Mar

keti
ngTheory&Pracct
ice(
5005)
Semester
:Aut
umn2020

ASSI
GNMENTNo.1

Q.
No.01. Di scussthei
mportanceandscopeofmarket
ing.Al
sol
istanddescr
ibe
t
hetentypesofent
it
iesmar
ket
edbymar ket
ingpeopl
e.

Thescopeofmar
ket
ingi
sdet
ermi
nedbyt
hemar
ket
ingof
fer
ingofanor
gani
zat
ion.
Mar
ketof
fer
ingi
sacombi
nat
ionofgoods,
ser
vices,
ideas,
per
sons,
places,
inf
ormat
ion,
et
c.of
fer
edt
oamar
kett
osat
isf
yspeci
fi
cneedsandwant
sofpeopl
e.

Mar
ketof
fer
ingsar
enotl
i
mit
edt
ophy
sicalgoods.Theyal
soi
ncl
udeser
vicesl
i
ke
banki
ng,
airt
rav
el,
hot
elst
ay,
tour
ism,
etc.whi
char
enott
angi
blei
nnat
ureandcan’
tbe
ownedbyt
hebuy
ers.

Someoft
hemosti
mpor
tantscopeofmar
ket
ingar
easf
oll
ows:
1.Goods
2.Ser
vices
3.Ev
ent
s
4.Exper
iences
5.Per
sons
6.Pl
aces
7.Pr
oper
ti
es
8.Or
gani
zat
ions
9.I
nfor
mat
ion
10.I
dea.
Thescopeofmar
ket
ingdeal
swi
tht
hequest
ion,
‘whati
smar
ket
ed?
’Accor
dingt
oKot
ler
,
mar
ket
ingpeopl
ear
einv
olv
edwi
tht
ent
ypesofent
it
ies.
1.Goods:
Phy
sicalgoodsconst
it
utet
hemaj
orpar
tofacount
ry’
spr
oduct
ionandmar
ket
ingef
for
t.
Compani
es mar
ketbi
l
li
ons off
ood pr
oduct
s,and mi
l
li
ons ofcar
s,r
efr
iger
ator
s,
t
elev
isi
onandmachi
nes.

2.Ser
vices:
As economi
es adv
ance,a l
arge pr
opor
ti
on oft
hei
ract
ivi
ti
es i
sfocused on t
he
pr
o¬duct
ionofser
vices.Ser
vicesi
ncl
udet
hewor
kofai
rl
ines,hot
els,carr
ent
alf
ir
ms,
beaut
ici
ans,
sof
twar
epr
ogr
ammer
s,managementconsul
tant
s,andsoon.Manymar
ket
of
fer
ingsconsi
stofami
xofgoodsandser
vices.Forexampl
e,ar
est
aur
antof
fer
sbot
h
goodsandser
vices

3.Ev
ent
s:
Mar
ket
ers pr
omot
e ev
ent
s.Ev
ent
s can be t
rade shows,company anni
ver
sar
ies,
ent
ert
ainmentawar
dshows,l
ocalf
est
ival
s,heal
thcamps,andsoon.Forexampl
e,
gl
obalspor
ti
ngev
ent
ssuchast
heOl
ympi
csorCommonWeal
thGamesar
epr
omot
ed
aggr
essi
vel
ytobot
hcompani
esandf
ans.

4.Exper
iences:
Mar
ket
erscr
eat
eexper
iencesbyof
fer
ingami
xofbot
hgoodsandser
vices.Apr
oducti
s
pr
omot
ednotonl
ybycommuni
cat
ingf
eat
uresbutal
sobygi
vi
nguni
queandi
nter
est
ing
exper
iencest
ocust
omer
s.Forexampl
e,Mar
utiSx4comeswi
thBl
uet
oot
htechnol
ogyt
o
ensur
e connect
ivi
tywhi
l
e dr
ivi
ng;si
mil
arl
yresi
dent
ialt
ownshi
ps of
ferl
andscaped
gar
densandgami
ngzones.

5.Per
sons:
Duet
oar
isei
ntest
imoni
aladv
ert
isi
ng,cel
ebr
it
ymar
ket
inghasbecomeabusi
ness.Al
l
popul
arper
sonal
i
tiessuchasf
il
m st
ars,
TVar
ti
sts,
andspor
tsper
sonshav
eagent
sand
per
sonal
manager
s.Theyal
sot
ieupwi
thPRagenci
esf
orbet
termar
ket
ingofonesel
f
6.Pl
aces:
Ci
ti
es,st
ates,r
egi
ons,andcount
ri
escompet
etoat
tractt
our
ist
s.Today
,st
atesand
coun¬t
ri
esar
eal
somar
ket
ingpl
acest
ofact
ori
es,
compani
es,
newr
esi
dent
s,r
ealest
ate
agent
s,banksandbusi
nessassoci
ati
ons.Pl
acemar
ket
ersar
elar
gel
yreal
est
ateagent
s
andbui
l
der
s.Theyar
eusi
ngmegaev
ent
sandexhi
bit
ionst
omar
ketpl
aces.Thet
our
ism
mi
nist
ryi
sal
soaggr
essi
vel
ypr
omot
ingt
our
istspot
slocal
l
yandgl
obal
l
y.

7.Pr
oper
ti
es:
Pr
oper
ti
escanbecat
egor
izedasr
ealpr
oper
ti
esorf
inanci
alpr
oper
ti
es.Realpr
oper
tyi
s
t
heowner
shi
pofr
ealest
ates,wher
easf
inanci
alpr
oper
tyr
elat
est
ost
ocksandbonds.
Pr
oper
ti
esar
eboughtandsol
dthr
oughmar
ket
ing.

Mar
ket
ing enhances t
he need ofowner
shi
p and cr
eat
es possessi
on ut
il
it
y.Wi
th
i
mpr
ovi
ngi
ncomel
evel
sint
heeconomy
,peopl
ear
eseeki
ngbet
terway
sofsav
ing
money
.Fi
nanci
alandr
ealpr
oper
tymar
ket
ingneedt
obui
l
dtr
ustandconf
idenceat
hi
gherl
evel
s.

