Market Research Process

BANKING DIPLOMA EXAMINATION

Banking Diploma Courses in Bangladesh under The Institute of Bankers, Bangladesh (IBB)

Marketing of Financial Services -JAIBB
Market Research Process: Defining Problem and Objectives

�          Exploratory research

�         Preliminary information

�         Problem definition and hypothesis suggestion 

�          Descriptive research

�         Better describe marketing problems, situations, or markets

�          Causal research

�         Test hypothesis of cause and effect relationships

Market Research Process: Develop the Research Plan

�          Determine Specific Information Needs

�         Target customer characteristics

�         Patterns of product usage

�         Demand factors

�         Response of marketing channels

�         Customer reactions

�         Projected sales

�          Gather Secondary Information

�         Internal database sources

�         Company, public, and university libraries

�         Government and business publications

�         Commercial data services

�         On-line databases

�         Internet data sources

�         International data

Advantages of Secondary Data

�          Less time to obtain

�          Lower cost than primary research

�          Alternate means of access to information

�          Benefit from resources of others

Potential Problems With Secondary Data

�          Information may not exist

�          May not be:

�         Relevant

�         Accurate

�         Current

�         Impartial

Market Research Process: Plan Primary Data Collection

�          Research Approaches

�         Observation

�         Survey

�         Experiment

�          Observational Research

�         Observing relevant people, actions, situations

�         Mechanical observation, people meters, checkout scanners

�         Some things not readily observed

�          Survey Research

�         Questions about knowledge, attitudes preferences or buying behaviour

�         Most widely used source of primary data due to flexibility, information type collection, and sometimes quicker than other two methods

�         Very difficult to construct properly; Unwilling/ unable respondents; answer questions which they have no knowledge; pleasing answers

�          Experimental Research

�         Best suited for gathering causal information

�         Given different experimental treatments

�         Variables controlled

�         Responses measured and recorded

Personal Interviewing

�          Individual

�         Talking with people in homes, offices, on the street, or in shopping malls ONE ON ONE

�         Computer interviewing

�          Group

�         Focus group

�          Online

�          Electronic

�          Sampling Plans - three issues

�         What is the sampling unit?

�         What is the sample size?

�         What is the sampling procedure?

Probability Samples

�          Simple random sample

�         Equal probability

�         Mutually exclusive groups

�         Random sample drawn

Non-probability Samples

�          Convenience sample

�         Select easiest population

�          Judgement sample

�         Select for accurate response

Market Research Process: Research Instruments

�          Questionnaire

�         Question contribution

�         Question form

�          Closed-end

�          Open-end

�         Wording

�         Ordering

�          Mechanical

�         People meters

�         Checkout scanners

�         Eye cameras

Market Research Process: Present the Research Plan

�          Written Research Proposal

�         Management problems addressed by research

�         Research objectives

�         Information sought

�         Sources of secondary information

�         Methods of obtaining primary data

�         Benefits and costs

Market Research Process: Implement the Research

�          Collect Data

�         Company research staff

�         Outside services

�         Most costly and error process

�          Analyze Data

�         Isolate important information and findings

�         Check accuracy and completeness

�         Tabulate results

Market Research Process: Interpret and Report Findings

�          Focus on useful decision support

�          Clear and open

�          Discuss interpretation

�          Team approach

        �          Ultimate decision with management