findings.

Financed bySupported byImplemented in cooperation with 1.Defining the problem and setting the research objectives The objectives may be exploratory, descriptive or causal

Financed bySupported byImplemented in cooperation with 2.Developing the research plan for collecting data Primary data—Information collected for the specific purpose at hand. Secondary data— Information that already exists somewhere, having been collected for another purpose.

Financed bySupported byImplemented in cooperation with 2.Developing the research plan for collecting data

Financed bySupported byImplemented in cooperation with Primary data—main sources Observation Online surveys Face-to-face surveys Telephone interviews Focus groups Test marketing Experiments

Financed bySupported byImplemented in cooperation with Secondary data—main sources Google- A great way of getting quick market research for free Goverment departments-Provide detailed insignhts on the economy and on many industry sectors Trade associations- Most industries have an industry association-tey are a great source of market analysis Trade press&magazines- Essential reading for an entrepreneur Competitor websites&market materials Market research reports

Financed bySupported byImplemented in cooperation with Primary data Why? Secondary data can provide much information for entrepreneur, but there will always be gaps Obtaining formal primary research data is time- consuming & expensive So primary data is best used by start-up to fill in the gaps

Financed bySupported byImplemented in cooperation with Planning primary data collection Qualitative research— Exploratory research used to uncover consumers’ motivations, attitudes and behaviour. Focus-group, interviewing, elicitation interviews and repertory grid techniques are typicalmethods used in this type of research. Quantitative research— Research which involves data collection by mail or personal interviews from a sufficient volume of customers to allow statistical analysis.

Financed bySupported byImplemented in cooperation with Key Questions in Market Research WHY What do you need to know and why: The purpose of the research WHAT What will be studied: the market, consumers, consumer habits, channels of distribution and selling Information: what is absolutely needed, what is optional (or less important) WHO Which people do you need to contact (observe and/or interview): (potential) customers, other businesses (competitors) HOW Who will do the research: Yourself or somebody else? Which methods will you use: interviews, observation, review of Statistics. What resources do you need to carry out the research: time,transportation, money WHERE Which place: Is it easy or difficult to reach? What does it look like?

Financed bySupported byImplemented in cooperation with Key Questions in Market Research Use Your Eyes, Ears, Mouth, Touch and Smell!

Financed bySupported byImplemented in cooperation with Planning primary data collection The research conducted should answer questions like: What to look for, Market research should investigate four areas: customers, customer needs, competition, and trends. Customers. Identify their: Age Income Occupation Family size Marital status Residence Interests and hobbies

Financed bySupported byImplemented in cooperation with Planning primary data collection The research conducted should answer questions like: Customers wants: Is the product needed for a limited time (diapers, for example)? Are customers looking for quicker service? Do customers want guarantees with the products? Will customer come frequently (for example a grocery store) or seldom (a car dealership)? Are customers looking for a wider distribution or more convenient locations?

Financed bySupported byImplemented in cooperation with Planning primary data collection The research conducted should answer questions like: Competition What is the competitions' market share? How much sales volume do they do? How many similar firms exist? What attracts customers to them? What strengths do they advertise?

Financed bySupported byImplemented in cooperation with Tolls for online research seeking more time than money

Financed bySupported byImplemented in cooperation with Kreirajte online upitnike Create online surveys

Financed bySupported byImplemented in cooperation with Create online surveys

Financed bySupported byImplemented in cooperation with online questionnaire GOOGLE DISK/DRIVE

Financed bySupported byImplemented in cooperation with Easily collected data in the automated table… With online surveys, the respondents are able to answer the questionnaire by means of inputting their answers while connected to the Internet. Then, the responses are automatically stored in a survey database, providing hassle-free handling of data and a smaller possibility of data errors.

Financed bySupported byImplemented in cooperation with Create a questionnaire / survey and gather information about your customers, send via mailing lists or social networks (Facebook pages, Facebook groups)

Financed bySupported byImplemented in cooperation with surveymonkey.com zoomerang.com

Financed bySupported byImplemented in cooperation with Advantages of Online Survey Ease of Data Gathering Minimal Costs Automation in Data Input and Handling Increase in Response Rates- Online survey provides the highest level of convenience for the respondents because they can answer the questionnaire according to their own pace, chosen time, and preferences. Flexibility of Design- The questionnaire may include more than one type of response format in such a way that the respondents would not get discouraged from the changes in the manner they answer the questions.

Financed bySupported byImplemented in cooperation with Disadvantages of Online Survey Absence of Interviewer Inability to Reach Challenging Population This method is not applicable for surveys that require respondents who do not have an access to the Internet. Some examples of these respondents include the elderly and people who reside in remote areas. Survey Fraud is probably the heaviest disadvantage of an online survey. There are people who answer online surveys for the sake of getting the incentive (usually in the form of money) after they have completed the survey, not with a desire to contribute to the advancement of the study.

Financed bySupported byImplemented in cooperation with Research is cheap if you want to stay in business, expensive if you don’t. ANON