2_marketing research objectives & process

8/14/2019 2_marketing Research Objectives &Amp; Process

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Wednesday, 16September 2009

MARKETINGRESEARCH,PROF.P.BANERJEE

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MARKETING RESEARCH

An established input to a FirmsDecision-Making Process

Supplemented & enhanced

by

Computer & Telecom Technology

To get improved validity of

Data entry


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Marketing ResearchTo Repeat:

Marketing Research may also be

described as the Systematic andObjective Identification,Collection,Analysis, and

Dissemination of Information for the

purpose of assisting Management inDecision Making related to theidentification and solution of inproblems and opportunities in

Marketing


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MARKETING RESEARCH

AN OVERVIEWTo cover:

Marketing Research ObjectivesMarketing Research problems and developing anapproachMarketing Research SystemMarketing Research Process

Measuring Marketing ProductivityMIS & DSSForecasting & Demand MeasurementEthics in Marketing Research

Internet & Computer applications SPSS WindowsSummary


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MARKETING RESEARCH

Other Topics for Discussion:(Contd.)

Role of Marketing ResearchMarketing ResearchCharacteristics

Marketing Research Methods

Marketing Research ClassificationTypes of Marketing Research

B2B Marketing Research

International Marketing Research


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MARKETING RESEARCH

More Topics for Discussion:

Comparison with other form ofBusiness Research

MR in small businesses and non-

profit OrganizationCommonly used MR terms

Selecting Research supplier

Career in Marketing Research


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Marketing Research

To address the following points,

as well:

Constituents of good Marketing ResearchGood merits for measuring Marketing

ProductivityAssesment of ROI of Marketing

expenditureAccurate measurement & Demand

forecasting


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MARKETING

RESEARCH -

OBJECTIVES,SYSTEM& PROCESS


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Marketing Research ObjectivesTo interpret past performance

To plan future activities

Insight development through collection oftimely,accurate,actionable information about

customer, competition & brandsTo reengineer cost, quality, functionability,consumer acceptability & price

To improve Market Share !


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Marketing Research Objectives

To Write: Good Marketing Research Objectives :-Prior to choosing MR techniques to use

Develop

Clear Marketing Research ObjectivesGood MR Objectives are - a) Focused

b) SpecificThey are:

An Action Verb What you want to do

A Type of Finding What you will know, when you have done it


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Marketing Research ObjectivesSAMPLE VERB : SAMPLE FINDINGS..Identify: Problems, Opportunities, Criteria

Define: Concepts, Requirements

Describe: Processes, Usages, Environments

Explore: Perceptions, Reactions

Generates:Ideas, Hypotheses, Alternatives, Explanations

Evaluate: Feasibility, Attractiveness, Support

Select: Theme, Service, Product, Concept, Ad.Test: Assumptions, Preferences


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Marketing Research ObjectivesSAMPLE VERB : SAMPLE FINDINGS..

Measure: Size, Growth, Frequency

Prioritize: Market segments, Needs, Opportunities

Monitor: Trends, Competitions

Track: Awareness, Satisfaction


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Marketing Research

It is often partitioned into two sets of

categorical pairs, either by TargetMarket:

Consumer Marketing

ResearchBusiness-to-Business(B2B)

Marketing Research


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Consumer Marketing ResearchA.C.Nielson Company in 1923

Arthur Nielson was the founder of aboveCo. and originator of the field of ConsumerMarketing Research as a Statistical

Science.Consumer Marketing Research is a form of

applied Sociology that concentrates onunderstanding the preferences,attitudes &behaviors of Consumers in a Market-based

economy, and it aims to understand the

effects and comparitive success ofMarketing Campaigns.


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A MARKET ORIENTED

COMPANY SHOULD ASK FIVEQUESTIONS

Do we routinely research Customers behavior(retention,

acquisition, usage etc.)& why Consumers behave thatway (awareness, satisfaction, perceived quality etc.)

MIS -> routinely reporting to the Board in formatintegrated with financial marketing matrix

Report results are compared with the levels previouslyforecasted in the business plan.

Levels are compared with the levels achieved by the key

Competitors by the same Indicators. Adjustment of the short-term performances.


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TOTAL MARKETING EFFORT

(Relocation of Firms Activities)

MARKETING RESEARCHTHROUGH CONCERTED

EFFORT OF

CUSTOMER NEED

MARKET POTENTIAL

HOW TO ADVERTISE


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Marketing Research:THE GOAL:

The Goal of Marketing Researchis to identify and assess how

changing elements of theMarketing Mix impact

Customer Behavior.


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Marketing Research:Marketing Mix:

Marketing Mix is probably the most famous Marketingterm.

Its elements are the basic, tactical components of amarketing Plan.

Elements are also known as 4Ps.Price

PlaceProductPromotion

Recently a 5th P is added

People


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Marketing Research

It is also partitioned into two sets of

categorical pairs, by methodicalapproach:

Qualitative Marketing

ResearchQuantitative Marketing

Research


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Marketing Research

To Remember:

Marketers also need to make

The best possible

Technical Decision in theshort run

Strategic Decision in the longrun


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Marketing Research in Strategic

Decision MakingTasks to find:

Market Potential Market Share

Sales

Business trends

Competition

To establish SalesForecast

To Analyze

To Plan To Implement

To Control

Marketing Strategy. To gather

To organize

To analyzeInformation,Data,Marketreport.


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Strategic Decision MakingDepends on:

Knowledge about Market Potential

Customer Segments

Other forces in the Organizations internaland external environment


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Industrial Marketing

Research:Consideration Criteria Technical Orientation

Concentrated Access to Information

Survey Technique

Respondent Cooperation


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Importance of Market ResearchA recent Study:

To improve, grow, turn-around, diverse,inculcate new products out of more than400 Industrial Firms, 70% use MarketResearch.


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Marketing research:Industrial

vs. Consumer Apply in Both

But Methodology is different

In Industrial Marketing it is based on:

Industrial Marketing Environment Nature of Organizational Buying &

Behavior


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Marketing Research SystemSystem means systematic approach of

commissioning formal marketing studies ofspecific problems and opportunities Roleof Marketing Managers

May request: A Market Survey

A Product-Preference Test

A Sales Forecast by Region

An Advertising Evaluation


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Marketing Research SystemJob of Market Researchers

To produce Insight of Customers Attitude andBuying Behavior. Marketing Insights provide diagnostic

information about how and why we observe

certain effects in the Market place. What that means to Marketers? We define repeatedly Marketing Research as

the systematic design, collection, analysis, andreporting of data and finding relevant to aspecific Marketing situation facing the Company.


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Marketing Research Process Marketing Research is undertaken to

gather reliable marketing information tofacilitate Planning & Control

Value of the result depends on Design &Implementation of research Method.


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Marketing Research Process

Defining theProblem &Researchobjectives

Developingthe

Information

sources Collectingthe

Information Analyzingthe

Information Presentingthe

Findings


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Data Soures:Market researchPrimary Data(to aid

decision makingrelating to any

specific problem of an

Industry) Sources: Through Surveys

Structured and/or

unstructured

Secondary data(thatalready exist ingeneral,not having beenprepared for any specificproblem) Sources:

Census of manufacturers Sales and Marketing

Managements Survey

Standard IndustrialClassification(SIC)Manual


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Best wishes,

Good Luck

&Thank you

Prof. P.Banerjee

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