Monday, March 14  Current News. Chapter 6 Market Research Estimating Market Potential & Forecasting Sales.

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Presentation transcript:

Monday, March 14  Current News

Chapter 6 Market Research Estimating Market Potential & Forecasting Sales

A Problem Well Defined Is Half Solved

Why do 3 out of 4 firms fail? ?

Marketing Research  Process of collecting & using information for marketing decision making. How did it get started?  Can perform in-house  Can use outside research firms

Types of questions marketing research can help to answer  Scanning  What kinds of people buy our products? Where do they live? How much do they make? How many can we identify  What trends will affect our markets?  Any market potential we don’t know about?  Risk Assessment:  Which will most likely generate success?  What price should we charge under various strategies?  Where & whom should our products be sold.  Monitoring:  What is our market share? Who are our competitors?

Definition of the Problem Situation Analysis Obtaining problem specific Data Interpretation of the Data Problem Solution Early Identification of solution

Problem Specific Data  Qualitative Research  Focus Groups  Quantitative Research  Mail Surveys  Telephone Surveys Personal Interviews * Observations * Experimental

Step 4 & 5  Interpreting the Data  Sampling  Validity  Solving the Problem  Making Marketing Decisions

Estimating Market Potential  Forecasting  Tops-Down Approach  Bottoms Up Approach  Real-Life  Use Research to determine forecast  Keys to Good Forecasts/Biases in Forcasting

Market Knowledge  Marketing Databases  Data-mining  Data-warehouse  Gathering Competitive Information