8.Or
gani
zat
ions:
Or
gani
zat
ionsact
ivel
ywor
ktobui
l
dimagei
nthemi
ndsoft
hei
rtar
getpubl
i
c.ThePR
depar
tmentpl
aysanact
iver
olei
nmar
ket
inganor
gani
zat
ion’
simage.Mar
ket
ersoft
he
ser
vicesneedt
obui
l
dthecor
por
atei
mage,asexchangeofser
vicesdoesnotr
esul
tin
t
heowner
¬shi
pofany
thi
ng.Theor
gani
zat
ion’
sgoodwi
l
lpr
omot
est
rustandr
eli
abi
l
ity
.
Theor
gani
zat
ion’
simageal
sohel
pst
hecompani
esi
nthesmoot
hint
roduct
ionofnew
pr
oduct
s.

9.I
nfor
mat
ion:

I
nfor
mat
ioncanbepr
oducedandmar
ket
ed asapr
oduct
.Educat
ionali
nst
it
uti
ons,
ency
clopedi
as,non-
fi
cti
on books,speci
ali
zed magazi
nes and newspaper
s mar
ket
i
nfor
mat
ion.Thepr
oduct
ion,packagi
ng,and di
str
ibut
ionofi
nfor
mat
ioni
samaj
or
i
ndust
ry.Medi
arev
olut
ionandi
ncr
easedl
i
ter
acyl
evel
shav
ewi
denedt
hescopeof
i
nfor
ma¬t
ionmar
ket
ing.
10.I
dea:
Ever
ymar ketof
fer
ing i
ncl
udes a basi
cidea.Pr
oduct
s and ser
vices ar
e used as
pl
atf
ormsf
ordel
i
ver
ingsomei
deaorbenef
it
.Soci
almar
ket
erswi
del
ypr
omot
eideas.
Mar
utiUdy
ogLi
mit
edpr
omot
edsaf
edr
ivi
nghabi
ts,needt
owearseatbel
ts,needt
o
pr
ohi
bitchi
l
drenf
rom si
tt
ingneart
hedr
iver
’sseat
,andsoon

Ref
erences:
htt
ps:/
/www.
yourar
ticl
eli
brar
y.com/mar
ket
ing/
mar
ket
ing-
scope-
top-
10-
impor
tant
-
scope-
of-
mar
keti
ng-expl
ained/32288
htt
ps:/
/www.
busi
nessmanagement
ideas.
com/
mar
ket
ing/
scope-
of-
mar
ket
ing-
7-maj
or-
scope-
of-
mar
keti
ng/
19727

Q.
No.02. How t he st
rategi
c planni
ng i
s carr
ied outa di
ff
erentl
evelofan
or
ganizat
ion?El
abor
atewit
ht hehel
pofexamples.

Whati
sSt
rat
egi
cPl
anni
ng?

St
rat
egi
cpl
anni
ngi
sthear
tofcr
eat
ingspeci
fi
cbusi
nessst
rat
egi
es,
impl
ement
ingt
hem,
andev
aluat
ingt
her
esul
tsofexecut
ingt
hepl
an,i
nregar
dtoacompany
’sov
eral
llong-
t
erm goal
sordesi
res.I
tisaconceptt
hatf
ocusesoni
ntegr
ati
ngv
ari
ousdepar
tment
s
(
suchas 
account
ing 
and 
fi
nance,
 
mar
ket
ing,
andhumanr
esour
ces)wi
thi
nacompanyt
o
accompl
i
shi
tsst
rat
egi
cgoal
s.Thet
erm st
rat
egi
cpl
anni
ngi
sessent
ial
l
ysy
nony
mous
wi
thst
rat
egi
cmanagement
.

Theconceptofst
rat
egi
cpl
anni
ngor
igi
nal
l
ybecamepopul
ari
nthe1950sand1960s,
andenj
oyedf
avori
nthecor
por
atewor
ldupunt
ilt
he1980s,wheni
tsomewhatf
ellout
off
avor
.Howev
er,
ent
husi
asm f
orst
rat
egi
cbusi
nesspl
anni
ngwasr
evi
vedi
nthe1990s
andst
rat
egi
cpl
anni
ngr
emai
nsr
elev
anti
nmoder
nbusi
ness.

St
rat
egi
cpl
anni
ngpr
ovi
dest
her
oadmapf
orsmal
lbusi
nessest
omov
efor
war
dtowar
d
t
heachi
evementoft
hei
rgoal
sandobj
ect
ivesand,
ult
imat
ely
,thei
rmi
ssi
onandv
isi
on.
Tobeef
fect
ive,st
rat
egi
cpl
anni
ngmustencompassal
llev
elsofor
gani
zat
ionwi
th
i
nvol
vementf
rom asmanyaspossi
bleandpr
act
icabl
e.I
naddi
ti
on,coor
dinat
ionof
pl
ansbet
weendepar
tment
s,di
vi
sionsand t
heor
gani
zat
ionasawhol
eisabest
pr
act
icei
nachi
evi
ngsuccess.

St
rat
egi
cPl
anni
ngPr
ocess

Thest
rat
egi
cpl
anni
ngpr
ocessr
equi
resconsi
der
abl
ethoughtandpl
anni
ngont
hepar
t
ofacompany
’supper
-l
evelmanagement
.Bef
oreset
tl
ingonapl
anofact
ionandt
hen
det
ermi
ninghowt
ost
rat
egi
cal
l
yimpl
ementi
t,execut
ivesmayconsi
dermanypossi
ble
opt
ions.I
ntheend,
acompany
’smanagementwi
l
l,hopef
ull
y,set
tl
eonast
rat
egyt
hati
s
mostl
i
kel
ytopr
oduceposi
ti
ver
esul
ts(
usual
l
ydef
inedasi
mpr
ovi
ngt
hecompany
’s
bot
tom l
i
ne)andt
hatcanbeexecut
edi
nacost
-ef
fi
cientmannerwi
thahi
ghl
i
kel
i
hood
ofsuccess,
whi
l
eav
oidi
ngunduef
inanci
alr
isk.

