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Assignment on Market Research
Our first assignment in our first year at university Our Market Research was carried out in Teleservices Ltd, which is a subsidiary company of Mauritius Telecom. Our objective was to find out about the working condition, job satisfaction mostly everything that connects the worker with its work…
rita mbayi , CAAZHA A
this work is incomplete but it is about the effect of sales promotion on sales volume
This research paper examines the existence of generational gap with regards to consumer behavior in leisure in Switzerland, particularly in regards to online customized marketing. Existing literature on the subject has been put together in an extensive literature review, providing a better insight and identifying key theoretical frameworks. This research evaluates these influencers on consumer behavior in leisure in Switzerland with regards to customized online marketing and further examines alternative influences by sending out questionnaires to representatives of Traditionalists, generation X, generation Y and Millenials both females and males, with a limited sample of 100 participants. The results then illustrate, how consumer behavior is influenced by customized online marketing and measure consumer response to alternative marketing strategies. The findings revealed that the generational gap although apparent is rather minimal in Switzerland. The results also show that consumer behavior is rather grouped by interests and not by generations and therefore cannot be generalized by generations. The findings both challenge and support previous academic theories by suggesting that consumer behavior is influenced by a number of factors and customized online marketing, further suggesting that there are certain benefits and at the same time such marketing technique could be limiting. Further and more profound research is suggested on the subject that will ensure a much deeper understanding of the issue. It is suggested to conduct a similar research in a different European country to be able to compare and contrast results, further forming generic guidelines for International marketers. The researcher further gives recommendations to existing practitioners.
Arifin Alam Asif
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How To Plan A Market Research Assignment
Market research is a vital part of any B-school curriculum. Students often have to write research-based assignments and reports as part of their semester syllabus. Now, conducting a market research assessment is no piece of cake. You need meticulous planning, a reliable database, and some killer analyzing skills.
Read on to know all about how to plan market research assignments for your next project.
Types of market research
With market research, students get a holistic picture of the industry and the different brands that contribute to it. Also, the study is then narrowed down to one company/service, giving you deeper insights into its functioning and overall performance
However, before we move on to discuss the various steps of preparing a marketing research project, there’s something else to know. There are two main types of market research
Quantitative research : quantitative analysis collects data on a massive scale as the name suggests. The crux of qualitative research is to collect data from the ground level. This would involve customer surveys, feedback, and questionnaire.
Qualitative research : qualitative research has more nuance and niche when compared to its counterpart. But qualitative research depends on the data collected from the former. This research model is more exploratory in nature. It focuses on smaller groups and is usually conducted after the quantitative research is done.
Steps involve in market research
Market research is not an overnight process. Multiple steps consist in getting this study right- 7 to be precise. Here, I will try to expand upon these steps and provide simple tips and tricks for your convenience.
- Identifying your core issues
- Preparing the research statement
- Structuring your research assignment
- Planning a sample layout
- Data processing and analysis
- Conclusion and referencing
- Problem identification
Identify the reasons to conduct this market research
The first thing that you need to do is to identify the reasons to conduct this market research. Every assessment, at its core, deals with an issue or problem that the company faces. The purpose of the market research assignment is to find a solution for the said problem
The problem statement is usually mentioned in the abstract of the research report. Keep this section as clear and concise as you can. You must define the essential pointers and research methodology here as well.
The research statement comes next, where you state the intent and purpose of the research. Note that the research statement is different from the above problem statement. The problem statement highlights the key issues you cover in the paper. The research statement discusses the educational value of your research.
Students can also mention the critical hypothesis, which the market research builds upon. A hypothesis is not a question but a logical statement. The entire point of your paper is then to prove or disprove the theory based on the facts presented.
Market research structure
The structure of a market research assignment is quite simple. It follows the standard template of a beginning, middle and an ending. Note that the abstract, research methodology and hypothesis statement come before the introduction.
The introduction is where you set the background and context of your paper. It tells the reader all about the industry you will elaborate on later in the article. The body of the paper is where you discuss facts and use infographics to substantiate them.
The conclusion comes, at last, giving the student the space to tie all the loose ends together. It is not mandatory to have a definitive resolution. You can end your research assignment with a section outlining the future prospects of the sector.
The sample layout is the part where you design a blueprint for market research. Here are some questions you can address in this section
- Who is your target reader/audience base?
- What is your core industry?
- What do you plan to achieve from the research?
- What are your tools of analysis?
- What is your target demographic for the study?
Up until this point, all your plans were on paper. Marketing students also have a lot of practical exercises and activities. This is the part where you conduct surveys, prepare stat-based reports, and conduct detailed studies.
Customer surveys, questionnaires, interviews etc. are some research tools encouraged in most universities. Also, read up and refer to other market research programs and studies. This gives you better insight into the subject and also reduces the risk of accidental plagiarism
Data processing is the section where you analyze the data collected from surveys and studies. Here, the student has to sort through the raw data and arrange it logically. Data processing is perhaps one of the most critical aspects of your paper.
For, with data processing, you can put forth your critical points in a constructive way. It also gives you the space to provide your insights and take on the topic.
Keep the language academic and easy to comprehend
This is the section where you try to tie the loose ends of your market research and remind the reader of the critical points of the paper. It also allows you to explore the future prospects and potential of the market you write about
Ensure that you add a section citing all your sources. I usually recommend students to follow the APA or Harvard in-text referencing style. Here you can mention the sources in the body of the paper and then expand upon it in a Reference List towards the end.
In-text referencing is excellent for scientific journals, stat-based studies, and market research reports. Consult your peers and professors about the citation style before proceeding, though.
Additional tips for creating market research
Market research is an extensive process that involves several elements and steps. We have already talked about the steps above. Let us now elaborate on the aspects of a market research study. Here are some other simple tips that you can follow to make your market research assignment foolproof.
Keep the user-persona simple
Most market research assignments you complete in B-schools are on a fictional user-base. You don’t actually have to go out a conducted survey but create your own customer demographic. For the sake of convenience, keep the user-personal uncomplicated and straightforward.
Conduct individual interviews
There are multiple ways to present the data and sort it. Personal interviews, hypothetical scenarios, observations, survey questions are but some of how you can tackle the market research. Do not include a great question set, about 5-10 items per survey is more than enough for a market research paper.
Personal interviews are the best and easiest ways because they focus on fewer people and hence is better manageable. Also, it gives you market research a more personalized touch.
Keep the user-personal uncomplicated and straightforward
The language and formatting
The style must always be professional and in the third person. Of course, when you are recording the responses of the user-base, you have to use first-person pronouns. Other than that, keep the language academic and easy to comprehend. Follow the standard structure of beginning, middle and an ending as discussed above.
Data analysis models
There are different ways to graphically present the information. With infographics, you can visually appeal to the reader and transmit data in a more natural, more comprehensive form. Data analysis models make your work a lot simpler. And instead of having to write lengthy paragraphs, you can just have a flowchart or a diagram, do all the explanation.
Here are some basic data analysis models that you can apply to your paper.
The flow model is when the student uses a flowchart to depict the flow of information from one section to another. The model is used to track the communication channel between the buyer and the seller. It can also be used to outline the communication between the different departments within the organization.
The flow model in this market research assignment can be used for a visual representation of how the brand interacts with the user and vice versa.
The affinity diagram is often used to graph out vast volumes of data and make it simpler to understand. Here, you can use it for quantitative market research. It also helps you show the market leanings and customer buying tendencies prevalent to your inquiry.
