Marketing Research

Marketing Research

Marketing research is the systematic gathering, recording and analysing of data about problems relating to the marketing of goods and services. Marketing research is the systematic, objective and exhaustive search for and study of the facts relating to any problem in the field of marketing.

Classification of Marketing Research Problems

Research Research Research Research Research Research Research Research

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Products. Market. Consumer. Distribution. Price. Advertising and Promotion. Competition. Sales Methods.

Research on Products

Reviewing product line, product quality, product features, product design Study on the actual to uses of the product Study on new uses of an existing product Testing of new products. Study of the competitive position of a product / brand. Study on related products and the nature of relationship. Study of packaging / packing design, packing material, package size, etc. Study on servicing requirement.

Research on Market

Study of the market size / product. Study of the market profile. Market share analysis. Determining market characteristics. Study of market segments. Conducting elaborate market surveys. Sales forecasting short range and long range. Study of overall business trends. Study of seasonal trends.

Research on Consumer

Study of consumer profile. Study of consumer brand preference, consumer tastes and consumer reactions. Study of shifts in consumer patterns. Study of consumer dissatisfaction and sources of dissatisfaction. Operating consumer panels.

Research on Advertising & Promotion

Motivation research. Media research. Accessing ad effectiveness and ad impact. Assessing efficiency of sales promotional measures.

Research on Distribution

Measuring relative effectiveness of different types of distribution intermediaries. Measuring dealer reaction to company and its products and services. Measuring dealers patronage of competitors brand vis--vis companys brands Measuring the relative effectiveness of different modes of transportation. Measuring warehouse efficiency. Distribution cost analysis.

Research on Pricing

Evaluating the pricing strategy of the firm. Assessing the general pattern of pricing followed by the industry. Measuring price elasticity of demand.

Research on Sales Methods

Testing new sales programmes. Analysing problems of selling. Analysis of salesmans territories. Measuring salesmans effectiveness. Study of dales compensation. Analysing methods of setting sales quotas.

Research on Competition

Study on competitive structure of industry and industrial competitors. Study of competitors product price promotion program channels policies and sales methods.

The Marketing Research Process

(8) Follow-up (7) Preparing and Presenting the Report

(2) Determine the Research Design

(6) Analyzing the Data

(1) Identifying the Research Problem/Opportunit y

(3) Determine Data Collection Method

(5) Design Sample and Collect Data

(4) Design Data Collection Forms

Step 1: Identifying & Formulating the Research Problem

Process begins with the recognition of a marketing problem or opportunity:

Marketing Problem: Set of circumstances in a market and/or in the company that requires modified or new marketing strategy to respond in a way that will maintain or improve performance.

Market Opportunity: Set of circumstances in a market that defines a situation in which a company can improve performance by creating modified or new marketing strategy.

Step 1: Identifying & Formulating the Research Problem

Marketing Research Problem: A statement of the

specific information needed by a decision maker to help solve a management decision problem (information). Involves determining what information is needed How will the information be obtained?

Marketing

The specific information needed to solve a marketing research problem (insight).

Research

Objective:

Management Decision Problem: The managerial

action required to solve a marketing research problem (action).

Step 2: Determine the Research Design

Research Design: The plan to be followed to answer the marketing research objectives; the structure or framework to solve a specific problem.
Exploratory, Descriptive, Causal Trade-offs

Step 3: Determine Data Collection Method

Secondary vs. Primary Survey research Observation research Experiments

Step 4: Design Data Collection Forms

What observation form or questionnaire will be best suit the needs of the project? Anonymous? Confidential? Structured vs. open-ended What types of rating scales? What is the layout going to look like?

Step 5: Design Sample and Collect Data

Sample: a subset from a larger population Probability vs. nonprobability sample Number of respondents Method of contact Management of non-response Detailed field instructions Handling of data

Step 6: Analyzing the Data

Purpose of the analysis is to interpret and draw conclusions from the mass of collected data

Step 7: Preparing and Writing the Report

What is the purpose of writing the report?

Communicate the results to the decision makers Convince the manager that the results are credible and justified by the data collected

Evaluating research is likely to be of greater importance in a marketing job than other aspects of marketing research.

Evaluation of the research quality should be based upon the research proposal.

Step 8: Follow Up

Implementation and measurement of research findings Interfunctional coordination facilitates the implementation of findings.

Limitations of Marketing Research

It is not an exact science MR depends on responses. This can change depending on test conditions. Validation is a problem. Element of subjectivity. Biases can creep in owing to lesser skill of the MR team. Inadequate preparation and analysis can lead to erroneous conclusions. In a fast changing environment the data collected very soon become historic and research findings based them irrelevant.

Steps in Market Survey

Planning the survey:

Problem definition. Selection of the survey method. Sampling. Questionnaire development Pilot survey.

Steps in Market Survey

Field Work:
Selection and training of investigators. Interviewing or collection of data. Supervision or overseeing the field work.

Steps in Market Survey

Processing :
Processing of data Tabulating.

Steps in Market Survey

Analysis and Interpretation:

Editing. Interpreting data. Statistical analysis and interpretation

Steps in Market Survey

Report Making :
Summarizing finding and recommendation. Report Writing.