research

Power of Data

Demographic
Psychographic [Model of ONE]
1st child,
5-10 months
Parents live
~ 600 miles
Spends $1.2K
/month online
digital
model
Age 25-34
Income < $70K Female insights Age 25-34 Income < $70K Female Segmentation Profiling, Prediction [P&L of ONE] business outcome system Empowerment, Choice, Personalization Books New Industries and Services [New Revenue] transformation & expansion PHYSICAL DIGITAL platform Personalized, Synergistic Experiences 2 2 Data Analytics: Driving customer value Master the art of data analytics Create a compelling user experience Develops a robust ecosystem Data analytics is a vehicle for value creation SUCCESS DEFINED Next Product Next Movie Next Search option 3 3 Sole Athletica is Athletic shoes manufacturing company, is interested in developing a Television commercial. Is it important to do research before producing such a campaign? The Marketing team at Sole Athletics is tasked to produce a commercial and after getting bids from ad agencies, the company has concluded that creating commercial would cost roughly $ 1 Million. Buying Ad time on network, cable and online outlets will cost another $ 1 Million. Business Risk could be Sole Athletica is not able to generate sales cover cost No matter how well intended, going straight to production based on the concept dreamed by corporate leaders and marketing team might not be the best idea The Ad agency finds out from secondary research that Sole Athletica wants to convey that its product Is of High Quality Provides superior comfort Exudes attributes of wellness Demographic details of its target market Age group 21 – 45 years Lives in metropolitan area Household income of 70K or more 60 percent males, 40 % Females Psychographic details of its Target Market Active lifestyle (Walks, runs, sports) Travels outside home state/country atleast once annually Likely to have a gym membership Likely to own a hybrid car Gathering Primary Data Gathers data on the Ad concept Determining the Sampling process Conducting Focus Group discussion Conducting online Survey Takes the final decision on Ad comcept to go ahead INTRODUCTION Often, a client approaches the researcher with a request for a particular methodology (research tool) rather than providing a research objective or specific research questions. We need a survey! We need a focus group! INTRODUCTION A savvy researcher will work with the client to clearly define the research objective. Only when both parties understand the purpose of the research and what the user hopes to gain can an appropriate methodology be selected. Embarking on a research project with the methodology first is putting the cart before the horse. Students should understand that the first step in conducting research is to define a clear research objective and develop detailed questions that support the main objective. Formalizing the study with an agreement is the best way to ensure a project runs smoothly and without dispute. • Develop sound research objectives and supporting research questions. • Describe the differences among exploratory, descriptive, and causal research as well as identify examples of each. • Define the most common market research methodologies. • Ascribe appropriate research methodologies to a given research need. • Identify the purpose of and components within the research plan/proposal. LEARNING OBJECTIVES OBJECTIVES AND RESEARCH QUESTIONS The ONE OR TWO overarching research QUESTIONS that the client is attempting to ANSWER comprise the RESEARCH OBJECTIVE. RESEARCH OBJECTIVE The research objective is a broad question or statement that declares the purpose of conducting the research. Without the research objective, the researcher cannot begin to develop an appropriate methodology. Formulating Research Objectives as Statements or Questions Problem Statement: The American Red Cross wishes to increase the number of American university students who donate blood each year. Formulating Research Objectives as Statements Formulating Research Objectives as Questions To determine what college students, see as the benefits of donating blood What do college students see as the benefits of donating blood? To determine what college students, see as the obstacles to donating blood What do college students see as the obstacles to donating blood? To identify the incentives that would encourage students to donate blood What incentives would encourage students to donate blood? To distinguish the types of promotions that are most likely to attract college students What types of promotions are most likely to attract college students? To identify how the information defined from the previous statements varies according to the characteristics of college students, including gender, class standing, type of university attended, domestic versus international student, and geographical region. How does the information defined from the previous questions vary according to the characteristics of college students, including gender, class standing, type of university attended, domestic versus international student, and geographical region? OBJECTIVES Company: Sole Athletics Research Objective: To determine the general awareness and reputation of Sole Athletics, Inc. RESEARCH QUESTIONS The Research Questions • Related to the research objective are additional research questions that help flesh out the overarching research objective. • These questions are more detailed and tactical in nature. • They are the questions that need to be answered to fully address the research objective. OBJECTIVES AND RESEARCH QUESTIONS Company: Pawnee, Indiana Parks & Recreation, Dept. Research Objective: To determine how to best redesign the Chippewa Hills Park playground. Questions: Which playground activities are currently most popular? How does popularity vary by age and gender? Which current playground activities are least popular? What problems do visitors currently encounter when using the playground? What new playground equipment is most desired? With a few classroom example research objectives in mind, ask