Marketing Research MR Concept, Marketing Research Process

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MarketingResearchMRConcept,MarketingResearchProcess
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Post:GauravAkrani
Date:7/07/201008:18:00PMIST
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1.IntroductiontoMarketingResearch
The term marketing research is used extensively in modem marketing
EssayonMostMemorableDay
ofMyLife
management. It acts as a tool for accurate decision making as regards

marketing of goods and services. It is also useful for studying and solving
BasicPrinciplesofInsurance
ExamplesofInsurancePrinciples
differentmarketingproblemsinasystematicandrationalmanner.
IndianMoneyMarketFeatures,
DrawbacksandRecentReforms
Researchmeansdetailed,systematicandcomprehensivestudyofaproblem.
Here, the details of the marketing problems are collected and studied,
ConceptofMarketingResearch
(MR)MarketingResearchProcess
conclusions are drawn and suggestions (recommendations) are made to

solve the problems quickly, correctly and systematically. In marketing
research,marketingproblemisstudiedindepthandsolutionsaresuggested
tosolvetheproblemrelatingtoconsumers,product,marketcompetition,sales
promotionandsoon.
NEWARTICLES
MeaningandDefinitionof
HumanRelations
FiveEssentialsofHuman
Relations
HowtoImproveHuman
Relations?Measures
MANAGEMENT
ManagementFunctionsAnd
Process,ManagementThought
PlanningFirstPrimaryImportant
FunctionOfManagement
ManagementByObjectives
(MBO)PeterDruckerMBO
DecisionMakingProcessIn
http://kalyancity.blogspot.com/2010/07/marketingresearchmrconceptmarketing.html
1/10
3/1/2015
DifferenceBetweenPrimaryand
SecondaryDatain16points
EssentialQualitiesofaGood
FieldInvestigatororInterviewer
weallshouldstanduptogether
againstsuchanin...
origin.MRactsasaninvestigativearmofamarketingmanager.Itsuggests
Itisreallyhelpfulinformationfor
possiblesolutionsonmarketingproblemsfortheconsiderationandselectionScrollTop
newuser,to...
byamarketingmanager.
DearGajendraSingh,I
completelyagreewithyour...
2.DefinitionsofMarketingResearch
1.AccordingtoAmericanMarketingAssociation(AMA),MRis"The
systematicgathering,recording,andanalyzingofdataaboutproblems
HeyGouravIwanttoknowthat
howmanypercentdo...
Thankyoufortheknowledge...
Thematerialsarer...
relatingtothemarketingofgoodsandservices."
fieldofmarketing."
3.AccordingtoPhilipKotler,"Marketingresearchissystematicproblem
ManagerialLeadershipLeader
QualitiesLeadershipTheories
HumanResourceManagement
HumanResourceDevelopment
MotivationMotivationalFactors
IncentivesTheoriesofMotivation
Maslow'sHierarchyofNeeds
TheTheoryofHumanMotivation
FrederickHerzberg'sTwoFactor
TheoryMotivationHygiene
Factors
DouglasMcGregor'sTheoryX
andTheoryYEmployee
Motivation
DavidMcClelland'sAchievement
Motivation,ManifestNeedTheory
MarketingMixand4P'sofThe
MarketingManagementArticle
2.AccordingtoRichardD.Crisp,MRis"Thesystematic,objectiveand
exhaustivesearchforandstudyofthefactsrelevanttoanyprobleminthe
PrincipleofDelegationof
AuthorityImportanceofDelegation
DecentralisationAdvantages
andLimitationsofDecentralization
NEWCOMMENTS
MRisaspecialbranchofmarketingmanagement.Itiscomparativelyrecentin
Authority,Responsibilityand
AccountabilityInManagement
OrganisationOrganizational
StructureOrganisationalChart
MarketingCourse
MarketingSurvey
MarketingPolicy
ManagementProblemSolving
MarketingCourse
MarketingSurvey
MarketingPolicy
analysis,modelbuildingandfactfindingforthepurposeofimproved
decisionkingandcontrolinthemarketingofgoodsandservices."