Al
lcor
por
ateheadquar
ter
sunder
take4Pl
anni
ngAct
ivi
ti
es:
1.Def
ini
ngt
hecor
por
atemi
ssi
on
2.Est
abl
i
shi
ngst
rat
egi
cbusi
nessuni
ts
3.Assi
gni
ngr
esour
cest
oeachst
rat
egi
cbusi
nessuni
t
4.Assessi
nggr
owt
hoppor
tuni
ti
es

1.Def
ini
ngt
heCor
por
ateMi
ssi
on
Mi
ssi
onst
atement
s-Ref
lect
sav
isi
on,anal
most“
impossi
bledr
eam”t
hatpr
ovi
des
di
rect
ionf
ort
henext10t
o20y
ear
s
Char
act
eri
sti
csofGoodMi
ssi
onSt
atement
sFocusonal
i
mit
ednumberofgoal
sSt
ress
t
hecompany
’smaj
orpol
i
ciesandv
aluesDef
inemaj
orcompet
it
ivespher
eswi
thi
nwhi
ch
t
hecompanywi
l
loper
ateTakeal
ong-
ter
mvi
ewAsshor
t,memor
abl
e,andmeani
ngf
ul
aspossi
ble
2.Est
abl
ishi
ngSt
rat
egi
cBusi
nessUni
ts
Si
ngl
ebusi
ness,orcol
l
ect
ionofr
elat
edbusi
nesses,t
hatcanbepl
annedsepar
atel
y
f
rom t
her
estoft
hecompanyHasi
tsownsetofcompet
it
orsHasmanagerr
esponsi
ble
f
orst
rat
egi
cpl
anni
ng&pr
ofi
tper
for
mance,whocont
rol
smostoft
hef
act
orsaf
fect
ing
pr
ofi
t

3.Assi
gni
ngResour
cest
oEachSBU
Deci
dehowt
oal
l
ocat
eresour
cest
oeachbusi
nessuni
t
4.Assessi
ngGr
owt
hOppor
tuni
ti
es
I
tcompr
isesofI
ntensi
veGr
owt
h,I
ntegr
ati
veGr
owt
h,Di
ver
sif
icat
ionGr
owt
h,Downsi
zi
ng
andDi
vest
ingOl
derBusi
ness
(
a)I
ntensi
veGr
owt
hRev
iewofoppor
tuni
ti
esf
ori
mpr
ovi
ngexi
sti
ngbusi
ness
(
b)I
ntegr
ati
veGr
owt
hCompanycani
ncr
easesal
esandpr
ofi
tst
hroughbackwar
d,
f
orwar
d,orhor
izont
ali
ntegr
ati
onwi
thi
nit
sindust
ry
(
c)Di
ver
sif
icat
ion Gr
owt
h When good oppor
tuni
ti
es exi
sts out
side t
he pr
esent
busi
ness,
thencompanymayl
ookf
orwar
dtost
art
inganewbusi
ness
(
d)Downsi
zi
ngAndDi
vest
ingOl
derBusi
nessCompani
escar
eful
l
ypr
une,
har
vest
,or
di
vestt
ir
edol
dbusi
nessest
orel
easeneededr
esour
cesf
orot
herusesand
r
educecost
s

Ref
erences:

ht
tps:
//cor
por
atef
inancei
nst
it
ute.
com/
resour
ces/
knowl
edge/
str
ategy
/st
rat
egi
c-
pl
anni
ng/

ht
tps:
//smal
lbusi
ness.
chr
on.
com/
str
ategi
c-pl
anni
ng-
organi
zat
ion-
level
s-5159.
html

Q.
No.03. Def ine Marketi
ng I
ntel
li
gence Sy
stem.Discuss t
he v
ari
ous st
eps t
o
i
mprovethequal
ityofmarketi
ngi
ntel
li
genceofanorgani
zati
on.

Mar
ket
ingI
ntel
li
genceSy
stem

Amar
ket
ingi
ntel
l
igencesy
stem i
sasetofpr
ocedur
esandsour
cesusedbymanager
s
t
oobt
aint
hei
rev
ery
dayi
nfor
mat
ionaboutper
ti
nentdev
elopment
sint
hemar
ket
ing
env
ironment
.Itmeanst
hatt
hisi
samechani
sm usedbyexecut
ivest
ogat
herdat
aon
t
he dev
elopment
staki
ng pl
ace i
nthe env
ironment– commer
cial
,technol
ogi
cal
,
l
egal
/pol
i
tical
,andsoon– t
ohel
pthem f
ormul
atest
rat
egi
est
ocopeupwi
tht
he
changes.

Mar
ket
ingi
ntel
l
igencemaybecar
ri
edonbyr
eadi
ngbooks,newspaper
s,t
radej
our
nal
s.
I
tmayal
so becar
ri
ed on byt
alki
ng t
o di
ff
erentgr
oupsascust
omer
s,suppl
i
ers,
di
str
ibut
ors,andsoonanddi
ff
erentcompanyper
sonnel
.Incont
empor
arymar
ket
ing
 pr
act
ices,wef
indt
hef
ormaluseofani
ntel
l
igencesy
stem i
nst
eadofani
nfor
malor
casualone.Becauset
hecasualsy
stem maypr
ovi
dei
nfor
mat
ionei
thert
ool
ateort
he
i
nfor
mat
ionsogat
her
edmaybel
ostorf
orgot
ten.

Ther
efor
e,st
epsshoul
dbet
akent
opl
aceanappr
opr
iat
emar
ket
ingi
ntel
l
igencesy
stem
t
hati
nvol
vesf
ourl
ogi
calst
eps.I
nthef
oll
owi
ngsect
ion,weshal
ldi
scusst
hest
eps
i
nvol
vedi
nagoodmar
ket
ingi
ntel
l
igencesy
stem.

