Market Research Data presented at ACCOLEDS2012 [PPTX]

roughhewnstupidInternet and Web Development

Nov 18, 2013 (3 years and 11 months ago)

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“In God We Trust


All Others
Must Bring Data”


~ W.
Edwards
Deming


Market Research Data & Statistics



Sunny Kaniyathu

University of Saskatchewan

Gilbert Bede

Okanagan College

Accoleds 2012 University of Manitoba

Today’s Programme


1.
Learning to Like Market Research Questions



Environmental Scan



Who Is The User Base



Quantitative Methods Skill Set


A Changing Environment / Opportunities / Trends



What are Patrons
T
ypically
L
ooking For?


The Role of the Reference Interview & Selecting the
Proper Resources


Fee
-
based Data

2.
Small Group Exercise


Market for Energy Drinks in Canada

3.
Report/Discussion on Group Exercise


Accoleds 2012 University of Manitoba

When Faced with Locating Data &
Statistics for a
M
arketing Question You

A.
Scream like a small child and run away

B.
Go into a catatonic state and remain like
that until the patron leaves

C.
Quickly look up the contact info for your
business liaison librarian and provide it
to the patron

D.
Regain your composure and proceed
with the query


Accoleds 2012 University of Manitoba

“For years, corporate marketers have walked into
budget meetings like neighborhood junkies. They
couldn’t justify how well they spent past handouts
or what difference it all made. They just want more
money


for flashy TV ads, for big
-
ticket events, for
you know, getting out the message and building up
the brand. But those days of blind budget increases
are fast being replaced with a new mantra:
measurement and accountability.”


F
rom

-

Marketing metrics: 50+ metrics every executive should master
(Farris 2006)


Accoleds 2012 University of Manitoba

Environmental Scan

Who Are The Potential Users?



3 main user groups coming primarily from
Business, Economics and Communications
disciplines:


Faculty and Researchers (Historical Users seeking
Primary and Secondary data sources)


Graduate Students (Historical Users seeking Primary
and Secondary sources)


Undergraduate Students (Relatively new group seeking
primarily secondary data sources


although they
usually start off by asking for primary data sources)


New users from Management Information Systems &
Business Intelligence programs


Accoleds 2012 University of Manitoba

Environmental Scan

Undergraduates


The majority of undergraduates taking
marketing courses are now required to take at
least one ‘
quantitative methods
’ course



As a rule these students have limited
backgrounds in:


Mathematics, Statistics and Research Methods


Most went into Marketing because they possessed the
requisite

creativity

skill set (Denny 2007)



Accoleds 2012 University of Manitoba

Accoleds 2012 University of Manitoba

Environmental Scan

Undergraduates


Many students are apprehensive about
taking quantitative methods courses


Often display considerable skepticism
about the value and general applicability
of such techniques to ‘real world
marketing problems’



why do we have to take these courses because
we will never use them


Accoleds 2012 University of Manitoba

Environmental Scan

So Has It Worked?



“Mathematical fluency and the ability to use and understand marketing
metrics are critical proficiencies for marketing
professionals…Unfortunately pedagogical studies show that the
development of these analytical skills have not been adequately
addressed by undergraduate marketing education curricula”



“Between 2007 and 2009 we completed surveys of undergraduate
business students (n = 922) and qualitative interviews with selected senior
marketing practitioners and program graduates (n = 28)…the student
survey showed no significant improvements in numeracy or financial skills
between first


and fourth
-
year students and the qualitative results
strongly validated the need for further development in this area” (Saber
2011)

Accoleds 2012 University of Manitoba

Environmental Scan

What Are The Professionals Saying?


Professionals in the field have identified what
they term a ‘
under preparedness gap
’ in new
Marketing Grads


They ranked possessing quantitative skills 5
th

out
of 11 skills that graduating student need to
possess in order to be successful in the field


Yet they ranked graduating students ability in this
area 10
th

out of 11 areas measured


Accoleds 2012 University of Manitoba

Environmental Scan

Primary vs. Secondary Sources


Marketing students tend to prefer to use
secondary statistical data to primary data


They do learn about survey research techniques
and methodologies


They typically look for very granulized, often
localized, data and statistics


Marketing professionals have historically
exhibited many of the same traits


They tend to outsource such activities to third parties
such as survey search companies


Syndicated research companies

Accoleds 2012 University of Manitoba

Accoleds 2012 University of Manitoba

http://www.picturesoftheplanet.com/animals/grizzly
-
bear
-
pictures/grizzly
-
bear
-
close
-
up.jpg.php#.ULda9K5vCSo

The Times They Are A Changing

Accoleds 2012 University of Manitoba

Being Good With Data and Statistics Is Sexy

Accoleds 2012 University of Manitoba


An Emerging Group of

Power Users



S
TUDENTS

AND

F
ACULTY

F
ROM

B
USINESS

I
NTELLIGENCE
, M
ARKET

I
NTELLIGENCE

OR

C
OMPETITIVE

I
NTELLIGENCE

SUB
-
DISCIPLINES


Accoleds 2012 University of Manitoba

Characteristics


Strong knowledge / skill set in Data Mining


High powered data extraction tools


SQL


Analyzing large data sets is a regular everyday thing to
them


Confident and comfortable the use of
quantitative and qualitative research methods