CATEGORY
3.FeaturesofMarketingResearch
1.Systematicandcontinuousactivity/process:MRisacontinuous
process.Thisisnaturalasnewmarketingproblemsareboundtocome
AdministrativeLaw
Banking
Blogger
typeofresearchisnotadequatetoresolveallmarketingproblems.
BusinessDevelopment
marketingproblemsandchallenges.
2.Wideandcomprehensiveinscope:Marketingresearchiswidein
CProgramming
CommunicationSkills
scopeasitdealswithallaspectsofmarketingofgoodsandservices.
DistinguishBetween
Introductionofnewproducts,identificationofpotentialmarkets,selectionof
Economics
appropriatesellingtechniques,studyofmarketcompetitionandconsumer
preferences,introductionofsuitableadvertisingstrategyandsales
Education
promotionmeasures,aresomeareascoveredbyMR.
Finance
3.Emphasizesonaccuratedatacollectionandcriticalanalysis:In
Health
marketingresearch,suitabledatashouldbecollectedobjectivelyand
IndustrialPsychology
accurately.Thedatacollectedmustbereliable.Itshouldbeanalyzedina
systematicmanner.Thiswillprovidecomprehensivepictureofthesituation
andpossiblesolutions.
4.Offersbenefitstothecompanyandconsumers:Marketingresearchis
Internet
Javascript
KalyanCity
usefultothesponsoringcompany.Itraisestheturnoverandprofitofthe
Management
company.Italsoraisesthecompetitivecapacityandcreatesgoodwillinthe
MarketingResearch
market.Itenablesacompanytointroduceconsumerorientedmarketing
policies.Consumersalsogetagreeablegoodsandmoresatisfactiondue
5M'sofAdvertisingFeaturesof
TheAdvertisingManagement
QualityControlTotalQuality
ManagementTQMQualityCircles
BANKING
Advertising
fromtimetotimeinthecourseofmarketingofgoodsandservices.One
Similarly,newresearchprojectswillhavetobeundertakentosolvenew
WhatisMarketSegmentation?
ImportanceInModernMarketing
Photos
WhatisaBank?Introduction,
DefinitionandFeaturesofBank
DifferentTypesofBanksWhat
areVariousKindsofBanks?
CommercialBanksDefinitions,
PrimarySecondaryFunctions
BalanceSheetofCommercial
BankLiabilitiesandAssets
HowtoOpenBankAccount?7
StepsToOpenBankAccount
WhataretheAdvantagesof
OpeningBankAccount?
SavingAccountBankMeaning,
FeaturesandAdvantagesofIt
FixedDepositAccountofBank
Meaning,Features,Advantages
WhatisCurrentBankAccount?
ItsFeaturesandAdvantages
RecurringDepositAccountIn
BankMeaningandFeatures
WhatisaCheque?Definition
KindsandTypesofCheques
2/10
3/1/2015
tomarketingresearchactivities.
ProductionPlanning
5.Commercialequivalentofmilitaryintelligence:MRisatypeof
Reptiles
commercialintelligenceactivity.Itfacilitatesplannedactivitiesinthefieldof
WhatisCrossingofCheque?
DifferentTypesofCheckCrossing
Science
marketing.Itissimilartomilitaryintelligencewheresystematicstudyofthe
Snakes
situationismadebeforetakinganymilitaryaction.Marketingresearchacts
astheintelligencetoolofmanagement.
StudyNotes
6.Toolformanagerialdecisions:MRactsasatoolinthehandsof
Videos
managementforidentifyingandanalyzingmarketingproblemsandfinding
AutomatedTellerMachine(ATM)
TheAdvantagesofATMMachine
EBankingOnlineBanking
MainAdvantagesofEBanking
Youtube
outsolutionstothem.Itisanaidtodecisionmaking.Itsuggestspossible
PrinciplesofGoodLending
EveryBankerFollowsLoans
solutionsfortheconsiderationandselectionbymanagers.Marketing
research,isanaidtojudgmentandneverasubstituteforit.
FINANCE
7.Anappliedresearch:MRisappliedknowledge.Itisconcernedwith
specificmarketingproblemandsuggestsalternativesolutionsandpossible
outcomeofeachalternative.
8.Reducesthegapbetweentheproducersandconsumers:MRisan
essentialsupplementofcompetitivemarketing.Itisusefulfor
understandingtheneedsandexpectationsofconsumers.Itreducesthe
gapbetweenproducersandconsumersandadjuststhemarketing
activitiestosuittheneedsofconsumers.
