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Market research refers to systematic collection, recording and analysis of

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data, aimed towards solving a marketing problem. It is the process of
collecting information or facts relevant to the market and analysing and Subscribe Now
interpreting that information to strategize business decisions.
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According to Philip Kotler, “Market Research is the systematic design,

collection, Analysis, and reporting of data relevant to a specific marketing
situation an organization is facing”

Market Research involves systematic problem analysis, model building and

fact finding for the purpose of improved decision making and control in the
marketing of goods and services.
Objectives of Market Research

Discovering new markets for products

Increasing the market share for existing products
Forecasting the future demand for products
Analysing the tastes and preferences of consumers
Reducing the cost of marketing activities
Improving the quality of products
Formulating effective marketing policies
Determining competitors strategy
Studying the internal and external marketing environment
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Types of Market Research
Advertising Management (20)
Market / Customer Research Articles (240)
Product, Price, Promotion Research Banking and Insurance (10)
Channel Research Blog (25)
Sales Research Business & Entrepreneurship (6)
Advertising Research Business Communication (15)
Policy Research Business Environment (21)
Business Ethics (2)

Information collected through Market Research Business Law (1)

Business Statistics (49)
Total size of current market Company Law (14)
Total size of potential market Computer Applications (9)
Growth rate Consumer Behaviour (22)

Consumer demographics Cost Accounting (3)

Consumer taste & preferences E-commerce (8)

Entrepreneurship (11)
Consumer satisfaction
Financial Accounting (2)
 Consumer expectations Financial Management (23)

Consumer buying behaviour Financial Services (19)

Price sensitivity analysis Human Resource Management (18)

Income Tax (2)
Internal and external marketing environment
International Business (13)
SWOT of the firm and its competitors
Investment Analysis & Portfolio Management
Market Demand
(10)
IT & Technical Skills (5)
Developing Information for Market Research / Techniques of Market Macro-Economics (9)
Research Management Accounting (5)
Management Information System (4)
Market Research involves collection of primary and secondary data through
Managerial Economics (2)
various methods of data collection. They are:
Marketing & Advertising (7)
Marketing Management (18)
Primary Data Marketing of Services (6)
Micro-Economics (2)
Surveys Operations Management (2)
Questionnaire Organizational Behaviour (7)
Interviews Personal Finance (2)
Observation Principles of Management (9)

Experiments Project Management (11)

Schedules Projects and Presentations (32)

Public Finance (11)
Secondary Data Research Methodology (9)
Rural Marketing (1)
Government publications Strategic Management (14)

Trade journals
Internal records
Yearly reports of banks and businesses
Public records
 National 5 year plans
Historical documents
Unpublished documentaries, biographies, letters, diaries etc.

Other methods of Data collection

Warranty cards
Store audits
Pantry audits
Consumer Panels
Mechanical devices
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Quiz, test, assignments
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Projective techniques – Word association test, Sentence completion test,
May 5, 2018
Story completion test, Verbal projection test, Pictorial techniques
Social Exchange, Equity & Balance Theory,
Interpersonal competence
Process of Market Research
April 16, 2018

IRDAI – Insurance Regulatory Development

and Authority of India
April 1, 2018

Learning Theories – Cognitive,

Conditioning, Social Learning Theories
March 31, 2018

Leadership Styles – Types of Leadership

Styles
March 27, 2018
 Inventory, Inventory Control – Theory Notes
January 13, 2018

Organization Design – Types of

Organization Structure
January 2, 2018

Marketing Information System –

Components, Importance
December 20, 2017

Budget, Budgeting, Budgetary Control

December 20, 2017

Resistance to change – Levels, Overcoming

Resistance
December 18, 2017

(1) Identification and definition of Research Problem – It involves –

Identification of Research problem

Laying down objectives of the study, and
Determining the extent of information required.

(2) Conducting situational analysis and informal investigation – Situational

Analysis involves collecting information regarding business environment,
market situation, competitions and industry surrounding the problem in
general. An informal investigation includes an investigation with the people
outside the organisation like suppliers, wholesalers, consumers, advertising
agencies etc.  This is done to determine whether a detailed study in
necessary and feasible or not.

(3) Planning and conducting formal investigation – It involves the following

–

Preparing a research design – exploratory, descriptive, casual

Selecting the sources of information – Primary source or Secondary
source
Deciding methods of data collection – Survey, Observation,
Experimentation etc.
Planning the Sample Frames, Sample size and Questionnaire
Collecting the data – Survey, Observation or Experimentation

(4) Analysing and Interpreting data – It involves classification, tabulation

and interpretation of the data collected. Statistical techniques are used to
draw conclusions and make recommendations. Efforts are made to
generalize all the findings.

(5) Summarizing the findings and preparing a research report – The last
step involves preparation of a written report that helps the management
to make effective decisions based on the finding and recommendations of
the report.

Guidelines for effective report –

There must be objectivity and clarity in presentation of data

 It must be concise and precise
Charts and illustrations must be only used if necessary
The layout of the report must be – Preliminary pages, Main Body and End
Matter
It must contain the following:
Title of Report
Date, Acknowledgement and Foreword
Table of Contents
Objectives of Study
Introduction
Summary of Findings
Main Report/Body
Suggestions and Recommendations
Conclusion, Appendices, Bibliography

Importance of Marketing Research

It helps in formulation of marketing plans, policies and strategy

It helps in Problem solving and Decision making
It acts as a controlling technique for marketing activities
It helps to understand market complications and opportunities
It aids in understanding consumer behaviour and consumption patterns

BY: BBAMANTRA / IN: ARTICLES, MARKETING MANAGEMENT / WITH: 0 COMMENTS

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