MARKET RESEARCH

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MARKET RESEARCH & MARKETING INFORMATION SYSTEM (MIS) : 

MARKET RESEARCH & MARKETING INFORMATION SYSTEM (MIS)

MARKETING INFORMATION SYSTEM(MIS) : 

MARKETING INFORMATION SYSTEM(MIS) A marketing information system (MIS) consist of people, equipments, procedures to gather,sort,analyse, evaluate&distributeneeded,timely, & accurate information to marketing decision makers. MIS begins & ends with information users- marketing managers, internal &external partners , & others who needs marketing information. In the beginning it interacts with these information users to assess information needs. Next it develops needed information from internal company databases, marketing intelligence activities & market research.

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A good marketing information system balances the information users would like to have against what they really need & what is feasible to offer. Too much information can be as harmful as too little. The MIS must monitor the marketing environment in order to provide decision makers with information they should have to make key marketing decisions.

Developing Marketing Information : 

Developing Marketing Information Marketers can obtain the needed information from – Internal data, Marketing intelligence , Marketing research

Internal data : 

Internal data Many companies build extensive internal databases, electronic collections of consumer & market information obtained from data sources within the company network. Information in database can come from many sources. The accounting department prepares financial statements & keep detailed records of sales, costs, & cash flows. Operations reports on production schedules , shipments,& inventories. The marketing department furnishes information on customer transactions , demographics, psychographics, & buying behaviour. The customer service department keeps records of customer satisfaction or service problems. The sales force reports on reseller reactions & competitor activities & marketing channel partner provides data on point of sales transactions.

Marketing Intelligence : 

Marketing Intelligence It is a systematic collection &analysis of publicly available information about competitors & developments in the marketplace. The goal of marketing intelligence is to improve strategic decisions making , assess& track competitors actions & provide early warning of opportunities &threats. The company can also obtain important intelligence information from suppliers, resellers, &key customers. It can get information by observing competitors & monitoring their published information.

Marketing Research : 

Marketing Research Marketing research is the systematic design , collection, analysis & reporting of data relevant to a specific marketing situation facing an organization. Companies use marketing research in a wide variety of situations. Marketing research can help marketer to understand customer satisfaction &purchase behaviour. It can help them to assess market potential &market share or to measure the effectiveness of pricing , product, distribution,& promotion activities.

Role of Marketing Research : 

Role of Marketing Research The task of marketing research is to provide management with relevant, accurate, reliable, valid, and current information. Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information. Sound decisions are not based on gut feeling, intuition, or even pure judgment.

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Marketing managers make numerous strategic and tactical decisions in the process of identifying and satisfying customer needs. They make decisions about potential opportunities, target market selection, market segmentation, planning and implementing marketing programs, marketing performance, and control. These decisions are complicated by interactions between the controllable marketing variables of product, pricing, promotion, and distribution. Further complications are added by uncontrollable environmental factors such as general economic conditions, technology, public policies and laws, political environment, competition, and social and cultural changes.

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Marketing research helps the marketing manager link the marketing variables with the environment and the consumers. It helps remove some of the uncertainty by providing relevant information about the marketing variables, environment, and consumers. In the absence of relevant information, consumers' response to marketing programs cannot be predicted reliably or accurately. Ongoing marketing research programs provide information on controllable and non-controllable factors and consumers; this information enhances the effectiveness of decisions made by marketing managers. The role of marketing research in managerial decision making is explained further using the framework of the "DECIDE" model:

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D -Define the marketing problem E -Enumerate the controllable and uncontrollable decision factors C -Collect relevant information I -Identify the best alternative D -Develop and implement a marketing plan E-Evaluate the decision and the decision process

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The DECIDE model conceptualizes managerial decision making as a series of six steps. The decision process begins by precisely defining the problem or opportunity, along with the objectives and constraints. Next, the possible decision factors that make up the alternative courses of action (controllable factors) and uncertainties (uncontrollable factors) are enumerated. Then, relevant information on the alternatives and possible outcomes is collected. The next step is to select the best alternative based on chosen criteria or measures of success. Then a detailed plan to implement the alternative selected is developed and put into effect. Last, the outcome of the decision and the decision process itself are evaluated.

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Marketing research is the systematic &objective process of generating information for use in marketing decisions. This process includes- Defining the research problem, Identifying what information is required to solve the problem, Designing a method to collect data , managing & implementing the data collection procedure , Analyzing the result, Communicating the findings & reporting it for managerial decisions.

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A manufacturer, retailer or supplier of any good& service needs to access to certain information to meet customer’s needs & wants & to design an effective marketing plan to meet them. The questions that need to be answered are – What are the constituents of market? What does market buy? Who are the participants in in the business? How does the market buy? When does market buy? Where does the market buy?

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Research can be classified in two categories : Basic research Applied research Basic research addresses the fundamental questions more & not the problems with quick solutions applied research is concerned with the solutions of routine & immediate problems.

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Marketing research is a systematic process of gathering, recording & analyzing data about problems relating to the marketing of goods & services under essentially nonrecurring condition. The American Marketing Association (AMA) defines marketing research as the function which links the consumer , customer &public to the marketer through information used to identify & define marketing opportunities & problems, refine & evaluate marketing actions , monitor marketing performance & improve understanding of marketing as a process.