The affinity diagram is useful for your paper because it helps in categorizing the data into different logical sections. You can divide the customer-base, for instance, into multiple categories based on their age, gender, or profession. This makes market research more niche and quicker.
Quick links and surveys
Marketing research guide
Quantitative research guide for market research
Model building in Market research
Hypothesis testing in market research
In-text referencing guide for market research
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EssayCorp - Perfect Marketing Research Assignment Help
Marketing research is the process through which a firm or business assesses its market outreach and analyzes its target customers to extend its market periphery further. Marketing research is a crucial component of business strategy that helps the company prepare a product or service-friendly market environment.
Without a perfect and well-deliberated marketing strategy, no corporation could sustain its voyage smoothly through the corporate world. Institutions utilize various tools and techniques to conduct market research and gather information.
Firms collect data about their business, competitors, and opposition via this strategy. The companies then analyze this information to understand the pros and cons of the current and possible future market scenarios. Finally, they craft their plans.
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Methods of Marketing Research
Primarily, there are four methods through which corporations conduct market research. These are described below:
- Surveys: Under this method, researchers go to the market stakeholders like customers, brokers, their shareholders, etc., and collect information about present scenarios and future speculations which can impact the business growth. Traditionally, the surveys were conducted manually by visiting these stakeholders. But online surveys are becoming more popular nowadays as they provide access to a broader range in less time.
- Personal Interviews: Interviews are the most traditional but expensive and time-consuming way of conducting market research. Although these interviews are more reliable than other methods, their cost and the time requirement make them less preferable. Personal interviews are more useful for small-scale studies where we need limited study. Here the batch of contacted persons is limited, and the target is more focused than surveys. Therefore, they help to get more precise information.
- Focus Group: The Focus group method is similar to a group discussion where several respondents gather and debate or discuss the given topic. Here, unlike interviews, the respondents can interact with each other also. Nowadays, such research is conducted online mode. Here, respondents can gather via live video conferences, respond to the researcher’s questions, and conduct their discussion even if they are miles apart.
- Observation: Observations provide a piece of comprehensive and intuitive knowledge about the behavior of market participants. Companies conduct observation sessions for customers to gather information about how they react toward a product or service, including the competitors’ products and services. The observation method is less expensive than the focus group technique. The only drawback is that the researchers must infer a lot of information from the participants' behavior.
Advantages of Marketing Research
Marketing research is an essential tool to engage with customers more effectively. It helps the business to dive deeper to gather and sustain the loyalty of its stakeholders. Some of the prominent advantages of marketing research are:
The research conducted to gather data is helpful for decision-making. Data-supported decision-making is always better for crafting the future planning of businesses.
Marketing research helps firms understand their customers' needs and current market dynamics. In this way, firms can attract customers by keeping their previous customers intact.
Insight of Challenges
Via research, corporations can understand how their businesses are performing and what hurdles they are facing. After knowing the market problems, it would be easier for firms to overcome them.
Companies can utilize their resources more efficiently after knowing their performance. Through this, their business cost can also be maintained, and their profit margins can be increased.
Academics of Marketing Research
The field of marketing is connected to market performance. Hence, it is highly dynamic, and the one engaged in it must stay updated with the changing business environment. During the academic period of Marketing Research, students study extensively about the market fundamentals first and how to apply them in practical-life-related market scenarios.
The students learn about numerous market-related topics such as consumer behavior, the “supply and demand” principle, competitive analysis, market trends, brand positioning, advertisement strategies, consumer attitudes, market research techniques, market entry strategies, product life cycles, pricing strategies, international marketing, etc. .
Best Institutions for Marketing Studies
Marketing is taught by numerous universities and colleges throughout the world. Some educational institutions are more popular than others as they provide better infrastructure, unique teaching methods, well-qualified faculty, and other relevant facilities. The top ten universities/colleges for marketing, as per the QS Ranking, are:
University of Pennsylvania USA
Stanford university usa, massachusetts institute of technology usa, university of cambridge uk, northwestern university usa, hec paris school of management france, columbia university usa, london business school uk, marketing research assignments.
All these universities assign numerous writing works to their students. They use this work to analyze how much students have understood the subject and what are their vital weak points. These marketing assignments help students develop some critical skills like research skills, comprehension skills, fluency in writing, improved grammatical knowledge, etc.
These business assignments are given around 60%-70% weightage in the final results. They can craft or destroy the future of students. Hence, they are given precedence over other business studies homework. .
Marketing assignments sometimes become hectic and complicated for students. They have to face various challenges like lack of knowledge about the topic, limited time to craft projects, insufficient resources to gather information, lack of skills to create the work flawlessly, and so on.
Tips to Overcome Assignment Writing Difficulties
Students can follow the following tips to overcome their fears of assignment writing.
One must conduct deep research on the given topic to gather more information and data. Research is the foundational step of writing a marketing research assignment and determines its quality.
Here, students should take time and plan how they will execute their information in the assignment. The assignments come with a definite deadline; therefore, one must ensure the time is appropriately managed.
In today�s city life, we can�t find a peaceful place to complete assignments effectively. Hence, choosing a relaxed environment to write assignments becomes of primary importance. It�s good for the mind of the author also.
A dehydrated person won�t be able to perform up to the mark. Therefore, it becomes critical to drink enough water, at least 7-8 glasses per day, to stay focused and concentrated on the task.
No one can work continuously on a task. It�s better to take a break from work and relax to gather and store our energy. In this way, you will be able to perform up to the expectations without being exhausted.
While working on their assignments, students often get afraid and start procrastinating about the results of their work. Such fears often affect students� mental health and drag them into depression.
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How To Present Your Market Research Results And Reports In An Efficient Way
Table of Contents
1) What Is A Market Research Report?
2) Market Research Reports Examples
3) Why Do You Need Market Research Reports
4) How To Make A Market Research Report?
5) Types Of Market Research Reports
6) Challenges & Mistakes Market Research Reports
Market research analyses are the go-to solution for many professionals, and for good reason: they save time, offer fresh insights, and provide clarity on your business. In turn, market research reports will help you to refine and polish your strategy. Plus, a well-crafted report will give your work more credibility while adding weight to any marketing recommendations you offer a client or executive.
But, while this is the case, today’s business world still lacks a way to present market-based research results efficiently. The static, antiquated nature of PowerPoint makes it a bad choice for presenting research discoveries, yet it is still widely used to present results.
Fortunately, things are moving in the right direction. There are online data visualization tools that make it easy and fast to build powerful market research dashboards. They come in handy to manage the outcomes, but also the most important aspect of any analysis: the presentation of said outcomes, without which it becomes hard to make accurate, sound decisions.
Here, we consider the benefits of conducting research analyses while looking at how to write and present market research reports, exploring their value, and, ultimately, getting the very most from your research results by using professional market research software .
Let’s get started.
What Is a Market Research Report?
A market research report is an online reporting tool used to analyze the public perception or viability of a company, product, or service. These reports contain valuable and digestible information like customer survey responses and social, economic, and geographical insights.
On a typical market research results example, you can interact with valuable trends and gain insight into consumer behavior and visualizations that will empower you to conduct effective competitor analysis. Rather than adding streams of tenuous data to a static spreadsheet, a full market research report template brings the outcomes of market-driven research to life, giving users a data analysis tool to create actionable strategies from a range of consumer-driven insights.
With digital market analysis reports, you can make your business more intelligent more efficient, and, ultimately, meet the needs of your target audience head-on. This, in turn, will accelerate your commercial success significantly.
Your Chance: Want to test a market research reporting software? Explore our 14-day free trial & benefit from interactive research reports!