9.Marketingresearchhaslimitations:Marketingresearchisnotanexact
science.Itonlysuggestspossiblesolutionstomarketingmanagerfor
considerationandselection.
WhatareFeaturesofCheques?
MainCharacteristicsofChecks
WhatisFinance?Meaning
DefinitionFeaturesofFinance
WhatisFinancialPlanning?
MeaningTypesofFinancialPlans
WhatisFinancialManagement?
MeaningDefinitionScopeArticles
WhatisCorporateFinance?
MeaningWhatitIncludes?
WhatisCreditRating?Meaning
andArticlesonCreditRating
DifferentFormsofAdvancesby
CommercialBanksLoanTypes
DutiesandResponsibilitiesof
ComputerOperatorinBank
NationalisationofBanksinIndia
IntroductionObjectivesDemerits
NarasimhamCommitteeReportI
1991II1998Recommendations
NewEconomicReformsofthe
BankingSectorInIndiaBrief
FunctionsofReserveBankof
India(RBI)CreditPolicyofRBI
10.Useofdifferentmethods:MRcanbeconductedbyusingdifferent
methods.Datacanbecollectedthroughsurveyorbyothermethods.The
researcherhastodecidethemethodwhichissuitablefortheconductof
researchproject.Thisselectionisimportantasthequalityofresearchwork
KCLBlogAprojectofVedangaInfomedia.
dependsonthemethodusedfortheresearchpurpose.
4.StepsInMarketingResearchProcess
1.Identifyinganddefiningamarketingproblem:Thefirststepinthe
marketingresearchprocedureistoidentifythemarketingproblemwhich
needstobesolvedquickly.Theproblemmayberelatedtoproduct,price,
marketcompetition,salespromotionandsoon.Theresearchprocesswill
startonlywhenthemarketingproblemisidentifiedanddefinedclearly.The
researcherhastoidentifyanddefinethemarketingprobleminaclear
manner.
2.Conductingapreliminaryexploration(survey):Themarketingteam
maysuggestmanymarketingproblemswhichtheyface.However,itisnot
possibletotakeupallsuchproblemsforresearchpurpose.Theresearcher
hastostudysuchproblemsandselectonemajorproblemwhichissuitable
fordetailedinvestigation.Forthis,preliminaryinvestigationisnecessary.A
salesmanagermaysuggestaproblemofdecliningsales.Theresearcher
hastofindoutthepossiblereasonsandwhichoneisthemostimportant
andalsosuitablefordetailedstudy.Marketingproblemsarenot
researchableandhencesuchpreliminaryexplorationisnecessaryand
useful.
3.Determiningresearchobjectives:Theresearcherhastoformulate
hypothesistofittheproblemunderinvestigation.Itisatentative
explanationofaproblemunderstudy.Forexample,thesalesaredeclining.
Accordingtotheresearcher,thismaybeduetopoorqualityandhighprice
orduetolimitedinteresttakenbymiddlemenorthattheproducthas
becomeoutdated.Ifthefirstreasonisaccepted,thesamewillbe
investigatedinfull.Ifthefirstcauseisrejected,hewillmovetothesecond
fordetailedstudythroughdatacollection.
4.Determiningthedatarequiredandtheirsources:Inthisstage,the
researcherhastodecidethetypeofdatarequiredforhisstudypurpose.
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Thehypothesisguidesthedatacollectionprocess.Theresearchercanuse
primaryand/orsecondarydataforhisresearchproject.Thesourcesof
primaryandsecondarydataaredifferent.Similarly,forthecollectionof
primarydata,anyonemethodsuchasmailsurveyortelephonesurvey,or
personalintervieworobservationorexperimentationmethodcanbeused.
Theresearcherhastodecidethemethodwhichisconvenientfordata
collectionandcollecttherequireddataaccordingly.
5.Creatingresearchdesign:Researchdesignistheplanfortheconduct
ofactualresearchinvestigation.Suchdesignprovidesguidelineforthe
researchertokeepatrackonhisactionsandtoknowthatheismovingin
therightdirectionondatacollection.
