Product Life Cycle (PLC)

PLC is a business analysis that attempts to identify a set of common stages in the life of
commercial products. In other words PLC is used to map the lifespan of the product such as
the stages through which a product goes during its lifespan
Product Life Cycle (PLC)

SG/WLCI-VF/NOV13
 Introduction
to
RESEARCH

SG/SPJGM-VF/SEP’19
 What is RESEARCH ?

The word RESEARCH is derived from the Middle French "recherche",

which means "to go about seeking"

Definitions :
 In the broadest sense of the word, the definition of research includes any gathering
of data, information and facts for the advancement of knowledge.
- Martyn Shuttleworth

 Research is a process of steps used to collect and analyze information to increase

our understanding of a topic or issue. It consists of three steps: Pose a question,
collect data to answer the question, and present an answer to the question.
- Creswell
 Steps in conducting Research
Research is often conducted using the hourglass model structure of
research. The hourglass model starts with a broad spectrum for research,
focusing in on the required information through the method of the
project (like the neck of the hourglass), then expands the research in the
form of discussion and results. The major steps in conducting research
are:

 Identification of research problem

 Literature review
 Specifying the purpose of research
 Determine specific research questions or hypotheses
 Data collection
 Analyzing and interpreting the data
 Reporting and evaluating research
 Communicating the research findings and, possibly, recommendations
 Characteristics of Research
Research is a process of collecting, analyzing and interpreting information to answer
questions. But to qualify as research, the process must have certain characteristics: it
must, as far as possible, be controlled, rigorous, systematic, valid and verifiable,
empirical and critical. Controlled- in real life there are many factors that affect an
outcome.
• Rigorous - you must be scrupulous in ensuring that the procedures followed to find answers
to questions are relevant, appropriate and justified. Again, the degree of rigor varies
markedly between the physical and social sciences and within the social sciences.
• Systematic - this implies that the procedure adopted to undertake an investigation follow a
certain logical sequence. The different steps cannot be taken in a haphazard way. Some
procedures must follow others.
• Valid and verifiable - this concept implies that whatever you conclude on the basis of your
findings is correct and can be verified by you and others.
• Empirical - this means that any conclusions drawn are based upon hard evidence gathered
from information collected from real life experiences or observations.
• Critical - critical scrutiny of the procedures used and the methods employed is crucial to a
research enquiry. The process of investigation must be fool proof and free from drawbacks.
The process adopted and the procedures used must be able to withstand critical scrutiny.
Types of RESEARCH

Research can be classified from three perspectives :

1. Application of research study

2. Objectives in undertaking the research

3. Inquiry mode employed

Types of RESEARCH …Contd.
Application:

From the point of view of application, there are two broad categories of research:

- Pure research
- Applied research

Pure research involves developing and testing theories and hypotheses that are
intellectually challenging to the researcher but may or may not have practical
application at the present time or in the future. The knowledge produced through pure
research is sought in order to add to the existing body of research methods.

Applied research is done to solve specific, practical questions; for policy formulation,
administration and understanding of a phenomenon. It can be exploratory, but is
usually descriptive. It is almost always done on the basis of basic research. Applied
research can be carried out by academic or industrial institutions. Often, an academic
institution such as a university will have a specific applied research program funded by
an industrial partner interested in that program.
 Types of RESEARCH …Contd.
Objectives:

From the viewpoint of objectives, a research can be classified as

-Descriptive
-Correlational
-Explanatory
-Exploratory
Descriptive research attempts to describe systematically a situation, problem, phenomenon,
service or program, or provides information about , say, living condition of a community, or
describes attitudes towards an issue.

Correlational research attempts to discover or establish the existence of a relationship/

interdependence between two or more aspects of a situation.

Explanatory research attempts to clarify why and how there is a relationship between two or
more aspects of a situation or phenomenon.

