Marketing Research

Topics covered under Marketing Research:

Meaning and definition Role and importance Features and Need Functions of Marketing Research Advantages & Disadvantages of Marketing Research Branches of Marketing research Steps in Marketing Research

Marketing research is the systematic and objective identification

collection
analysis dissemination and use of information For the purpose of improving decision making related to the identification and solution of problems and opportunities in marketing.

Introduction
Marketing research is systematic problem

analysis, model building and fact finding for the purpose of improved decision-making and control in the marketing of goods and services. Philip Kotler

What is Marketing Research?

Detailed, systematic and comprehensive study of a problem Solving problems related to consumers, product, market competition and sales promotion Uses Marketing Information as input to derive a conclusion A tool for accurate decision making.

Marketing Research Process

Define the problem and research objective Develop a research plan to tackle problem

Collect information (Customer Database)

Analyze the received information Derive/arrive on a conclusion Provide recommendations and suggestions to exit the problem.

Importance of Marketing Research

It is essential Beginning and ending of marketing management is market research It is treated as the SOUL of modern marketing. It is the support system marketing management Provides needed information to guide the decision making process Helps in survival in competitive and flexible marketing environment Researches, analyzes, concludes and suggests

Features of marketing research:

Systematic and continuous process. Wide scope. Emphasizes on accurate data collection and critical analysis. Offers benefits to the company and the consumers. Commercial equivalent of military intelligence. Tool of managerial decisions. An applied type of research. Reduces the gap between the producer and the consumers Use of different methods Dynamic character

Objectives of marketing research:

Study need want & expectation of consumer. Reaction of consumers to the products of the company. Evaluate companies sales & do suitable up gradation if needed Study current marketing problems and opportunities for suitable reactions to be taken. To suggest new introduction or modification or find new uses of existing products. Design & test appropriate packages & brands. Study existing pricing, channels of distributions,mkt competitions for suitable changes. Finding methods of making the product successful & raising the goodwill.

Functions of Marketing Research:

DESCRIPTION: Provides data & gives information of customers who buy the product, which is useful to draw conclusions of their buying behavior.
EVALUATION: Marketing Research is useful for understanding the views & reactions of consumers about the product with reference to competing & substituting product. EXPLANATION: Gives explanation to certain questions related to decline in sales, retailers negative reaction or resistance of consumers in a particular marketing area etc.

Applications :
1) Product research : covers all aspects related to the product. Product research includes the following Reviewing product lines, product quality, product features, product design etc. Study actual and new uses of the product Testing new products study of competitors products study of packaging study of product modifications and product innovations concept development and testing

2) Consumer research : is undertaken to study the aspects related to the consumers. It includes Study of consumer profile Study of consumer preferences Study of shift in consumer pattern Study of consumer dissatisfaction

3) Market research : is the study of systematic study of specific problems and opportunities in the market. It is concerned with the collection of information of the market . It covers Study of market potential Study of market share analysis Study of market trends Study of market segmentation etc.

4) pricing research : evaluating the pricing strategy of the firm study of market trends study of pricing of competitors study of dealer pricing measuring price elasticity of demand estimating demand at current prices etc. 5) Distribution (Place) research : study of effectiveness of different distribution channels measuring godown/warehouse efficiency analysis of distribution cost study effectiveness of different modes of transportation measuring dealers patronage of competitors brands v/s companys brands etc.

6) Promotion research 1) Advertising research : a) effectiveness of different media b) evaluation of advertising effectiveness c) analyzing competitor advertising d) copy testing 2) sales promotion : a) effectiveness of sales promotion tools b) selection of sales promotion tools c) studying competitors sales promotion strategies 7) Sales research : 1) Sales analysis 2) analyzing problems of selling 3) sales forecasting 4) study of sales compensation

Limitations of Marketing research

Time consuming : Costly Shortage of qualified staff Improper selection of sample Management attitude Research or/and respondent bias Ever changing dynamic environment

Functions of Marketing
PREDICTION: Marketing Research helps in making prediction related to consumers, market environment, competition, socioeconomic changes & so on. It is useful for understanding the marketing environment likely to develop in future.

AIDS IN DECISION MAKING: Gives guidance as regards price fixation, sales promotion techniques, advertising, incentives to salesmen/distributors etc.

Advantages
Indicates current market trends Pinpoints deficiencies in marketing policies Explains Customer Resistance Suggests Sales promotion techniques Guides marketing executives Suggests marketing opportunities and distribution channels Provides marketing information Facilitates inventory study Provides information of product acceptance Social Significance

Disadvantages
Offers suggestions and not decisions Fails to predict accurately Time consuming activity Costly/expensive Dearth of qualified staff Complexity of the subject Limitation of data used Miscellaneous Limitations

Areas of Marketing Research

Sales Price Promotion Packaging

Marketing Research
1. Survey

Distribution

Product

2. Experiment 3. Observation Motivation

Brand Advertising Consumer

Areas of Marketing Research

Product Research relates to products which are to be marketed by the company to the present and prospective consumers. Packaging research is important for making the products attractive and agreeable to consumers. Pricing research relates to analysis of pricing policies and strategies, studies of market price trends, fixation of market prices, studies relation to prices charged by competitors and studies relating to future price trends. Market segmentation, market share, market trend, and market potential are covered marketing by marketing research. Sales depends on product, price and many other factors. Attention to these factors are given in sales research.

Areas of Marketing Research

Promotion research relates to assessing effectiveness of the sales force and selling efforts, testing of media selected, advertising copy and assessing effectiveness of advertising campaigns. Consumer research relates to finding out needs and preference of consumers, purchasing intentions of consumers, choice of brands, trends in consumer preferences and purchasing patterns. Advertising research supports sales promotion measures introduces by the company. Brand image surveys are conducted under brand research.

Steps in Marketing Research

1. Identifying and defining the problem 2. Conducting a preliminary exploration (survey) 3. Determining Research objectives 4. Determining the data needs & their sources

Steps in Marketing Research

5. Creating Research Designs 6. Designing the Questionnaire 7. Designing a sample of respondents 8. Collecting Data 9. Organizing Data Collected

Steps in Market Research

10.Analyzing and interpreting data 11.Preparation of research report 12.Presentation of research report 13.Follow-up-steps

Conclusion
Marketing Research is an important part of Marketing Management. Continuous process Helps know consumer market, before launching of a product, and after launching of a product Helps in success of the company Regarded as SOUL of Marketing Management Helps company in problem solving and decision-making process.