MARKETING RESEARCH

Click to edit Master An Introduction subtitle style

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Part 1 (Introduction)

Definition & objective of marketing research Application of Marketing research Limitation of marketing research Marketing research in different phases
Part

2 (Marketing Information System)

Concept & need of MIS

Unit -Process of MIS I

Component of MIS
Part

3 (Scientific Investigation)

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Changing

environment, of the past performance,

Interpretation Future To

plans,

discover a consumer insight, etc.

Need of the subject:4/14/12

Case - I
Click to edit Master subtitle style BuildA-Bear

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St. Louis based Build-A-Bear workshop has cleverly capitalized on the kiddies-craft trend in children's toy as well as the trend for interactive entertainment retailing. Instead of making pottery or play jewelry, the chain with more than 160 stores in the U.S., Canada, U.K., Japan, Denmark, and Korea allow kids (and adults too) design their own teddy bears and other stuffed animals, complete with clothing shoes and accessories. The chain boasts an average of over $500 per square foot in annual revenue, double the U.S. mall average. 10% of the sales in 2003 come from hosting nearly 1,00,000 parties at a cost to customers of approximately $250 for two hours, which include a stuff animal for each child. Built-A-Bear has created a data base on 9million kids and their households by inviting a barcode inside a bear, the company can reunite the owner with the bear if it gets lost. The database allows Built-A-Bear to contact customers by email with gift certificates, promotion and party reminders.
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According

to American Marketing Association-

M.R. is the function which links the customers, consumers, and public to the marketers through information- information used to identify and define Definition marketing opportunities and 4/14/12 problems; generated, refine

Marketing

research is a systematic and objective study of problem solving pertaining to the marketing of goods and services.

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Malayala

Manorama; Keralas largest publication group launched Vanita (women Hindi magazine) India Limited launched PICNIC

Cadbury

Procter

& Gamble launched Menthol, an international vibrant of Head & Shoulders.

Application of Marketing P & G also launched Vicks action 500 Research

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To

measure market potentials, characteristics of their market, and their share of markets. obtain information that could help them make short-range and long-range forecasts. evaluate new-product opportunities and acceptance, and to test existing products relating to competitors product.
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To

To

M.R.

tends to be fragmentary in its approach as a result of which it becomes difficult to have an overall perspective in which marketing problem is to be viewed and studied. become too superficial and faulty in industry.

M.R.

Absence

of meaningful dialogue between Limitations the marketing manager and research team 4/14/12 leads to divorce between marketing research and main stream of marketing.

It

can be misused.

Marketing

research is not always the best or only source to be used for making decisions. It works best when combined with judgment, intuition, experience and passion. in methodology.

Difference

Limitations
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The

conceptual framework includes various applications of marketing research is known as the administrative process and it consists of four phases

Marketing research during different phase of the Administrative Process:

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Phase-1

Setting goals and establishing strategies.

Phase-2

Developing a marketing plan.

Phase-3

Putting a plan into action.

Phase-4

Evaluating the plans effectiveness.

Marketing research during different phase of the Administrative Process:

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Research

can monitor:

Dissatisfaction and needs in relevant market segment, Demand size and trend, Industry/market structure and composition, competition, market shares and profitability, Technology and materials innovations, Supply condition and prices. Distribution, environmental and legal developments, Setting goals and establishing Media trends strategies
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Research

can

Identify key market (segment by product category) Identify market segment (attitudes towards present
products, promotions, and advertising)

Test the appeal of potential product attributes Test the effectiveness of advertising and promotion. Evaluate the need and attitudes of channel members.

Developing a marketing plan

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Research

can monitor..

Total industry and product class sales. Firms sale, by product and market. Product availability in retail stores, shelf space, retailer support, and so on. The cost of effectiveness of the firms marketing efforts, by product and market, and by advertising, promotion., and so on. Awareness and trial in relevant market segment. Change in competitive spending level and Putting aincluding intopackage, promotion strategies, plan price, action and so on.
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End

of period compilation and aggregation of operating data to present an accurate picture of performance summery of survey finding on consumers awareness, trial, attitudes, preferences, repurchase rate, and so on

Also

Evaluating the plans effectiveness

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Part II Scientific Method of Research

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Marketing

is more than a art than a science (skill and judgment of individual are required). decisions are made quickly and are based on experience (based on accumulated knowledge). case of an important decisions additional data are required. such data gathering is research.

Most

In

Any

Scientific Method of Research

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Whenever

managers use research, they are applying the method of science to the art of marketing.

Scientific Method of Research

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Two

general traits characterize the scientific method: 1)validity, 2)reliability.

What is Scientific Method

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Validity

is the characteristic used to describe research that measure what it claims to measure. is the characteristic of a research methodology that allow it to be repeated again and again by any researcher.

Reliability

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Objective Accuracy

of the study, of measurement,

Continuing

and exhaustive nature of investigation.

Distinctions between scientific and nonscientific methods

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Investigator Imprecise Influence

involved in use of result.

measuring devices. of measurement process on

result.

Time

pressure for result.

Difficulty Great

in using experiments to test hypotheses. complexity of subject.

Difficulties:
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Specify research objective, a list of the needed information, the data collection project,

Preparing

Designing

Selecting

a sample type, sample size,

Determining

Marketing research process

Organizing

and carrying out the field work, 4/14/12