The Nature of (Marketing) ResearchDefinitions of Research
“Systematic investigation towards increasing the sum of knowledge”(Chambers 20th Century Dictionary)“an endeavour to discover new or collate old facts etc. by the scientific study of a subject or by acourse of critical investigation.”(The Concise Oxford Dictionary)
•
A research can be undertaken for two different purposes:
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To solve a currently existing problem (applied research)
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To contribute to the general body of knowledge in a particular area of interest(basic/fundamental research)
WHAT IS MARKETING ?
Marketing is a social process by which individuals and groups obtain what they need and wantthrough creating and exchanging products and value with othersPHILIP KOTLER
WHAT IS MARKET ?
A market consists of all the potential customers sharing a particular need or want who might bewilling and able to engage in exchange to satisfy that need or want.
WHAT IS THE PURPOSE OF A BUSINESS ?
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Peter Drucker says : ---The purpose of the business is to create customers.
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This statement can be made more explicit by stating : ---The purpose of business is tocreate long-term profitable customers.
BUSINESS IS MARKETING
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Marketing can not be considered as a separate function , it is the whole business, seenfrom the point of view of its final results.................that is profit, through customer satisfactionWhat is Marketing Research ?
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According to American Marketing Association -M.R. is “the systematic gathering, recording and analyzing of data about problems relatedto the marketing of goods and services.”
ACCORDING TO TULL AND HAWKINS
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“M.R. is systematic and objective search to analysis of situation relevant to theidentification and solutions of any problem in the field of marketing. The decision makingprocess becomes much easier by M.R. (i.e. PROBLEM IDENTIFICATION – PROBLEMSELECTION – PROBLEM SOLUTION)
What is Business Research?
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A systematic Inquiry whose objective is to provide information to solve managerialproblems.
Why Study Research?
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Research provides you with the knowledge and skills needed for the fast-paced decision-making environment
Why Managers need Better Information
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Global and domestic competition is more vigorous
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Organizations are increasingly practicing
data mining
and
data warehousing
Steps in Decision Making Process
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Establish Objectives
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Determine Potential
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Select Problem/Opportunity
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Develop Alternatives
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Choose Best Alternatives
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Implement Alternative
International Marketing Research
International Marketing Research can be defined as marketing research conducted to aid inmaking decisions in more than one countrySelected Marketing Research Career Descriptions
Vice President of Marketing Research
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Part of company’s top management team
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Directs company’s entire market research operation
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Sets the goals & objectives of the marketing research department
Research Director
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Also part of senior management
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Heads the development and execution of all research projects
Assistant Director of Research
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Administrative assistant to director
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Supervises research staff members
Senior Project Manager
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Responsible for design, implementation, & research projects
Senior Analyst
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Participates in the development of projects
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Carries out execution of assigned projects
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Coordinates the efforts of analyst, junior analyst, & other personnel in the development of research design and data collection
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Prepares final report
Analyst
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Handles details in execution of project
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Designs & pretests questionnaires
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Conducts preliminary analysis of data
Statistician/Data Processing
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Serves as expert on theory and application on statistical techniques
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Oversees experimental design, data processing, and analysis
Junior Analyst
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Secondary data analysis
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Edits and codes questionnaires
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Conducts preliminary analysis of data
Fieldwork Director
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Handles selection, training, supervision, and evaluation of interviewers and field workers
Marketing Research Suppliers & Services
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Internal suppliers
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External suppliers
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Full-service suppliers
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Standardized services
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Customized services
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Internet services
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Limited-service suppliers
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Field services
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Coding and data entry services
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Analytical services
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Data analysis services
Criteria for Selecting a Research Supplier
What is the reputation of the supplier?
Do they complete projects on schedule?
Are they known for maintaining ethical standards?
Are they flexible?
Are their research projects of high quality?
What kind and how much experience does the supplier have? Has the firm hadexperience with projects similar to this one?
Do the supplier's personnel have both technical and non-technical expertise?
Can they communicate well with the client?Competitive bids should be obtained and compared on the basis of quality as well asprice.
Preparation for a Career in Mktg. Research
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Take all the marketing courses you can.
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Take courses in statistics and quantitative methods.
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Acquire Internet and computer skills. Knowledge of programming languages is an addedasset.
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Take courses in psychology and consumer behavior.
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Acquire effective written and verbal communication skills.
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Think creatively. Creativity and common sense command a premium in marketingresearch.
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Marketing Information & Decision Support SystemInformation System
•
A continuing and interacting structure of people, equipment, and procedures, designed togather, sort, analyze, evaluate, and distribute pertinent, timely, and accurate informationto decision makers.
Marketing Information System
A marketing information system can be defined as a system designed to generate, store anddisseminate an orderly flow of pertinent information to marketing managers.
Types of information in Mkt. IS
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Recurrent Information
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Monitoring Information
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Requested Information
Recurrent Information
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Recurrent information is information that is provided on a periodic basis.
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For Example: Customer awareness of the firm’s advertising
Monitoring Information
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Monitoring information is the information derived from the regular scanning of cretinsources.
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For example: a marketing manager may desire a summary of any articles on thecompetition or the industry.
Requested Information
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Requested information is developed in response to a specific request by a marketingmanager.
Decision Support Systems (DSS)
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DSS models are developed and adapted to support each firm’s own decision problems
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Used to retrieve data, transform it into usable information, and disseminate it to users
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Allow managers to interact directly with database
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Provides a modeling function to help interpret retrieved information
Marketing Decision Support Systems
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Combines marketing data from diverse sources into a single database, enabling productmanagers, sales planners, market researchers, financial analysts, and productionschedulers to share information
Marketing Decision Support Systems
Managers’ need for decision-relevant information:
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Routine comparisons of current performance against past trends on each of the keymeasures of effectiveness
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Periodic exception reports to assess which sales territories or accounts have notmatched previous years’ purchases
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Special analyses to evaluate the sales impact of particular marketing programs, and topredict what would happen if changes were made
Components of MDSS
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Models (Formulae)
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Data
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Computer System
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Interface
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Managers
Expert Systems
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One of the most useful applications of Artificial Intelligence (AI)
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AI is a group of related technologies used to develop software and machines thatemulate human qualities such as learning, reasoning, communicating, seeing,and hearing
Three components of an expert system
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Knowledge base
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An expert system’s database of knowledge about a particular subject
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Inference engine
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The software that controls the search of the expert system’s knowledgebase and produces conclusions
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User interface
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The display screen the user used to interact with the expert system
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