MARKET

RESEARCH
Module 1
PROGRESS THREAD
 Development of Consumer Panels (1920s)

• During the 1920s, the concept of CONSUMER PANELS emerged.

Companies began selecting representative groups of consumers
to provide feedback on products and advertising.

Founding of Gallup Poll (1935)

• George Gallup founded the American Institute of Public Opinion in 1935,
which
later became the Gallup Poll.

This initiative played a crucial role in political polling and public opinion research,
demonstrating the applicability of market research beyond the business realm.
PROGRESS THREAD
 World War II Impact (1940s):

• World War II had a significant impact on the field of market research.

• The U.S. government and businesses recognized the importance of
gathering intelligence for wartime efforts, leading to the growth of
market research as a profession.

 Post-War Expansion (1950s):

• The post-war period saw a surge in economic activity, and businesses

increasingly turned to market research to understand consumer
needs and preferences.
• The demand for consumer goods fueled the growth of the market research
industry.
PROGRESS THREAD
 Rise of Quantitative Research (1960s):

 The 1960s marked a shift toward quantitative research methods,

emphasizing statistical analysis and numerical data. Surveys and
structured questionnaires became popular tools for collecting
quantitative data.

 Qualitative Research (1970s):

 In the 1970s, there was a renewed focus on qualitative research

methods, emphasizing in-depth interviews, focus groups, and
observational studies to explore consumer attitudes, motivations,
and perceptions.
PROGRESS THREAD
 Technological Advancements (1980s and 1990s)

 The late 20th century witnessed the integration of computers into market
research processes, leading to improved data processing capabilities.

 Computer-assisted techniques facilitated the analysis of large datasets.

 Internet and Online Surveys (Late 1990s-2000s)

 The advent of the internet revolutionized market research.

 Online surveys became a popular and cost-effective method for gathering

data, allowing researchers to reach a wider audience.
PROGRESS THREAD
 Big Data and Analytics (21st Century)

 In the 21st century, market research has been shaped by the era of big data.

 Advanced analytics and machine learning are used to extract meaningful insights
from vast amounts of data.

 12. Mobile Research and Social Media (21st Century)

 The prevalence of smartphones has led to the rise of mobile research, enabling
real-time
collection.
 Social media platforms have become valuable sources of consumer sentiment and
feedback.
 Process of collecting vital information about a company’s target
audience, market, and competition.
 Companies can understand their target audience better.
 Make better products, improve user experience, and design a
marketing strategy that attracts quality leads.
WHY IS IT IMPORTANT?
PROVIDES A DIRECTION
 Data derived from MR helps brands understand what the consumers want,
what will work in the market, and how competitors reinvent themselves to stay
relevant.

 helps companies to prioritise customers’ requirements

 businesses to focus on customers’ short-term and long-term needs.

 leading to improved customer satisfaction.

WHY IS IT IMPORTANT?
ENHANCES BRAND IMAGE AND POSITION IN THE MARKET
 Audiences tend to develop a special bond with companies that provide
them with a positive buying experience and consistent excitement
by providing products or services that match their preferences.
 With market research, companies can determine the likes and dislikes of
their target customers and provide a product that matches their
requirements.
 This can help in increasing customer loyalty and satisfaction
 leading to a positive brand image and position in the market.
WHY IS IT IMPORTANT?
MITIGATES RISK
 Market research provides information about emerging market trends,
competitors’ strategies, and evolving customer requirements, preparing
companies to adjust to market changes.
 Companies can make long-term market predictions based on the data
collected, which helps them mitigate operational risks.
WHY IS IT IMPORTANT?
INCFREASES DECISION MAKING ABILITY
 Valuable data drives leaders to make data-driven decisions. It helps in
finding answers to questions like-
• What product will work?
• Which type of digital marketing strategy will suit the product?
• How to sell the product better?
• Which market will be suitable for the product?
• Who will be the target audience for the product?
DIFFERENT TYPES OF
RESEARCH
PRIMARY RESEARCH
1. Primary research is referred to as the process of directly collecting
information about customers, markets, and competitors.
DIFFERENT TYPES OF
RESEARCH
SECONDARY RESEARCH
1. Secondary research uses previously collected,
analysed, and published data to draw conclusions
or make observations about a situation.
2. Most information that is freely available is used
to solve the research problem.
DIFFERENT TYPES OF
RESEARCH
1. PRIMARY RESEARCH

2. SECONDARY RESEARCH

3. QUALITATIVE RESEARCH

4. QUANTITATIVE RESEARCH
QUALITATIVE &
QUANTITATIVE RESEARCH
QUANTITATIVE RESEARCH
 Quantitative data is objective and focuses on measurable quantities.

 It allows for statistical analysis and provides precise results.

