1. University of Plymouth’s Entrepreneurship Programme
Introduction to Market Research
Bob Baggott

2. What are your expectations for this session?
How many of you are or are looking to set up in business or become self employed?
What is your motivation for doing this?

3. Purpose of the Organisation/Business?
To create Value for all its stakeholders
Customers
Employees
Shareholders
Suppliers and Agents
Community

4. identifying/maximising marketing opportunities
AIMS OF MARKETING
satisfying customers
identifying/maximising marketing opportunities
targeting the ‘right’ customers
staying ahead in dynamic environments
endeavouring to beat or pre-empt competitors
utilising resources/assets effectively
increasing market share
enhancing profitability

5. Money, credit, donations, labour, goods
Exchange Between Buyer & Seller
Something of value:
Money, credit, donations, labour, goods
Buyer
(Customer)
Seller
(Provider)
Something of value:
Goods, services, ideas

6. Ways of creating Value
Core competencies. What you do better than your competitors
Corporate or Brand image. What values your products represent
Customer service. How well you retain your customers
Corporate Culture What values you
promote internally

7. Marketing Strategies:
are developed to achieve increased sales.
involve selecting and analysing a target market and creating and maintaining an appropriate marketing mix to satisfy them.
set out a marketing plan for the best use of the organisation’s resources and tactics to meet its objectives and achieve a competitive position.
deal with 3 broad sets of variables 1) marketing mix, 2) target market strategy, 3) marketing environment.

8. MARKETING STRATEGY Defining Business Market analysis
Opportunities/Threats
Environmental analysis
Core Competencies
Marketing capabilities
Resources / budgets
Physical needs
Marketing
Planning
Process
Marketing
Strategy
Major decisions
Long-term
customer value
CONSITENCY • SYNERGY
Integrated
Marketing
marketing mix
Ref: ‘The Basics of Strategy’ Adapted from Beamish & Ashford (2005) p.11

9. Marketing Planning
links strategic decision-making to the development of marketing programmes
is a systematic process of analysing the market place to assess marketing opportunities
determines marketing objectives and develops a thorough marketing plan for implementation & control

10. macro, micro and internal environmental analysis 2. Planning
THE PLANNING PROCESS
1. Analysis
macro, micro and internal environmental analysis
2. Planning
setting objectives of where the business wants to be and developing strategies for how to achieve them
3. Implementation
selection and implementation of the best strategy
4. Evaluation and Control
feed back and control mechanisms to ensure objectives are measured and achieved

11. THE MARKETING PLANNING PROCESS
Gather data to research the market situation
Analyse the current situation
Determine marketing objectives and direction
Establish segmentation, targeting & positioning
Develop marketing strategies and plans
Implement marketing tactics
Control - monitor, evaluate and revise

12. A MARKETING PLAN
offers a ‘road map’ for implementing a company’s strategies and achieving its objectives
assists in management control and monitoring of implementation
informs new participants in the plan of their role & function
specifies how resources are to be allocated
assigns responsibilities, tasks and timings
raises awareness of problems, opportunities and threats
assists in ensuring an organisation is customer focused, aware of market conditions, and realistic in expectations

13. Why conduct research? Research plays a key role in:
Reducing risk in organisational decision making
Formulating and revising Strategy
Identifying and defining business opportunities and problems
Generating, refining and evaluating business actions
Monitoring business and marketing performance

14. Definitions Market Research
The means used by those who provide goods and services to keep themselves in touch with the needs and wants of those who buy and use those goods and services (Market Research Society)
The systematic gathering, recording and analysing of data about problems relating to the marketing of goods and services (American Marketing Association)

15. “... the function which links the consumer, customer &
public to to the marketer through information
information used to identify & define marketing
opportunities and problems; generate, refine, & evaluate
marketing actions; monitor marketing performance; and
improve understanding of marketing as a process.

16. Marketing research Specifies
the information required to address those issues
designs the method for collecting information
manages and implements the data collection
process;
analyses the results;
and communicates the findings and their implications.”
Ref: AMA definition as quoted by McDaniel & Gates (1996)

17. Types of Market Research
Behavioural research
Competitor research
Product research
Pricing research
Promotional research
Distribution research
Economic and social research

18. Discussion
What information might your organisation need to conduct its day to day business?
What sources of Information are available to you?

19. THE MARKETING RESEARCH PROCESS
Problem Definition
Developing hypotheses
Data Collection
Analyse and interpret the information
Report research findings
Evaluate research
Feedback

20. TYPES OF RESEARCH APPROACH
1. Exploratory Research
generally undertaken to collect preliminary data to help clarify or identify a problem
2. Descriptive Research
undertaken too provide better understanding of a particular issue or problem
3. Causal or Predictive Research
tests cause-and-effect relationships to predict outcomes of possible actions

21. TYPES OF RESEARCH DATA 1. Qualitative Research
the collection of data open to interpretation e.g. attitudes, opinions, where there is no intention of establishing statistical validity
2. Quantitative Research
aimed at producing data that can be statistically analysed and whose results can be expressed numerically e.g. sales data

22. Secondary Research (Desk Research)
DATA COLLECTION
Secondary Research (Desk Research)
Data and information that already exists, having been compiled either inside or outside of the organisation for some other purpose than the current investigation
• usually done before primary research
• saves time and money
• not always relevant and often available to all
• e.g. accounting records, census reports

23. DATA COLLECTION Primary Research (Field Research)
Data and information that does not already exist in any form, and is undertaken or commissioned by an organisation for a specific purpose.
• specific to the research question
• unavailable to competitors
• expensive and time consuming

24. PRIMARY DATA COLLECTION METHODS
Interviews and Surveys
Involve the collection of data directly from individuals.
• Personal interviews
• Group interview or focus group
• Telephone interviews
• Mail questionnaires

25. PRIMARY DATA COLLECTION METHODS
Observations
The observation by trained observed of particular individuals or groups to understand some aspect of behaviour.
• Observing new product trials
• Mystery shopper
• Watching in-store shopping behaviour

26. PRIMARY DATA COLLECTION METHODS
Experiments
Conducting an experiment either in an artificial (e.g. laboratory) or real-life environment in order to manipulate independent variables and monitor the effect on the dependent variable.
• Marketing mix changes
• Side-by-side experiments
• Can be unrealistic in laboratory settings

27. A MARKETING INFORMATION SYSTEM
External Sources
Published MR
Government Stats
Media
Trade Associations
Internal Sources
Sales records
Customer records
Marketing Comms
Commissioned MR
Sales force info
Marketing Information Database
Marketing Decision Maker
Decision Support System
Ref: Brassington & Pettitt (2005), p.142

28. Customer and Competitor analysis
Who are they ?
Where are they ?
What do they need (customers) ?
What is our value proposition to them (customers) ?
What do our competitors offer ?
What is our competitive advantage ?

29. Purpose of the Organisation?
To create Value for all its stakeholders
Customers
Employees
Shareholders
Suppliers and Agents
Community

30. Ways of creating Value
Core competencies. What you do better than your competitors
Corporate or Brand image. What values your products represent
Customer service. How well you retain your customers
Corporate Culture What values you
promote internally

31. Porter’s 3 Competitive strategies
Organisations need to select one of these and pursue it consistently.
Cost leadership
Focus strategy
Differentiation strategy

33. The Ladder of Growth International growth New distribution channels
Acquisitions and alliances
International growth
New distribution channels
Enter New markets
Develop new products and services
Win new customers
Grow share of customer spend
Increase customer retention