How To Present Your Results: 4 Essential Market Research Report Templates
When it comes to sharing rafts of invaluable information, research dashboards are invaluable.
Any market analysis report example worth its salt will allow everyone to get a firm grip on their results and discoveries on a single page with ease. These dynamic online dashboards also boast interactive features that empower the user to drill down deep into specific pockets of information while changing demographic parameters, including gender, age, and region, filtering the results swiftly to focus on the most relevant insights for the task at hand.
These four market research report examples are different but equally essential and cover key elements required for market survey report success. You can also modify each and use it as a client dashboard .
While there are numerous types of dashboards that you can choose from to adjust and optimize your results, we have selected the top 3 that will tell you more about the story behind them. Let’s take a closer look.
1. Market Research Report: Brand Analysis
Our first example shares the results of a brand study. To do so, a survey has been performed on a sample of 1333 people, information that we can see in detail on the left side of the board, summarizing the gender, age groups, and geolocation.
**click to enlarge**
At the dashboard's center, we can see the market-driven research discoveries concerning first brand awareness with and without help, as well as themes and celebrity suggestions, to know which image the audience associates with the brand.
Such dashboards are extremely convenient to share the most important information in a snapshot. Besides being interactive (but it cannot be seen on an image), it is even easier to filter the results according to certain criteria without producing dozens of PowerPoint slides. For instance, I could easily filter the report by choosing only the female answers, only the people aged between 25 and 34, or only the 25-34 males if that is my target audience.
a) Unaided Brand Awareness
The first market research KPI in this most powerful report example comes in the form of unaided brand awareness. Presented in a logical line-style chart, this particular market study report sample KPI is invaluable, as it will give you a clear-cut insight into how people affiliate your brand within their niche.
As you can see from our example, based on a specific survey question, you can see how your brand stacks up against your competitors regarding awareness. Based on these outcomes, you can formulate strategies to help you stand out more in your sector and, ultimately, expand your audience.
b) Aided Brand Awareness
This market survey report sample KPI focuses on aided brand awareness. A visualization that offers a great deal of insight into which brands come to mind in certain niches or categories, here, you will find out which campaigns and messaging your target consumers are paying attention to and engaging with.
By gaining access to this level of insight, you can conduct effective competitor research and gain valuable inspiration for your products, promotional campaigns, and marketing messages.
c) Brand image
When it comes to research reporting, understanding how others perceive your brand is one of the most golden pieces of information you could acquire. If you know how people feel about your brand image, you can take informed and very specific actions that will enhance the way people view and interact with your business.
By asking a focused question, this visual of KPIs will give you a definitive idea of whether respondents agree, disagree, or are undecided on particular descriptions or perceptions related to your brand image. If you’re looking to present yourself and your message in a certain way (reliable, charming, spirited, etc.), you can see how you stack up against the competition and find out if you need to tweak your imagery or tone of voice - invaluable information for any modern business.
d) Celebrity analysis
This indicator is a powerful part of our research KPI dashboard on top, as it will give you a direct insight into the celebrities, influencers, or public figures that your most valued consumers consider when thinking about (or interacting with) your brand.
Displayed in a digestible bar chart-style format, this useful metric will not only give you a solid idea of how your brand messaging is perceived by consumers (depending on the type of celebrity they associate with your brand) but also guide you on which celebrities or influencers you should contact.
By working with the right influencers in your niche, you will boost the impact and reach of your marketing campaigns significantly, improving your commercial awareness in the process. And this is the KPI that will make it happen.
2. Market Research Results On Customer Satisfaction
Here, we have some of the most important data a company should care about: their already-existing customers and their perception of their relationship with the brand. It is crucial when we know that it is five times more expensive to acquire a new consumer than to retain one.
This is why tracking metrics like the customer effort score or the net promoter score (how likely consumers are to recommend your products and services) is essential, especially over time. You need to improve these scores to have happy customers who will always have a much bigger impact on their friends and relatives than any of your amazing ad campaigns. Looking at other satisfaction indicators like the quality, pricing, and design, or the service they received is also a best practice: you want a global view of your performance regarding customer satisfaction metrics .
Such research results reports are a great tool for managers who do not have much time and hence need to use them effectively. Thanks to these dashboards, they can control data for long-running projects anytime.
Primary KPIs :
a) Net Promoter Score (NPS)
Another pivotal part of any informative research presentation is your NPS score, which will tell you how likely a customer is to recommend your brand to their peers.
Centered on overall customer satisfaction, your NPS Score can cover the functions and output of many departments, including marketing, sales, and customer service, but also serve as a building block for a call center dashboard . When you’re considering how to present your research effectively, this balanced KPI offers a masterclass. It’s logical, it has a cohesive color scheme, and it offers access to vital information at a swift glance. With an NPS Score, customers are split into three categories: promoters (those scoring your service 9 or 10), passives (those scoring your service 7 or 8), and detractors (those scoring your service 0 to 6). The aim of the game is to gain more promoters. By gaining an accurate snapshot of your NPS Score, you can create intelligent strategies that will boost your results over time.
b) Customer Satisfaction Score (CSAT)
The next in our examples of market research reports KPIs comes in the form of the CSAT. The vast majority of consumers that have a bad experience will not return. Honing in on your CSAT is essential if you want to keep your audience happy and encourage long-term consumer loyalty.
This magnificent, full report KPI will show how satisfied customers are with specific elements of your products or services. Getting to grips with these scores will allow you to pinpoint very specific issues while capitalizing on your existing strengths. As a result, you can take measures to improve your CSAT score while sharing positive testimonials on your social media platforms and website to build trust.
c) Customer Effort Score (CES)
When it comes to presenting research findings, keeping track of your CES Score is essential. The CES Score KPI will give you instant access to information on how easy or difficult your audience can interact with or discover your company based on a simple scale of one to ten.
By getting a clear-cut gauge of how your customers find engagement with your brand, you can iron out any weaknesses in your user experience (UX) offerings while spotting any friction, bottlenecks, or misleading messaging. In doing so, you can boost your CES score, satisfy your audience, and boost your bottom line.
3. Market Research Results On Product Innovation
This final market-driven research example report focuses on the product itself and its innovation. It is a useful report for future product development and market potential, as well as pricing decisions.
Using the same sample of surveyed people as for the first market-focused analytical report , they answer questions about their potential usage and purchase of the said product. It is good primary feedback on how the market would receive the new product you would launch. Then comes the willingness to pay, which helps set a price range that will not be too cheap to be trusted nor too expensive for what it is. That will be the main information for your pricing strategy.
a) Usage Intention
The first of our product innovation KPI-based examples comes in the form of usage intention. When you’re considering how to write a market research report, including metrics centered on consumer intent is critical.
This simple yet effective visualization will allow you to understand not only how users see your product but also whether they prefer previous models or competitor versions . While you shouldn’t base all of your product-based research on this KPI, it is very valuable, and you should use it to your advantage frequently.
b) Purchase Intention
Another aspect to consider when looking at how to present market research data is your audience’s willingness or motivation to purchase your product. Offering percentage-based information, this effective KPI provides a wealth of at-a-glance information to help you make accurate forecasts centered on your product and service offerings.
Analyzing this information regularly will give you the confidence and direction to develop strategies that will steer you to a more prosperous future, meeting the ever-changing needs of your audience on an ongoing basis.
c) Willingness To Pay (WPS)
Our final market research example KPI is based on how willing customers are to pay for a particular service or product based on a specific set of parameters. This dynamic visualization, represented in an easy-to-follow pie chart, will allow you to realign the value of your product (USPs, functions, etc.) while setting price points that are most likely to result in conversions. This is a market research presentation template that every modern organization should use to its advantage.
