Continued from part 1
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Lets understand it to the core – systematic – with a structure. Gathering, recording and analyzing of data about problems- (that’s the objective of any research) related to the marketing of goods and services.
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Lets understand it to the core – systematic – with a structure. Gathering, recording and analyzing of data about problems- (that’s the objective of any research) related to the marketing of goods and services.
To better understand how research works- lets take the product Chiwda. The Manager wants to find out if Chiwda can be marketed in multiplexes.
So here are the steps for any basic level of Market Research.
Manager must ask the following questions to
devise effective marketing strategies:
- Who are my customers and potential customers?
- What kind of people are they?
- Where do they live?
- Can and will they buy?
- Am I offering the kinds of goods or services
they want - at the best place, at the best time and in the right amounts?
- Are my prices consistent with what buyers view
as the product's value?
- Are my promotional programs working?
- What do customers think of my business?
- How does my business compare with my
competitors?
These questions can be included by a simple questionnaire or one can take a help of a professional market research firm/person to do so.
The market research process begins with
identifying and defining the problems and opportunities that exist for your
business, such as:
- Launching a new product or service.
- Low awareness of your company and its products
or services.
- Low utilization of your company's products or
services. (The market is familiar with your company, but still is not doing
business with you.)
- A poor company image and reputation.
- Problems with distribution, your goods and
services are not reaching the buying public in a timely manner.
2. Setting up the Objective Budgets and plans.
Simplified: objective - its setting a goal - for finding out the possibility to launching Chiwda in multiplexes.
Money - What is the budget the Chiwda company can spend on this activity.
Thus we decide on research method. (more on that in the next point)
Timetable - Setting up time frames.
Mr. Sodhi. " Plan your work, work your plan".
3. Select Research types Methods and Techniques.
- Primary - a first hand research.
There are a lot of methods and ways to carry out this research.
Simplified: Chiwda needs to understand its competition, its current goodwill/image and also the possible /ways of re positioning it can carry out.
This can be done through -
- focus group (calling 10/15 people and having them discuss about the matter)
- Interview - One to one questions.
- phone surveys
- web surveys
- Secondary- using existing research material to gain knowledge.
4. Design the research instrument
The most common research method is questionnaire.
The following are key points to have a effective survey.
- keep it simple
- have general questions and then move on to specific questions.ie.ask do they like movies before asking them if they buy stuff in the multiplex at intervals
- pretest the questionnaire
- mixed structure for questionnaire helps. ie. open ended question followed by a question on rating something on a scale of 1-10.
5. Collect data
Stick to the objectives and methods /rules you have set as per point 2 and 3 and try to be as objective as possible.
6. Analyze data.
Try to make sense of the data.
read between the lines. If people are saying that it feels odd to pay Rs.70 for a Samosa which they get for Rs.10 outside, they are saying that they find a gap between value and service. See if Chiwda can fill in that gap. if yes why . if no why.
7. Presenting and Using the findings.
The result should be readily available to the decision makers and that too with reasoning as it helps them to make informed choices.
This is work your plan stage.
So now you know if you should be launching chiwda in Multiplex. Go ahead. Test for Waters.
Do comment on this post.
By Ninad Tatke.
Simplified: Chiwda needs to increase its market share / sales. He thinks that it can be achieved my making Chiwda available in the multiplexes. Does it have a potential. Why would anyone eat Chiwda while watching a movie.
Manager must ask the following questions to devise effective marketing strategies:
Manager must ask the following questions to devise effective marketing strategies:
- Who are my customers and potential customers?
- What kind of people are they?
- Where do they live?
- Can and will they buy?
- Am I offering the kinds of goods or services they want - at the best place, at the best time and in the right amounts?
- Are my prices consistent with what buyers view as the product's value?
- Are my promotional programs working?
- What do customers think of my business?
- How does my business compare with my competitors?
These questions can be included by a simple questionnaire or one can take a help of a professional market research firm/person to do so.
The market research process begins with
identifying and defining the problems and opportunities that exist for your
business, such as:
- Launching a new product or service.
- Low awareness of your company and its products or services.
- Low utilization of your company's products or services. (The market is familiar with your company, but still is not doing business with you.)
- A poor company image and reputation.
- Problems with distribution, your goods and services are not reaching the buying public in a timely manner.
2. Setting up the Objective Budgets and plans.
Simplified: objective - its setting a goal - for finding out the possibility to launching Chiwda in multiplexes.Money - What is the budget the Chiwda company can spend on this activity.
Thus we decide on research method. (more on that in the next point)
Timetable - Setting up time frames.
Mr. Sodhi. " Plan your work, work your plan".
3. Select Research types Methods and Techniques.
- Primary - a first hand research.
There are a lot of methods and ways to carry out this research.
Simplified: Chiwda needs to understand its competition, its current goodwill/image and also the possible /ways of re positioning it can carry out.
This can be done through -
- focus group (calling 10/15 people and having them discuss about the matter)
- Interview - One to one questions.
- phone surveys
- web surveys
- Secondary- using existing research material to gain knowledge.
4. Design the research instrument
The following are key points to have a effective survey.
- keep it simple
- have general questions and then move on to specific questions.ie.ask do they like movies before asking them if they buy stuff in the multiplex at intervals
- pretest the questionnaire
- mixed structure for questionnaire helps. ie. open ended question followed by a question on rating something on a scale of 1-10.
5. Collect data
Stick to the objectives and methods /rules you have set as per point 2 and 3 and try to be as objective as possible.
Stick to the objectives and methods /rules you have set as per point 2 and 3 and try to be as objective as possible.
6. Analyze data.
Try to make sense of the data.
read between the lines. If people are saying that it feels odd to pay Rs.70 for a Samosa which they get for Rs.10 outside, they are saying that they find a gap between value and service. See if Chiwda can fill in that gap. if yes why . if no why.
7. Presenting and Using the findings.
The result should be readily available to the decision makers and that too with reasoning as it helps them to make informed choices.
This is work your plan stage.
So now you know if you should be launching chiwda in Multiplex. Go ahead. Test for Waters.
Do comment on this post.
By Ninad Tatke.
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