Marketing Research
Meaning of Marketing Research and Types of research
Ms Shalini Dixit
Why Marketing research is essential to business success?
Decisions taken by managers are based on intuitions and foresight. Risk involved? Researching, Gathering Intelligence on customers, Competitors. Risk involved?
Marketing Research is the intelligence-gathering function in business.
Intelligence includes information about customers, competitors, economic trends, employees, and factors that govern marketing
success.
Marketing research is used by all kinds of organization, such as Boeing, NBC, Toyota, and fast food restaurants (Mc Donalds).
Definition of Marketing Research
Marketing Research is the systematic and objective identification, collection, analysis, dissemination, and use of information for the purpose of improving decision making related to the identification and solution of problems and opportunities in marketing. Marketing Research is the application of scientific method in searching
for truth about marketing phenomenon.
Research must be systematic. Must be objective to avoid effects of personal bias Rigorous process
Purposes of Marketing Research
Identify changes in the existing market Build up a knowledge bank
Improve market awareness & opportunities
Reduce risk and uncertainty Support marketing mix decisions Support marketing planning and controls
Improve understanding of marketing
Solve ad hoc problems
Marketing and Market Research
Marketing research - is the gathering of information on all activities of marketing
Market research - is the gathering of information on a particular market for a product or service Marketing research has a wider scope than market research
Types of research information
Product research covers information about the proposed/improved product: -competing products -customer acceptance -test marketing of potential new users
Price research - customer perception of price/quality/value -profit margin
Distribution research -location & design of distribution centre -costs of transportation/storage
Types of research information
Market research - information about the market for a given product/service - likely demand -market characteristics & trends -market share Promotion research -effects of advertising on sales -effectiveness of promotion methods/media; sales areas
Qualitative V Quantitative Research
Qualitative research -seeks in-depth, open-ended and unquantifiable information describing opinions, values etc, rather than sizes and amounts in numerical form Quantitative research -seeks structured responses that can be quantified in numerical form rather than general, openended information
Classification of Marketing Research
Marketing Research
Problem Identification Research
Problem Solving Research
Market Potential Research Market Share Research Image Research Market Characteristics Research Sales Analysis Research Forecasting Research Business Trends Research
Segmentation Research Product Research Pricing Research Promotion Research Distribution Research
Marketing Research Process
PROBLEM DEFINITION DEVELOPMENT AN APPROACH TO A PROBLEM
RESEARCH DESIGN FORMULATION
FIELDWORK FOR DATA COLLECTION
DATA PREPERATION AND ANALYSIS
REPORT PREPERATION and PRESENTATION
Types of data
Primary data -information or statistics observed and recorded or collected directly from respondents for the first time during a marketing research study
Primary information provides information of current needs but is expensive and time consuming
Primary research methods (direct from source)
Observation
Questionnaire
Consumer panels & Trade/retail audits Pre-testing Post-testing
Key concept in assessing the quality of research.
Validity: refers to how well a research design(and the research method and the measures or questions used) measure what it claims to measure.
Reliability : refers to the consistency of research results. In other words, if we repeat the research, or if a different interviewer undertake the fieldwork, will we get the same result
Representativeness