Exploratory research is undertaken to explore an area where little is known or to investigate

the possibilities of undertaking a particular research study (feasibility study / pilot study).
In practice most studies are a combination of the first three categories.
 Types of RESEARCH …Contd.
Inquiry Mode :
From the process adopted to find answer to research questions – the two approaches are:
- Structured approach
- Unstructured approach

Structured approach: The structured approach to inquiry is usually classified as quantitative

research. Here everything that forms the research process- objectives, design, sample, and the
questions that you plan to ask of respondents- is predetermined.
It is more appropriate to determine the extent of a problem, issue or phenomenon by
quantifying the variation. e.g. how many people have a particular problem? How many people
hold a particular attitude?

Unstructured approach: The unstructured approach to inquiry is usually classified as

qualitative research. This approach allows flexibility in all aspects of the research process.
It is more appropriate to explore the nature of a problem, issue or phenomenon without
quantifying it. Main objective is to describe the variation in a phenomenon, situation or
attitude. e,g, description of an observed situation, the historical enumeration of events, an
account of different opinions different people have about an issue, description of working
condition in a particular industry.
Types of RESEARCH

Based on the areas of specialization, research can be of

following three types :

o SOCIAL RESEARCH

o EQUITY RESEARCH

o MARKET RESEARCH
 Social Research

Social research refers to research conducted by social scientists. Social research methods may be
divided into two broad categories:

1) Quantitative designs approach social phenomena through quantifiable evidence, and often
rely on statistical analysis of many cases (or across intentionally designed treatments in an
experiment) to create valid and reliable general claims

2) Qualitative designs emphasize understanding of social phenomena through direct

observation, communication with participants, or analysis of texts, and may stress contextual
and subjective accuracy over generality

Social scientists employ a range of methods in order to analyse a vast breadth of social
phenomena; from census survey data derived from millions of individuals, to the in-depth
analysis of a single agents' social experiences; from monitoring what is happening on
contemporary streets, to the investigation of ancient historical documents. The methods rooted
in classical sociology and statistics have formed the basis for research in other disciplines, such
as political science, media studies, and market research.
 Equity Research

Securities research is a discipline within the financial services industry. Securities research
professionals are known most generally as "analysts," "research analysts," or "securities
analysts;" all the foregoing terms are synonymous. Securities analysts are commonly divided
between the two basic kinds of securities: equity analysts (researching stocks and their issuers)
and fixed income analysts (researching bond issuers). However, there are some analysts who
cover all of the securities of a particular issuer, stocks and bonds alike.

Securities analysts are usually further subdivided by industry specialization (or sectors) --
among the industries with the most analyst coverage are biotechnology, financial services,
energy, and computer hardware, software and services.

Fixed income analysts are also often subdivided by asset class—among the fixed income asset
classes with the most analyst coverage are convertible bonds, high yield bonds (see high-yield
debt), and distressed bonds (see distressed securities). (Although technically not securities,
syndicated bank loans typically fall within the domain of fixed income analysts, and are
covered, as if they were bonds, by reference to the industry of their borrowers or asset class in
which their credit quality would place them.)
 Market Research
Market research is any organized effort to gather information about markets or customers. It is a
very important component of business strategy. The term is commonly interchanged with
marketing research; however, expert practitioners may wish to draw a distinction, in that
marketing research is concerned specifically about marketing processes, while market research
is concerned specifically with markets.

Market Research is the key factor to get advantage over competitors. Market research provides
important information to identify and analyze the market need, market size and competition.
Market research,as defined by the ICC/ESOMAR International Code on Market and Social
Research, includes social and opinion research, [and] is the systematic gathering and
interpretation of information about individuals or organizations using statistical and analytical
methods and techniques of the applied social sciences to gain insight or support decision
making

Market research is for discovering what people want, need, or believe. It can also involve
discovering how they act. Once that research is completed, it can be used to determine how to
market your product.

Questionnaires and focus group discussion surveys are some of the instruments for market
research
 Market Research – What can be achieved?

Market information : Through Market information one can know the prices of the different
commodities in the market, as well as the supply and demand situation. Information about the
markets can be obtained from different sources, varieties and formats, as well as the sources and
varieties that have to be obtained to make the business work.

