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

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Detailed Overview/Outline

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.

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.

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

Extended 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 ContinuumTM 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 ContinuumTM 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

• Link Market Research to Overall Corporate Goals
• Align Product and Service Offerings to Match Customers’ Value Pyramids
• Enhance Success of New Products and Services

Sponsor Background:
The American Management Association was founded in 1923. They have built a content control check into every one of their professional seminars. Plus a series of checks and balances to ensure that the content of every AMA seminar is precisely targeted to:

• provide comprehensive, hands-on training that is of practical use when you return to the job
• focus on need-to-know specifics, relevant to the demands of global business today
• offer the expertise and personalized attention of top-ranking instructors
• facilitate your career development and business savvy

Whether you're looking for a solid foundation of business fundamentals or strategies to help you seize growth opportunities for your company, AMA offers expert instruction to help you:

• manage your priorities effectively
• cultivate more productive working relationships
• increase your on-the-job value
• align your skills with marketplace demands
• bring out the best in people, processes and yourself

Cancellation and Refund Policy

If you cannot attend a seminar you may contact AMA in advance to transfer to a future session, or can send someone to take your place. If you need to cancel your attendance, AMA will give you a complete refund if you cancel more than three weeks before your seminar begins. To cancel, simply call. If you cancel with less than three weeks' notice, you will be liable for the entire seminar fee, however you may request a courtesy transfer to use at any future AMA seminar of equal or lesser value. The courtesy transfer must be used within one year of the date of your originally scheduled seminar. In fairness to all attendees, if you do not attend a seminar session for which you are confirmed, and do not cancel with a minimum of three weeks’ notice as described above, you will be charged the entire seminar fee.

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