Marketing research methods and applications

Market Research

In order to generate the desired results in my inquiry, as a marketing manager, I will engage the services of a market research firm. Through a research project, I will be able to generate data that are ensured to be unbiased and thoroughly analyzed. I can think of two methods in getting the results to my query, which will both involve the utilization of survey research. The cheapest and easiest form of survey research that can be conducted is intercept survey, wherein customers of the pet store chain will be "intercepted" -- that is, interviewed/surveyed after a specific shopping occasion. The questions to be asked will include the product bought at the store, the most and least liked product in the store, and the kind of products that should be included in it. A more rigid methodology would be the conduct of a survey that contains two groups: patrons of the pet shop chain and customers from a rival store. Surveys for both groups would generate data that will show the preferences of each group, allowing me as the marketing manager to determine the weakness of our pet stores in terms of its product offerings. The research firm which will conduct the said survey research should observe the rigor of research, which means qualifiers for each group should be determined specifically -- that is, determine specifically if they are loyal customers of the pet shop/rival pet shop, and be able to identify the products that they patronize, and reasons for patronizing these products.

In order to specifically determine the real reason behind the company's slipping market share, an internal analysis should be made, wherein the marketing research team will conduct a SWOT analysis to better assess the direction by which the intended research will proceed. Since the problem is the gradual slippage of market share in the candy manufacturing industry, it is evident that a major problem of the company is to assess its current market positioning. It may be that the company directed its advertising, marketing and publicity efforts to the wrong segment or target market. Thus, the segment or group that is the major and most lucrative target market for candies are slipping away from the company's consumer group, eventually losing out on the competition. In order to assess the current market positioning of the company, it would be advisable to conduct a product usage and brand image study to better understand and generate information about customers' perception about the company's candy products and brands.

As suggested earlier, two descriptive research studies relevant to the problem of regaining the company's market share are product usage and brand image studies. Through the product usage studies, the company will be able to determine the occasions in which consumers buy and eat the company's products (candies). This information will help the company gain insight whether the candy products are perceived to be "special" or regular occasion candies. The brand image study shall reinforce the earlier study's findings, wherein consumers will create associations between their daily experiences and the experience of buying and consuming a particular candy product manufactured by the company. Ideally, these descriptive studies are best generated through qualitative research, either through focus group discussions (FGDs) or in-depth interviews. To establish causality between product usage and brand and product image, quantitative research will be utilized, using survey research, but still sticking to the original designs of conducting product usage and brand imaging, this time using quantitative variables as units of analysis rather than qualitative factors/components.

As market researcher, I will propose this bi-faceted research by proposing both a product usage and brand image study, which will also include both qualitative and quantitative approaches. Before the quantitative approach, I will propose the conduct of a series of focus group discussions (FGDs), which will look into the motivations and purposes of candy consumers, which may be categorized as loyal consumers of the company and another group for the company's closest competitor. Insights and ideas generated from the FGDs will then be used for the quantitative research, specifically survey research. From the FGD, it is expected that different modes of usage and various motivations for product consumption will emerge, which will then be the basis for setting up categories in the variable product consumption, making it easier for quantitative analysis and determination of the most often cited reasons for consuming the product. Meanwhile, brand images that emerged from the FGDs will then be determined and assessed quantitatively, wherein determined images will be presented to respondents, and will be asked to choose which image best fits the product cited in the survey.

To evaluate the research conducted, I will cross-check the survey results, ensuring that the conduct of research was conducted in either one of the following manner: (1) a homogenous group of respondents were given equal chances to view animatics of different kinds of Akire Ferret Farm ads, showing different ferret food, or (2) showing of one kind of Akire Ferret Farm ad to three or more different groups that are considered homogenous in almost all major qualifiers, except perhaps for a distinguishing factor distinct in the group (i.e., occupation of respondents, geographic location, product patronized, among others).

Possible categorizations for the proposed evaluation of the Akire Ferret Farm researches would also be based on the two evaluation options provided. One possible problem definition that will be generated from the secondary data would be, what the differences among consumers are that preferred one particular ad presented by the research firm for viewing (might be ad a, B or C). Or a reverse procedure can be done: instead of determining the socio-demographics of respondents from the ads shown, the study may be evaluated based on a specific sociodemographic characteristic -- that is, which groups prefer what kind of product from the company. Upon determination of these categories, cross-tabulation and relational analyses will then be conducted with other variables and factors determined in the previous research. From the secondary data, new insights will be generated, based on either the product kind or segment/target market characteristics.

One of the best sources available of data that provides longitudinal data of product preferences would be handbooks produced by trade and industry agencies, specifically focusing on relevant government and/or non-government agencies that produce such data on a specific kind of industry. Another source of longitudinal data would be market research companies/agencies, especially those who have engaged in the conduct of research on the industry or product of interest. A third source of this kind of secondary data would be, ultimately, major players of the industry itself. That is, if the data to be obtained and monitored over time would be determined and analyzed, the company or corporation producing products related to the industry to be analyzed will provide more useful and insightful information and data. However, obtaining this kind of information can be difficult, especially if the request is being done by a rival or competing company. To avoid user bias in the data that will be used for monitoring and analysis, it is prescribed that longitudinal data on product preferences be obtained from third-party data generators such as government and/or non-government trade and industry agencies. These agencies will ensure the fair assessment and recording of data, documented objectively and for purposes of information provision and research only.