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Business To Business Marketing: Market Research

This document provides an overview of market research for business-to-business marketing. It defines market research and explains why it is important, especially for forecasting sales trends and finding market potential in B2B settings. The document outlines the key differences between consumer and B2B market research. It then describes the six phases of the marketing research process: defining the problem, developing an approach, designing the research, collecting data, analyzing data, and presenting the report. Finally, it discusses primary and secondary data sources and various methods for collecting primary data.

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Md. Mehedi Hasan
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71 views

Business To Business Marketing: Market Research

This document provides an overview of market research for business-to-business marketing. It defines market research and explains why it is important, especially for forecasting sales trends and finding market potential in B2B settings. The document outlines the key differences between consumer and B2B market research. It then describes the six phases of the marketing research process: defining the problem, developing an approach, designing the research, collecting data, analyzing data, and presenting the report. Finally, it discusses primary and secondary data sources and various methods for collecting primary data.

Uploaded by

Md. Mehedi Hasan
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Business to Business Marketing

Chapter: 05
Market Research
Chapter Objectives
After reading this chapter, you should be able to:
1. understand what market research is and its need
2. differentiate between business to business and consumer market research
3. describe the market research phases or process
4. describe the role of market research in determining market potential and
developing sales forecasts
5. explain how to use each of the market research methods
Market Research: what & why?
• Market research is the systematic and objective
identification,
collection,
analysis,
dissemination,
and use of information
for the purpose of improving decision making related to the identification
and solution of problems and opportunities in marketing.
• In B2B settings, market research is heavily used for
forecasting sales & developing trends,
finding market potential,
studying the competition etc.
Types of Market Research
Problem-Identification Research
Research undertaken to help identify problems which are not necessarily
apparent on the surface and yet exist or are likely to arise in the future.
• Example: market potential, market share, brand or company image,
sales analysis, forecasting, and business trends research.
Problem-Solving Research
Research undertaken to help solve specific marketing problems.
• Example: segmentation, product, pricing, distribution research etc.
Consumer Research vs. B2B Research (T 5.1, P# 92)
Consumer Research vs. B2B Research (T 5.1, P# 92)
The Marketing Research Process
Step 1: Defining the Problem

Step 2: Developing an Approach to the Problem

Step 3: Formulating a Research Design


(Data desired, measurement decision, survey design, sampling decisions)

Step 4: Doing Field Work or Collecting Data

Step 5: Preparing and Analyzing Data

Step 6: Preparing and Presenting the Report


Step 1: Problem Definition

In defining the problem, the researcher should take into account:


• the purpose of the study,
• the relevant background information,
• the information needed,
• and how it will be used in decision making.

Problem definition involves:


• discussion with the decision makers,
• interviews with industry experts,
• analysis of secondary data,
• and, perhaps, some qualitative research, such as focus groups.
Step 2: Development of an Approach to the Problem

It includes
• formulating an objective or theoretical framework,
• analytical models,
• research questions, and hypotheses
• and identifying the information needed
Step 3: Research Design Formulation

A research design is a framework or blueprint for conducting the marketing


research project.

It involves the following steps:


1. Definition of the information needed
2. Secondary data analysis
3. Qualitative research
4. Methods of collecting quantitative data (survey, observation, and
experimentation)
5. Measurement and scaling procedures
6. Questionnaire design
7. Sampling process and sample size
8. Plan of data analysis
Step 4: Fieldwork or Data Collection

Data collection involves a field force or staff that operates either in the
field (personal interviewing) or electronically (e-mail or Internet: survey
monkey, google doc etc.).

Proper selection, training, supervision, and evaluation of the field force


help minimize data-collection errors.
Step 5: Data Preparation and Analysis

Data preparation includes the editing, coding, transcription, and verification of


data.
• Number or letter codes are assigned to represent each response to
each question in the questionnaire.

• The data from the questionnaires are inserted directly into the
computer.

• The data are analyzed to derive information related to the components


of the marketing research problem and, thus, to provide input into the
management decision problem.
Step 6: Report Preparation and Presentation

The entire project should be documented in a written report that


addresses the specific research questions identified.

The report should describes the following issues:


1. Research problem in hand
2. Research approach
3. Research design
4. Data collection method
5. Data analysis procedures and tools adopted
6. The major findings
7. Recommendation for the management
Primary Vs. Secondary Data
• Primary data are originated by a researcher for the specific
purpose of addressing the problem at hand.
• Obtaining primary data can be expensive and time consuming
• Example: survey, face to face interview, focus group discussion etc.
• Secondary data are data that have already been collected for
purposes other than the problem at hand.
• These data can be located quickly and inexpensively.
• Example: Journal, news paper, annual report etc.
A Comparison of Primary & Secondary Data

Table 4.1
Primary Data Secondary Data

Collection purpose For the problem at hand For other problems


Collection process Very involved Rapid & easy
Collection cost High Relatively low
Collection time Long Short

Primary vs. Secondary data: https://www.youtube.com/watch?v=gcq7aDmhxrM


Methods of Collecting Primary Data
Secondary data: a blessing for business
“Annual increment of female labor force is 4.6%, while
the male labor force increased by 1%. The total labor
force increased by 1.4 million, or 2.3% in FY 2016-
2017”. – BBS Annual Report 2018.

Divorce doubles, separation triples in one decade. 7


out of 10 applications are from female. – The Daily
Star, 07 Aug. 2017.
Divorces are rising among educated couples. One
divorce per hour in Dhaka city. – Prothom Alo, 28
Aug. 2018.
In the last 10 years, average traffic speed has
dropped from 21 km/hour to 7 km/hour. – World
Bank Report, 2017.
Is it an opportunity of processed food manufacturers &
home delivery services?
Classification of Secondary Data

Secondary Data

Internal External

Ready to Requires Published Computerized Syndicated


Use Further Materials Databases Services
Processing
Internal vs. External Secondary Data

• Internal secondary data is found inside your organization,


while external secondary data is information collected and
stored by some person or organization outside of your
organization.
• Internal Secondary Data: In-house data collected for some
other purpose other than the problem at hand (e.g. sales
database).
External Secondary Data
• Publications, such as Standard and Poor’s, Moody’s, and Hoover’s
provide company information.

• Directories, such as the Encyclopedia of Associations, Fortune 500


Directory, are helpful for identifying firms that collect data.

• Census data, such as BBS, is useful for analyzing the bigger


environment.

• Computerized Database, AWS & Google.

• Syndicated services are companies that collect and sell common


pools of data of known commercial value designed to serve a number
of clients.
• Neilson Media Research is a syndicated service provider
Criteria for Evaluating Secondary Data
Criteria Task
The specifications or the methodology used to collect the data should be critically
Specifications & Methodology examined to identify possible sources of bias. What data collection methods were
used? Data should be reliable, valid, & generalizable to the problem.
The researcher must determine whether the data are accurate enough for the
Error & Accuracy purposes of the current study. Any errors in approach, research design, etc.? Assess
accuracy by comparing data from different sources.
Time lag How big is the time lag between collection and publication? The minimum be better.

Currency / contemporary Aim to use the most current data.


Why were the data collected? The more similar the objective to your study, the
Objective
better.
How were variables defined & measured? Key variables must be consistently
Nature
defined.
Is the data dependable? Data should be obtained from an original, reputable
Dependability
source.
Self-study:
• Comparing business to business survey methods (T 5.5, P# 100)
• Types of time series analysis (T 5.7, P# 106)

Learning from reality:


• Time series sales forecasting
• Multiple regression analysis
Thank You!!

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