marketing xlri notes
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Brief of Course Outline
Decision making will be learnt in the course Visualization is through identifying the research problem Analysis is through data collection and data analysis Solution is how the participants are translating the analysis into
decision.
Decision making will be evaluated through courseembedded Case Analysis.
Grading will be as per institute norms.
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Business Research
To provide thoroughunderstanding of the researchprocess
To provide a well-structuredmethod in carrying outresearch investigation
To familiarize with majortechnique
Objective ofcourse
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What are different examples of research?
Why should we conduct research?
Business research provides information to guidebusiness decisions
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Research
Reduces risk in decision makingLets move away from making decisions based on anecdotalevidence (i.e., information or casual observation that is notbased on facts or careful study)
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Defining Business Research
Systematic and objective process of gathering,recording, and analyzing data for aid in makingbusiness decisions (Zikmund, 2007).
Systematic enquiry that provides information toguide managerial decisions (Cooper & Schindler, 2009) .
Process of determining, acquiring, analyzing,synthesizing, and disseminating relevant business data,information, and insights to decision makers in waysthat mobilize the organization to take appropriatebusiness actions that, in turn, maximize businessperformance
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Defining Research
The function which links the consumer, thecustomer, and public to the manager throughINFORMATION .
Used to identify & defineopportunities and problems
Generate, refine, & evaluateperformance
Monitor performance
Improve understanding of process
Information
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Defining Research
Research is the systematic & objectiveidentification
collection
analysis
Dissemination &
use of information
For improving decision making related to:
Identification & Solution of problems &opportunities in business
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Few pointers about Research
Research is all about finding something, the absence of which maydistort our ability to take informed decisions (Nwokah et al., 2009).
The ability to take an informed decision is generated through asystematic study that is conducted through various interrelatedstages.
All the steps in a research are interrelated and no independentactivity is launched without considering the decisions on the previousstages.
One has to really understand that, from problem identification to
presentation of findings,every step is interlinked and interrelated .
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Research Suppliers & Services
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LIMITED SERVICE
OtherServices
Technical& AnalyticalServices
Focus Groups& QualitativeServices
FieldServices
FULL SERVICE
SyndicateServices
CustomizedServices
InternetServices
RESEARCHSUPPLIERS
EXTERNALINTERNAL
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Research
ProblemIdentification ResearchTo help identify problems which
are not necessarily apparent on the surface& yet exist or are likely to arise in the future
Market Potential Research
Market Share ResearchMarket Characteristics ResearchSales Analysis ResearchForecasting ResearchBusiness Trends Research
Segmentation Research
Product ResearchPromotion ResearchDistribution Research
A Classification of Research
ProblemSolving Research
To help solve specific problems.
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Problem-Solving Research
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Segmentation Research
Determine the basis ofsegmentation
Establish market potential &responsiveness for varioussegments
Select target markets
Create lifestyle profiles:demography, media, &product image characteristics
Product Research
Test concept
Determine optimal productdesign
Package testsProduct modification
Brand positioning &repositioning
Test marketing
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Problem-Solving Research
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Pricing ResearchPricing policies
Importance of price in brandselection
Product line pricing
Price elasticity of demand
Initiating and responding toprice changes
0.00%
$ALE
Promotional ResearchOptimal promotional budget
Sales promotion relationship
Optimal promotional mix
Ad Copy decisions
Media decisions
Creative advertising testing
Evaluation of advertisingeffectiveness
Distribution ResearchTypes of distribution
Attitudes of channel membersIntensity of wholesale & resale coverageChannel marginsLocation of retail & wholesale outlets
Problem-Solving Research
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Research Process
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Steps of Research Process
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Step 1: Defining the Problem
Step 2: Developing an Approach to the Problem
Step 3: Formulating a Research Design
Step 4: Doing Field Work or Collecting Data
Step 5: Preparing and Analyzing Data
Step 6: Preparing and Presenting the Report
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Chain Restaurant Study
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He was working for a restaurantchain in town and wanted helpanalyzing the data he hadcollected while conducting amarketing research study.
One day I received a phonecall from a research analyst
who introduced himself as oneof our alumni
Chain Restaurant Study
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When we met, he presented me with a copy ofthe questionnaire and asked how he should
analyze the data.My first question to him was .
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Chain Restaurant Study
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Rather, the goal of data analysis is to
Provide Information related to
the Problem Components
When he lookedperplexed, I explainedthat data analysis is notan independent exercise.
Chain Restaurant Study
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I was surprised to learn that he did not have a clearunderstanding of the marketing research problem andthat a written definition did not exist. So before goingany further, I had to define the marketing researchproblem.
Once that was done, I found that much of thedata collected was not relevant to theproblem. In this sense, the whole study was a
waste of resources. A new study had to bedesigned and implemented to address theproblem defined.
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Problem Definition
The truly serious mistakes are made not as aresult of wrong answers but because of askingwrong questions
Peter Drucker
The most important step in research
Covers purpose of study, relevant backgroundinformation, information needed, and how it will beused in decision making
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Research: Stories
Failure Disney Land Europe (Paris) in 1992Coca Cola launch of new Coke in early 1980sSuccess of Starbuck in Japan in 1996
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Problem Definition Genesis
Drivers for problem formulation: Unaticipated change, basically in the environment of focal firm(suppliers, competitors, customers)
Planned change (estimation, effects, outcome)
Serendipity (random ideas or information)
Situation Narration by management
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Exercise before Problem Definition
1. Discussion with Decision maker
2. Discussion with Industry expert
3. Secondary Data
4. Qualitative Research
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Focusing on 3Cs Analysis
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Factors to be Considered inEnvironmental Context of the Problem
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Past Information & Forecasts
Resources & Constraints
Objectives
Buyer Behavior
Legal Environment
Economic Environment
Marketing & Technological Skills
Management Decision Problem(MDP)
A statement specifying the type of managerial actionrequired to solve the problem.
It asks what a decision maker needs to do. It is action oriented. It focuses on symptoms.
The problem facing the decision maker for whichthe research is intended to provide answers orinformation
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Research Problem(RP)
A statement specifying the type of information neededby the decision maker to help solve the managementdecision problem and how the information can beobtained efficiently and effectively.
It asks what information is needed & how it shouldbe obtained
Information oriented Focus on underlying cause
A statement of the decision problem into researchterms
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MDP Vs RP
MDP RP
Should a new product be To determine consumer preferencesintroduced? and purchase intentions for the
proposed new product.
Should the advertising To determine the effectivenesscampaign be changed? of the current advertising
campaign .
Should the price of the To determine the price elasticitybrand be increased? of demand and the impact on sales
and profits of various levelsof price changes.
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Problem Definition
MDP asks what Decision maker needs to do whereas,
RP asks what information is needed & how it canobtained effectively & efficiently
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Problem Definition
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Errors in Defining Problem
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CommonErrors
Problem Definition istoo Broad
Does Not Provideguidelines for SubsequentSteps
e.g., Improving the
Companys Image
Problem Definition istoo Narrow
May Miss Some ImportantComponents of the Problem
e.g. Changing Prices in
Response to a CompetitorsPrice Change.
Interest generated?