St
epst
oImpr
oveaCompany
’sMar
ket
ingI
ntel
li
genceSy
stem

Fol
l
owi
ngst
epsmaybet
akent
oimpr
ovebot
hthequal
i
tyandquant
it
yofmar
ket
ing
i
ntel
l
igence:

1.Tr
aini
ng and mot
ivat
ing sal
espeopl
eto spotand r
epor
ton dev
elopment
sint
he
env
ironment
.
2.Taki
ngmeasur
est
oinv
olv
emar
ket
ingi
nter
medi
ari
esaswel
last
ouseot
hert
echni
ques
t
ohav
eint
ell
i
gencei
nfor
mat
ion.
3.Pur
chasi
ngi
nfor
mat
ionf
rom out
sidesuppl
i
ers
4.Est
abl
i
shmentofI
nter
nal
Mar
ket
ingI
nfor
mat
ionCent
er.

Step-1:Tr
aini
ngandmot
ivat
ingsal
espeopl
etospotandr
epor
tondev
elopment
sint
he
envir
onment .

Sal
espeopl
ehav
etheoppor
tuni
tyt
orel
atedi
rect
lyt
othecust
omer
s.Asar
esul
t,t
hey
canpr
ovi
det
hecompanywi
thi
nval
uabl
eint
ell
i
gencei
nfor
mat
ion,whi
chot
hermeans
hav
enoaccess.

Theyar
ecal
l
edt
he“
eyesandear
s”oft
hecompany
.Theyshoul
daccor
dingl
ybet
rai
ned
t
ogat
herr
elev
anti
nfor
mat
ionont
heenv
ironmentandi
mmedi
atel
ypasst
hoseont
othe
concer
nedper
son(
s)ofmanagement
.

Managementshoul
drecogni
zet
hatsal
espeopl
ear
eext
remel
ybusywi
tht
hei
rrout
ine
wor
k.Theyshoul
dber
emi
ndedoft
henecessi
tyofsuchi
nfor
mat
iont
othecompany
.
Somemot
ivat
ionalst
epsshoul
dal
sobet
akensot
hatsal
espeopl
efeelencour
agedt
o
bei
nvol
vedi
npr
ovi
dingmanagementwi
tht
henecessar
yinf
ormat
ion.
Step-2:Taking measures toinvol
ve market
ing i
nter
medi
ari
es and usi
ng ot
her
techniquest
ohaveintel
li
gencei
nformat
ion.

Mar
ket
ingi
nter
medi
ari
esar
eagoodsour
cet
hatmaypr
ovi
deacompanywi
thi
nsi
ght
s
oni
tscompet
it
orsandhappeni
ngsi
ntheenv
ironment
.Thecompanyshoul
dmot
ivat
e
t
hem sot
hatt
heypassal
ongt
hecompanywi
thaccur
ateandt
imel
yint
ell
i
gence.

Appoi
nti
ngspeci
ali
stst
o gat
hermar
ket
ingi
ntel
l
igencei
sanot
hert
echni
quet
hata
companymayadopt
.Tohav
emar
ket
ingi
ntel
l
igenceoncompanysal
espeopl
e,my
ster
y
shopper
smaybesentt
osal
escent
erst
oposer
ealshopper
s.Thesemy
ster
yshopper
s
maypr
ovi
det
hecompanywi
thi
nfor
mat
iononhow t
hecompanysal
espeopl
etr
eat
cust
omer
s.

A companymayl
ear
nabouti
tscompet
it
orsi
nsev
eralot
herway
s:pur
chasi
ngt
hei
r
pr
oduct
s,at
tendi
ng t
radeshowsand openhouses,t
alki
ng t
othecompet
it
ors’ex-
empl
oyees,cur
rentempl
oyees,mar
ket
ing i
nter
medi
ari
es,suppl
i
ers,and shi
pper
s,
st
udy
ingt
hei
radv
ert
isement
s;r
eadi
ngdi
ff
erentt
radej
our
nal
s,andsoon.

St
ep-
3:Pur
chasi
ngi
nfor
mat
ionf
rom out
sidesuppl
ier
s

Sev
eralout
sideor
gani
zat
ionsi
nev
erycount
rycol
l
ecti
nfor
mat
iononhappeni
ngsi
nthe
env
ironmentandsel
lthoset
ocompani
es.Suchf
ir
mscol
l
ectdat
aatamuchl
owercost
t
hant
hecompanycan,andacompanycansav
emoneyandt
imei
fitbuy
sdat
afr
om
suchf
ir
ms.

St
ep-
4:Est
abl
ishmentofI
nter
nal
Mar
ket
ingI
nfor
mat
ionCent
er.

Compani
esmayal
so est
abl
i
sh an i
nter
nalmar
ket
ing i
nfor
mat
ion cent
ert
o gat
her
mar
ket
ingi
ntel
l
igenceandci
rcul
ati
ngi
t.Thecent
erst
affmaygot
hroughdi
ff
erent
publ
i
cat
ionsandpr
ovi
demanager
swi
thasummar
yoff
indi
ngs.Besi
des,t
hiscent
er
mayal
socol
l
ectandf
il
erel
evanti
nfor
mat
iont
osuppl
ymanager
swhennecessi
ti
es
ar
ise.