4. Market Research Report On Customer Demographics
This particular example of market research report, generated with a modern dashboard creator , is a powerful tool, as it displays a cohesive mix of key demographic information in one intuitive space.
By breaking down these deep pockets of consumer-centric information, you can gain the power to develop more impactful customer communications while personalizing every aspect of your target audience’s journey across every channel or touchpoint. As a result, you can transform theoretical insights into actionable strategies that will result in significant commercial growth.
Every section of this responsive marketing research report works in unison to build a profile of your core audience in a way that will guide your company’s consumer-facing strategies with confidence. With in-depth visuals based on gender, education level, and tech adoption, you have everything you need to speak directly to your audience at your fingertips.
Let’s look at the key performance indicators (KPIs) of this invaluable market research report example in more detail.
a) Customer By Gender
This KPI is highly visual and offers a clear-cut representation of your company’s gender share over time. By gaining access to this vital information, you can deliver a more personalized experience to specific audience segments while ensuring your messaging is fair, engaging, and inclusive.
b) Customers by education level
The next market analysis report template is a KPI that provides a logical breakdown of your customers’ level of education. By using this as a demographic marker, you can refine your products to suit the needs of your audience while crafting your content in a way that truly resonates with different customer groups.
c) Customers by technology adoption
Particularly valuable if you’re a company that sells tech goods or services, this linear KPI will show you where your customers are in terms of technological know-how or usage. By getting to grips with this information over time, you can develop your products or services in a way that offers direct value to your consumers while making your launches or promotions as successful as possible.
d) Customer age groups
By understanding your customers’ age distribution in detail, you can gain a deep understanding of their preferences. And that’s exactly what this market research report sample KPI does. Presented in a bar chart format, this KPI will give you a full breakdown of your customers’ age ranges, allowing you to build detailed buyer personas and segment your audience effectively.
Why Do You Need Market Research Reports?
As the adage goes, “Look before you leap“ – which is exactly what a research report is here for. As the headlights of a car, they will show you the pitfalls and fast lanes on your road to success: likes and dislikes of a specific market segment in a certain geographical area, their expectations, and readiness. Among other things, a research report will let you:
- Get a holistic view of the market : learn more about the target market and understand the various factors involved in the buying decisions. A broader view of the market lets you benchmark other companies you do not focus on. This, in turn, will empower you to gather the industry data that counts most. This brings us to our next point.
- Curate industry information with momentum: Whether you’re looking to rebrand, improve on an existing service, or launch a new product, time is of the essence. By working with the best market research reports created with modern BI reporting tools , you can visualize your discoveries and data, formatting them in a way that not only unearths hidden insights but also tells a story - a narrative that will gain a deeper level of understanding into your niche or industry. The features and functionality of a market analysis report will help you grasp the information that is most valuable to your organization, pushing you ahead of the pack in the process.
- Validate internal research: Doing the internal analysis is one thing, but double-checking with a third party also greatly helps avoid getting blinded by your own data.
- Use actionable data and make informed decisions: Once you understand consumer behavior as well as the market, your competitors, and the issues that will affect the industry in the future, you are better armed to position your brand. Combining all of it with the quantitative data collected will allow you to more successful product development. To learn more about different methods, we suggest you read our guide on data analysis techniques .
- Strategic planning: When you want to map out big-picture organizational goals, launch a new product development, plan a geographic market expansion, or even a merger and acquisition – all of this strategic thinking needs solid foundations to fulfill the variety of challenges that come along.
- Consistency across the board: Collecting, presenting, and analyzing your results in a way that’s smarter, more interactive, and more cohesive will ensure your customer communications, marketing campaigns, user journey, and offerings meet your audience’s needs consistently across the board. The result? Faster growth, increased customer loyalty, and more profit.
- Better communication: The right market research analysis template (or templates) will empower everyone in the company with access to valuable information - the kind that is relevant and comprehensible. When everyone is moving to the beat of the same drum, they will collaborate more effectively and, ultimately, push the venture forward thanks to powerful online data analysis techniques.
- Centralization: Building on the last point, using a powerful market research report template in the form of a business intelligence dashboard will make presenting your findings to external stakeholders and clients far more effective, as you can showcase a wealth of metrics, information, insights, and invaluable feedback from one centralized, highly visual interactive screen.
- Brand reputation: In the digital age, brand reputation is everything. By making vital improvements in all of the key areas above, you will meet your customers’ needs head-on with consistency while finding innovative ways to stand out from your competitors. These are the key ingredients of long-term success.
How To Present Market Research Analysis Results?
Here we look at how you should present your research reports, considering the steps it takes to connect with the outcomes you need to succeed:
- Collect your data
As with any reporting process, you first and foremost need to collect the data you’ll use to conduct your studies. Businesses conduct research studies to analyze their brand awareness, identity, and influence in the market. For product development and pricing decisions, among many others. That said, there are many ways to collect information for a market research report. Among some of the most popular ones, we find:
- Surveys: Probably the most common way to collect research data, surveys can come in the form of open or closed questions that can be answered anonymously. They are the cheapest and fastest way to collect insights about your customers and business.
- Interviews : These are face-to-face discussions that allow the researcher to analyze responses as well as the body language of the interviewees. This method is often used to define buyer personas by analyzing the subject's budget, job title, lifestyle, wants, and needs, among other things.
- Focus groups : This method involves a group of people discussing a topic with a mediator. It is often used to evaluate a new product or new feature or to answer a specific question that the researcher might have.
- Observation-based research : In this type of research, the researcher or business sits back and watches customers interact with the product without any instructions or help. It allows us to identify pain points as well as strong features.
- Market segmentation : This study allows you to identify and analyze potential market segments to target. Businesses use it to expand into new markets and audiences.
These are just a few of the many ways in which you can gather your information. The important point is to keep the research objective as straightforward as possible. Supporting yourself with professional BI solutions to clean, manage, and present your insights is probably the smartest choice.
2. Hone in on your research:
When looking at how to source consumer research in a presentation, you should focus on two areas: primary and secondary research. Primary research comes from your internal data, monitoring existing organizational practices, the effectiveness of sales, and the tools used for communication, for instance. Primary research also assesses market competition by evaluating the company plans of the competitors. Secondary research focuses on existing data collected by a third party, information used to perform benchmarking and market analysis. Such metrics help in deciding which market segments are the ones the company should focus its efforts on or where the brand is standing in the minds of consumers. Before you start the reporting process, you should set your goals, segmenting your research into primary and secondary segments to get to grips with the kind of information you need to work with to achieve effective results.
3. Segment your customers:
To give your market research efforts more context, you should segment your customers into different groups according to the preferences outlined in the survey or feedback results or by examining behavioral or demographic data.
If you segment your customers, you can tailor your market research and analysis reports to display only the information, charts, or graphics that will provide actionable insights into their wants, needs, or industry-based pain points.
- Identify your stakeholders:
Once you’ve drilled down into your results and segmented your consumer groups, it’s important to consider the key stakeholders within the organization that will benefit from your information the most.
By looking at both internal and external stakeholders, you will give your results a path to effective presentation, gaining the tools to understand which areas of feedback or data are most valuable, as well as most redundant. As a consequence, you will ensure your results are concise and meet the exact information needs of every stakeholder involved in the process.
