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Effective B2B Market Research Strategies

Explore the Marketing Information System, survey methods, questionnaire development, and data analysis for successful B2B marketing strategies in the global market. This chapter emphasizes the importance of developing primary data and managing research projects efficiently. Understanding customer needs through robust research is crucial for business success.

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Effective B2B Market Research Strategies

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  1. MARKET RESEARCH CHAPTER 5 Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 1

  2. B2C vs. B2B Market Research Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 2

  3. Marketing Information System (MkIS) • A Marketing Information System – integrated approach to developing, storing and using information. • Include market research, internal and external data sources. • Information is placed in “data warehouse”. • Effective Decision Support System (DSS). Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 3

  4. The Marketing Research Process Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 4

  5. Internet Business Information Sources 5 Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013

  6. Developing Primary Data Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 6

  7. Developing Primary Data Fig. 5.1 Cost vs. speed in surveys Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 7

  8. B2B Survey Methods Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 8

  9. Sampling • Random sampling is difficult due to small number of potential respondents. • Stratified random sampling is common. • In many markets 100% review of the population is possible. Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 9

  10. Developing Questionnaires • Introduction should be succinct and should let the respondents know why their answers are important. • Questions should be in a logical order. • For telephone and mail surveys, closed questions are best. • For interviews and focus groups, open questions are best. • Avoid double questions. • Keep language simple and jargon-free. • Allow for “don’t know” responses. • Avoid hypothetical questions. Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 10

  11. Analyzing Data Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 11

  12. Development of Market and SalesForecast Fig. 5.2 Development of market forecast and sales forecast Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 12

  13. Time Series Analysis Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 13

  14. Common Sales Forecasting Techniques Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 14

  15. Organizing for Market Research Fig. 5.3 Sample research proposal Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 15

  16. Managing Research Projects Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 16

  17. The Benchmarking Process Fig. 5.4 The benchmarking process Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 17

  18. Exhibit 5.1 Customer market survey Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 18

  19. Summary • Market research is critical to effective business marketing program. • Developing an effective marketing information system and a decision support system requires consistent effort. • The most important step in developing market research is finding what kind of information is needed. • Research is used to develop critical ratios, which are applied to known data to develop market potential. • Composite method and scenario analysis are used in research. • Many firms have combined centralized and decentralized approach to research. • To be successful, a project must have the support of top management. • Benchmarking is the process of identifying best practices in organizations. • Important to have an action plan in order to establish real competitive advantage. Use with BUSINESS TO BUSINESS MARKETING MANAGEMENT: A GLOBAL PERSPECTIVE ISBN 978-0-415-53702-5 Published by Routledge 2013 19

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