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Expert: Alex J. Caffarini - 8/27/2009


Question
what the basic difference(if there any) between the two, if we do market research for a specific problem and if we do it for a new product?

Answer
Anshul,

In terms of market research concepts, there is no real difference.  Market research is always conducted to solve a specific problem.  The introduction of a new product is also a specific problem when you consider the questions it raises: "How do we market this product?"  "How do we maximize its sales?"  "How do we maximize the profit from this product?"  These questions are as much market research problems as questions like "Why have we been losing market share in that territory?" or "Why is customer satisfaction lower in the Chicago than in Los Angeles."


There may or may not be differences in the research methods you employ for introducing a new product vs. one of the other problems, but the research methods you select (e.g., focus groups, surveys, secondary research) should be determined by a clear definition of your business problem.  That is, what exactly you want to find out from your research.  If your goal is to explore a situation, then you might use focus groups, secondary research, or other qualitative methods.  If your goal is to understand what is causing a certain marketing phenomenon, then you may employ methods like experimental designs (like in-store tests), test marketing, or simulation.  If your goal is to describe situation, you might use surveys or syndicated data.

There is really no difference in market research concepts.

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Alex J. Caffarini

Expertise

Alex Caffarini is the President and founder of Analysights, LLC, a marketing analytics firm that enables companies to enhance their marketing performance through sophisticated data analysis. Alex has nearly 20 years of marketing research and data analysis experience, specializing in survey research, predictive modeling, and data analysis. Alex’s experience spans several industries, including banking, insurance, retail, consumer packaged goods, and non-profit. Alex has developed statistical models for Harris Bank, NCH Marketing Services, Hammacher Schlemmer, and other companies. He has also designed and managed survey projects for the Schaumburg Business Association, Brocade Communications, and the American Medical Association. Alex has also designed and published a number of market-sizing reports for the coupon and food retailing industries. Alex holds a B.B.A. in Economics and an M.B.A. in Marketing and Quantitative Methods, both from Loyola University Chicago, where he also teaches database theory.

Experience

I have nearly 20 years of marketing research experience across several different industries, including banking, insurance, retail, and non-profit.

Organizations
American Marketing Association American Statistical Association Marketing Research Association Schaumburg Business Association

Publications
"10 Costly Marketing Research Mistakes" was cited in "Principles of Marketing" by Jeff Tanner and Mary Anne Raymond. Also: eZinearticles.com RIS News

Education/Credentials
M.B.A. in Marketing and Quantitative Methods, and B.B.A. in Economics, both from Loyola University Chicago.

Past/Present Clients
Elgin Community College, Harris Bank, Brocade Communications, Schaumburg Business Association

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