Research Objectives

Research Objectives

1. Decisions that can be guided by market research There are four directions a company could look to expand its business.

   • There are four directions a company could look to expand its business.
     • -It can seek more business from its existing customers. .-Increasing your market share with the products you already have in your portfolio.
     • -It can seek expansion by taking its traditional product range into new markets.
     • -It can seek to persuade existing customers that they should buy different products or services – a sort of product line extension
     • -It can explore the possibility of selling new products to a new range of customers.

2. “High level” business questions that can be answered by market research

   • Financial problem solving
     • • How can we reverse a fall in sales (or achieve an increase in sales)? • How can we obtain more profit from the product/service? • How can we improve the satisfaction of our customers so that loyalty is improved?
   • Meeting opportunities
     • • How can we improve our offer to customers (the product/service, the delivery, the guarantees, the service support etc)? • What is the optimum price we should charge? • How can we segment the market so that we can better satisfy customers’ needs?
   • Evaluation and diagnosis
     • • What is the cause of the fall off in sales and/or profitability? • Why are people rejecting our product in favour of those from other companies? • What are the triggers that would cause people to buy our products/services (or the barriers that are stopping them)?

3. Detailed questions that can be answered by market research.

   • The market and its structure
     • • The market size.• The route to market. • The companies that compete in the market.• The numbers of consumers.
   • Product information
     • • Products that are purchased • Un-met needs (new product opportunities) • Attitudes to new products (either in concept, as prototypes or in their finished form) • Packaging of the product
   • Consumer needs and satisfaction
     • •Factors that trigger the purchase of the product • Factors that influence the choice of supplier. • The importance of specific issues on the selection of supplier .• Consumers satisfaction with the product.
   • Promotion information
     • • Sources through which consumers and potential consumers acquire their information on products and services • Messages that trigger an interest in the products/services • Attitudes to different adverts including new adverts • Awareness of advertising • Effectiveness of different forms of advertising • Readership of different media.
   • Price information
     • • Prices of the products (list and net) • Price sensitivity (elasticity) of the product • Values attached to various aspects or components of the offer.
   • Distribution information
     • • Role of different levels in the value chain • Price levels and margins in the value chain • Factors that prompt merchants and distributors to stock products • Marketing and merchandising within the value chain • Availability and stocking levels in the value chain
   • Segmentation opportunities
     • • Demographics of the population in terms of age, gender, income group, location • Behaviour of the population in terms of how they buy. • Needs of the population in terms of what drives their selection of a supplier.

4. Defining market research problems

   • Every research project should have a defined and explicit objective which clearly states why the research is being carried out. The objective should relate to the marketing decision which will have to be made or the problem that needs a solution (and decision).

5. Defining a research objective

   • To meet the defined objective, a range of information will be required and will in turn be an input into the decisions which will be eventually made. For a given objective the information list, with only a little thought, will soon be quite long; possibly too long.

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