Ref
erences:

ht
tps:
//www.
iedunot
e.com/
mar
ket
ing-
int
ell
igence-
sy
stem#: ~:
text
=A%20marketi
ng%20i
ntell
igence%20syst
em%20is,devel
opment
s%20in
%20the%20marketi
ng%20envi
ronment.
&text=Market
ing%20i
ntel
li
gence%20may%20be
%20carr
ied,
books%2C%20newspapers%2C%20t r
ade%20jour
nals
Q.
No.04. Def i
ne Market
ing Resear
ch.Li
stand expl
aint
he si
x st
eps oft
he
market
ingr
esear
chpr
ocess?
Mar
ket
ing r
esear
ch 
i
s t
he sy
stemat
ic gat
her
ing, r
ecor
ding, and anal
ysi
s
of
 qual
i
tat
ive 
and 
quant
it
ati
ve 
dat
a abouti
ssues r
elat
ing t
o mar
ket
ing 
product
s and
ser
vices.Thegoali
stoi
dent
if
yandassesshow changi
ngel
ement
soft
he 
mar
ket
ing
mi
x 
impact
s cust
omerbehav
ior
.

Thi
sinv
olv
esspeci
fyi
ngt
hedat
arequi
redt
oaddr
esst
hesei
ssues,andt
hendesi
gni
ng
t
hemet
hodf
orcol
l
ect
ingi
nfor
mat
ion,managi
ngandi
mpl
ement
ingt
hedat
acol
l
ect
ion
pr
ocess.Af
teranal
yzi
ngt
hedat
acol
l
ect
ed,t
heser
esul
tsandf
indi
ngs,i
ncl
udi
ngt
hei
r
i
mpl
i
cat
ions,
aref
orwar
dedt
othoseempower
edt
oactont
hem.

Marketresear
ch,market
ing r
esear
ch,and market
ing 
are a sequence of
 busi
ness
act
ivi
ti
es;
 
sometimest
hesearehandl
edi
nfor
mally
.
Thef
iel
dof
 mar
ket
ingr
esear
ch 
i
smuchol
dert
hant
hatof
 mar
ketr
esear
ch.Al
though
bot
hinv
olv
econsumer
s,mar
  ket
ing 
resear
chi
sconcer
nedspeci
fi
cal
l
yaboutmar
ket
ing
pr
ocesses, such as adv
ert
isi
ng ef
fect
iveness and sal
es f
orce ef
fect
iveness,
[
6]
whi
l
e mar
ket
 r
esear
chi
sconcer
nedspeci
fi
cal
l
ywi
thmar
ket
sanddi
str
ibut
ion.  
Two
expl
anat
ions gi
ven f
orconf
usi Mar
ng  ketr
esear
ch 
wit
h Mar
ket
ing r
esear
ch 
aret
he
si
mil
ari
ty oft
he t
erms and al
so t
hat
 Mar
ketResear
ch i
s a subsetofMar
ket
ing
Resear
ch.
 Fur
therconf
usi
onexi
stsbecauseof
 maj
orcompani
es 
wit
hexper
ti
seand
pr
act
icesi
nbot
har
eas.

Someoft
hemaj
orst
epsi
nvol
vedi
nmar
ket
ingr
esear
chpr
ocessar
easf
oll
ows:

1.I
dent
if
icat
ionandDef
ini
ngt
hePr
obl
em

2.St
atementofResear
chObj
ect
ives

3.Pl
anni
ngt
heResear
chDesi
gnorDesi
gni
ngt
heResear
chSt
udy

4.Pl
anni
ngt
heSampl
e5.Dat
aCol
l
ect
ion

6.Dat
aPr
ocessi
ngandAnal
ysi
s
 7.For
mul
ati
ngConcl
usi
on,
Prepar
ingandPr
esent
ingt
heRepor
t.

Mar
ket
ingr
esear
chexer
cisemayt
akemanyf
ormsbutsy
stemat
icenqui
ryi
saf
eat
ure
commont
oal
lsuchf
orms.Bei
ngasy
stemat
icenqui
ry,i
trequi
resacar
efulpl
anni
ngof
t
heor
der
lyi
nvest
igat
ionpr
ocess.Mar
ketr
esear
chpr
ocesscanbecol
lat
edi
n6maj
or
sect
ionswhi
chever
ymar
ketr
esear
chpr
ojectneedst
ofol
low t
obesuccessf
ul.
Thesear
e:

1.Def
ini
ngt
heResear
chPr
obl
em &Obj
ect
ives
2.Resear
chDesi
gn
3.Dat
aCol
lect
ion
4.Dat
aPr
ocessi
ng
5.Dat
aAnal
ysi
s
6.Mar
ketResear
chRepor
t&Pr
esent
ati
on
7.Nowl
etusunder
standwhatt
asksneedt
obedonei
neachandever
yoft
hesest
eps.

STEP1-DEFI
NING THERESEARCH PROBLEM &OBJECTI
VES

Asabusi
nessmanager
,youmi
ghthaveadi
ffer
entpr
obl
em ori
ssueswhi
chy
ou
wi
sht
ofi
ndanswer
sfor(
forexampl
e,y
ourcust
omer
sar
enotpur
chasi
ngy
our
pr
oduct
s/ser
vicesagai
n).I
nmostcasest
hesepr
obl
emsneedt
obeconver
tedi
ntoa
r
esear
chpr
obl
em sot
hatapr
opermar
ketr
esear
chst
udycanbepl
annedt
ofi
ndt
he
sol
uti
onsf
ort
hem (
forexampl
e,y
oumayneedt
omeasur
eyourcur
rentcust
omer
’s
sat
isf
act
ionl
evel
sfory
ourpr
oduct
s/ser
viceswhi
chcanbedoneusi
ngcust
omer
sat
isf
act
ionmar
ketr
esear
chst
udy
).