Strong Information Communications Technology
(ICT) skill set


Growing demand for persons with this skill set in
the
marketplace


Accoleds 2012 University of Manitoba

Okanagan School of Business

Okanagan College


New 1
-
year Diploma Program that will include
a substantial amount of Quantitative Research
Methods as part of its curriculum


One of the groups they plan on targeting are
students coming out of programs where they
have already been exposed to quantitative
research methods




Accoleds 2012 University of Manitoba

The Market Profession is Addressing
the Lack of Quantitative Skills


There now exists an official professional
designation backed by a curriculum for market
research professionals


CMRP

(Certified Marketing Research Professional)
or PARM (
Professionnel

agréé

en
recherche

marketing)
issued by
Marketing Research and
Intelligence Association (MRIA)


Accoleds 2012 University of Manitoba

Big Opportunity


Wixom and
Ariyachandra

at the
State of
Business Intelligence in Academic 2010, BI
Congress II
, identified that biggest challenge
in Teaching BI was
Access to Data Sets



This sentiment was express by 95% of faculty
from 173 different institutions that were surveyed



Finding Suitable Case Studies was number 2



Finding Suitable Textbooks was number 3

Accoleds 2012 University of Manitoba

Trends


Quantitative
Trendspotting


Web analytics


Techniques for measuring and analyzing web activity



Google Trends


Search Market Analytics


MarketingSherpa


Search Engine Marketing (SEM)


It all in knowing the right keywords


Accoleds 2012 University of Manitoba

Partner with your Business
Librarians and Faculty Members

Sell, Sell, Sell

Accoleds 2012 University of Manitoba

So What Does The Typical
Marketing Query Look Like?

Accoleds 2012 University of Manitoba

The Four Ps


Product


Price


Place


Promotion


Accoleds 2012 University of Manitoba

Typical 4P Type Questions


Who are the potential customers?


What are their demographics characteristics (income,
educational level, social, etc.) attitudes, concerns?


Referred to in the profession as Segmentation


What products appeal to customers?



Market niches.



What product characteristics appeal to customers?



What changes to existing products are customers seeking?


When Is the best time to sell a product?



Is product’s appeal seasonal in nature?



Is there a day of the week or time of that the product will
be most appealing?


Accoleds 2012 University of Manitoba

Typical 4P Type Questions


Where do potential customers purchase such
products?


What are the products distribution channels?


Should the product be solid directly to customers,
online, through retail outlets, specialty stores, etc.?


What product promotional channels (outlets)
be used to reach customers?


Television, Radio, Print, Online, etc.


Accoleds 2012 University of Manitoba

Typical 4P Type Questions


How do I differentiate my products from
other products in the marketplace?


How to do I create a demand for my product?


How do I measure the impact of my program?


Metrics

Accoleds 2012 University of Manitoba

Other Types of Questions/Information
that Relate to 4P Type Questions


Economic


Labour

& Wages


Finance & Investment


Transportation


Taxation


Import & Export


Manufacturing


Environmental, Health & Safety


Trade Associations


International


Accoleds 2012 University of Manitoba

1

2

3

References

Aggarwal
, P.,
Vaidyanathan
, R. and
Rochford
, L. (2007). The wretched refuse of a
teeming shore? A critical examination of the quality of undergraduate
marketing students.
Journal of Marketing Education
, 29(3), 223
-
233.
doi:10.1177/0273475307306888

Chiu, S. and
Tavella
, D. (2008).
Data Mining and market intelligence for optimal
marketing returns
. Amsterdam: Butterworth
-
Heinemann.

Denny, E. M., Janice, M. P., Reardon, J., & Nathan, D. K. (2007). Perceptions and
reality: Creativity in the marketing classroom.

Journal of Marketing
Education, 29
(3), 254
-
261.
doi
: 10.1177/0273475307306892

Farris, P.,
Bendle
, P. Pfeifer, P. and
Reibstein
, D. (2006).
Marketing metrics: 50+
metrics every executive should master.
Wharton School Publishing, Upper
Saddle River, New Jersey.

Saber, J. and Foster, M. (2011). The agony and the ecstasy: marketing metrics to
undergraduate business students.
Marketing Education Review
. 21, 9
-
20.
doi:10.2753/MER 105
-
8008210102

Wixom, B. H. and
Ariyachandra

T. (2011). State of business intelligence in
academia 2010.
Presented at BI Congress II
. Retrieved from
http://www2.commerce.virginia.edu/bic3/content/2010
-
State
-
of
-
BI
-
Report.pdf


Accoleds 2012 University of Manitoba

ACCOLEDS

Final Jeopardy Category

Marketing Data

Energy Drinks

Accoleds 2012 University of Manitoba

Discussion

Accoleds 2012 University of Manitoba