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 01: 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 02: Indirect Measurements of Value
• Exaggeration Bias• Second Price Auctions• The Van Westendorp method• Conjoint Analysis
Week 03: Survey Design, Constructs and Scales• Defining Survey• Asking the Right Questions• Common Pitfalls in Survey Design• Construct Validation• Likert Scale• Cronbach’s Alpha
Week 04: Segmentation, Targeting and Positioning
• Defining STP• An Example: STP• k means clustering algorithm• Application of k means clustering to market segmentation