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Introduction - Marketing Research

  2. MARKETING  Planning and Execution regarding the 4Ps.  Creating Exchange  Satisfying consumer needs as well as organizational objectives.
  3. RESEARCH  “Creative and systematic work undertaken to increase the stock of knowledge, including knowledge of humans, culture and society, and the use of this stock of knowledge to devise new applications.“  It is used to establish or confirm facts, reaffirm the results of previous work, solve new or existing problems, support theorems, or develop new theories.
  4. ACRONYMS  R ecognition of information needs  E ffective decision making  S ystematic and Objective  E xude or disseminate information  A nalysis of information  R ecommendations of action  C ollection of information  H elpful to managers
  5. MARKETING RESEARCH  To obtain information about the preferences, opinions, habits, trends, and plans of potential customers.  The systematic gathering, recording, and analysis of data about issues relating to marketing products and services.
  6. It is a technique to know:  Who are customers of our products or services?  Where do they live?  When and how do they buy the product and services?  Are customers of our products satisfied with the products?  Who are our main competitors in the market?  Are the company’s products inferior or superior to competitors’ products?  What policies and strategies are they following?
  7. NEED OF MARKETING RESEARCH  To undertake marketing effectively  Changes in technology  Changes in consumer tastes  Market demand  Changes in the product ranges of competitors  Changes in economic conditions  Distribution channels
  8. Marketing research is related to……………… a) Finance process b) Marketing Process c) Business Process d) None of the above Marketing research is the function that links the ___________ to the marketer through information---information used to identify and define marketing opportunities and problems; to generate, refine and evaluate marketing actions; to monitor marketing performance; and to improve understanding of the marketing process. a) Marketer, agent and retailer b) Demander, buyer and user c) Specifier, influencer and user d) Consumer, customer and public ________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. a) The marketing information system b) Marketing intelligence c) Marketing research d) Competitive intelligence Brush up Time
  9. PROBLEM-SOLVING RESEARCH Segmentation Research 1. Determine the basis of segmentation 2. Establish market potential and responsiveness for various segments 3. Select target markets 4. Create lifestyle profiles: demography, media, and product image characteristics Product Research 1. Test concept 2. Determine optimal product design 3. Package tests 4. Product modification 5. Brand positioning and repositioning 6. Test marketing 7. Control store tests
  10. PROBLEM-SOLVING RESEARCH  Pricing Research 1. Pricing policies 2. Importance of price in brand selection 3. Product line pricing 4. Price elasticity of demand 5. Initiating and responding to price changes  Promotional Research 1. Optimal promotional budget 2. Sales promotion relationship 3. Optimal promotional mix 4. Copy decisions 5. Media decisions 6. Creative advertising testing 7. Evaluation of advertising effectiveness
  11. PROBLEM-SOLVING RESEARCH Distribution Research 1. Types of distribution 2. Attitudes of channel members 3. Intensity of wholesale & retail coverage 4. Channel margins 5. Location of retail and wholesale outlets
  12. 6 -Steps Process 1. Definition of the problem being studied upon. 2. Determining what approach to take, 3. Formulation of research design, 4. Field work entailed, 5. Data preparation and analysis, 6. Generation of reports, how to present these reports.
  13. NATURE / CHARACTERISTICS  Marketing research has a wide scope  Systematic, scientific and objective  Continuous and dynamic process  Tool for decision making  Benefits to the company and consumers  Similar to military intelligence  Applied research  Closely connected with marketing information system (MIS)  Reduces the gap between producers and consumers  Use different methods  Limitations  Importance to accurate data collection & critical analysis
  14. 7 CHARACTERISTICS OF A GOOD MARKETING RESEARCH 1. Scientific Method : Research should use principles of scientific methods ;careful observation, formulation of hypothesis, prediction and testing 2. Research Creativity : Research should develop innovative ways to solve a problem 3. Multiple Methods : Try to use 2 or 3 methods for getting more confidence and more accurate result 4. Interdependence of models and data : Researchers recognize that data are interpreted from underlying models that guide the type of information sought 5. Value and Cost of Information : Estimation of cost and value, it is easier to determine cost but value is harder, it depends on the reliability and validity of information 6. Healthy Skepticism : Researcher shows a healthy skepticism towards glib assumptions made by managers 7. Ethical Marketing : Marketing research benefits both the sponsoring company and its customers
  15. SCOPE
  16. PURPOSE OF MARKETING RESEARCH  The purpose of marketing research (MR) is to provide management with relevant, accurate, reliable, valid, and up to date market information.  Gain a more detailed understanding of consumers’ needs: e.g., views on products’ prices, packaging, recent advertising campaigns  Reduce the risk of product/business failure: a. There is no guarantee that any new idea will be a commercial success b. Can help to achieve commercial success  Forecast future trends: a. It can also be used to anticipate future customer needs
  17. OBJECTIVE OF MARKETING RESEARCH 1. Minimizing Cost 2. Controlling 3. Formulation of policies 4. Cover the business risk 5. Guiding the manufacturers 6. To know the demographics and psychographics of customer 7. To find out the impact of promotional efforts 8. To know customer response to a new product 9. To forecast sale 10. To anticipate competitive moves
  18. STRUCTURE OF MARKETING RESEARCH INDUSTRY Clients Marketers Media Retailers/ Wholesalers Govt./ University Suppliers Syndicated Research Custom Research Limited Function Data Analysis Suppliers Service Firms Field Service Firms Sampling firms
  19. Careers in Marketing Research  Career opportunities are available with marketing research firms (e.g., AC Nielsen, Burke, Inc., M/A/R/C)  Careers in business and non-business firms and agencies with in-house marketing research departments (e.g., Procter & Gamble, Coca-Cola, AT & T, the Federal Trade Commission, United States Census Bureau)  Advertising agencies (e.g., BBDO International, Ogilvy & Mather, J. Walter Thompson, Young & Rubicam)  Positions: vice president of marketing research, research director, assistant director of research, project manager, field work director, statistician/data processing specialist, senior analyst, analyst, junior analyst, and operational supervisor.
  20. ADVANTAGES OF MARKETING RESEARCH 1. Indicates current market trends 2. Pinpoints deficiencies in marketing policies 3. Explains customer resistance 4. Suggests sales promotion techniques 5. Guidance to marketing executives 6. Selection and training of sales force 7. Facilitates business expansion 8. Suggests marketing opportunities 9. Suggests distribution channels 10. Provides marketing information
  21. LIMITATIONS OF MARKETING RESEARCH 1. Offers suggestions and not decisions 2. Fails to predict accurately 3. Cannot study all marketing problems 4. Time-consuming activity 5. Costly/expensive activity 6. Dearth of qualified staff 7. Limitations of data used 8. Vague Result
  22. Brush up time Q. Which of the following are the Benefits of Market Research? a) Tapping Opportunities b) Encouraging Communication c) Minimization of the risks d) Find out possible problems e) All the above
  23. Brush up time Q. Select the mistakes to avoid when doing market research: a) Doing only primary market research or secondary market research b) Using only the web for research c) Limited Vision d) Not being able to identify your target audience e) Not giving consumers an incentive to communicate with you f) A, B & C only g) All the Above
  24. Marketing Information System (MKIS)  A marketing information system is a management information system (MIS) designed to support marketing decision making.  Jobber defines it as a "system in which marketing data is formally gathered, stored, analyzed and distributed to managers in accordance with their informational needs on a regular basis.
  25. Decision Support System (DSS)  A decision support system is an information system that supports business or organizational decision-making activities.