MARKETING RESEARCH FOR

NEW VENTURES

PRESENTED BY
GROUP 9

WHAT IS MARKETING RESEARCH?

Marketing research is the systematic and

objective search for, and analysis of,
information relevant to the identification
and solution of any problem in the field of
marketing.

THE GOLDEN RULES!!!

Golden Rule I: Know Thy Customer!
Does the product/service meet a customer's needs or wants?
How can the new business attract customers to its
product(s)/service(s)?
How can the new business keep those customers coming back
for repeat purchases?

Golden Rule II: Know Thy Self!

The entrepreneur must be able to determine if his or her strengths
lie in the areas of production, marketing, or business
management and how those strengths match up with the needs of
the business.

RESEARCH DESIGN

PROBLEM DEFINTION
It clearly communicate the purpose of the research
The procedures included are as follows:
Brainstorming,
Researching secondary sources of information as well as studying competitive products.

HYPOTHESIS GENERATION

The problem should be stated as a

question

Will new product, if launched, gain at

least a 10% market share?

The problem statement should express a

relation between two or more variable

Are consumers with average income more

likely to buy exotic fruits than the lower
income groups?

The research problem should be related

directly to decision the management
need to take

Research which is important and not

merely interesting

DECISION ON TYPE(S) OF STUDY

Marketing research can be carried out on one of three levels:

Exploratory,
Descriptive
Causal.

DECISION ON METHOD OF DATA COLLECTION

The main methods of data collection are :

Secondary data searches,

Observation,
The survey,
Experimentation and
Consumer panels.

DEVELOPMENT OF AN ANALYSIS PLAN

Is it known how each and every question is to be analyzed?

Does the researcher have the means to perform these calculations?
If a computer program is to be used at the data analysis stage, have the questions been
properly coded?

DATA COLLECTION

At this stage the researcher is ready to go into the field and collect data.

ANALYSIS OF THE DATA

DRAWING CONCLUSION AND RCOMMENDATIONS

QUALITATIVE MARKETING RESEARCH

Generally used for exploratory purposes
Small number of respondents
Examples include focus groups discussions
and depth interviews.

QUANTITATIVE MARKETING
RESEARCH
Generally used to draw conclusions
Tests a specific hypothesis
Uses random sampling techniques so as to
infer from the sample to the population
Involves a large number of respondents
Examples include surveys and questionnaires

OBSERVATIONAL TECHNIQUES
The researcher observes social phenomena in their
natural setting
Observations can occur cross- sectionally
(observations made at one time) or longitudinally
(observations occur over several time-periods)
Examples include product-use analysis

EXPERIMENTAL
TECHNIQUES
The researcher creates a
quasi-artificial environment
to try to control spurious
factors, then manipulates at
least one of the variables
Examples include purchase
laboratories
and
test
markets

IDENTIFY
Chinese character text messaging is popular in
shanghai.
To utilize on this opportunity, Motorola
developed the A732 cell phone, with which
users could write messages directly on the
keypad using a finger.

NEW VENTURE BY GROUP

9 ENTREPRENEURS
Wireless Charger
&
TV Connector

FOCUS GROUP DISCUSSION

ANALYSIS FOR THE NEW

VENTURE

A - Electronic Shop
B - Big Departmental Stores
C - Exclusive Showrooms
D - Mega Malls and Hyper Malls

A Electronic Media
B Print Media
C Radio
D Internet

THANK YOU