marketing research

Marketing research : 

BY- DHEERAJ BHARDWAJ MASMS, JAIPUR Dated-Monday, 29 november 2010 Marketing research

Marketing research-content : 

Definition – Purpose & Objectives – Contribution of marketing Research – Need for marketing Research – Scope of marketing research – Product, Market – Sales & Distribution – Advertising – Planning – Techniques of Marketing Research – Steps Involving Research procedure. Marketing research-content

Definition : 

Definition 1.Marketing research is the function which links the consumer, customer, and public to the marketer through information- information used to identify and define marketing opportunities and problems; generate, refine and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. 2. marketing research specifies the information required to address these issues; designs the method for collecting information; manages and implements the data collection process; analyzes the results; and communicates the findings and their implications.

Purpose & Objectives : 

Purpose & Objectives Objectives of Marketing Research Academic objectives : these objectives could be to gain awareness about a phenomenon or to achieve new insights into it. The academic object of research is the acquisition of knowledge & it is the thirst for knowledge coupled with curiosity that has been the guiding force behind a rich variety of research work. Utilitarian objectives : to understand marketing culture, environment & marketing decision process & thereby gain a greater measure of marketing control. It may be used to determine the frequency with which a certain thing occurs or with which it is associated with something else. It helps in testing a hypothesis or a casual relationship between variables to determine the cause & effect impacts. It helps in providing information regarding manufacturers, retailers, suppliers of all kinds of services.

Contribution of marketing Research : 

Contribution of marketing Research 1. setting goals and establishing strategies 2. developing a marketing plan 3. putting a plan into action 4. evaluating the plan’s effectiveness.

Need for marketing Research : 

Need for marketing Research Determining the viability of a new market for your company to enter. · Estimating market size/share/adoption rate for investment or business planning. · Identifying new product/service opportunities and value-added offerings. · Risk management - identifying what risks pose the greatest threat to your business. · Understanding what customers expect of you and how well you are delivering. · Root cause analysis for lost business or customer defections. · Identifying your most profitable customer segments and how to protect them. · Developing the right price points/identifying bundling opportunities. · SWOT intelligence on competitors to plan business strategies/identify M&A scenarios.

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Understanding how customers perceive your market positioning relative to competitors. · Determining the most effective marketing/advertising channels to support your business

Scope of marketing research – Product, Market – Sales & Distribution – Advertising – Planning : 

Scope of marketing research – Product, Market – Sales & Distribution – Advertising – Planning Scope of Marketing Research : Scope of Marketing Research Marketing research is a function that links the consumer with the organization through information. It involves systematic & objective search & analysis of information that can be used for evolving some marketing decisions. Sales analysis – Types of consumer that constitute the potential market Size & location of the market, Growth & concentration of market over a certain period of time, Purchase habits of key market segments, Consumers preference for particular brands

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Sales & distribution methods & policies – To evaluate the effectiveness of the present distribution system. Product management – To study the market feedback about the competitive offerings, to manage the existing & new products, to monitor the performance of the new brand launched. Advertising research – To evaluate copy, the effectiveness of various media & also their effect on sales before & after the advertising campaign is done. Media research Copy research Corporate research - the study of corporate image among different target audience are conducted by marketing research. This involves the collection & evaluation of opinions of different types of target audience having a direct & indirect impact on the future of the enterprise. It includes the assessment of knowledge about company activities , association of company with sponsored activities & company perception on specific dimensions.

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Producers To know about his product potential in the market vis-à-vis the total product; New Products; Various brands; Pricing; Market Structures and selection of product strategy, etc

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Business and Government Marketing Research helps businesses and government in focusing attention on the complex nature of problems faced by them. For example: Determination of Gross National Product; Price indices, and per capita income; Expenditure levels and budgeting; Agricultural Pricing; The economic policies of Government; and Operational and planning problems of business and industry.

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Market Research Agencies Marketing Research is being used extensively by professionals to help conducting various studies in Marketing Research. Most prominent agencies being:- Linta India Ltd; British Market Research Bureau (BMRB); Hindustan Thompson Associate Ltd; eSurveysPro.com; MARG Managers

Techniques of Marketing Research : 

Techniques of Marketing Research The Five Basic Methods of Market Research 1. Surveys. With concise and straightforward questionnaires, you can analyze a sample group that represents your target market. The larger the sample, the more reliable your results will be. In-person surveys are one-on-one interviews typically conducted in high-traffic locations such as shopping malls. Telephone surveys are less expensive than in-person surveys, Mail surveys are a relatively inexpensive way to reach a broad audience Online surveys usually generate unpredictable response rates and unreliable data, because you have no control over the pool of respondents

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2. Focus groups. In focus groups, a moderator uses a scripted series of questions or topics to lead a discussion among a group of people. These sessions take place at neutral locations, usually at facilities with videotaping equipment and an observation room with one-way mirrors. A focus group usually lasts one to two hours, and it takes at least three groups to get balanced results.

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3. Personal interviews. Like focus groups, personal interviews include unstructured, open-ended questions. They usually last for about an hour and are typically recorded. Focus groups and personal interviews provide more subjective data than surveys. The results are not statistically reliable, which means that they usually don't represent a large enough segment of the population. Nevertheless, focus groups and interviews yield valuable insights into customer attitudes and are excellent ways to uncover issues related to new products or service development.

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4. Observation. Individual responses to surveys and focus groups are sometimes at odds with people's actual behavior. When you observe consumers in action by videotaping them in stores, at work, or at home, you can observe how they buy or use a product. This gives you a more accurate picture of customers' usage habits and shopping patterns.

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5. Field trials. Placing a new product in selected stores to test customer response under real-life selling conditions can help you make product modifications, adjust prices, or improve packaging. Small business owners should try to establish rapport with local store owners and Web sites that can help them test their products.

Steps Involving Research procedure. : 

Steps Involving Research procedure. 1. Specifying research objectives 2. Preparing a list for needed information 3. designing the data collection project 4. selecting a sample type 5. determining sample size 6. organizing and carrying out the fieldwork 7. analyzing and collected data and reporting the findings

Thanks.. : 

Thanks.. BY- DHEERAJ BHARDWAJ Dated-tuesday, 30 november 2010