Objectives of Marketing Research : 

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.

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To understand why customers buy a particular product? To know the marketing opportunities, To understand marketing problem, To help in the selection of a right course of action, To know about customer acceptance of the product, To understand the distribution network of the product, To forecast the probable volume of the future sales, To forecast the expected market share, To assess competitive strengths & policies.

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.

Steps in Marketing Research : 

Steps in Marketing Research

Identifying the marketing problem or setting the objectives of research : 

Identifying the marketing problem or setting the objectives of research This step is always the first of the marketing research steps. At this point, the problem will have been recognized by at least one level of management, and internal discussions will have taken place. Sometimes, further definition of the issue or problem is needed, and for that there are several tools you can use. Here at the outset of the marketing research steps, the most common tools are internal and external secondary research. Secondary research intelligence consists of information that was collected for another purpose, but can be useful for other purposes.

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Examples of internal secondary research are sales revenues, sales forecasts, customer demographics, purchase patterns, and other information that has been collected about the customer. Often referred to as data mining, this information can be critical in diagnosing the problem for further exploration and should be leveraged when available and appropriate. The amount of internal secondary information that can be applied is typically limited. External secondary research is typically far more available, especially since the Internet age. Most external secondary information is produced via research conducted for other purposes, financial performance data, expert opinions and analysis, corporate executive interviews, legal proceedings, competitive intelligence firms, etc..

Leading sources for external secondary research resources include: : 

Leading sources for external secondary research resources include: Newspapers/Magazine Articles (business and vertical trades) Television Newsletters Competitive Intelligence Firms Industry Reports Trade Associations Business Directories Government Publications & Websites Search Engines Competitive Websites Friends & Colleagues

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Marketing researcher often conduct preliminary research to find out the problem & clarify the nature of the problem. This kind of research is known as exploratory research. The objective of exploratory research is to investigate &explore rather than provide a conclusion. The best way to start exploratory research is to evaluate the available secondary data before initiating large scale data collection. A focus group is the most popular method of conducting exploratory research. Focus group interviews are loosely structured interviews of six to ten people who give their comments & reflections on the symptoms & why part of the problem so that the researcher can draw inferences from their responses to build program. Researcher tries to develop a set of research objectives in a well structured manner , so that it will serve as a guideline for further research. The end stage of any research objectives is a formation of hypothesis. Hypothesis is an unproven proposition of a possible solution to a marketing problem.

Developing marketing research plan : 

Developing marketing research plan The research design is a master plan that helps in the identification of specific techniques & procedures that will be used to collect &analyse data about a problem. Research design provides the glue that holds the research project together. A design is used to structure the research, to show how all of the major parts of the research project -- the samples or groups, measures, treatments or programs, and methods of assignment -- work together to try to address the central research questions.

Basic Research Objectives and Research Design : 

Basic Research Objectives and Research Design

Types of data : 

Types of data

Primary Data : 

Primary Data Primary data is not available in any report or formatted sources. It is collected from the respondents directly for the purpose of a specific research. Primary data can be collected by census, survey, observation & experimental sources . Census – data collected from all the members of population. Survey – data is collected systematically from a representative sample of population. The data is collected by contacting respondents through telephone, mail, e-mail, or through personal contact method. Observation – it is a process of taking note of occurrence. This method is used in learning the how part of behaviour. Observation methods can be mechanical, natural or contrived , personal . Observation by individual observers is a personal observation , when mechanical devices like cameras are used it is called mechanical observation. When the process of taking observation happens naturally it is called natural observation , when the observations are taken under environment artificially set up by the researcher it is called contrived observation.

Sources of secondary data : 

Sources of secondary data

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Marketing researcher conducts experiments to discover cause &effect relationships. An experiment allows a researcher to change variable inputs &then measure its effect on the dependent variable under controlled environment. The next step is to decide on the size &method of sampling for undertaking the desired research. A sample is a portion or subset of a larger population. There are three decisions involved with sampling . Who is to be sampled? What should be the sample size? How should sample be selected?

METHODS OF SAMPLING : 

METHODS OF SAMPLING

DESIGNING MARKETING RESEARCH STRATEGY : 

DESIGNING MARKETING RESEARCH STRATEGY A marketing researcher should design the research strategy in accordance with the requirements of the problem. A research strategy covers issues like the cost structure for the research, the time &scheduling for the research & the nature of the contact method like personal contact, over mail, e- mail, , telephone , etc. example – toothpaste

Collection of Data : 

Collection of Data Marketing researcher has to make the plan for collecting secondary data, primary data or both . Primary data can be collected through experiments or survey. The market researcher designs a series of interrelated & logically drawn questions pertaining to the research , which is known as a questionnaire. Questions can be close ended or & open-ended.

Analysis of Collected Data : 

Analysis of Collected Data Data collected from various sources are processed. The data collected is edited &refined to remove the irrelevant information. The refined &edited responses are categorized & coded for the purpose of analysis. The researcher has two sets of data such as qualitative data & quantitative data. Qualitative data analysis can be done by drawing inferences from the responses or by conducting content analysis. Quantitative data analysis is classified by evaluating how many variables are to be measured.

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