- Set your KPIs:
First, remember that your reports should be concise and accurate - straight to the point without omitting any essential information. Work to ensure your insights are clean and organized, with participants grouped into relevant categories (demographics, profession, industry, education, etc.). Once you’ve organized your research, set your goals, and cleaned your data, you should set your KPIs to ensure your report is populated with the right visualizations to get the job done. Explore our full library of interactive KPI examples for inspiration.
- Include competitor’s analysis
Whether you are doing product innovation research, customer demographics, pricing, or any other, including some level of insights about competitors in your reports is always recommended as it can help your business or client better understand where they stand in the market. That being said, competitor analysis is not as easy as picking a list of companies in the same industry and listing them. Your main competitor can be just a company's division in an entirely different industry. For example, Apple Music competes with Spotify even though Apple is a technology company. Therefore, it is important to carefully analyze competitors from a general but detailed level.
Providing this kind of information in your reports can also help you find areas that competitors are not exploiting or that are weaker and use them to your advantage to become a market leader.
- Produce your summary:
To complement your previous efforts, writing an executive summary of one or two pages that will explain the general idea of the report is advisable. Then come the usual body parts:
- An introduction providing background information, target audience, and objectives;
- The qualitative research describes the participants in the research and why they are relevant to the business;
- The survey research outlines the questions asked and answered;
- A summary of the insights and metrics used to draw the conclusions, the research methods chosen, and why;
- A presentation of the findings based on your research and an in-depth explanation of these conclusions.
- Use a mix of visualizations:
When presenting your results and discoveries, you should aim to use a balanced mix of text, graphs, charts, and interactive visualizations.
Using your summary as a guide, you should decide which type of visualization will present each specific piece of market research data most effectively (often, the easier to understand and more accessible, the better).
Doing so will allow you to create a story that will put your research information into a living, breathing context, providing a level of insight you need to transform industry, competitor, or consumer info or feedback into actionable strategies and initiatives.
- Be careful not to mislead
Expanding on the point above, using a mix of visuals can prove highly valuable in presenting your results in an engaging and understandable way. That being said, when not used correctly, graphs and charts can also become misleading. This is a popular practice in the media, news, and politics, where designers tweak the visuals to manipulate the masses into believing a certain conclusion. This is a very unethical practice that can also happen by mistake when you don’t pick the right chart or are not using it in the correct way. Therefore, it is important to outline the message you are trying to convey and pick the chart type that will best suit those needs.
Additionally, you should also be careful with the data you choose to display, as it can also become misleading. This can happen if you, for example, cherry-pick data, which means only showing insights that prove a conclusion instead of the bigger picture. Or confusing correlation with causation, which means assuming that because two events happened simultaneously, one caused the other.
Being aware of these practices is of utmost importance as objectivity is crucial when it comes to dealing with data analytics, especially if you are presenting results to clients. Our guides on misleading statistics and misleading data visualizations can help you learn more about this important topic.
- Use professional dashboards:
To optimize your market research discoveries, you must work with a dynamic business dashboard . Not only are modern dashboards presentable and customizable, but they will offer you past, predictive, and real-time insights that are accurate, interactive, and yield long-lasting results.
All market research reports companies or businesses gathering industry or consumer-based information will benefit from professional dashboards, as they offer a highly powerful means of presenting your data in a way everyone can understand. And when that happens, everyone wins.
Did you know? The interactive nature of modern dashboards like datapine also offers the ability to quickly filter specific pockets of information with ease, offering swift access to invaluable insights.
- Prioritize interactivity
The times when reports were static are long gone. Today, to extract the maximum value out of your research data, you need to be able to explore the information and answer any critical questions that arise during the presentation of results. To do so, modern reporting tools provide multiple interactivity features to help you bring your research results to life.
For instance, a drill-down filter lets you go into lower levels of hierarchical data without generating another graph. For example, imagine you surveyed customers from 10 different countries. In your report, you have a chart displaying the number of customers by country, but you want to analyze a specific country in detail. A drill down filter would enable you to click on a specific country and display data by city on that same chart. Even better, a global filter would allow you to filter the entire report to show only results for that specific country.
Through the use of interactive filters, such as the one we just mentioned, you’ll not only make the presentation of results more efficient and profound, but you’ll also avoid generating pages-long reports to display static results. All your information will be displayed in a single interactive page that can be filtered and explored upon need.
- Customize the reports
This is a tip that is valuable for any kind of research report, especially when it comes to agencies that are reporting to external clients. Customizing the report to match your client’s colors, logo, font, and overall branding will help them grasp the data better, thanks to a familiar environment. This is an invaluable tip as often your audience will not feel comfortable dealing with data and might find it hard to understand or intimidating. Therefore, providing a familiar look that is also interactive and easier to understand will keep them engaged and collaborative throughout the process.
Plus, customizing the overall appearance of the report will also make your agency look more professional, adding extra value to your service.
- Know your design essentials
When you’re presenting your market research reports sample to internal or external stakeholders, having a firm grasp on fundamental design principles will make your metrics and insights far more persuasive and compelling.
By arranging your metrics in a balanced and logical format, you can guide users toward key pockets of information exactly when needed. In turn, this will improve decision-making and navigation, making your reports as impactful as possible.
For essential tips, read our 23 dashboard design principles & best practices to enhance your analytics process.
- Think of security and privacy
Cyberattacks are increasing at a concerning pace, making security a huge priority for organizations of all sizes today. The costs of having your sensitive information leaked are not only financial but also reputational, as customers might not trust you again if their data ends up in the wrong hands. Given that market research analysis is often performed by agencies that handle data from clients, security and privacy should be a top priority.
To ensure the required security and privacy, it is necessary to invest in the right tools to present your research results. For instance, tools such as datapine offer enterprise-level security protocols that ensure your information is encrypted and protected at all times. Plus, the tool also offers additional security features, such as being able to share your reports through a password-protected URL or to set viewer rights to ensure only the right people can access and manipulate the data.
- Keep on improving & evolving
Each time you gather or gain new marketing research reports or market research analysis report intel, you should aim to refine your existing dashboards to reflect the ever-changing landscape around you.
If you update your reports and dashboards according to the new research you conduct and new insights you connect with, you will squeeze maximum value from your metrics, enjoying consistent development in the process.
Types of Market Research Reports: Primary & Secondary Research
With so many market research examples and such little time, knowing how to best present your insights under pressure can prove tricky.
To squeeze every last drop of value from your market research efforts and empower everyone with access to the right information, you should arrange your information into two main groups: primary research and secondary research.
A. Primary research
Primary research is based on acquiring direct or first-hand information related to your industry or sector and the customers linked to it.
Exploratory primary research is an initial form of information collection where your team might set out to identify potential issues, opportunities, and pain points related to your business or industry. This type of research is usually carried out in the form of general surveys or open-ended consumer Q&As, which nowadays are often performed online rather than offline .
Specific primary research is definitive, with information gathered based on the issues, information, opportunities, or pain points your business has already uncovered. When doing this kind of research, you can drill down into a specific segment of your customers and seek answers to the opportunities, issues, or pain points in question.
When you’re conducting primary research to feed into your market research reporting efforts, it’s important to find reliable information sources. The most effective primary research sources include:
- Consumer-based statistical data
- Social media content
- Polls and Q&A
- Trend-based insights
- Competitor research
- First-hand interviews
B. Secondary research
Secondary research refers to every strand of relevant data or public records you have to gain a deeper insight into your market and target consumers. These sources include trend reports, market stats, industry-centric content, and sales insights you have at your disposal. Secondary research is an effective way of gathering valuable intelligence about your competitors.