Market segmentation : Market segmentation is the division of the market or population into
subgroups with similar motivations. It is widely used for segmenting on geographic differences,
personality differences, demographic differences, technographic differences, use of product
differences, psychographic differences and gender differences. For B2B segmentation
firmographics is commonly used.

Market trends : Market trends are the upward or downward movement of a market, during a
period of time. The market size is more difficult to estimate if one is starting with something
completely new. In this case, you will have to derive the figures from the number of potential
customers, or customer segments.

Besides information about the target market, one also needs information about one's
competitors, customers, products, etc. Lastly, you need to measure marketing effectiveness.
Various types of Market Research studies/techniques

• Brand Equity
• Customer Satisfaction
• Usage & Attitude
• Mystery Audits
• Customer analysis / Profiling
• Choice Modelling
• Competitor analysis
• Risk analysis
• Product research
• Advertising research
• Marketing mix modelling
B2B Research

Business-to-business (B2B) describes commerce transactions between businesses, such as

between a manufacturer and a wholesaler, or between a wholesaler and a retailer.
Contrasting terms are business-to-consumer (B2C) and business-to-government (B2G).
The volume of B2B (Business-to-Business) transactions is much higher than the volume of
B2C transactions.

The primary reason for this is that in a typical supply chain there will be many B2B
transactions involving sub component or raw materials, and only one B2C transaction,
specifically sale of the finished product to the end customer. For example, an automobile
manufacturer makes several B2B transactions such as buying tires, glass for windscreens,
and rubber hoses for its vehicles. The final transaction, a finished vehicle sold to the
consumer, is a single (B2C) transaction.

B2B is also used in the context of communication and collaboration. Many businesses are
now using social media to connect with their consumers (B2C); however, they are now using
similar tools within the business so employees can connect with one another. When
communication is taking place amongst employees, this can be referred to as "B2B"
communication
 B2C Research
Business-to-consumer (B2C, sometimes also called Business-to-Customer) describes activities
of businesses serving end consumers with products and/or services.

An example of a B2C transaction would be a person buying a pair of shoes from a retailer. The
transactions that led to the shoes being available for purchase, that is the purchase of the
leather, laces, rubber, etc. as well as the sale of the shoe from the shoemaker to the retailer
would be considered (B2B) transactions

While the term e-commerce refers to all online transactions, B2C stands for "business-to-
consumer" and applies to any business or organization that sells its products or services to
consumers over the Internet for its own use. When most people think of B2C e-commerce, they
think of Amazon, the online bookseller that launched its site in 1995 and quickly took on the
nation's major retailers. In addition to online retailers, B2C has grown to include services such
as online banking, travel services, online auctions, health information and real estate sites.

In October 2010, an extension of B2C, B21 was coined. Whilst B2C includes all manners of a
business marketing or selling to consumers, B21 is specifically targeted towards an individual.
B21 requires specific Personalization for that individual. B21 requires Insight in order to create
the personalized experience
 Snippets
on
MARKET RESEARCH

SG/SPJGM-VF/SEP’19
What is Market Research ?

 Market research is any organized effort to gather information

about target markets or customers. It is a very important
component of business strategy.

 Market research is a key factor to maintain competitiveness over

competitors. Market research provides important information to
identify and analyze the market need, market size and
competition.

 Market research is for discovering what people want, need, or

believe. It can also involve discovering how they act. Once that
research is completed, it can be used to determine how to market
your product
Types of Market Research

Majorly Market Research are of TWO types :

1) Primary Research
a) Quantitative Research
b) Qualitative Research

2) Secondary Research

The following slides explains the above typologies in details…..

 PRIMARY Research
Primary research consists of a collection of original primary data. It is often undertaken after
the researcher has gained some insight into the issue by reviewing secondary research or by
analyzing previously collected primary data. It can be accomplished through various methods,
including questionnaires and telephone interviews in market research, or experiments and
direct observations in the physical sciences, amongst others.
Advantages:
• Researcher can focus on both qualitative and quantitative issues.
• Addresses specific research issues as the researcher controls the search design to fit their needs
• Great control; not only does primary research enable the marketer to focus on specific subjects, it also
enables the researcher to have a higher control over how the information is collected. Taking this into
account, the researcher can decide on such requirements as size of project, time frame and goal.