students what some corresponding research questions might be. The research objective and corresponding research questions become the basis for guiding the market research project. Determining both of these components will help guide the researcher determine and develop the proper research tools (or methods). Frame Research Questions Research Objective: To determine the viability of developing an Amazon-branded laptop. OBJECTIVES AND RESEARCH QUESTIONS Company: Amazon Research Objective: To determine the viability of developing an Amazon-branded laptop. Questions: What is the ideal niche in the laptop market that Amazon could exploit that also fits with its image? What are the optimal standard features that would appeal to the laptop market? What are features that would differentiate a new laptop offering in the marketplace? What are optimum price points that would be accepted by the ideal niche market? With a few classroom example research objectives in mind, ask students what some corresponding research questions might be. The research objective and corresponding research questions become the basis for guiding the market research project. Determining both of these components will help guide the researcher determine and develop the proper research tools (or methods). The research objective and corresponding research questions become the basis for guiding the market research project. Determining both of these components will help guide the researcher in determining and developing the proper research tools (or methods). OBJECTIVES AND RESEARCH QUESTIONS TYPES OF RESEARCH TYPES OF RESEARCH Three types of research Exploratory: to clarify a question Descriptive: describes demographic characteristics Causal: to determine if changes in one variable impacts changes in another variable EXPLORATORY Conducted to clarify a question Used to discover new ideas or brainstorm solutions In market research, often used in new product or service development when testing concepts or generating ideas DESCRIPTIVE Describes demographic characteristics, psychographic behaviors as well as opinions held by a market, including consumers and other stakeholders Used to help describe phenomena taking place in the marketplace itself, such as competitor behaviors and market trends. Helps answer questions related to who, what, where, why and how CAUSAL Aims to determine if changes in one variable impact changes in another variable (or other set of variables) • A variable is anything that has a quantity that varies. (Ex: survey ratings and sales figures) • An independent variable can be tested to see if it causes an effect on other variables. • The variables that the independent variable may impact are called dependent variables. Often carried out by conducting an experiment to prove causality What is the type of research?? Company: Dyson Research Objective: To determine the possible household chores a domestic robot concept should perform Company: Coca-Cola Research Objective: To determine the various segments of Coca-Cola consumers In the Dyson example, the company has yet to develop a concept. Therefore, research at this stage would need to explore features to be included in a concept that could then be further tested. In the Robin Health System example, managers have been informed by patient satisfaction results that parents are unhappy with scheduling appointments with pediatricians. The associated research is considered exploratory because it will examine possible problems and solutions. What is the type of research?? Company: Robin Health System Research Objective: To determine the problems with scheduling appointments with the health system’s pediatricians Company: Robin Health System Research Objective: To determine what factors contribute most to the low satisfaction of the hospital's meals The Vanderbilt University example can be considered descriptive because results will help describe the market; in this case, the satisfaction among students. In the Coca-Cola example, determining market segments is a classic descriptive task. Market segments help describe various groups of consumers so that a company can develop products and modes of communication that cater to their needs and preferences. What is the type of research?? Company: Stuccos Car Dealership Research Objective: To determine if the time spent with customers impacts vehicle sales Company: Vanderbilt University Research Objective: To determine how satisfied students are with the various aspects of the university experience The Vanderbilt University example can be considered descriptive because results will help describe the market; in this case, the satisfaction among students. In the Coca-Cola example, determining market segments is a classic descriptive task. Market segments help describe various groups of consumers so that a company can develop products and modes of communication that cater to their needs and preferences. DETERMINING THE RESEARCH METHODOLOGY Researchers have a TOOLBOX OF METHODOLOGIES at their disposal when approaching a STUDY. However, there is NO DEFINITIVE research tool that can be MAPPED SQUARELY to each RESEARCH OBJECTIVE. DETERMINING THE RESEARCH METHODOLOGY Identifying the following is a good start at narrowing down the possible options. • The level of risk associated with the research decision. • The cost of the research. • How soon the research is needed before a strategic decision is made. • The client’s objective (along with the specific research questions). • The type of research that will best address the objective (exploratory, descriptive, causal) For some research projects, multiple methodologies are employed. These studies are referred to as dual methodology studies, where both studies are used to address the overarching research objective. DETERMINING THE RESEARCH METHODOLOGY For some research projects, multiple methodologies are employed. These studies are referred to as dual methodology studies, where both studies are used to address the overarching research objective. Make clear that several methodological