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.
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.
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
Second Price Auctions
The Van Westendorp method
Week 3: Survey Design, Constructs and Scales
Asking the Right Questions
Common Pitfalls in Survey Design
Week 4: Segmentation, Targeting and Positioning
An Example: STP
k means clustering algorithm
Application of k means clustering to market segmentation