 Examples of quantitative data include numerical measurements,

percentages, and counts.
QUANTITATIVE RESEARCH
METHODS
CORRELATION RESEARCH
CASUAL COMPARATIVE
RESEARCH
CORRELATION RESEARCH
 Relationship between Study Time and Academic Performance:
 Research Question: Is there a correlation between the amount of time
students spend studying and their academic grades?
 Methodology: Collect data on students' study hours and their corresponding
grades to determine if there is a correlation between study time and
academic performance.
 Correlation between Exercise and Weight Loss:
 Research Question: Is there a correlation between the frequency of
exercise and the amount of weight loss?
 Methodology: Survey individuals about their exercise habits and track
changes in their weight over a specific period to identify if there is a
correlation between the two variables.
CASUAL COMPARATIVE
RESEARCH
1. A systematic investigation of relationships between two or more
variables used to explain the nature of relationships in the world.

2. Causal research, also known as explanatory research or causal-

comparative research, identifies the extent and nature of cause-and-
effect relationships between two or more variables.

3. Correlations may be positive (e.g., if one variable increases, so does the

other), or negative (correlation occurs when one variable increases and
the other decreases).
EXAMPLES
 Influence of Parental Involvement on Student Behavior:

• Research Question: Does the level of parental involvement impact the

behavior of elementary school students?
• Methodology: Compare the behavior of students with highly involved
parents to those with less involved parents, controlling for factors such as
socioeconomic status and family structure.

 Comparison of Job Satisfaction among Different Work Shifts:

• Research Question: Is there a significant difference in job satisfaction

levels among employees working different shifts?
• Methodology: Investigate the job satisfaction of employees working
various shifts (day, evening, night) to determine if there are causal
relationships between shift work and job satisfaction.
QUALITATIVE RESEARCH
 Qualitative data is subjective and focuses on the quality and richness of
information.

 It helps to explore complex phenomena and understand the context.

 Examples of qualitative data include interview transcripts, observations,

and written narratives.
QUALITATIVE RESEARCH
METHODS
ETHNOGRAPHY RESEARCH
 Ethnography is collecting data often used in the social and behavioral
sciences.
 Data are collected through observations and interviews, which are then
used to draw conclusions about how societies and individuals function.
 Ethnographers observe life as it happens instead of trying to manipulate
it in a lab.
 Because of the unpredictability of life, ethnographers often find is
challenging to nail down their projects in a protocol for the Board to review.
ETHNOGRAPHY RESEARCH
EXAMPLES
Observation of Family Dynamics
 Research Focus: Living with and observing a particular family to gain
insights into familial relationships, communication patterns, and the roles
of family members within the household.

Study of a Healthcare Clinic

 Research Focus: Conducting ethnographic research in a healthcare clinic
to explore the patient-provider interactions, the impact of healthcare
policies on service delivery, and the communication patterns among staff.
GROUNDED THEORY
RESEARCH
 The grounded theory methodology attempts to unravel the meanings of
people's interactions, social actions, and experiences.

 These explanations are grounded in the participants' own interpretations or

explanations.

 Unlike traditional hypothesis-deductive approaches of research, where you

come up with a hypothesis and then try to prove/disprove it, grounded
theory is an inductive approach where new theories are derived from the
data.
GROUNDED THEORY
RESEARCH
 Grounded theory is a strong, inductive research method for discovering
new theories.
 You don’t go in with any preconceived hypothesis about the outcome, and
are not concerned with validation or description.
 Instead, you allow the data you collect to guide your analysis and theory
creation, leading to novel discoveries.
GROUNDED THEORY
RESEARCH EXAMPLES
 Coping Mechanisms for Chronic Illness:
 Research Focus: Investigating how individuals diagnosed with a chronic
illness develop coping mechanisms over time. The grounded theory may
revolve around the strategies, support systems, and psychological
processes involved in coping with chronic health conditions.
 Remote Work Transition in Organizations:
 Research Focus: Studying how organizations transitioned to remote work
during a specific period, examining the challenges, strategies, and
emergent practices. The grounded theory may center on the factors that
influenced the successful adaptation to remote work.
PHENOMENOLOGY
RESEARCH
 Phenomenology is a type of research that seeks to explain the nature of
things through the way people experience them.

 It translates literally as the “study of phenomena.”

 It's the study of the meaning a phenomena or event has in the minds of the
audience you're studying.

 Builds on the assumption that the universal essence of anything

ultimately depends on how its audience experiences it.
PHENOMENOLOGY
RESEARCH
PHENOMENOLOGY
RESEARCH
 Phenomenological researchers record and analyze the beliefs, feelings,
and perceptions of the audience they’re looking to study in relation to
the thing being studied.
 It goes deep rather than broad, unlike quantitative research.
COST OF MARKET
RESEARCH
 There is no one-size-fits-all model in market research that accommodates
every company or every project.

 It also depends on the research firm you wish to hire.

 The costs of market research vary based on numerous factors:

 what you want to accomplish
 who will be involved
 the time it takes to collect data
 the type of methodology or technology you implement in the process
COST OF MARKET
RESEARCH
 Some methodologies are simpler and less costly than others, but they might
not
provide as much value to you.

 Companies benefit from combining several services to maximize results and

get tailored insights that will help them succeed.

 Below are estimated costs for a single round of research for three sizes of
firms:
• Small ($5M revenue): $20,000
• Medium ($20M revenue): $40,000
• Large ($200M revenue): $60,000