options may fit a given research objective. However, weighing factors such as budget, time allotment, and the research objective (among other listed factors) can help with the selection. RESEARCH METHODOLOGY OPTIONS Focus Groups Primary / Qualitative New product development, brainstorming solutions, gauging new ideas RESEARCH METHODOLOGY OPTIONS Interviews Primary / Qualitative B2B research, examining Interactions with complex or sensitive products and services RESEARCH METHODOLOGY OPTIONS Ethnographic Market Research Primary / Qualitative Captures authentic behaviors, reactions, and interactions involving a product, product concept, or service in a real-world setting. RESEARCH METHODOLOGY OPTIONS Mystery Shopping Primary / Qualitative Company protocol compliance; may include product testing component RESEARCH METHODOLOGY OPTIONS Surveys Primary / Quantitative When it’s important that results can be attributed to the target population at large RESEARCH METHODOLOGY OPTIONS Secondary Research Secondary / Quantitative or Qualitative Monitoring competitor and market trends, benchmarking against competitor performance RESEARCH METHODOLOGY OPTIONS Experiments Primary / Quantitative Testing causes, solutions, or interventions THE RESEARCH PLAN RESEARCH PLAN A formal document that details the research scope, methodology and details regarding data collection and analysis RESEARCH PLAN A formal document that details the research scope, methodology and details regarding data collection and analysis Crucial so all parties are on the same page in terms of RESEARCH PLAN When research plans are used as contracts between clients and research firms, they are called research proposals. Such proposals would be developed after the client submits an RFP (Request for Proposal) to a research firm detailing the research they would like conducted. Ask students to take a look at the example research proposals in the text. Ask what differences they notice between the proposal for the survey and the proposal for the focus group. Discuss thoughts on cost and timing. Are there any surprises based on original assumptions of what such projects would entail? CONCLUSION When embarking on a research project, first define a clear research objective and develop detailed questions that support the main objective. Determine which type of research will best help address the objective (exploratory, descriptive or causal). With this information, a researcher can begin exploring an appropriate methodology. CONCLUSION Several methodological options may fit a given research objective. However, weighing factors such as budget and time allotment can help with the selection. When a research method has been chosen, a research plan should be developed that includes the objective, methodology and the scope of the project work so both the client and research team are in agreement. For a research consulting firm, this plan becomes the research proposal, a formal document that acts as a contract should the client accept the specifications and investment. Power of Data Demographic Psychographic [Model of ONE] 1st child, 5-10 months Parents live ~ 600 miles Spends $1.2K /month online digital model Age 25-34 Income < $70K Female insights Age 25-34 Income < $70K Female Segmentation Profiling, Prediction [P&L of ONE] business outcome system Empowerment, Choice, Personalization Books New Industries and Services [New Revenue] transformation & expansion PHYSICAL DIGITAL platform Personalized, Synergistic Experiences 2 2 Data Analytics: Driving customer value Master the art of data analytics Create a compelling user experience Develops a robust ecosystem Data analytics is a vehicle for value creation SUCCESS DEFINED Next Product Next Movie Next Search option 3 3 Sole Athletica is Athletic shoes manufacturing company, is interested in developing a Television commercial. Is it important to do research before producing such a campaign? The Marketing team at Sole Athletics is tasked to produce a commercial and after getting bids from ad agencies, the company has concluded that creating commercial would cost roughly $ 1 Million. Buying Ad time on network, cable and online outlets will cost another $ 1 Million. Business Risk could be Sole Athletica is not able to generate sales cover cost No matter how well intended, going straight to production based on the concept dreamed by corporate leaders and marketing team might not be the best idea The Ad agency finds out from secondary research that Sole Athletica wants to convey that its product Is of High Quality Provides superior comfort Exudes attributes of wellness Demographic details of its target market Age group 21 – 45 years Lives in metropolitan area Household income of 70K or more 60 percent males, 40 % Females Psychographic details of its Target Market Active lifestyle (Walks, runs, sports) Travels outside home state/country atleast once annually Likely to have a gym membership Likely to own a hybrid car Gathering Primary Data Gathers data on the Ad concept Determining the Sampling process Conducting Focus Group discussion Conducting online Survey Takes the final decision on Ad comcept to go ahead INTRODUCTION Often, a client approaches the researcher with a request for a particular methodology (research tool) rather than providing a research objective or specific research questions. We need a survey! We need a focus group! INTRODUCTION A savvy researcher will work with the client to clearly define the research objective. Only when both parties understand the purpose of the research and what the user hopes to gain can an appropriate methodology be selected. Embarking on a research project with the methodology first is putting the cart before the horse. Students should understand that the first step in conducting research is to define a clear research objective and develop detailed questions that support the main objective. Formalizing the study with an agreement is the best way to ensure a project runs smoothly and without dispute. • Develop sound research objectives and supporting research