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marketing research
This is a research report on
marketing research
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Swati Agarwal
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Business Marketing
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3302 views, 0 comments, Last Update: Jul 29, 2012.
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Acknowledgement
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This project is a result of co-operation, hard work and good wishes of many people. We would like to thank Mrs. Rupal Shroff our project guide, for her involvement and timely assessment which
provided inspiration and her valued guidance throughout my
study on this subject. I am also thankful to all seen and unseen hand and heads which helped in direct and indirect completion of the project.
What is Research ?????
Research is the process of gathering, Recording and analyzing of critical and relevant facts about any problem in any branch of human activity.
Marketing Research
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As per the American marketing Association, Marketing Research ”is the systematic gathering, recording & analysis of data about problem, relating the marketing of goods & services.”
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Market research is only 1 branch of market information system. It is primarily concern with investigation, analysis and measurement of market Demand. It includes the study & analysis of following items:-
1. Size of Market. 2. Geographical location of customers. 3. Market segmentation on basis of? Age ? Sex ? Income ? Education ? Nationality ? Std. of living
Cntd..
4. 5. 6. 7. 8. 9. Demographic description of customer. Analysis of market demand. Consumer needs, habits & Behavior. Dealer wants & preferences. Degree of competition. Market trend.
Features of Marketing Research
Systematic and continuous process. ? Wide in scope application. ? Emphasises on accurate data collection and critical analysis. ? Reduces the gap between the producers and consumers ? Offers benefits to sponsoring company and consumer
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Features of Marketing Research
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Commercial equivalent of military intelligence Tool for managerial decisions Applied type of research Scientific approach
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Purpose of research
It is not at all unusual for marketing managers to neglect to tell the researcher the precise purpose of the research. They often do not appreciate the need to do so. Instead, they simply state what they think they need to know. Unless the purpose of the research is stated in unambiguous terms it is difficult for the marketing researcher to translate the decision-maker's problem into a research problem and study design.
Role of MR
Define the marketing problem Enumerate the controllable and uncontrollable decision factors
Collect relevant information
Identify the best alternative Develop and implement a marketing plan
Evaluate the decision and the decision process
IMPORTANCE OF MARKETING RESEARCH AND OBJECTIVES
IMPORTANCE OF MARKETING RESEARCH
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Market Research reduces the Communication Gap between the Producer and Consumer. Change alone is Constant. Change is the essence of life. Change is the common denominator in Planning, Organizing, Motivating and Controlling marketing activity. Marketing Research enables Management to anticipate, meet and adapt changes and creativity and accelerate condition of change, particularly in consumer demand. Marketing Research provides First Hand Knowledge of Consumers and Changes in the Pattern of Demand. Emergence of Buyer’s Market and Increasing Competition demanded
IMPORTANCE OF MARKETING RESEARCH
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Continuous need of Marketing Research for – To ensure Maximum Consumer Satisfaction. Repeat Purchases and to lay down Appropriate Marketing Strategies to meet Competition, to Survive and Grow in a Competitive Market. Marketing Research becomes an invaluable management tool to formulate Accurate and Realistic plans and programs of Marketing Advertising and Sale Promotion based on realistic information of Consumer DemandChanging Tastes, Preferences, Whims, Fancies etc.
IMPORTANCE OF MARKETING RESEARCH.
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Marketing Research can ensure quick way to profit. It serves the customers in the ways in which he/she wants to be served. Marketing Research can solve the problem of catching up with new developments brought about unprecedented growth of science and technology.
OBJECTIVES OF MARKETING RESEARCH
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Marketing Research is used in the formulation of all Marketing Plans, Policies, Programs and Procedures. It is employed for Control and Evaluation of these Plans, Policies, etc. when they are brought into practice. It is used in Reducing and Minimizing all Marketing Costs, particularly Selling, Advertising ,Promotion and Distribution Costs. Marketing Problems demanding Best Solution through Marketing Research can be classified under 3 Major Heads:
OBJECTIVES OF MARKETING RESEARCH
a.
b. c.