You can gather very precise, insightful secondary market research insights from:
- Public records and resources like Census data, governmental reports, or labor stats
- Commercial resources like Gartner, Statista, or Forrester
- Articles, documentaries, and interview transcripts
Another essential branch of both primary and secondary research is internal intelligence. When it comes to efficient market research reporting examples that will benefit your organization, looking inward is a powerful move.
Existing sales, demographic, or marketing performance insights will lead you to valuable conclusions. Curating internal information will ensure your market research discoveries are well-rounded while helping you connect with the information that will ultimately give you a panoramic view of your target market.
By understanding both types of research and how they can offer value to your business, you can carefully choose the right informational sources, gather a wide range of intelligence related to your specific niche, and, ultimately, choose the right market research report sample for your specific needs.
If you tailor your market research report format to the type of research you conduct, you will present your visualizations in a way that provides the right people with the right insights, rather than throwing bundles of facts and figures on the wall, hoping that some of them stick.
Taking ample time to explore a range of primary and secondary sources will give your discoveries genuine context. By doing so, you will have a wealth of actionable consumer and competitor insights at your disposal at every stage of your organization’s development (a priceless weapon in an increasingly competitive digital age).
Dynamic market research is the cornerstone of business development, and a dashboard builder is the vessel that brings these all-important insights to life. Once you get into that mindset, you will ensure that your research results always deliver maximum value.
Common Challenges & Mistakes Of Market Research Reporting & Analysis
We’ve explored different types of market research analysis examples and considered how to conduct effective research. Now, it’s time to look at the key mistakes of market research reporting. Let’s start with the mistakes.
One of the biggest mistakes that stunt the success of a company’s market research efforts is strategy. Without taking the time to gather an adequate mix of insights from various sources and define your key aims or goals, your processes will become disjointed. You will also suffer from a severe lack of organizational vision.
For your market research-centric strategy to work, everyone within the company must be on the same page. Your core aims and objectives must align throughout the business, and everyone must be clear on their specific role. If you try to craft a collaborative strategy and decide on your informational sources from the very start of your journey, your strategy will deliver true growth and intelligence.
Another classic market research mistake is measurement – or, more accurately, a lack of precise measurement. When embarking on market intelligence gathering processes, many companies fail to select the right KPIs and set the correct benchmarks for the task at hand. Without clearly defined goals, many organizations end up with a market analysis report format that offers little or no value in terms of decision-making or market insights.
To drive growth with your market research efforts, you must set clearly defined KPIs that align with your specific goals, aims, and desired outcomes.
A common mistake among many new or scaling companies is failing to explore and examine the competition. This will leave you with gaping informational blindspots. To truly benefit from market research, you must gather valuable nuggets of information from every key source available. Rather than solely looking at your consumers and the wider market (which is incredibly important), you should take the time to see what approach your direct competitors have adopted while getting to grips with the content and communications.
One of the most effective ways of doing so (and avoiding such a monumental market research mistake) is by signing up for your competitors’ mailing lists, downloading their apps, and examining their social media content. This will give you inspiration for your own efforts while allowing you to exploit any gaps in the market that your competitors are failing to fill.
- Informational quality
We may have an almost infinite wealth of informational insights at our fingertips, but when it comes to market research, knowing which information to trust can prove an uphill struggle.
When working with metrics, many companies risk connecting with inaccurate insights or leading to a fruitless informational rabbit hole, wasting valuable time and resources in the process. To avoid such a mishap, working with a trusted modern market research and analysis sample is the only way forward.
- Senior buy-in
Another pressing market research challenge that stunts organizational growth is the simple case of senior buy-in. While almost every senior decision-maker knows that market research is an essential component of a successful commercial strategy, many are reluctant to invest an ample amount of time or money in the pursuit.
The best way to overcome such a challenge is by building a case that defines exactly how your market research strategies will offer a healthy ROI to every key aspect of the organization, from marketing and sales to customer experience (CX) and beyond.
- Response rates
Low interview, focus group, or poll response rates can have a serious impact on the success and value of your market research strategy. Even with adequate senior buy-in, you can’t always guarantee that you will get enough responses from early-round interviews or poll requests. If you don’t, your market research discoveries run the risk of being shallow or offering little in the way of actionable insight.
To overcome this common challenge, you can improve the incentive you offer your market research prospects while networking across various platforms to discover new contact opportunities. Changing the tone of voice of your ads or emails will also help boost your consumer or client response rates.
Bringing Your Reports a Step Further
Even if it is still widespread for market-style research results presentation, using PowerPoint at this stage is a hassle and presents many downsides and complications. When busy managers or short-on-time top executives grab a report, they want a quick overview that gives them an idea of the results and the big picture that addresses the objectives: they need a dashboard. This can be applied to all areas of a business that need fast and interactive data visualizations to support their decision-making.
We all know that a picture conveys more information than simple text or figures, so managing to bring it all together on an actionable dashboard will convey your message more efficiently. Besides, market research dashboards have the incredible advantage of always being up-to-date since they work with real-time insights: the synchronization/updating nightmare of dozens of PowerPoint slides doesn’t exist for you anymore. This is particularly helpful for tracking studies performed over time that recurrently need their data to be updated with more recent ones.
In today’s fast-paced business environment, companies must identify and grab new opportunities as they arise while staying away from threats and adapting quickly. In order to always be a step further and make the right decisions, it is critical to perform market research studies to get the information needed and make important decisions with confidence.
We’ve asked the question, “What is a market research report?”, and examined the dynamics of a modern market research report example, and one thing’s for sure: a visual market research report is the best way to understand your customer and thus increase their satisfaction by meeting their expectations head-on.
From looking at a sample of a market research report, it’s also clear that modern dashboards help you see what is influencing your business with clarity, understand where your brand is situated in the market, and gauge the temperature of your niche or industry before a product or service launch. Once all the studies are done, you must present them efficiently to ensure everyone in the business can make the right decisions that result in real progress. Market research reports are your key allies in the matter.
To start presenting your results with efficient, interactive, dynamic research reports and win on tomorrow’s commercial battlefield, try our dashboard reporting software and test every feature with our 14-day free trial !
- Unit 17 Marketing Research Assignment
This is a Marketing Research Assignment in which we discuss product price decision, market research importance and different types of marketing research.
LO1 Understand buyer behaviour and the purchase decision making process
Q1.1 describe the main stages of the purchase decision-making process for an individual consumer. (i.e. business-to-consumer)..
The purchase decision making process is the process in which the consumer decides whether to buy a product or not. The organisations try to understand this process to devise best marketing strategy possible to maximize the sale of their products (Bettman, 1991). This process consists of five important stages,
In this stage the customer realizes the need of a particular type of product in his life and decides that the requirement can be satisfied only by buying the product.
In this stage, the customer researches about the range of products or services available in the market that can satisfy the need recognised in the first stage.
Evaluation of alternatives
In this stage, the customer evaluates all the alternatives found in the last stage for the product or service required to satisfy his need and chooses one which is the most suitable for him.
This stage actually consists of the process of buying the product or service and the monetary transactions associated with it.
Post purchase behaviour
In this stage, the consumer tries to evaluate his decision to buy the product or service and tries to come up with the facts supporting the purchase (Häubl, 2000).
Q1.2 Explain two theories of buyer behaviour in terms of individuals and markets.
Buyer behaviour can be defined as the processes and actions of the consumers in buying and using a product or service. There are several theories and approaches used for analysing, identifying, anticipating and evaluating the buyer behaviour of the consumers (Howard, 1969). These theories help the organisations to plan an effective marketing strategy to maximize the sale of their products or services. Two of those theories are described below.
