A step by step guide for market research cost analysis plan that includes descriptions for the necessary sections (with commentary notes on each slide): quantitative research, qualitative research, developing the questionnaires, sample cost analysis worksheet, explaining different types of surveys, evaluation the results of the findings, and preparing the research analysis report.
Market Research Cost Analysis Table of Contents Market Research Types …… Slide 3 – 7 Developing the Questionnaire …………..... Slide 8 - 9 Sample Cost Analysis Worksheets ……………..... Slide 10 - 14 Evaluating the Results …..... Slide 15 - 16 Preparing Your Report …….. Slide 17 - 19 MARKET RESEARCH TYPES Quantitative Research Identifying & Defining the Problem Developing the Approach Research Design ◦ Strategy Questionnaire ◦ Acquiring Samples ◦ Offering Incentives Data collection ◦ Cleaning the data ◦ Editing & coding open ended responses Qualitative Research Identifying & Defining the Problem Developing the Approach Research Design Performing Data Analysis Reporting & Presentation ◦ Executive Summary ◦ Detailed Reporting ◦ Online Reporting ◦ Formal Presentation COMMON STEPS Market Research Cost Analysis Develop a line item budget Identify all direct and indirect costs Allocate indirect costs Determine total research costs COMMON STEPS Market Research Cost Analysis Define the Scope or Perspective Conduct the Analysis Estimate the Cost Effects Estimate the value of the results Address Qualitative Residual Information DEVELOPING THE QUESTIONNAIRES Kinds of Questions Clos ed Q ues t ions Example How did you contact the supplier? People choose one or more answers from a range of options. They are much easier to analyze by giving the by phone by letter number and percentage of people’s answers. by email in person O pen Q ues t ions Example People say or write their own answers. Leave enough space for them to write in their answers. These What problem or question did you have when you last responses will be harder to analyze, but may give more contacted the supplier? insightful information. R at ing Scales Example Generally used because they give the responders an Which phrase best describes what you think of that equal number of positive and negative options to supplier’s customer services? choose. Good Very Good You can also use a numerical rating, but you must Bad Very Bad indicate which number is high, or very good. You may Neither good nor bad get more neutral answers with this approach. SAMPLE COST ANALYSIS WORKSHEETS Mail Surveys Cost Printing questionnaires Envelopes Postage for mailing questionnaire & return postage Incentives for response Staff time & cost for analysis & presentation of results Independent researcher cost Other costs not included elsewhere Total Mail Survey Costs Phone Surveys Cost Preparation of the questionnaire Interviewer’s fee Phone charges Staff time & cost for analysis & presentation of results Independent researcher cost Other costs not included elsewhere Total Phone Survey Costs Personal Interviews Cost Printing of questionnaires & prompt cards Interviewer’s fee & expenses Incentives for questionnaire response Staff time & cost for analysis & presentation of results Independent researcher cost (if any) Other costs not included elsewhere Total Personal Interview Costs Group Discussion Cost Interviewer’s fee & expenses in recruiting & assembling the groups Facility rental Recording costs (if used) Incentives for group participation Staff time & cost for analysis & presentation of results Independent researcher cost (if any) Other costs not included elsewhere Total Group Discussion Costs Grand Total Market Research Costs EVALUATING THE RESULTS OF YOUR FINDINGS The 3 Stages of Evaluation 1. Prepare the data for analysis a) Log the data in b) Check it for accuracy c) Enter the findings into the computer 2. Describe the basic features of the data a) Broken down by age, gender, etc. b) Describe what the data shows 3. Test the conclusions a) What are the findings telling you? b) Look at similar data in the survey c) Organize into summary graphs PREPARING YOUR RESEARCH ANALYSIS REPORT Reporting Your Findings When writing any analysis of your findings, it is easy to get caught up in providing too much detail. It is usual to put your wide-ranging, detailed analysis in appendices. It also is usual to save the most significant analysis summaries for the body of the report itself. Typical Reports Executive Summary Detailed Summation Formal Presentation Online Report � Detailed Summation Formal Presentation Online Report
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