questions. • Describe the differences among exploratory, descriptive, and causal research as well as identify examples of each. • Define the most common market research methodologies. • Ascribe appropriate research methodologies to a given research need. • Identify the purpose of and components within the research plan/proposal. LEARNING OBJECTIVES OBJECTIVES AND RESEARCH QUESTIONS The ONE OR TWO overarching research QUESTIONS that the client is attempting to ANSWER comprise the RESEARCH OBJECTIVE. RESEARCH OBJECTIVE The research objective is a broad question or statement that declares the purpose of conducting the research. Without the research objective, the researcher cannot begin to develop an appropriate methodology. Formulating Research Objectives as Statements or Questions Problem Statement: The American Red Cross wishes to increase the number of American university students who donate blood each year. Formulating Research Objectives as Statements Formulating Research Objectives as Questions To determine what college students, see as the benefits of donating blood What do college students see as the benefits of donating blood? To determine what college students, see as the obstacles to donating blood What do college students see as the obstacles to donating blood? To identify the incentives that would encourage students to donate blood What incentives would encourage students to donate blood? To distinguish the types of promotions that are most likely to attract college students What types of promotions are most likely to attract college students? To identify how the information defined from the previous statements varies according to the characteristics of college students, including gender, class standing, type of university attended, domestic versus international student, and geographical region. How does the information defined from the previous questions vary according to the characteristics of college students, including gender, class standing, type of university attended, domestic versus international student, and geographical region? OBJECTIVES Company: Sole Athletics Research Objective: To determine the general awareness and reputation of Sole Athletics, Inc. RESEARCH QUESTIONS The Research Questions • Related to the research objective are additional research questions that help flesh out the overarching research objective. • These questions are more detailed and tactical in nature. • They are the questions that need to be answered to fully address the research objective. OBJECTIVES AND RESEARCH QUESTIONS Company: Pawnee, Indiana Parks & Recreation, Dept. Research Objective: To determine how to best redesign the Chippewa Hills Park playground. Questions: Which playground activities are currently most popular? How does popularity vary by age and gender? Which current playground activities are least popular? What problems do visitors currently encounter when using the playground? What new playground equipment is most desired? With a few classroom example research objectives in mind, ask students what some corresponding research questions might be. The research objective and corresponding research questions become the basis for guiding the market research project. Determining both of these components will help guide the researcher determine and develop the proper research tools (or methods). Frame Research Questions Research Objective: To determine the viability of developing an Amazon-branded laptop. OBJECTIVES AND RESEARCH QUESTIONS Company: Amazon Research Objective: To determine the viability of developing an Amazon-branded laptop. Questions: What is the ideal niche in the laptop market that Amazon could exploit that also fits with its image? What are the optimal standard features that would appeal to the laptop market? What are features that would differentiate a new laptop offering in the marketplace? What are optimum price points that would be accepted by the ideal niche market? With a few classroom example research objectives in mind, ask students what some corresponding research questions might be. The research objective and corresponding research questions become the basis for guiding the market research project. Determining both of these components will help guide the researcher determine and develop the proper research tools (or methods). The research objective and corresponding research questions become the basis for guiding the market research project. Determining both of these components will help guide the researcher in determining and developing the proper research tools (or methods). OBJECTIVES AND RESEARCH QUESTIONS TYPES OF RESEARCH TYPES OF RESEARCH Three types of research Exploratory: to clarify a question Descriptive: describes demographic characteristics Causal: to determine if changes in one variable impacts changes in another variable EXPLORATORY Conducted to clarify a question Used to discover new ideas or brainstorm solutions In market research, often used in new product or service development when testing concepts or generating ideas DESCRIPTIVE Describes demographic characteristics, psychographic behaviors as well as opinions held by a market, including consumers and other stakeholders Used to help describe phenomena taking place in the marketplace itself, such as competitor behaviors and market trends. Helps answer questions related to who, what, where, why and how CAUSAL Aims to determine if changes in one variable impact changes in another variable (or other set of variables) • A variable is anything that has a quantity that varies. (Ex: survey ratings and sales figures) • An independent variable can be tested to see if it causes an effect on other variables. • The variables that the independent variable may impact are called dependent variables. Often carried out by conducting an experiment to prove causality What is the type of research?? Company: Dyson Research Objective: To determine the possible household chores a domestic robot concept should perform Company: Coca-Cola Research Objective: To determine the various segments of Coca-Cola consumers