Theresearchdesigncontainsanswerstothefollowingquestions:
01.Whatisthenatureandpurposeofstudy?
02.Whattypeofdataisrequired?
03.Howtocollectrequireddata?
04.Whatisthetechniqueofdatacollection?
05.Howmuchfundswillberequired?
06.Howmuchtime/periodwillberequiredforcompletionofresearch
project?
6.DesigningtheQuestionnaire:Aspertheobjectiveofresearchproject,
informationwillberequired.Forcollectionofdata,suitablequestionnaire
willhavetobeprepared.Allnecessarycareshouldbetakeninorderto
prepareidealquestionnaire,soastocollectrequiredinformationeasily,
quicklyandcorrectly.
7.Designingasampleofrespondents:Fordatacollection,a
representativegroupwillhavetobeselectedoutofthetotali.e.universe.A
sampledesignedshouldbeadequatelyrepresentativeincharacter.Itmust
representthetotalpopulationunderstudy.
8.CollectingData:Dataaretobecollectedasperthemethodselectedfor
datacollection.Ifmailsurveymethodisselected,questionnaireswillbe
sentbyposttorespondents.Ifpersonalinterviewmethodisselected,
interviewerswillbegivensuitableguidance,informationandtrainingfor
theconductofpersonalinterview.Datacollectionshouldbequickanddata
collectedshouldbereliable,adequateandcompleteinallrespects.
9.Organising/Processingthedatacollected:Thecompleted
questionnairesarenotusefuldirectlyfortabulationanddrawing
conclusions.Theyneedtobeorganised/processedproperlyfordrawing
conclusions.Forthis,scrutinyofdata,editing,codingandclassificationof
dataarerequired.Inaddition,tabulationofdatacollectedisalsoessential.
Suchprocessingmakedataintegratedinacompactmanner.Inaddition,
thedataaremadereliableandsuitablyarrangedforanalysisand
interpretation.Conclusionscanbedrawnonlywhenthecollecteddataare
arrangedinanorderlymannerfordetailedstudy.Inshort,processingof
datameansverificationofdatacollectedandtheorderlyarrangementof
dataforanalysisandinterpretation.Thestepsindataprocessing(editing,
coding,etc.)areinterrelatedandneedtobecompletedproperly.The
processingofdatacollectedisatypeofofficeworkwhichcanbeattended
bytheofficestaffundertheguidanceofresearcher.Theprocessingofdata
isalengthyandtimeconsumingactivityandneedstobecompleted
property.Thisisnecessaryforraisingaccuracyandreliabilityofthewhole
researchproject.
Theprocessingofdatacollectedthroughmarketingresearchinvolvesthe
followingsteps:
01.Preliminaryscreeningofthedatacollected,
02.Editingofthedatacollected,
03.Codingofthedatacollected,
04.Classificationofdataintomeaningfulcategories,and
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05.Tabulationofdataforeasyandquickanalysisandinterpretation.
10.Analyzingandinterpretingdata:Tabulateddatacanbeusedfor
detailedandcriticalanalysis.Thepurposeistoestablishusefulandlogical
relationbetweentheinformationandproblem.Analysisofdatashouldbe
madeinarationalmanner.Thisfacilitatesinterpretationofdatainan
orderlymanner.Conclusionscanbedrawnaftertheanalysisand
interpretationofdata.Suchconclusionsareusefulforsuggestingremedial
measures.Variousstatisticaltechniquesareusedfortheanalysisand
interpretationofdata.Thisisnecessarysothattheconclusionsdrawnwill
beaccurateandremedialmeasuresrecommendedwillbeappropriateor
resultoriented.
Inbrief,processingofdatacollectedisoneimportantandcriticalstagein
theresearchprocess.Theutilityofthewholeresearchprocessdepends
uponthemannerinwhichthedataareprocessedbytheresearchers.The
servicesofexpertsshouldbeusedforsuchprocessingofdata.Similarly,
advancedstatisticaltechniquesshouldbeusedintheanalysisand
interpretationofdatasothattheconclusionsdrawnwillbeaccurateand
usefulfortheintroductionofappropriateremedialmeasures.Processingof
dataislikeexaminingpatientbyadoctor.Here,ifthediagnosisisaccurate,
thefollowuptreatment(remedialmeasures)willbeappropriateandthe
patientwillbeallrightwithinashortperiod.Thesameruleisapplicableto
processingofdatainthemarketingresearchactivity/process.