 
Att
hisst
age,i
t’
scr
it
icalt
odef
inet
her
esear
chobj
ect
ivesaswel
lsot
haty
ouand
y
ourmar
ketr
esear
cht
eam (
whet
heri
n-houseorext
ernalagency
)ar
ecl
earabout
whaty
ouar
etr
yingt
oachi
evevi
apr
oposedr
esear
chst
udy
.Thesuccessorf
ail
ureof
pr
oposedmar
ketr
esear
chhugel
ydependsonhowcor
rect
lyr
esear
chpr
obl
emsand
obj
ect
ivesar
edef
inedatt
hisst
age.Al
lthedeci
sionmaker
swhoar
egoi
ngt
ouset
he
i
nfor
mat
iongener
atedbypr
oposedr
esear
chshoul
dbei
nvol
vedi
nthi
sact
ivi
tyt
o
ensur
enopoi
nti
smi
ssedout
.
STEP2-RESEARCH DESI
GN

Oncey
ouar
ereadywi
thy
ourr
esear
chpr
obl
em andobj
ect
ivest
henextst
epi
stodo
ar
esear
chdesi
gn.I
nthi
sst
ageal
lthepl
anni
ngr
elat
edt
othepr
oposedmar
ket
r
esear
chst
udyi
scompl
etedl
ikewhatki
ndofr
esear
chmet
hodol
ogy(
e.g.qual
it
ati
ve
orquant
it
ati
ve)wi
llbeused,
whatdat
acol
lect
iont
ool
swi
llbeused(
e.g.f
acet
oface
i
nter
views,t
elephoni
cint
ervi
ews,f
ocusgr
oupdi
scussi
onset
c.)
,whatgeogr
aphi
es
(
cit
ies,
stat
esorcount
ri
es)wi
llbecover
ed,
whi
cht
eam wi
llbewor
kingoft
hepr
oject
,
how dat
awi
llbepr
ocessed,whatanal
ysi
smodelwi
llbeused,pr
ojectcompl
eti
on
t
ime-
frame,
resear
chbudgetet
c.

 
Int
hisst
ageal
lthemat
eri
alr
equi
red f
ordat
acol
lect
ioni
sal
so pr
epar
ed.For
exampl
e,i
fyoudeci
det
hati
nter
viewswi
llbeconduct
edf
ort
hepr
oposedst
udyt
hen
aquest
ionnai
rewi
llbepr
epar
edandi
fyouwi
sht
ousef
ocusgr
oupsf
ory
ourst
udy
t
hent
hemat
eri
alf
ormoder
ator
swi
llbepr
epar
ed.

STEP3–DATACOLLECTI
ON

I
nthi
sst
epr
awdat
aiscol
lect
edusi
ngt
her
esear
cht
ool
sident
if
ieddur
ingr
esear
ch
desi
gnst
age.I
tcanbepr
imar
ydat
acol
lect
ionusi
ngqual
it
ati
ve,quant
it
ati
veand
obser
vat
iont
echni
quesori
tcanbesecondar
ydat
acol
lect
ionusi
ngdeskr
esear
ch,
sy
ndi
cat
eddat
acol
lect
ionandcasest
udyanal
ysi
s.

I
nmostoft
hest
udi
es,mi
stakesar
emadeatt
hisst
agewhi
chr
esul
tsi
nwr
ong
i
nsi
ght
satal
aterst
age.I
tisr
ecommendedt
ododat
aint
egr
it
ychecksr
egul
arl
y(at
l
eastonbi
-weekl
ybasi
sifnotpossi
bledai
ly)andsensi
ti
zet
hedat
acol
lect
iont
eam
aboutt
hei
mpor
tanceoft
hewor
ktheyar
edoi
ng.

STEP4–DATAPROCESSI
NG

Oncet
her
aw dat
aiscol
lect
ed(
forexampl
e,i
nthef
orm off
il
ledquest
ionnai
res,
audi
o/vi
deot
apeset
c.)i
tneedst
obepr
ocessedsot
hati
tcanbeanal
yzedbyt
he
mar
ketr
esear
cher
s.Thi
spr
ocessi
nshor
tisknownasETLwhi
chst
andsf
orExt
ract
,
Tr
ansf
orm and Load.Forexampl
e,phy
sicalf
il
led i
n quest
ionnai
resneed t
o be
l
oaded i
nto dat
a anal
ysi
s sof
twar
e pr
oper
lyf
or quant
it
ati
ve anal
ysi
s and
t
ranscr
ipt
ionsofaudi
o/vi
deot
apesneedt
obepr
epar
edf
orqual
it
ati
veanal
ysi
s. 

Thedat
apr
ocessi
ngi
sdoneaccor
dingt
othemet
hodsf
inal
izeddur
ingr
esear
ch
desi
gnst
epandi
tisaver
yst
ruct
uredpr
ocess.

Dat
apr
ocessi
ngt
akesal
otoft
imei
fthenumberofr
espondent
sisl
arge.I
tis
advi
sabl
etokeeppr
ocessi
ngal
lthecol
lect
eddat
ainsequent
ialmannert
osave
t
ime.

STEP5–DATAANALYSI
S

I
nthi
sst
aget
hedat
aisanal
yzedusi
ngsui
tabl
edat
aanal
ysi
stool
(s)def
ineddur
ing
r
esear
chdesi
gnst
age.Thi
shel
psext
ractact
ionabl
einf
ormat
ionf
rom r
aw dat
a
whi
chmar
ketr
esear
cher
scanuset
obaset
hei
rrecommendat
ionsf
orsol
vingt
he
r
esear
chpr
obl
em.

I
tisver
yeasyt
o getl
osti
n number
sbutt
heessent
ialel
ementi
swhatt
hose
number
sact
ual
lymeanf
orsol
vingt
her
esear
chpr
obl
em.Thusi
tisadvi
sabl
eto
t
hinkoutoft
heboxandt
ryt
ounder
standt
heanal
ysi
sfort
heper
spect
iveofend
user
ssot
hatact
ionabl
erecommendat
ionsbepr
esent
edt
odeci
sionmaker
s.

STEP6–MARKETRESEARCH REPORT&PRESENTATI
ON
I
nthi
sst
ep,basedupont
hei
nfor
mat
ioncol
lect
edf
rom conduct
ingmar
ketr
esear
ch
st
udy i
s conver
ted i
nto a mar
ketr
esear
ch r
epor
tand f
inalpr
esent
ati
on.Thi
s
i
ncl
uded t
he mosti
mpor
tantf
indi
ngs f
rom t
he r
esear
ch st
udyal
ong wi
tht
he
r
ecommendat
ionst
osol
vet
her
esear
chpr
obl
em def
inedi
nfi
rstst
ep.