In the Dyson example, the company has yet to develop a concept. Therefore, research at this stage would need to explore features to be included in a concept that could then be further tested. In the Robin Health System example, managers have been informed by patient satisfaction results that parents are unhappy with scheduling appointments with pediatricians. The associated research is considered exploratory because it will examine possible problems and solutions. What is the type of research?? Company: Robin Health System Research Objective: To determine the problems with scheduling appointments with the health system’s pediatricians Company: Robin Health System Research Objective: To determine what factors contribute most to the low satisfaction of the hospital's meals The Vanderbilt University example can be considered descriptive because results will help describe the market; in this case, the satisfaction among students. In the Coca-Cola example, determining market segments is a classic descriptive task. Market segments help describe various groups of consumers so that a company can develop products and modes of communication that cater to their needs and preferences. What is the type of research?? Company: Stuccos Car Dealership Research Objective: To determine if the time spent with customers impacts vehicle sales Company: Vanderbilt University Research Objective: To determine how satisfied students are with the various aspects of the university experience The Vanderbilt University example can be considered descriptive because results will help describe the market; in this case, the satisfaction among students. In the Coca-Cola example, determining market segments is a classic descriptive task. Market segments help describe various groups of consumers so that a company can develop products and modes of communication that cater to their needs and preferences. DETERMINING THE RESEARCH METHODOLOGY Researchers have a TOOLBOX OF METHODOLOGIES at their disposal when approaching a STUDY. However, there is NO DEFINITIVE research tool that can be MAPPED SQUARELY to each RESEARCH OBJECTIVE. DETERMINING THE RESEARCH METHODOLOGY Identifying the following is a good start at narrowing down the possible options. • The level of risk associated with the research decision. • The cost of the research. • How soon the research is needed before a strategic decision is made. • The client’s objective (along with the specific research questions). • The type of research that will best address the objective (exploratory, descriptive, causal) For some research projects, multiple methodologies are employed. These studies are referred to as dual methodology studies, where both studies are used to address the overarching research objective. DETERMINING THE RESEARCH METHODOLOGY For some research projects, multiple methodologies are employed. These studies are referred to as dual methodology studies, where both studies are used to address the overarching research objective. Make clear that several methodological options may fit a given research objective. However, weighing factors such as budget, time allotment, and the research objective (among other listed factors) can help with the selection. RESEARCH METHODOLOGY OPTIONS Focus Groups Primary / Qualitative New product development, brainstorming solutions, gauging new ideas RESEARCH METHODOLOGY OPTIONS Interviews Primary / Qualitative B2B research, examining Interactions with complex or sensitive products and services RESEARCH METHODOLOGY OPTIONS Ethnographic Market Research Primary / Qualitative Captures authentic behaviors, reactions, and interactions involving a product, product concept, or service in a real-world setting. RESEARCH METHODOLOGY OPTIONS Mystery Shopping Primary / Qualitative Company protocol compliance; may include product testing component RESEARCH METHODOLOGY OPTIONS Surveys Primary / Quantitative When it’s important that results can be attributed to the target population at large RESEARCH METHODOLOGY OPTIONS Secondary Research Secondary / Quantitative or Qualitative Monitoring competitor and market trends, benchmarking against competitor performance RESEARCH METHODOLOGY OPTIONS Experiments Primary / Quantitative Testing causes, solutions, or interventions THE RESEARCH PLAN RESEARCH PLAN A formal document that details the research scope, methodology and details regarding data collection and analysis RESEARCH PLAN A formal document that details the research scope, methodology and details regarding data collection and analysis Crucial so all parties are on the same page in terms of RESEARCH PLAN When research plans are used as contracts between clients and research firms, they are called research proposals. Such proposals would be developed after the client submits an RFP (Request for Proposal) to a research firm detailing the research they would like conducted. Ask students to take a look at the example research proposals in the text. Ask what differences they notice between the proposal for the survey and the proposal for the focus group. Discuss thoughts on cost and timing. Are there any surprises based on original assumptions of what such projects would entail? CONCLUSION When embarking on a research project, first define a clear research objective and develop detailed questions that support the main objective. Determine which type of research will best help address the objective (exploratory, descriptive or causal). With this information, a researcher can begin exploring an appropriate methodology. CONCLUSION Several methodological options may fit a given research objective. However, weighing factors such as budget and time allotment can help with the selection. When a research method has been chosen, a research plan should be developed that includes the objective, methodology and the scope of the project work so both the client and research team are in agreement. For a research consulting firm, this plan becomes the research proposal, a formal document that acts as a contract should the client accept the specifications and investment.