11.Preparingresearchreport:Afterdrawingconclusions,theresearcher
canmakeconcertsuggestions/recommendationsforsolvingthemarketing
probleminasatisfactorymanner.Aresearcheralsopreparesadocument
givingdetailsofresearchproblem,datacollected,conclusionsdrawnand
therecommendationsmade.Suchdocumentiscalledresearchreport
whichisthefinaloutcomeoflengthyresearchprocess.Thereportwillbe
preparedinasuitableformatfortheconvenienceofreaders.Itactsasa
selfexplanatorydocument.
12.Presentingresearchreport:Theresearcherwillsubmitthereportto
thedecisionmakersinthefieldofmarketing.Thedecisionmakerswill
studythereportminutelyandfindoutthedesirabilityofexecutionofthe
recommendationsmade.Thefinaldecisionistobetakenbythedecision
makers(marketingmanagersandtoplevelmanagement)only.
13.Followupsteps:Iftherecommendationsmadeareaccepted,the
decisionmakershavetotakefollowupstepsfortheexecutionofthe
recommendationsmade.Thefollowupstepsshouldbecontrolled
effectivelysoastohavepositiveresultsinthecauseoftime.
The steps in the MR process (as noted above) are normally used in all MR
projects.Certainmodificationsarealsopossibleinaspecificresearchproject.
The research process is lengthy and time consuming and needs to be
completedinarationalandsystematicmanner.Thisgivespromisingresultsin
thesensethatappropriatesolutiontomarketingproblemisavailable.
TheresearcherhastofollowthislengthyMRprocedurecarefully.Hehasto
take various decisions while conducting the research work. The research
project may be conducted by an outside consultancy firm or an advertising
agency.Sometimes,theresearchworkisconductedinternallyi.e.throughthe
marketing research department or sales department. Here, the research
department takes up the major marketing problem (e.g. declining sales or
profitsofthecompany)andorganisetheresearchprojectinordertofindout
thecauses(e.g.causesfordecliningsalesorprofit)andappropriateremedial
measures.Asalesmanagermaybeaskedtoorganisetheresearchprojectfor
dealing with the problem of declining sales. Here, he has to organise the
wholeresearchprojectandfinalizethedetailsofdifferentstepsinvolved.
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5.AdvantagesofMarketingResearch
1.Indicatescurrentmarkettrends:Marketingresearchkeepsbusiness
unitintouchwiththelatestmarkettrendsandoffersguidanceforfacing
marketsituationwithconfidence.Itfacilitatesproductionasperconsumer
demandandpreferences.
2.Pinpointsdeficienciesinmarketingpolicies:MRpinpointsthe
deficienciesasregardsproducts,pricing,promotion,etc.Itgivesproper
guidanceregardingdifferentaspectsofmarketing.Theyincludeproduct
development,branding,packagingandadvertising.
3.Explainscustomerresistance:MRisusefulforfindingoutcustomer
resistancetocompany'sproducts.Suitableremedialmeasuresarealso
suggestedbytheresearchertodealwiththesituation.Thismakesthe
productsagreeabletotheconsumers.
4.Suggestssalespromotiontechniques:Marketingresearchenablesa
manufacturertointroduceappropriatesalespromotiontechniques,select
mostconvenientchannelofdistribution,suitablepricingpolicyforthe
productsandprovisionofdiscountsandconcessionstodealers.It
facilitatessalespromotion.
5.Guidancetomarketingexecutives:Marketingresearchoffers
informationandguidancetomarketingexecutiveswhileframingmarketing
policies.Continuousresearchenablesacompanytofaceadverse
marketingsituationboldly.Itactsasaninsuranceagainstpossiblechanges
inmarketenvironment.
6.Selectionandtrainingofsalesforce:Marketingresearchisusefulfor
theselectionandtrainingofstaffinthesalesOrganisation.Itsuggeststhe
incentiveswhichshouldbeofferedformotivationofemployeesconcerned
withmarketing.
