Nature & Scope Of Marketing Research Essay

HISTORY Curtis publishing company is the first company. Charles Coolidge parlin was the first head. Research was for Campbell soup. In the United States. 3. Case study Hindustan express news paper Largest chain of news paper in India During 1975 – 1977 fought for freedom of the press Newspaper flash lighted government and its policies Suffered restrictions and newspaper quota Suffered loses Change in government – 1977 Role played by this newspaper was hailed Earlier position completely reversed Financial position improved with in 18 months 4. Case study cont. Hindustan express simultaneously published in English language west — Bombay, Ahmedabad South — Madras, Bangalore, Hyderabad, Trivandrum North — Chandigarh East — none Have two regional language paper Marathi from Bombay Malayalam from cochin New plan to start an edition from Pune in Marathi 5. Problems :- Already five Marathi newspaper published daily from Pune and four from Bombay Pune hardly 180 km from Bombay, as such Bombay edition could easily reach Pune by newspaper taxi. The circulation of regional language newspaper is low. Advertising revenue is low. Will the new edition from Pune be financially feasible? Will the new edition have market feasibility? 6. Solution MARKETING RESEARCH 7. What is marketing research Marketing research is the function that links , the consumer, customer, and public to the marketer Research comprises defining and redefining problems, Formulating hypothesis or suggested solutions Collecting, organizing, and evaluating data Making deductions and reaching conclusions And at last carefully testing the conclusion to determine whether they fit the formulation 8. Classification of research Basic research Applied research a) Problem solving research b) Problem identification research. 9. Problem Solving Research Segmentation research Product research Pricing research Promotion research Distribution research 10. Problem Identification Research Market potential research Market share research Image research Market characteristics research Forecasting research Business trend research 11. Why marketing research has evolved and grown ? 12. Answer:- Managers are separated from their final consumers Managers needs  information from their final consumers 13. Managers are separated from their final consumers Manufacturer Retailer Services Org. Final Consumer Mkt. Manager 14. Managers needs information from their final consumers Manufacturers Retailers Suppliers Customers Needs And Wants 15. Managers needs information from their final consumers Target market Product/service Price Distribution Promotion Marketing Manager Wants information 16. Customer group Consumer Employees Shareholders Suppliers Controllable Marketing Variables _______ Product Pricing Promotion Distribution Uncontrollable Environmental Factors Economy Technology Competition Law and Regulations Social and culture Factors Political Factors Assessing Information Needs Providing Information Marketing Decision Making Marketing Managers Market Segmentation Target Market Selection Marketing Programs Performance and Control 17. The role of marketing research in managerial decision making is explained further using the framework of the DECIDE model: _________________________________________________ D — Define the marketing problem E — Enumerate the controllable and uncontrollable decision factors C — Collect relevant information I — Identify the best alternative D — Develop and implement a marketing plan E — Evaluate the decision and the decision process 18. Applications of Marketing Research Pricing Research Product Research Concept Testing Positioning Research Customer Satisfaction Research Branding Research Advertising Research Market Segmentation Sales Analysis 19. Types Of Research Descriptive vs. Analytical Applied vs. Fundamental Quantitative vs. Qualitative Conceptual vs. Empirical 20. Descriptive :- Also known Statistical Research Includes survey & facts What age group buying a particular brand Analytical :- Use facts or information already available 21. Applied Research Designed to solve practical problem of the modern world For example, applied researchers may investigate ways to: improve agricultural crop production treat or cure a specific disease improve the energy efficiency of homes, offices, or modes of transportation 22. Fundamental Research Driven by a scientists in a scientific question The main motivation is to expand Man’s knowledge, not to create or invent something For example, basic science investigations probe for answers to questions such as: How did the universe begin? What are protons, neutrons, and electrons composed of? How do slime molds reproduce? What is the specific genetic code of the fruit fly 23. Quantitative:- Used  to measure how many people feel, think or act in a particular way Many vehicle used for collecting quantitative information but the most common are on street or telephone Qualitative :- Used to help us understand how people feel and why they feel as they do It is concerned with collecting in-debt information asking questions such as why do you say that Depth interviews or group discussions are two common methods used for collecting qualitative information 24. Conceptual :- Related to some abstract ideas or theory It is generally used by philosopher and thinkers to develop new concepts or to reinterpret existing ones Empirical :- Relies on experience or observation alone, often without due regard for system & theory 25. Benefits of Marketing Research Benefit to business and industry Benefits to economy. Six essential benefit Enhanced ability to make well-informed decisions. Provides a cost-effective opportunity to supplement a company’s internal training. 26. Facilitates a common knowledge bridge.. Provides a specific starting point for people entering the profession. Gives company an objective tool to help develop and promote employees. Assists researchers in understanding and differentiation between good research and impartial research. 27. Characteristics of a good marketing research: Use of more scientific methods Cost and benefits Use of the Statistical method Alternative course of action 28. Scope of marketing research The scope of marketing research could cover the business problems relating to the followings. Types of consumers that compromise present and potential markets. Buying habits and pattern of consumption Size and location of different markets, not only in India but also overseas. 29. The prospects for growth or construction for the current markets being served. New mantras of emerging segments. Marketing and manufacturing capabilities of competitors. Most suitable entry timing. The current and prospective competitive position. Chances of improvement of current channels. Optimum use of promo- tools. 30. Qualities of a good researcher: Qualities Entry level junior staff senior staff Strong writing skills 57 71 90 Strong analytic skills 50 67 90 Strong verbal skills 49 57 82 Professional appearance 19 28 5 Good grades 15 04 07 Good quantitative skills 13 19 41 Graduate degree 06 11 16 Good school 03 ** 01 Managerial skills ** ** 49 Client handling skills ** ** 83 31. Obstacles in acceptance of marketing research Due to globalization, liberalization and privatization Narrow conception Improper orientation of the investigator  Late results Conditional findings Biasness Improper research technique Inadequate skill of investigator Research inclined towards predetermined research 32. Ethical condition of Market Research Information should not be misused Do not force the customer to answer Respondent reply should also be kept confidential Ask sensible personal questions 33. Limitations of Marketing Research Not a panacea Not an exact science Limitation of time Erroneous findings Not exact tool for forecasting In experience research research staff Narrow conception of marketing research 34. Emerging issue Marketing research in internet era Online research Email surveys Html forms Downloadable interactive survey application Data warehousing and data mining