Industrial Marketing Research

Process:
Marketing research is undertaken to gather reliable marketing
information to facilitate planning and control. Therefore the
value of the results will depend on the design and
implementation of research methods.
Industrial research is intended to provide benefits to the firm by
indicating environmental opportunities and threats, and how
the firm can best pursue or react to them. Research can also
indicate lesser contingencies and constraints as well as how to
operate in regard them.

The steps in marketing research process are:

1. Defining the problem
2. Developing the objectives
3. Collecting the information
4. Analyzing the information
5. Presenting the findings

Defining the problem

Too often decision makers define a problem in such general
terms in their own minds as well as those of others who are to
perform research that considerable misdirected work takes
place. Finding out the real problem means half the problem is
solved it is very important because the whole process is based
on the problem.

Developing the objectives

It is another method of finding the problem involves joint
consideration of research objectives. Research objectives are
statements of the various specific aims of the research and are
derived from the problem definition. They describe and limit
the extent of the research.
Collecting the information
The next step in the marketing research process is to specify
the type of information needed. Information is developed from
secondary or primary data sources. Secondary data are data
that already exist, not having been prepared for the specific
problem at hand. Data specially prepared for a problem, to aid
decision making relating to that problem, are called primary
data.
Secondary data sources:
• Census of manufacturers
• Published reports
• Computerized data sources.
• Previous survey reports
Primary data:
• Unstructured surveys – asking respondents open ended
questions to encourage in depth responses so that
motivations, priorities, problems, perceptions, and
attitudes can be better understood & evaluated by the
researcher.
• Structured surveys-questionnaires that seek specific,
quantifiable answers- are used in the industrial market,
though not to the extent of unstructured surveys.
(surveying individuals, customers, experts, groups)

Analyzing the information

The increased use of computers and the considerable
number of software programs available have led to
greater usage of quantitative methods of analyzing the
data
The various statistical tools used in the analysis and
interpretations of information are as under:
• Exponential smoothing
• Cross tabulation matrix
• Linear regression
 • Time series
• ARIMA(auto regressive-integrated-moving average)

Presenting the data

Current computerized systems enable managers to call on
computers to produce analysis of research findings, to provide
real-time information and to be what may be termed “forward
looking” and even recommend courses of action. They can also
forecast sales, profits, market share, operating costs and
competitor reactions as well as other environmental reactions
that might occur.