Disadvantages:
• Compared to secondary research, primary data may be very expensive in preparing and carrying out the
research. Costs can be incurred in producing the paper for questionnaires or the equipment for an
experiment of some sort.
• In order to be done properly, primary data collection requires the development and execution of a
research plan. It takes longer to undertake primary research than to acquire secondary data.
• Some research projects, while potentially offering information that could prove quite valuable, may not
be within the reach of a researcher.
• By the time the research is complete it may be out of date.
• Low response rate has to be expected
 SECONDARY Research
Secondary research (also known as desk research) involves the summary, collation and/or
synthesis of existing research rather than primary research, where data is collected from, for
example, research subjects or experiments.

The term is widely used in medical research, legal research, and in market research. The
principal methodology in medical secondary research is the systematic review, commonly using
meta-analytic statistical techniques, although other methods of synthesis, like realist reviews
and meta-narrative reviews, have been developed in recent years. Such secondary research
uses the primary research of others typically in the form of research publications and reports.

In a market research context, secondary research is taken to include the re-use by a second
party of any data collected by a first party or parties.

In archaeology and landscape history, desk research is contrasted with fieldwork.

Sometimes secondary research is required in the preliminary stages of research to determine
what is known already and what new data is required, or to inform research design. At other
times, it may be the only research technique used.
A key performance area in secondary research is the full citation of original sources, usually in
the form of a complete listing or annotated listing.
Secondary sources could include previous research reports, newspaper, magazine and journal
content, and government and NGO statistics.
Concepts of Quantitative Research
Concepts of Qualititative Research
Typology Mix
Comparison between Qual & Quant Research
Qualitative Methods
Includes focus groups, in-depth interviews & & observations, reviews of
reviews of documents for type of themes
Primarily inductive process used to
formulate theory or hypothesis
Text based
Involves open-ended questions
More in-depth information on few cases
Unstructured of semi-structured response option
No Statistical tests involved
Time expenditure - lighter on planning
phase & heavier during analysis phase
Quantitative Methods
Includes Surveys, structured interviews
records/documents for numeric
information
Primarily deductive process used to
test pre-specified concepts/constructs
that make up a theory
Number based
Involves Closed-ended questions
Less in-depth but more breadth of
information across a large number of
cases
Structured & fixed response option
Involves Statistical tests for analysis
Time expenditure - heavier on planning
phase & lighter during analysis phase
 Sample
&
Sampling Techniques

SG/SPJGM-VF/SEP’19
Some Basic Definitions
POPULATION : It consists of the totality or aggregate of the
observations with which the researcher is concerned
Some Basic Definitions
SAMPLE : Subset of the Population that is selected for a study.

SAMPING :
o Process of choosing a REPRESENTATIVE portion of the entire
population.
o Forms an integral part of Research Methodology
o Involves selecting a Group of people, events, behaviours or
other elements with which study is to be conducted

REPRESENTATIVENESS :
• Means that the sample must be like the population in as many
ways as possible.
• The accessible population must be representative of the target
population
Some Basic Definitions
ELIGIBILITY CRITERIA : A description chosen by the researcher to
define which elements should be included in or excluded from the
population

SAMPLING THEORY : is developed to determine mathematically

the most effective way to acquire a sample that would accurately
reflect the population.
Steps involved in Sampling
Sample Size
Types of Sampling Techniques
There are basically TWO type of sampling techniques in use :

 Probability (Random) Sampling

• Simple Random
• Systematic
• Stratified
• Cluster
• Multi Stage

 Non-Probability (non- Random) Sampling

• Convenience
• Quota
• Purposive
Probability Sampling Types
Probability Sampling Types
Probability Sampling Types
Probability Sampling Types
Probability Sampling Types
Thank You…