Al
way
str
ytoi
ncl
ude di
gest
ibl
einf
ormat
ion i
n mar
ket r
esear
ch r
epor
t and
pr
esent
ati
onwhi
chcaneasi
lybeusedbydeci
sionmaker
stosol
vet
hei
rbusi
ness
pr
obl
ems.
Ref
erences:

ht
tps:
//en.
wiki
pedia.
org/wi
ki/
Market
ing_
resear
ch#:
~:text
=Market
ing%20resear
ch%20
i
s%20the%20syst
emat i
c,
marketi
ng%20mix%20i
mpacts%20cust
omer %20behavi
or.
ht
tps:/
/www. y
ourar
ticl
eli
brar
y.com/
mar
ket
ing/
7-st
ages-
or-
steps-
invol
ved-
in-
marketi
ng-
resear
ch-process/
27953
ht
tps:
//www.
navadhi
.com/
blog/
6-st
eps-
successf
ul-
mar
ket
-r
esear
ch-
process
Q.No.
05Expl ai
n,i
nhow manywaysbusinessmar
ketsaredif
fer
entfr
om consumer
markets?Alsodif
fer
ent
iat
ethet
hreety
pesofbuyingsit
uat
ionduri
ngt hepur
chase
deci
sions.

Whatar
eaBusi
nessMar
ket
s?

Asment
ioned,busi
nessmar
ket
sref
ert
oor
gani
zat
ions,busi
nessesorent
it
iest
hat
acqui
repr
oduct
sandser
vicesf
orusei
nthepr
oduct
ionofot
herser
vicesandpr
oduct
s.
Thesei
ncl
udegoodst
hatar
esuppl
i
ed,
sol
dorr
ent
edt
oot
her
s.Amongmaj
orpl
ayer
sin
busi
nessmar
ket
sincl
udef
isher
ies,agr
icul
tur
e,mi
ning,t
ranspor
tat
ion,const
ruct
ion,
mi
ning,
communi
cat
ion,
finance,
dist
ri
but
ionandi
nsur
anceser
vices. 

Whatar
eConsumerMar
ket
s?

Thi
sisamar
ketwher
ebybusi
nessesorpr
oducer
ssel
lthei
rpr
oduct
sorser
vices
di
rect
lyt
othef
inalconsumer
s. 
Mar
ket
ingi
nconsumermar
ket
sinv
olv
esdi
vi
dingt
he
consumer
sint
omar
ket
sandt
arget
ingt
hem accor
dingt
othei
rli
kes,i
nter
est
s,di
sli
kes,
v
aluesandopi
nions.
 

Di
ff
erencesbet
weenBusi
nessmar
ketandConsumermar
ket
:

Def
ini
tion
Busi
nessmar
ket
sref
ert
oor
gani
zat
ions,busi
nessesorent
it
iest
hatacqui
repr
oduct
s
andser
vicesf
orusei
nthepr
oduct
ionofot
herser
vicesandpr
oduct
s.Ont
heot
herhand,
consumermar
ket
sref
ert
o mar
ket
s wher
eby busi
nesses orpr
oducer
s sel
lthei
r
pr
oduct
sorser
vicesdi
rect
lyt
othef
inal
consumer
s.
Demand
Whil
ebusinessmar
ket
shav
einel
ast
icdemand,consumermar
ket
shav
eanel
ast
ic
demand.
 

Numberofbuyer
s
Busi
nessmar
ket
shav
efewerbuy
erswhoof
tenbuyi
nlar
gequant
it
ies.Ont
heot
her
hand,
consumermar
ket
shav
emanybuy
erswhopur
chasei
nsmal
lquant
it
ies.
 

Buyi
ngpr
ocess
Whi
l
ebusi
nessmar
ket
shav
efor
mal
i
zedbuy
ingpr
ocesseswher
ebyt
hepur
chasi
ng
pr
ocess i
nvol
ves f
oll
owi
ng t
he or
gani
zat
ion’
s pr
otocoland t
he compl
ete chai
n of
command,
consumermar
ket
sdonothav
efor
mal
i
zedbuy
ingpr
ocesses.
 

Deci
sionmaki
ng

Si
ncebusi
nessmar
ket
sent
ailmanypr
oduct
s,deci
sionmaki
ngbef
orepur
chasesar
e
madei
ssl
ow.Ont
heot
herhand,
thedeci
sionmaki
ngi
nconsumermar
ket
sisf
astsi
nce
i
mpul
sebuy
ingi
srampant
.

I
nvest
ment
s
Whi
l
ebusi
nessmar
ket
sinv
estheav
il
yincapi
talequi
pment
,consumermar
ket
sinv
est
heav
il
yin 
mar
ket
ing 
andpr
omot
ionact
ivi
ti
es. 

Mar
ketsegment
ati
on
Busi
nessmar
ket
ssegmentt
hei
rbusi
nessesbasedont
hei
ndust
ry,owner
shi
p,l
evelof
t
echnol
ogyandendmar
ketr
eached.Ont
heot
herhand,consumermar
ket
ssegment
t
hei
rbusi
nessesbasedondemogr
aphi
c,behav
ior
ist
ic,psy
chogr
aphi
candgeogr
aphi
c
char
act
eri
sti
cs.
 

Busi
ness Mar
ket
ing:
 Busi
nessMar
ket
ing r
efer
stot
he sal
e ofei
therpr
oduct
sor
ser
vicesorbot
hbyoneor
gani
zat
iont
oot
heror
gani
zat
ionst
hatf
urt
herr
esel
lthesame
orut
il
izet
osuppor
tthei
rownsy
stem.