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Problem relating to the product itself; product including BRANDING, PACKAGING and LABELLING and SERVICES. Problems relating to Consumer Markets Problems relating to each phase of the entire Marketing Process. Programs of Marketing Research incidentally provides Insurance Cover for the Survival and Growth of the business in a Dynamic Economy.
OBJECTIVES OF MARKETING RESEARCH
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Marketing Management through Marketing Research can bring about the sale of Right Product through Right Channels to Right Customers at Right Places and at Right Prices by evolving Right Plans, Policies & Programs with the help of Right Personnel. to enable Manufacturers to make Goods Acceptable and Saleable and to see that they reach the market Easily, Quickly, Cheaply & Profitably without sacrificing Consumer Interest.
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WHAT A MARKET RESEARCH CAN DO FOR BUSINESS?
THERE ARE SIX FAITHFUL SERVICEMEN AT THE DISPOSAL OF MARKET RESEARCHERS. 1. WHAT?- What is the product?- Product Research 2. WHO? - Who are the buyer?- Consumer Research 3. WHY ? - Why do they buy?- Motivation Research 4. HOW? - How do they buy?- Research in Buying Habits 5. WHEN? - When do they buy? and Channels of 6. WHERE?- Where do they buy? Distribution.
PROCESS OF RESEARCH DESIGN
RESEARCH DESIGN
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Research design is a set of advance decisions that make up the master plan specifying the methods and procedures for collecting and analyzing the needed information.
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Every design has negative as well as positive sides.
The research design has been considered as a "blueprint" for research, dealing with at least four problems: what questions to study, what data are relevant, what data to collect, and how to analyze the results.
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TYPES OF RESEARCH DESIGN
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EXPLORATORY RESEARCH DESIGN CASUAL RESEARCH DESIGN DESCRIPTIVE RESEARCH DESIGN
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Exploratory design
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Exploratory design It is unstructured, informal research undertaken to gain background information about the general nature of the research problem. This research is used principally to gain a deeper understanding of something. The design is far more flexible and dynamic than that of descriptive research. Example For example, just because we know that 3G phones exist, it doesn’t necessarily mean that we understand how they work. This research help to understand how the phone work in a better way.
DESCRIPTIVE DESIGN
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Descriptive research It is known as statistical research, describes data and characteristics about the population or phenomenon being studied. This research answers the questions who, what, where, when and how... This research deals with everything that can be counted and studied. ExampleFinding the most frequent disease that affects the children of a town. The reader of the research will know what to do to prevent that disease thus, more people will live a healthy life.
CASUAL DESIGN
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The research is used to measure what impact a specific change will have on existing norms and allows market researchers to predict hypothetical scenarios upon which a company can base its business plan.
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This research is a way of seeing how actions now will affect a business in the future.
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Example
If a clothing company currently sells blue denim
jeans, causal research can measure the impact of the company changing the product design to the
color white.
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Following the research, company bosses will be able to decide whether changing the color of the jeans to white would be profitable.
Areas covered by Marketing Research
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Research in product development and planning. Research in Brand and Package Design. Planning and evaluation of advertising ---- copy and media research. Research in physical distribution and distribution cost---- transport, storage and insurance. Planning of various sale promotion device. Research in channel choice. Consumer Research to get information on:1. consumer needs, wants and preferences, 2.buying motive and buying behavior, 3.change in demand, 4.linking need and brand name. Market Research to get information on:1. Market demand, 2.Market competition, 3.Market share, and 4.market trend.
?Policy Research:1.Sales policy, 2.Advertisement policy, 3.Sales promotion policy, 4.Inventory policy, 5.credit policy, 6.After-sale-service policy. ?Research on growth and development of business. ?International Marketing Research. ?Research opportunities in relation to problem-solving are:1.What shall we sell? 2.From who shall we buy? 3.What should be the price? 4.What types of distributors and how many of each type shall we use?
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