The influence of the social culture of the consumer affects the buyer behaviour of the individual consumer and the potential buyers in the market. Different societies have different cultural values and beliefs. So there are some restrictions or preference of products and services in some markets. The products or services have to be approved by the society for it to be sold in the market. Thus the buyer behaviour of the individuals is affected by the cultural factors.
There are several personal factors that influence the buyer behaviour of the individuals. Every individual is different than the other. So the personal socio-economic status, locality and lifestyle of an individual affect the buyer behaviour (Sheth, 1973). Similarly the geographic location of the market defines some of the personal traits of the people residing there. So the personality factors of the individuals affect the buyer behaviour.
Q1.3 Explain two factors that could affect buyer behaviour.
There are several factors that influence the buyer behaviour of the individual customers. These factors are present in the market environment, personal life and society of the customers. There are four major factors that influence the buyer behaviour the most, such as cultural factors, social factors, personal factors and psychological factors (Stávková, 2008).
There are several personal characteristics or personal traits that influence the buyer behaviour of the customers. For example the decision making process of a person who loves shopping will be very different from the person who hates shopping. Another example can be given as the fact that there are people who love to go through all the alternatives available in the market and choose one depending on its price and there are some other people who just buy the product which they like the best without going through the rest of the alternatives.
As discussed earlier, the social beliefs of an individual affect the buyer behaviour to a great extent. The influence of the family, friends and surroundings of an individual on his buying behaviour is very high. For example a girl having restrictions from her family regarding the dresses can’t shop for miniskirts.
Q1.4 Evaluate the relationship between brand loyalty, corporate image and repeat purchase.
Brand is the name, symbol, status or design of a particular product of a seller that distinguishes it from the products of other sellers. Brand basically allows the organisations to place their product as the best choice in the minds of the customers (Andreassen, 1998).
After a product of an organisation is established as a brand in the market, people who give brand value a lot of importance buy prefer the product of the same brand than the others. This is called brand loyalty, which causes customers to choose one brand over all the other brands for a particular product.
This is the mental image of the people in the market about what they perceive or think of a particular organisation. The corporate image of an organisation is defined by its popularity, demand and reputation.
A consumer buying the products of the same brand as the previous purchases is known as repeat purchase. The positioning of the brand image of an organisation in the minds of people in the market is related to the corporate image in way that they are directly proportional i.e. if the brand value of a product of an organisation increases, then the corporate image of the organisation becomes stronger. Increase in brand value causes more customers to be loyal to the brand, causing increase in brand loyalty (Sharp, 1997). Increase in brand loyalty causes the loyal customers to buy the products from the same brand multiple times, causing increase in repeat purchase.
LO2 Be able to use marketing research techniques
Q2.1 evaluate at least two different types of market research techniques., market research.
Market research is the process which organisations use to analyse the market of their products in terms of available opportunities, present problems, established competitions and current legislations which allows them to create the most effective and efficient marketing strategy to maximize their profit (Malhotra, 2003).
Importance of market research
The role of market research in a marketing strategy is to provide the organisation with the sensitive information regarding the market and the potential buyers. The market research allows the organisations to be able to know about the opportunities along with the opposing forces available in the market. This helps the organisations to devise effective and efficient marketing strategies to sustain and succeed in the market. An effective market research methodology helps the organisation to accurately analyse, anticipate and satisfy the requirements of the customers. The marketing research techniques can be classified into two types, such as qualitative market research and quantitative market research techniques.
Qualitative research techniques
These types of techniques are generally applied to the market to explore the market and the opportunities available in it. This type of research methods are applied to a limited number of potential customers or a small group of people (Deshpande, 1982). Some of the examples are projective tests, interviews and focus groups.
Quantitative research techniques
These types of research methods are applied to conclude a fact. Some sampling methods are used to infer the general population from a sample. These types of research methods include a large number of people. Some of the examples of this type of market research techniques are questionnaires and surveys.
Q2.2 Explain how secondary sources of data can be used to achieve marketing research objectives in the marketing contexts stated below:
- A London based business-to-consumer College which intends to expand their operations within the Greater London area (covering M25)
- A Chinese Business-to-business manufacturing organisation which plans to enter the UK market.
The market research techniques require large amount of information regarding the market for the accurate results. Organisations conducting research on a particular market can gather the information themselves or can consider the information gathered by someone else. The information regarding the market which are collected, stored and managed by some organisations other than the one doing the research is called secondary data (SØRENSEN, 1996). The organisations that collect market information for the use of market research of other organisations are called secondary source of information.
- A London based business-to-consumer college which intends to expand their operations within the greater London area can use the secondary sources of data to get the information about the market. This college can get the secondary data from the pupil census, cohort studies, data collected by the department of education and national and international surveys conducted by several government and private firms.
- A Chinese business-to-business manufacturing organisation which plans to enter the UK market can also use these secondary sources of information to collect data required for the market research. The secondary data from these sources will allow the Chinese organisation to analyse the UK market for the opportunities, resources and competitions available in the market. The Chinese organisation can collect secondary data from the surveys conducted by several government and private firms, data maintained by the department of industry and several other firms.
Q2.3 Assess the validity and reliability of market research findings.
Like all the other marketing processes, market research can’t always be exactly accurate and correct. Validity and reliability are the two factors that are used very frequently to define the quality of the data gathered by the market research techniques.
This factor of the quality of the information gathered by the market research techniques defines the accuracy of the measurement (SØRENSEN, 1996). This defines the extent to which the research technique is measuring the correct factors without taking any other factor into consideration. This factor is associated with the targets of the research technique along with the design of the research technique. There are several types of validity that can be defined for a particular market research such as face validity, content validity, internal validity and external validity.
This generally refers to the consistency of the measurements done in the research techniques. In other words, this factor defines the extent to which the results of the research techniques are error-free (Moorman, 1993). If a market research technique gives same score to the same factors of the market for several times, then the results of this technique is called to be reliable.
Q2.4 Assume you work as a Marketing Executive in an organisation who wishes to launch a new product aimed at smart phone users in the UK.
The senior management team has decided to conduct both qualitative and quantitative research in the London area to test the market. You have been given the responsibility of searching for market research agencies to carry out this task.
Propose a marketing research plan to obtain information in the area. This research plan, also known as a research brief, is to be sent to three potential marketing research agencies who will respond with a detailed marketing research proposal.
Prepare this research plan.
Background: The market research plan will be sent to three potential market research agencies for a detailed marketing research proposal. The plan is for an organisation planning to launch a new product aimed at the smartphone users in the UK.
Objective of research: Determine, evaluate and analyse the current opportunities in the market for the product aimed at the smartphone users, the competitors providing the same product in the market, the demand of the product in the market and the requirement of the customers regarding the product. Determine the sale figure of the product packaged in a particular way and sold at a particular price.
Methodology: Qualitative techniques like in-depth interviews, focus groups and progressive tests can be done to analyse the market (Moorman, 1993). Quantitative techniques such as surveys and questionnaires regarding the requirement of the smartphone users can be done.
Data analysis: statistical market research tools are used to successfully analyse the data collected from primary and secondary resources.
Timeframe: The market research should be completed in three months and before the holidays to allow the organisation to plan the advertising and promotional activities at the time of the New Year.
Budget: The budget for the market research for the new product should be around ten per cent of the expected gross sales of the product.
Data: The quantitative data such as the usage of smart phones in the market and demand of the specific features in the market have to be collected. Qualitative data such as the most desirable new feature and the most anticipated model of a Smartphone have to be collected.
