Training Seminar Provider: Short Course, Workshop, Public Training and In-house Training: Market Research: How to Get the Right Data to Make the Right Decisions

Market Research: How to Get the Right Data to Make the Right Decisions

Improve your market research to gain a clear understanding of what your customers value—and what they’re willing to pay.

Learn how to use market research to determine your company’s competitive position and enhance its performance. By getting it right, you can save time and resources and begin to reap the benefits of your research right away. At this seminar, you’ll discover a broad range of market research tools—including questionnaire design, focus groups, observational research, testing/sampling results, statistical analysis—that will give you the insights you need to identify opportunities and threats in your industry…formulate short- and long-term strategies…design new products and services.

How You Will Benefit

Gain research techniques that work and know when to use them
Focus on the products and services that your customers really demand
Determine current customer behavior and predict future trends
Identify which market research activities are most conducive to your objectives
Create a custom market research program for your company
Avoid common mistakes
Conduct competitive market research and monitor performance

What You Will Cover

Market research in today’s competitive environment
Conducting internal research vs. outsourcing the market research function
Pinpointing your information needs
Sources for primary data: surveys, focus groups, observational research
Core elements for developing an effective questionnaire
Analyzing the market research data
Linking results to product and service strategies

Who Should Attend

Marketing managers and directors, product and brand managers and all others involved in market research.

Note: Attendees should have less than five years of market research experience.

Extended Training Description

Learning Objectives

Get the Right Data So You Can Make the Right Decisions
Identify Customer Segments and Define Each Segment with Specific Demographic Characteristics
Use the Market Research Continuum^TM to Determine Which Market Research Functions Are Best Performed by Internal or External Resources
Define Market Research Objectives and Conduct Customer Segmentation Research Prior to Conducting Market Research
Create Effective Questionnaires and Use the Results of Questionnaire Research to Develop Values Pyramids for Distinct Market Segments
Understand and Manage Common Trade-offs That Must Be Made among Objectives Due to Budget and Time Constraints
Appropriately Apply Qualitative and Quantitative Approaches to Market-Research Endeavors
Identify and Access Both Primary and Secondary Sources of Data Collection
Evaluate the Advantages and Disadvantages of Data-Collection Techniques
Design Questionnaires to Capture High-Value Data
Write Effective Open/Closed Ended, Direct/Indirect, and Multiple-Choice Questions

Market Research in Today’s Business Environment

Define "Relevant" Market Research
Discuss Research’s Evolving Roles
Use the Market Research Continuum^TM to Determine Which Market Research Functions Are Best Performed by Internal or External Sources

Critical Information Needed to Conduct Relevant Market Research

Identify Customer Segments
List the Characteristics of Common Customer Segments
Create a Customer Values Questionnaire
Use the Results of Customer Values Questionnaire Research to Develop Values Pyramids for Distinct Market-Segments
Explain the Necessity of Conducting Customer Segmentation Research Prior to Conducting Market Research

Organizing Market Research Activities

Define Market Research Objectives before Beginning Your Research Program
Write Objectives for a Potential Market Research Project at Your Company
Focus Your Research Activities on Identifying Customers’ Purchasing Processes
Understand and Manage Common Trade-offs That Must Be Made among Objectives Due to Budget and Time Constraints

Tools for Conducting Market Research

Appropriately Apply Qualitative and Quantitative Approaches to Market Research Endeavors
Identify and Access Both Primary and Secondary Sources of Data Collection
Evaluate the Advantages and Disadvantages of Data Collection Techniques
Determine the Most Effective Research Approach for a Specific Research Project

Core Elements for Developing an Effective Questionnaire

Design Questionnaires to Capture High Value Data
Write Effective Open/Closed Ended, Direct/Indirect, and Multiple Choice Questions
Use Rating Scales to Validate Questionnaire Results
Format Questionnaires to Increase Response Rates

Analyzing the Data: What Does It Mean?

Describe the Primary Objectives of Basic, Intermediate, and Advanced Marketing Research
Identify Which Techniques Most Appropriately Match Basic, Intermediate, and Advanced Research Objectives
Use the Product/Service Matrix to Determine a Company’s Competitive Position in the Marketplace
Use the Price/Value Matrix to Determine How Customers View a Product’s Price in Relation to the Value Received
Use the Competitive Pricing Matrix to Determine the Strength of Your Company’s Market Position

The Continued Success of Your Market Research Program