In God We Trust All Others Must Bring Data

Transcription

1 In God We Trust All Others Must Bring Data ~ Edward Deming Market Research Data & Statistics Sunny Kaniyathu University of Saskatchewan Gilbert Bede Okanagan College

2 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 What are Patrons Typically Looking For? The Role of the Reference Interview & Selecting the Proper Resources Fee-based Data New trends (Quantitative Trending i.e., Google Trends) 2. Small Group Exercise Market for Energy Drinks in Canada 3. Report/Discussion on Group Exercise

3 When Faced with Locating Data & Statistics for a Marketing 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

4 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. From - Marketing metrics: 50+ metrics every executive should master (Farris 2006)

5 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

6 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)

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8 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

9 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)

10 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

11 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 They typically look for very granulized 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

12 The Times They Are A Changing

13 Being Good With Data and Statistics Is Sexy

14 An Emerging Group of Power Users STUDENTS AND FACULTY FROM BUSINESS INTELLIGENCE, MARKET INTELLIGENCE OR COMPETITIVE INTELLIGENCE SUB-DISCIPLINES

15 Chacteristics Strong knowledge /skills base in Data Mining 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

16 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

17 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)

18 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 feeling 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

19 So What Does The Typical Marketing Query Look Like?

20 The Four Ps Product Price Place Promotion

21 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?

22 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.

23 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

24 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

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26 References 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), Retrieved from 52 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, doi: /mer Wixom, B. H. and Ariyachandra T. (2011). State of business intelligence in academia Presented at BI Congress II. Retrieved from

27 Final Jeopardy Category Marketing Data Energy Drinks

28 Discussion