4/3/2014 STATISTICAL APPLICATIONS IN MARKET RESEARCH. Introductions. Tiffany Bonus, MS Chris Claeys, MS

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1 STATISTICAL APPLICATIONS IN MARKET RESEARCH Introductions Tiffany Bonus, MS Chris Claeys, MS 1

2 Agenda What is Market Research? Job Responsibilities Important Skills Research Topics Statistical Applications Positive Aspects of Job Challenges What is Market Research? The process of collecting and analyzing information related to products, services, and customers perceptions based on a set of research objectives. Information is gathered from respondents through a survey: paper, telephone, online, or face-to-face. The data are analyzed and results interpreted. Market research data analysis involves computation of descriptive statistics and evaluation of relationships in the data. 2

The process of collecting and analyzing information related to products, services, and customers perceptions based on a set of research objectives.

3 Job Responsibilities All aspects of research process: Working with client to understand their objectives Questionnaire design Sample design Overseeing data collection Analysis of data and application of statistical techniques such as significance testing, clustering, and regression analysis Report development Presentation of results to client Job Responsibilities, continued Sales: proposal writing and capabilities presentations Manage client accounts Team approach: Work in teams of 2 or more Project team is minimally a Project Manager and Project Assistant Mentor Project Assistants 3

analysis Report development Presentation of results to client Job Responsibilities, continued Sales: proposal writing and capabilities

4 Important Skills Problem solving Basic understanding of cross-tabs and data distributions Significance testing: paired, independent and multiple comparison Data interpretation Technical writing A basic understanding of multivariate and regression analysis techniques Research Topics Types of Research Projects Attitudes, Trial, and Usage (ATUs) Direct-To-Consumer (DTC) ad tracking Consumer and physician profiling Strategy and positioning Market dynamics Segmentation Claim testing Concept testing And the list goes on 4

analysis techniques Research Topics Types of Research Projects Attitudes, Trial, and Usage (ATUs) Direct-To-Consumer (DTC) ad

5 Statistical Applications Descriptive Statistics - used to describe data: Graphical display Cross-tabs Summary statistics: Mean (or median) Range min to max values Standard deviation N sample size Statistical Applications, continued Statistical significance testing: Statistical evidence there is a difference - a difference not likely to happen by chance Used in Market Research to determine if there are differences between: Two or more respondent groups (independent test) Pre and post measures for the same group (paired test) Primary Care Physicians and Allergists: Do they prescribe the same medications to patients with allergies? 5

difference not likely to happen by chance Used in Market Research to determine if there are differences between: Two or more respondent groups (independent

6 Statistical Applications, continued Correlation: The correlation coefficient indicates the strength and direction of a linear relationship between two variables Used in Market Research to determine if different measures are related Among physicians: What is the relationship between years spent in practice and prescribing of new Product X? Statistical Applications Clustering: Sorts through data and groups together like items Used to group similar types of people together (segment the market) and then profile the groups (define target segments) What are the different types of wine consumers in New York State, and who are they? 6

7 Statistical Applications Regression: Model relationships between variables Used for predictive modeling or to understand causal relationships What factors have a significant relationship with overall satisfaction? Statistical Applications, continued Correspondence Analysis (perceptual maps) Relationships between brands/products and attributes Used to understand perceptions of different brands/products and differentiators Perceptions of different brands of soda 7

Statistical Applications, continued Correspondence Analysis (perceptual maps) Relationships between brands/products

8 Positive Aspects of Job Every day is different Hard to get bored! Research topics vary and provide learning opportunities Get to see a project through from start to finish Collect data to tell a story and help answer important business questions Use statistical analysis techniques Challenges Keeping up to speed and multitasking Working with difficult clients Complex problems to solve Correcting mistakes Learning about new markets and products 8

Collect data to tell a story and help answer important business questions Use statistical analysis techniques

9 Questions? 9

MARKETING RESEARCH AND MARKET INTELLIGENCE (MRM711S) FEEDBACK TUTORIAL LETTER SEMESTER `1 OF 2016. Dear Student

MARKETING RESEARCH AND MARKET INTELLIGENCE (MRM711S) FEEDBACK TUTORIAL LETTER SEMESTER `1 OF 2016 Dear Student Assignment 1 has been marked and this serves as feedback on the assignment. I have included