MARKETING RESEARCH

SRIRAM M

MARKET RESEARCH AND MARKETING RESEARCH

Market Research simply a research into a specific market. Marketing Research it includes market research and also areas such as research into new products, or modes of distribution like via internet.

DEFINITION :

The systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company. - Kotler and Keller

MIS
"Marketing information system (MIS) consists of people and/or equipment organized to provide for the continuous, orderly collection and exchange of information both internal and external needed in a firms decision making activities." George Kress In brief, MIS is an essential support system for developing marketing decisions, plans and strategies.

SIMPLE MODEL OF MIS

RESEARCH PROCESS
Define the problem and research objectives Determine research design Identify data types and sources Design data collection forms and questionnaires Determine sample plan and size Collect the data Analyze and interpret the data Prepare the research report

CONCEPTS AND APPLICATIONS

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

CONCEPTS AND APPLICATIONS CONT.

Promotion

research

Advertising research :
effectiveness of different media evaluation of advertising effectiveness analyzing competitor advertising copy testing

Sales promotion :
effectiveness of sales promotion tools selection of sales promotion tools studying competitors sales promotion strategies

CONSUMER BEHAVIOR

Consumer behavior is the study of when, why, how, and where people do or do not buy a product. It blends elements from psychology, sociology, and economics. It attempts to understand the buyer decision making process, both individually and in groups. Panel method can be used effectively in order to study consumer behavior under different situations.

CUSTOMER DRIVEN ORGANIZATION A customer driven organization always relies on its business strategy to give the best customer experience by employing the right tactics. Even 20 years ago, how many customers would have thought to ask for now-commonplace products such as cell phones, personal digital assistants, notebook computers, ipods, and digital cameras. Marketers must often understand customer needs even better than the customer themselves do.

WORKING OF A CUSTOMER DRIVEN ORGANIZATION

CAUSE RELATED MARKETING

Donating a percentage of revenue to a specific cause to the market for mutual benefit. It benefits the community as well as future companys goals Enhances companys reputation and brand image Attracting and retaining customers Contribution to society Example: ITC says that for every four classmate notebooks you buy, ITC contributes Re.1 to its rural development initiative that supports, among other projects, primary education in villages. You can be truly proud that your contribution is part of it.

ETHICS IN MARKETING
Marketing research benefits both sponsoring company and its customers. Thro MR company learn more about consumers needs. However, the misuse of MR can harm customers. Two major issues in MR are:

Intrusions in consumer privacy and Misuse of research findings