7.Facilitatesbusinessexpansion:Marketingresearchenablesa
businessunittogrowandexpanditsactivities.Itcreatesgoodwillinthe
marketandalsoenablesabusinessunittoearnhighprofitsthrough
consumerorientedmarketingpoliciesandprogrammes.
8.Facilitatesappraisalofmarketingpolicies:Researchactivitiesenable
marketingexecutivestohaveanappraisalofthepresentmarketingpolicies
inthefightofresearchfindings.Suitableadjustmentsinthepoliciesare
alsopossibleasperthesuggestionsmade.
9.Suggestsmarketingopportunities:Marketingresearchsuggestsnew
marketingopportunitiesandthemannerinwhichtheycanbeexploited
fully.Itidentifiesexistingandemergingmarketopportunities.
10.Facilitatesinventorystudy:Marketingresearchisusefulforthe
evaluationofcompany'sinventorypoliciesandalsofortheintroductionof
moreefficientwaysofmanaginginventoriesincludingfinishedgoodsand
rawmaterials.
11.Providesmarketinginformation:MRprovidesinformationonvarious
aspectsofmarketing.Itsuggestsrelativestrengthsandweaknessesofthe
company.Onthebasisofsuchinformation,marketingexecutivesfindit
easytoframepoliciesforthefutureperiod.MRprovidesinformation,
guidanceandalternativesolutionstomarketingproblems.
12.Suggestsdistributionchannels:Marketingresearchcanbeusedto
studytheeffectivenessofexistingchannelsofdistributionandtheneedof
makingsuitablechangesinthedistributionsystem.
13.Createsprogressiveoutlook:Marketingresearchgeneratesa
progressiveanddynamicoutlookthroughoutthebusinessOrganisation.It
promotessystematicthinkingandasenseofprofessionalisationwithinthe
company.Italsocreatesenthusiasmamongexecutivesconcernedwith
marketing.Thisbringssuccessandstabilitytothewholebusinessunit.
14.Socialsignificance:Marketingresearchisofparamountimportance
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fromthesocialangle.Itactsasameansbywhichtheultimateconsumer
literallybecomeskingofthemarketplace.
6.LimitationsofMarketingResearch
1.Offerssuggestionsandnotdecisions:Marketingresearchisnota
substitutefordecisionmakingprocess.Readymadedecisionson
marketingproblemsarenotprovidedbytheresearcher.Marketing
researchdoesnotsolveanymarketingproblemsdirectly.Itonlyaids
managementindecisionmakingandproblemsolvingprocess.
2.Failstopredictaccurately:Inmarketingresearch,effortsaremadeto
predictthepossiblefuturesituation.Forthis,certainresearchstudiesare
undertaken.However,thepredictionsarrivedatmaynotbeperfect.Future
isalwaysuncertainandexactpredictionaboutthefutureisjustnotpossible
throughmarketingresearch.
3.Cannotstudyallmarketingproblems:Marketingresearchcannot
studyallmarketingproblemsparticularlywhereitisdifficulttocollect
relevantdata.Similarly,researchstudyisnotpossiblewherevalue
judgmentsareinvolved.Thus,allmarketingproblemsarenotresearchable
andallresearchproblemsarenotanswerable.MRisnota'panacea'.
4.Resistancetoresearchbymarketingexecutives:Researchersstudy
marketingproblemsandofferguidancetomarketingexecutivesintheir
decisionmakingprocess.However,someexecutivesarereluctanttouse
thesolutionssuggestedbytheresearchers.Theyfeelthatsuchusewillact
asathreattotheirpersonalstatus.Marketingexecutivesalsofeelthat
researchersgivesolutionswhichareacademicincharacterandlack
practicalutility.
5.Timeconsumingactivity:MRisatimeconsumingactivity.The
researchworktakeslongerperiodforcompletionandthefindingswhen
availablemayprovetobeoutdated.Evendatacollectedverysoonbecome
oldduetofastchangingmarketenvironment.
6.Costly/expensiveactivity:MRactivityiscostlyasresearchwork
requirestheservicesofexperts.Advancedtrainingineconomics,computer
technology,sociology,etc.isalsonecessaryonthepartofresearchstaff.
Evengivingresponsibilityofresearchworktoanadvertisingagencyortoa
managementconsultantiscostly.
