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Marketing Research and Entrepreneurial Pursuits

Marketing Research and Entrepreneurial Pursuits. Wayne Roberts. Marketing Research vs. Marketing Intelligence. Marketing Intelligence : The formal and/or informal ongoing collection of information about competitors and other environmental developments (e.g., regulations, tech.)

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Marketing Research and Entrepreneurial Pursuits

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  1. Marketing Research and Entrepreneurial Pursuits Wayne Roberts

  2. Marketing Research vs. Marketing Intelligence • Marketing Intelligence: The formal and/or informal ongoing collection of information about competitors and other environmental developments (e.g., regulations, tech.) • Includes reading trade reports, newspapers, visiting competitors, etc. • Likened to a low-wattage light bulb in large room • Marketing Research: The design, collection, analysis etc. of data relevant to a specific marketing situation • Likened to a focused flash in a part of a room

  3. The Market Research Process STEP 1. Determine the research Purpose –MOST IMPORTANT STEP! • Problem or opportunity analysis • What is (are) the problem(s) or opportunities? • What is the scope of the problem(s) and the possible reasons? Or what is the scope of the (potential) opportunity, and what are the crucial success factors? • Generation & Evaluation of decision alternatives • Generate alternatives to be considered • Decide on criteria for choosing among the alternatives • Time constraints

  4. STEP 2. Set Research Goals (FastTrac) /Research Objectives • Practical Suggestion: Generate research questions to which you want answers. • An aside: The value of models • EX: Sales volume = function of ….. STEP 3. Estimate Value of Information Cost-benefit analysis

  5. 4. Design research: A detailed blueprint used to guide a research study toward its objectives Research Approach: Exploratory Descriptive Causal

  6. 4 (Continued) Data collection methods SECONDARY Data/studies/literature already competed Standardized data (e.g., syndicated data) PRIMARY – To be collected to meet research objectives Qualitative (depth interviews, observation, etc.) Surveys Experiments

  7. 5. Collect data 6. Prepare and analyze data 7. Prepare a research report

  8. Secondary Data Comment: Some primary sources, as well…

  9. REMEMBER: Your reference librarian is your friend Explore SUU’s library • ALSO REMEMBER: All secondary data is NOT in libraries and available over the Internet • Digging for information may be necessary

  10. Places to Dig • Trade organizations (Gale’s Encyclopedia of Associations) • Regulatory Groups (e.g., U.S. FDA) • Non-regulatory government agencies • Dept. of Commerce, SBA, state economic agencies • Upstream and downstream businesses • Same/similar businesses, other areas

  11. Organizations with same/similar data interests • E.g., utility companies, schools, cities, and businesses with same data needs

  12. SIC vs. NAICS • 1997 – North American Industrial Classification System (NAICS) was adopted. • Up to 6 numbers • Is being phased in • SIC – Standard Industrial Classification system is being phased out. • 4 numbers • See www.census.gov/epcd/www/naics.html

  13. Census Data • Economic Census in years that end with a 2 and 7 (e.g., 1997, 2002) • Data by NAICS/SIC code • Data by geographical area • Census of Pop’n and Housing in years that end with 0 • Explore through www.census.gov

  14. Secondary Research • EXAMPLES OF RESOURCES • Statistical Abstract of the United States • Bureau of Labor Statistics Consumer Expenditure Survey • Claritas/nielsen's MyBest Segment • Business Analysis Online (ESRI) • Strategic Business Insights VALS

  15. Primary Data Collection

  16. Methods… • Interview folks/talk to people • Focus groups – talk to > 1 person at a time • Observation • Case studies • Surveys • Experiment

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