Learn how to design a quantitative market research project, and implement specific methods, interpret data and come up with marketing decisions. Marketing research is crucial to marketing managers, as it helps answer crucial marketing questions using data. In this course, we introduce quantitative marketing research techniques in conjunction with key marketing concepts. The participant is introduced to the design, implementation and interpretation of quantitative market research projects.
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The participant is introduced to the concept of value and willingness-to-pay, along with how to use auctions to estimate this. We then cover conjoint analysis, where the concept of value as a function of different attributes is discussed. We then move on to cluster analysis, where we discuss market segmentation based on different value propositions that different customers may seek.
Finally, we discuss ethical issues in marketing research, going beyond its technical aspects.
This course is part of the Brand and Marketing Research Strategy Professional Certificate.
What you'll learn
- An introduction to the concept of value
- Value and willingness-to-pay
- The marketing research process
- Estimating willingness-to-pay using auctions
- Elements of quantitative survey design
- Segmentation using cluster analysis
- Ethical issues in marketing research
Syllabus
Week 1: Value and Willingness to pay
- Setting the Framework
- Elements of Value
- Value and Willingness to Pay (WTP)
- An Example: WTP
- From Problem Definition to Decision Making
Week 2: Indirect Measurements of Value
- Exaggeration Bias
- Second Price Auctions
- The Van Westendorp method
- Conjoint Analysis
Week 3: Survey Design, Constructs and Scales
- Defining Survey
- Asking the Right Questions
- Common Pitfalls in Survey Design
- Construct Validation
- Likert Scale
- Cronbach’s Alpha
Week 4: Segmentation, Targeting and Positioning
- Defining STP
- An Example: STP
- k means clustering algorithm
- Application of k means clustering to market segmentation
Week 5: Ethics of Marketing Research
- Ethical Dilemmas
- Price Discrimination
- Privacy and Targeted Advertising
- Influencer Marketing