7.Dearthofqualifiedstaff:ForscientificMR,professionalmarketing
researcherswithproperqualifications,experienceandmaturityare
required.Researchworkislikelytobeincomplete/unreliableinthe
absenceofsuchexpertstaff.
8.Complexityofthesubject:MRfailstogivecompleteandcorrect
guidancetothemanagementonmarketingissues.ThisisbecauseMRis
notanexactscience.Itisconcernedwiththestudyofhumanbehavior
whichisalwaysdifficulttopredict.Asaresult,theconclusionsdrawnand
recommendationsmadearenotcentpercentcorrect.
9.Uncertaintyofconclusions:Consumeristhefocalpointinmarketing
research.However,consumer'sbuyingmotivesaredifficulttojudge
preciselyandaccurately.Thisbringssomesortofuncertaintyinthe
conclusionsdrawnfromtheMR.
10.Limitationsofdataused:MRprocesssolelydependsonthedata
collectedandusedforanalyzingthemarketingproblem,fordrawing
conclusionsandmakingrecommendations.However,thewholeprocess
willcomeindangerifdatacollectedareinadequateandunreliable.
11.Limitedpracticalutility:MRismainlyanacademicexercise.
Researcherstakemoreinterestinresearchworkratherthaninsupplying
informationandguidancetomarketingmanagersindecisionmaking
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process.Manyresearchreportsareratherbulkyandunintelligible.This
bringsdownthepracticalutilityofmarketingresearch.
12.MiscellaneousLimitations:
01.Problemsdevelopedduetochangingmarketingenvironmentcannot
besolvedquicklythroughMR.
02.Researchreportmaybebulky,technicallywordedanddifficult.Its
executionisdifficultatlowerlevels.
Thelimitationsofmarketingresearch(notedabove)donotsuggestthatitisa
redundantactivity.Itonlysuggeststhatthemarketingresearchactivityshould
be conducted with proper care and caution. This will make research activity
meaningfulandresultoriented.
7.ImportanceofMarketingResearch
Marketing research is fast growing in its importance due to increasing
competition,fastmovingtechnologicaldevelopmentsandchangingconsumer
needs, expectations and attitudes. The importance of marketing research is
universally accepted. The status of marketing research in business
managementisidenticaltothepositionofbraininahumanbody.
Thefollowingpointssuggesttheimportanceofmarketingresearch:
1.Planningandexecutionofmarketingplan:Abusinessunitcanplan
andexecuteallactivitiesrightfrommanufacturingtomarketingwith
reasonableaccuracyandconfidenceduetotheguidelinesavailable
throughmarketingresearch.
2.Quickandcorrectdecisionmaking:MRfacilitatesquickandcorrect
decisionmakingbymarketingmanagers.Itenablesmanagementtotake
quickandcorrectmarketingdecisions.
3.Effectivesolutionsonmarketingproblems:MRprovideseffective
solutionstomarketingproblems.MRistheradiologyandpathologyof
marketingoperationsofbusiness.Itdiagnosesthebusinessailmentsand
suggestsmeasurestoremovethem.Marketingresearcheractslike
businessdoctorandprescribestreatmentforbusinesselements.
4.HugespendingonMR:Largecompaniesspendcrores(1Crore=10
million)ofrupeesonmarketingresearchactivities.Newtechniquesand
methodsareusedintheconductofresearchactivitiesinanaccurate
manner.ThissuggeststhegrowingimportanceofMR.
Search
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Related
WhatisMarketing
Research?
Meaning
Definitions
Features
TwelveStepsin
Marketing
ResearchProcess
Whatare
Limitationsof
Marketing
Research?
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Translation
2Comments:
SaiCharansaid...
March15,2013at1:17PM
thisisverydetailed&veryeasytounderstand.....thanku
alegogeorgesaid...
March18,2014at12:31PM
Hitotheconcerned,
thisinformationistrustworthyandeasytounderstandkeeponwiththe
spiritofprovidingsuchinformation.
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Marketing Research MR Concept, Marketing Research Process

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3/1/2015

Articles published on Kalyan City Life blog

management. It acts as a tool for accurate decision making as regards

conclusions are drawn and suggestions (recommendations) are made to

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