Marketing Research

The Marketing Information System (MIS)

This system consists of people, equipment and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers.

Why is marketing information important?

Emphasis on the buyers wants Rise of global marketing Trend towards non-price competition

Role of Marketing Information System (MIS)

To assess the managers information needs To develop this needed information To distribute this information in a timely fashion
1

Marketing Research

The Marketing Information System

MARKETING INFORMATION SYSTEM

Marketing Information Marketing Environment

Target Markets Mktg. Channels Competitors Macroenvt. Forces

Internal Reports System

Marketing Research System

Marketing Information Marketing Managers

Analysis Planning Implementation Control

Marketing Intelligence System

Analytical Marketing System

Marketing Decisions & Communications

2

Marketing Research

Research - Definition Research refers to a search of knowledge. Research can be defined as a scientific and systematic search for pertinent information on a specific topic. In fact, research is an art of scientific investigation, i.e., research is a careful investigation specially through search for new facts in any branch of knowledge. Research comprises: defining & re-defining problems, formulating hypothesis or suggested solutions, collecting, organizing and evaluating data, making deductions and reaching conclusions, and carefully testing the conclusions to determine whether they fit the formulating hypothesis

Marketing Research

Marketing Research - Definition

Marketing Research is the systematic and objective search for and analysis of information relevant to the identification and solution of any problem in the field of marketing.

In other words, marketing research is: a) a systematic and objective study of the problems pertaining to the marketing of goods and services, b) a tool for a study to measure, evaluate and interpret the wants, attitudes and behaviours of the various target markets, c) the collection and interpretation of facts that help marketing management to get products more efficiently into the hands of the customer, d) the systematic gathering, recording and analysing of data about problems relating to the marketing of goods and services.
4

Marketing Research

Benefits of Marketing Research

1. It links the consumer, customer and public with the marketer through information. 2. It helps to design, evaluate and re-design marketing strategies and activities. 3. It helps to monitor and improve the marketing process.

4. It helps in the understanding and/or development of:

Product Market Price Distribution Channel Advertising Methods & Media Sales Promotion Techniques Consumer Behaviour Society

Marketing Research

Applications of Marketing Research

1. Product Research It aims at satisfying needs, wants and demands of consumers by delivery of the most optimum product.

It may be: a) formulating altogether a new product b) improving the existing product or product line c) introducing new functional features ion the product d) test marketing a new product e) re-launching a declining product
2. Market Segmentation 3. Price Research
6

Marketing Research

Applications of Marketing Research (contd.)

4. Distribution Research

It includes: a) selection of a suitable channel option b) evaluation / performance appraisal of channel members c) formulation of strategies to motivate channel members
5. Advertising Research It includes: a) determining advertisement objectives b) evaluating and deciding the media c) designing of advertisement budgets

Marketing Research

Applications of Marketing Research (contd.)

6. Sales Promotion Research

7. Consumer Behaviour Research

8. Social Research 9. Financial Research

Marketing Research

The Marketing Research Process - 5 Steps of Marketing Research

1. 2. 3. 4. 5.

Problem Definition Development of Research Plan Data Collection Data Interpretation Presentation / Summary of Findings Report

Marketing Research

The Marketing Research Process (contd.)

1. Problem Definition

a) Define the problem, the decision alternatives and the research objectives. Problems must be defined (and re-defined) and reasons for research should be clearly determined. b) Marketing management must be careful not to define the problem too broadly or too narrowly for the marketing researcher. c) Identify priorities.

10

Marketing Research

The Marketing Research Process (contd.)

2. Development of the Research Plan a) b) c) d) e) List objectives. Specify tasks to be undertaken, identify the data sources. Evaluate alternative methodologies. Select most appropriate methodology. Design the sampling plan Sampling unit: Who is to be surveyed? Sample size: How many should be surveyed? Sampling procedure: How should the respondents be chosen? f) Decide on the contact methods mail / telephone / personal or online interview g) Formulate detailed plans and review. 11 h) Specify possible pay-offs.

Marketing Research

The Research Plan Master guide for implementing and controlling the research project. Components of a research plan: a) Objectives primary & secondary objectives, operational objectives etc. b) Problem Analysis Problem definition Hypothesis / hypotheses relevant to the stated problem Relation of the objectives to the problem at hand c) Research Plan & Design Research methodology Research techniques Sample design and selection Proposed Analysis d) Personnel, time and cost requirements

12

Marketing Research

The Marketing Research Process (contd.)

3. Data Collection a) b) c) d) e) f) Identify the sources of data internal and external. Conduct interviews / questionnaires, as relevant. Deal with response error. Collate data. Attach proper weights. Identify biases.

13

Marketing Research

The Marketing Research Process (contd.)

4. Data Interpretation a) Identify the essential data. b) Tabulate, classify etc. c) Integrate & organize relevant data. d) Examine for significant relationships. Be aware of local biases.

14

Marketing Research

The Marketing Research Process (contd.)

5. Presentation / Summary of Findings Report a) Summarize the findings in easily understandable form. b) Prepare the report very carefully, keeping the audience in mind. c) Present the findings that are relevant to the major marketing decisions facing management. d) Communicate properly to ones audience. e) Avoid offensive conclusions to local sensitiveness.

15