ConsumerMarket
ing:
 ont
heotherhandref
erst
othet
ransact
ionofgoodsandser
vices
bet
weenorgani
zat
ionsandpot
enti
alcust
omers.
Theabov
edef
ini
ti
onsofbusi
nessmar
ket
ingandconsumermar
ket
inghi
ghl
i
ghtt
he
di
ff
erence bet
ween t
he t
wo commonl
y used t
erms i
n mar
ket
ing (
B2B and
B2C)
.Busi
nessmar
ket
ersdo notent
ert
ainconsumer
swho pur
chasepr
oduct
sand
ser
vicesf
ort
hei
rend-
use.Theydealonl
ywi
thot
herbusi
nesses/
fir
mst
osel
lthei
r
pr
oduct
s.

I
nconsumermar
ket
s,pr
oduct
sar
esol
dtoconsumer
sei
therf
ort
hei
rownuseoruseby
t
hei
rfami
l
ymember
s.

Pr
oduct
sinconsumermar
ketar
efur
thercat
egor
izedi
nto:

1.FastMov
ingConsumerGoods(
Abbr
evi
atedasFMCG)

Fastmov
ingconsumergoodsar
eit
emst
hatar
esol
dqui
ckl
ytot
heend-
user
s
gener
all
yatnomi
nal
cost
s.Exampl
e-Aer
ateddr
inks,
grocer
yit
emsandsoon.

2.ConsumerDur
abl
es

Goodsthataconsumerusesf oraconsider
ableamountofti
mer
athert
han
consumi
nginoneusear
ecategori
zedunderConsumerDur
abl
es.
ConsumerDur
abl
esar
efur
thercat
egor
izedi
nto-Whi
teGoodsandBr
ownGoods

i
. Whi te Goods - 
(Ref
rigerator
s,Microwaves,ai
rcondi
ti
oner
sand so on
(Major
lyal
lhouseholdappl i
ances)
ii
. Br ownGoods-  
(Tel
ev i
sion,CD Player
s,Radi
o,GameConsoles(
Majorl
y
usedforenter
tai
nmentandf un)
3.SoftGoods

Sof
tgoodsar
epr
oduct
swhi
chhav
eashor
terl
i
fecy
cleandt
hei
rval
uedecr
eases
af
terev
eryuse.
Egshi
rt
s,cl
othes,
shoes.

Exampl
esofBusi
nessMar
ket
ing(
indust
ri
almar
ket
ing)
Of
fi
cef
urni
tur
e (
Cabi
net
s,desks,wor
kst
ati
ons,dr
awer
s)-Enduserwi
l
lnotpur
chase
wor
kst
ati
onsf
orhi
sownuseathome.

Bul
kSMSser
vice 
(ut
il
izedbyor
gani
zat
ions)
I
nbusi
nessmar
ket
ing,mar
ket
ersdealwi
thl
essernumberofi
ndi
vi
dual
sascompar
ed
t
oconsumermar
ket
ingwher
eonehast
odealwi
tht
hemassmar
ket
.Gener
all
ya
si
ngl
eempl
oyeeofoneor
gani
zat
ionwoul
dbeappoi
ntedt
odealwi
tht
heconcer
ned
empl
oyeeoft
heot
heror
gani
zat
ion(
cli
ent
).Hedoesnothav
etoi
nter
actwi
tht
heent
ir
e
or
gani
zat
ion.

Or
gani
zat
ion A sel
l
slapt
ops and deskt
ops t
o Or
gani
zat
ion B (
A case ofB2B
mar
ket
ing)
.Tom f
rom Or
gani
zat
ionAhav
etodealonl
ywi
thei
thert
heI
Tpr
ofessi
onalor
t
headmi
nist
rat
ionr
epr
esent
ati
ve.

Organi
zati
onsdeal
ingwi
thconsumer
sneedt
oint
eractwi
thev
eryi
ndi
vi
dualwhoi
sa
potent
ial
end-
user.
I
ndust
ri
almar
ket
ingi
smor
efocusedascompar
edt
oconsumermar
ket
ing.
Busi
nessmar
ket
ersgener
all
ydealwi
thsophi
sti
cat
edempl
oyees 
wher
easi
tisnotat
al
lnecessar
yev
eryenduseri
nconsumermar
ketwoul
drespondt
omar
ket
erspol
i
tel
y.
Busi
nessbuy
ersgener
all
yar
eeducat
edandwel
linf
ormed.I
nconsumermar
ket
,your
buy
ercanbeany
one-educat
ed,uneducat
ed,l
abourandsoon.Busi
nessmar
ket
ers
t
hemsel
vesneedt
obewel
lspokenandpol
i
shed.Theymusthav
eapl
easi
ngper
sonal
i
ty
andgoodconv
inci
ngpower
.

Busi
nessmar
ket
ersneedt
obeext
remel
ycar
efulaboutt
hei
rmodeofcommuni
cat
ion.
Emai
l
s exchanged wi
th cl
i
ent
s shoul
d hav
e appr
opr
iat
e subj
ectl
i
ne.Mai
l
s wi
th
i
rr
elev
antsubj
ectl
i
near
egener
all
ynotr
eadbycl
i
ent
s.I
nbusi
nessmar
ket
ing,
mar
ket
ers
oughtt
o send per
sonal
i
zed emai
l
s.Bul
kSMSesormassmai
l
ersdo notwor
kin
busi
ness mar
ket
ing.I
n consumermar
ket
ing,pr
oduct
s can be pr
omot
ed t
hrough
adv
ert
isi
ng,
pamphl
ets,
brochur
es,
hoar
dingsorsi
mpl
ymassmai
l
ers.

Ref
erence:
ht
tps:/
/www.managementstudy
gui
de.com/ business-
marketing-
and-consumer -
marketi
ng.
htm#:
~:t
ext=Busi
ness%20Marketing%3A%20Busi ness%20Mar ket
ing%20ref
er
s,t
o%20suppor
t%20thei
r%20own%20system. &text
=In%20consumer %20mar ket
s%2C
%20pr
oduct
s%20ar
e,use%20by
%20t
hei
r%20f
ami
ly
%20member
s.