Expertise and experience required: The personnel carrying out the research and collecting the data should have adequate amount of experience in the conduction of surveys and questionnaires
Skills: The personnel included in the research should possess significant amount of knowledge in the field of smart phones and should understand all the features a Smartphone offers.
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LO3 Be able to assess market size and future demand
Q3.1 assess the size and the trends for a market of your choice..
The market of a particular product consists of the potential buyers of the product in a particular geographic area. The market of the product also consists of the other organisations offering the same product to the consumers as the competitors (Bettman, 1991). The market also consists of several resources that are used by the organisation to successfully carry out its marketing procedures and actions according to its marketing strategy along with its business functions.
Australia can be considered as the market for a particular product. The size of this market can be defined as the area of the country which is around 7.7 million square kilometres. The sixth largest country in the world, Australia is consists of 6 states and 2 territories.
The lifestyle of the people in the country is very good because of the low cost of living, good educational systems, good social systems and extensive beneficial plans from the government of the country. Australia is home to people of various cultural backgrounds and beliefs. So the current trends in the country are based on the good lifestyle and diverse cultural background of the population of the country.
Q3.2 For an organisation of your choice, plan and carry out a competitor analysis.
This is a process of the marketing strategy of the organisations which allows the organisations to determine, analyse and observe the current and potential competitors in the market helping them to anticipate the actions of the competitors (Chen, 1996).
This is a concept which divides the companies in a particular industry according to the similarity in business models or business strategies used by the companies. This allows the companies using similar strategies to be grouped together (Bettman, 1991). Strategic group analysis allows the companies to determine their direct competition and the basis of the competition along with the opportunities in the market.
The strategic group analysis of the company Nestle reveals its competitor to be Kraft foods. Both of them belong to the industry of coffee consumer goods and the industry group of “2095 roasted coffee”. Nestle consists of only two coffee brands which are Nescafe and Nespresso. But Kraft foods have nine different coffee brands.
Q3.3 A Chinese mobile phone manufacturer wants to enter the UK market with its new smart phone handsets. ( This is a hypothetical organisation used for the purpose of assessment.)
Evaluate this organisation’s potential opportunities and threats in the UK.
A Chinese mobile manufacturer wants to enter the UK market with its new Smartphone handsets. The organisation will get some opportunities along with opposition from the Smartphone manufacturers currently holding shares in the UK market.
Market: The number of cell phone users in the UK is increasing day-by-day. The current figures suggest that half of the cell phone users in the UK are using Smartphone. Apple is holding the highest market share in the UK which is almost 30 per cent of the Smartphone market with its iPhone range. Samsung and HTC are gaining market shares at 24 per cent and 20 per cent respectively. They are accompanied by Blackberry having less than 17 per cent of the market. So the major threats of the Chinese mobile manufacturer are Apple, Samsung and HTC which are settled in the market for quite some time with their wide range of Smartphone.
Some of the major challenges for the Chinese mobile manufacturer will be to persuade the population in the market to be interested in their product and to understand the benefits of the product according to its price (Stávková, 2008). Making the people in the UK Smartphone market realize the positive price-to-performance ratio is another challenge the Chinese mobile manufacturer has to face. First they have to position their brand as reliable, cheap and authentic.
LO 4 Be able to measure customer satisfaction
Q4.1 evaluate how you would assess customers response using the following two techniques;.
1) A face-to-face questionnaire and
2) An online questionnaire.
Questionnaire is a method of market research which consists of several questions of different types to a group of people or general population. The purpose of the questions in this method is to collect as much data about the market as possible from the customers. The questionnaires are generally cheaper, simpler and easier than some other types of surveys. This can be done by using several techniques, such as face-to-face and online questionnaires.
The face-to-face questionnaire allows the interviewer to be physically present to ask the questions to the interviewee directly. Face-to-face questionnaires are conducted when they are absolutely required (Chen, 1996). There are several advantages of the face-to-face questionnaires, but there are a lot of costs associated with the process as well. Face-to-face questionnaire follows a standardized questions and answers pattern.
Advantages: The face-to-face questionnaire allows the interviewer to ask several complex questions and to help the interviewee to understand the question. The interviewer can perceive the facial expression, body language and gestures of the interviewee to decide which questions to ask and how to ask those questions. The face-to-face questionnaire allows the collection of some data that can’t be collected from any other source.
Disadvantages: The cost of conducting such questionnaires is very high. The process of face-to-face questionnaires also takes a lot of time and a limited number of people can be interviewed in a particular amount of time (Stávková, 2008). The required number of interviewers is also high. The interviewee in this type of questionnaires can also get influenced, biased or affected by the interviewer to compromise the quality of the data.
This type of questionnaire is conducted on the digital media. The usage of social networking sites, search engines, websites and blogs is done for the successful operation of the questionnaire.
Advantages: The time taken by the process is less in comparison to the total number of people going through the questionnaire. There is no requirement of having a large number of interviewers or a particular venue for the process to undergo. The people don’t get affected by the process and tend to answer honestly by being assured of anonymity.
Disadvantages: The direct interaction with the interviewee is not possible in this type of questionnaire. The quality of the questions can’t be enhanced depending on the response to previous questions.
Q4.2 For an organisation of your choice, design and complete a customer satisfaction survey. Your questionnaire should contain a minimum of 10 appropriate questions.
Customer satisfaction surveys are conducted by several organisations to get an idea about what the customers exactly think about the products of the organisations which they are using. The final stage of the buyer behaviour is the process of the customers weighing the product’s cost and the decision to buy it with the benefits and the ease of use it provides (Bettman, 1991). The questions in the customer satisfaction survey are designed in a way to ensure the collection of both qualitative and quantitative data. A questionnaire for a mobile phone manufacturer like Nokia is provided in the next segment containing different types of questions.
- What is the model of the mobile phone you own?
- Which of the features of the mobile you like the most?
- Build quality
- Battery backup
- Accessories change
- Firmware update
- Resetting the mobile to an earlier version
- Change of cabinet of the mobile
- Are you completely satisfied with the solution provided by the service centre? Yes/No
- Is the problem with your mobile completely solved? Yes/No
- How satisfied are you with the overall service provided to you?
- Very satisfied
- Very unsatisfied
- Would you recommend any of your friends and colleagues to receive our service? Yes/ No
- What can we improve in our service?
- What did you like the most about the service you received?
Q4.3 For the organisation you used in Q4.2 above, review the success of the completed customer satisfaction survey.
The customer satisfaction surveys are conducted by the organisations to determine the mind-set of the customers regarding them and their products or services. The questionnaire associated with the customer satisfaction survey is designed in such a way that the questions cover all the aspects of the usage of the product or service (Chen, 1996). The questions are also designed to collect both qualitative and quantitative data. The number of respondents for the customer satisfaction survey designed in the last segment is very high. This allows a huge amount of data to be collected. This information is related to all the aspects and features of the mobiles. The customer satisfaction survey was proved to be a success as the number of people attending the survey provided the answer honestly. The objectives of the questions were met as there are a lot of suggestions for several areas of improvement in the mobiles and the services provided by the mobile company. The number of customers who received any type of service from the mobile company are also determined and documented (Stávková, 2008). The demand for a particular model of mobile from the company is also determined by looking at the number of people owning that model. Some of the common problems in some of the mobiles of the corresponding company are also identified according to the problems faced by the customers included in the survey. The training and development processes for the employees in the service centres of the mobile company are started according to the feedback from the customers. The feedback about several models of mobiles allows the company to identify, anticipate and satisfy the needs of the customers further in the future.
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