Market Research: How to Get the Right Data to Make the Right Decisions October 11, 2009

Improve your market research to gain a clear understanding of what your customers value—and what they’re willing to pay.

Learn how to use market research to determine your company’s competitive position and enhance its performance. By getting it right, you can save time and resources and begin to reap the benefits of your research right away. At this seminar, you’ll discover a broad range of market research tools—including questionnaire design, focus groups, observational research, testing/sampling results, statistical analysis—that will give you the insights you need to identify opportunities and threats in your industry…formulate short- and long-term strategies…design new products and services.
How You Will Benefit

* Gain research techniques that work and know when to use them
* Focus on the products and services that your customers really demand
* Determine current customer behavior and predict future trends
* Identify which market research activities are most conducive to your objectives
* Create a custom market research program for your company
* Avoid common mistakes
* Conduct competitive market research and monitor performance

What You Will Cover

* Market research in today’s competitive environment
* Conducting internal research vs. outsourcing the market research function
* Pinpointing your information needs
* Sources for primary data: surveys, focus groups, observational research
* Core elements for developing an effective questionnaire
* Analyzing the market research data
* Linking results to product and service strategies

Who Should Attend

Marketing managers and directors, product and brand managers and all others involved in market research.

Note: Attendees should have less than five years of market research experience.
Extended Training Description

Learning Objectives

* Get the Right Data So You Can Make the Right Decisions
* Identify Customer Segments and Define Each Segment with Specific Demographic Characteristics
* Use the Market Research ContinuumTM to Determine Which Market Research Functions Are Best Performed by Internal or External Resources
* Define Market Research Objectives and Conduct Customer Segmentation Research Prior to Conducting Market Research
* Create Effective Questionnaires and Use the Results of Questionnaire Research to Develop Values Pyramids for Distinct Market Segments
* Understand and Manage Common Trade-offs That Must Be Made among Objectives Due to Budget and Time Constraints
* Appropriately Apply Qualitative and Quantitative Approaches to Market-Research Endeavors
* Identify and Access Both Primary and Secondary Sources of Data Collection
* Evaluate the Advantages and Disadvantages of Data-Collection Techniques
* Design Questionnaires to Capture High-Value Data
* Write Effective Open/Closed Ended, Direct/Indirect, and Multiple-Choice Questions

Market Research in Today’s Business Environment

* Define "Relevant" Market Research
* Discuss Research’s Evolving Roles
* Use the Market Research ContinuumTM to Determine Which Market Research Functions Are Best Performed by Internal or External Sources

Critical Information Needed to Conduct Relevant Market Research

* Identify Customer Segments
* List the Characteristics of Common Customer Segments
* Create a Customer Values Questionnaire
* Use the Results of Customer Values Questionnaire Research to Develop Values Pyramids for Distinct Market-Segments
* Explain the Necessity of Conducting Customer Segmentation Research Prior to Conducting Market Research

Organizing Market Research Activities

* Define Market Research Objectives before Beginning Your Research Program
* Write Objectives for a Potential Market Research Project at Your Company
* Focus Your Research Activities on Identifying Customers’ Purchasing Processes
* Understand and Manage Common Trade-offs That Must Be Made among Objectives Due to Budget and Time Constraints

Tools for Conducting Market Research

* Appropriately Apply Qualitative and Quantitative Approaches to Market Research Endeavors
* Identify and Access Both Primary and Secondary Sources of Data Collection
* Evaluate the Advantages and Disadvantages of Data Collection Techniques
* Determine the Most Effective Research Approach for a Specific Research Project

Core Elements for Developing an Effective Questionnaire

* Design Questionnaires to Capture High Value Data
* Write Effective Open/Closed Ended, Direct/Indirect, and Multiple Choice Questions
* Use Rating Scales to Validate Questionnaire Results
* Format Questionnaires to Increase Response Rates

Analyzing the Data: What Does It Mean?

* Describe the Primary Objectives of Basic, Intermediate, and Advanced Marketing Research
* Identify Which Techniques Most Appropriately Match Basic, Intermediate, and Advanced Research Objectives
* Use the Product/Service Matrix to Determine a Company’s Competitive Position in the Marketplace
* Use the Price/Value Matrix to Determine How Customers View a Product’s Price in Relation to the Value Received
* Use the Competitive Pricing Matrix to Determine the Strength of Your Company’s Market Position

The Continued Success of Your Market Research Program

* Link Market Research to Overall Corporate Goals
* Align Product and Service Offerings to Match Customers’ Value Pyramids
* Enhance Success of New Products and Services

Official Website: http://www.focustraco.com/index.php/tm-training-schedule/details/254-108201