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Marketing Research

Marketing Research

Discuss Marketing Research within the Marketing Research ( MR ) forums, part of the PUBLISH / UPLOAD PROJECT OR DOWNLOAD REFERENCE PROJECT category; MR is a systematic problem analysis , model building & fact finding for the purpose of improved decision making & ...

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Marketing Research
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Marketing Research - September 6th, 2010

MR is a systematic problem analysis , model building & fact finding for the purpose of improved decision making & control in the marketing of goods & services.


Role of MR
  • To study needs ,wants & expectation of the consumers.

  • To find out feedback about the product & co.

  • To evaluate cos. Sales promotion measures & activities.

  • To find out current marketing problem & opportunities.

  • To study market condition while launching new product into the market.

  • To find out competitors product response.

  • It works as a tool for decision making.

  • Reduces the gap between producer & consumer- MR is an essential element of competitive marketing .

  • It suggests alternative solution to the marketer.

  • Helps focus attention on objectives

  • Aids forecasting, planning and strategic development.

  • May help to reduce risk of new product development.

  • Communicates image, vision of the co.

  • Indicates current market trends

  • Facilitates training & selection of the sales force.

  • Facilitates business expansion.

  • It helps to find out new distribution channel.


Drawbacks of MR

  • Information only as good as the methodology used
  • Can be inaccurate or unreliable

  • Results may not be what the business wants to hear

  • It offers suggestion & not decision

  • Information collected may be or may not be applicable – its human tendency to change.

  • Application & utility of information depend upon the economic & political condition of the country.

  • It cannot study all marketing problem- recession effects on buying decision or women do more shopping then men.

  • Collection of information & application of the conclusion has time limit.

  • Costly affair – increase in time , labor, decision cost.

  • Problem developed due to changing marketing environment cannot be solved quickly.

  • Expert & loyal staff – it requires expert & loyal staff which is difficult to get.



Identifying & defining marketing problem
  • To find out marketing problem – customer preference , needs , wants of the consumer.

  • Income level of the customer & economic condition of the market.

  • Introduction the new product in the market.

  • Competitors product consumer response.

  • To start MR process its important to know & identify market problem.



Determining research objective (hypothesis)
  • Researcher has to formulate hypothesis to fit the problem under investigation.

  • It is important to work under the hypothesis.

  • Launch of the new product in particular market – Hypothesis – market condition like income level of the consumer is good , suitable to the needs of the area , no competitors product are available.


  • Once it is decoded gives clear direction to the research process


Creating research design
  • It is master plan to conduct of actual research investigation.

  • What is the nature & purpose of study

  • Type of data required

  • Finds required for the research

  • Exploratory research

  • Descriptive research

  • Casual research


Designing questionnaire
  • For collecting data suitable questionnaire should be design.

  • What – exact answer

  • Why – explanatory answer , can find out likes & dislikes.

  • How – process oriented , way to reach the target

  • Who – exact source

  • Options giving question – giving options in the question income level – 1 lac. To 2 lac pa , 5 lac to 10 lac pa ?


Selecting sampling procedure
  • For data collection a representative of the total universe.

  • Random sampling – selection of group of people from the market as representative of the full market.

  • Researcher cannot take full universe for data collection.

  • Mix of all type of people – income, education, test etc.


Collecting data
Collection data can be done by –
  • Mail survey

  • Telephone survey

  • Personal interview

  • Consumer panel

  • Observation method

  • Sample testing

  • It may be primary data - Company Accounts ,Internal Reports and Analysis ,Stock Analysis, Retail data - loyalty cards, till data, etc


Organizing analyzing & interpreting data
  • Information collected through above sources should be organize in proper manner.

  • Interpretation data which is collected under electronic format .

  • This will help to establish relation between problem & information collected.

  • Conclusion of the research is depend upon how the researcher interprets the data


Preparation of research report

A research report contains the following detail-
  • Title of the report

  • Synopsis

  • Introduction

  • Methodology used

  • Findings

  • Conclusion

  • Recommendation

  • Summary

  • bibliography

Follow up step

I
  • t is step when the recommendation will be tested & feedback will be given to the research team.

  • This step should be controlled effectively so as to have positive results in the course time.

  • It is a decision making process in which hypothesis plays an important role


Methods of data collection

Telephone survey
  • use of interviewers encourages sample persons to respond, leading to higher response rates.

  • fairly cost efficient, depending on local call charge structure

  • good for large national (or international)

  • some potential for interviewer bias

  • cannot be used for non-audio information (graphics, demonstrations, taste/smell samples)

  • unreliable for consumer surveys in rural areas where telephone penetration is low

Mail survey
  • the questionnaire may be handed to the respondents or mailed to them, but in all cases they are returned to the researcher via mail.

  • cost is very low

  • long time delays, often several months, before the surveys are returned and statistical analysis can begin

  • not suitable for issues that may require clarification

  • respondents can answer at their own convenience (allowing them to break up long surveys; also useful if they need to check records to answer a question)

  • no interviewer bias introduced

  • large amount of information can be obtained: some mail surveys are as long as 50 pages


Personal interview
  • Face to face interaction between two people

  • Recording of the answer or writing of the answer on paper

  • Facial expression can observe in the interview

  • Oldest technique of data collection

  • Detailed information is available.

  • Sequence , addition or deletion of the question is possible

  • It’s a costly time consuming method of data collection

  • May be affected by personal bias

  • Answer may be given to please the interviewer.


Consumer panels

  • It is a group of consumers selected for the purpose of survey / research work.

  • Group of consumer is on the basis of age, economic status , believes , social background.
  • Panel may ask to give opinion every now & then.

  • Easy to tap the panel

  • Easy to record the reaction & answer

  • Some time repetitive answers & feedback


Observation method
  • Observation of behavior of the customer at the market place.

  • Purchase behavior & post purchase behavior can be observed.

  • Video cameras are used to tab the reaction & facial reaction the customer along with the comment.

  • It requires trained people to interpret the body language & observation



Applications of marketing research

  • Consumer profile – this research is applicable to find out responses towards the launch of new product.

  • To find reasons for dissatisfaction level of the consumer.

  • To find out buying influences of the customer.

  • Studying customer taste , reactions & brand preference.

  • To find out changes needed in the existing product, for developing the product.

  • Customer satisfaction study.

  • Shift in consumption pattern


Research on market
  • Study market size , potential, market growth.

  • To study market segment before launching the new product.

  • To study overall business trends in the market.

  • To find out distribution channels available in the market.


Market share analysis.
  • Product, price, promotion, place research

  • Testing of new product.

  • Study on service requirements

  • Brand tracking study competitive position of the product.

  • Product development strategies.

  • Decision of making or enhancing product.

  • Study of packing, design , attractive packing material.

  • Price charging for new product

  • Pricing strategy for rural, urban market

  • Discounts, offers, free( buy one get one free) on the product etc.

  • Media research , ad campaigns, sales promotional measures

  • Selecting cheap but effective media according to market condition.

  • Distribution channels search.

  • Finding out different mode of transportation.

  • Safe & convenient place for storage.

  • Finding out effective dealers, retailers chain for rural as well as urban market.
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