MARKETING RESEARCH

BENEFITING BUSINESS
ORGANIZATION TO
UNDERSTAND SCENARIO

GEETA MEHRA
ID.32134
CONTENTS
Market research
History
Characteristicof market research
Type of market research
 Marketing research process
Method
Function
Benefits
Challenges
RESEARCH
• Research is a systematic inquiry of
problem or an opportunity.
• Defining problem, formulating
hypothesis, making deduction & reaching
conclusions & carefully testing the
conclusions to determine whether they fit
the formulating hypothesis
-Clifford woody
MARKET RESEARCH
It is the process of
gathering and interpreting
information about
customers and potential
customer.
 "a systematic, objective
collection and analysis of
data about a particular
target market, competition,
and/or environment."
HISTORY
During 1920s, Daniel Starch expanded
his educational surveys into advertising.
In 1930s he launched a company that
interviewed people in the streets, asking
them if they read certain magazines.
George Gallup (1901-84) developed a
rival system of "aided recall“
Now it has grown much more
sophisticated as well as pervasive.
CHARACTERISTICS
Scientific
method
Research creativity
Multiple method
Value and cost of information
TYPE OF MARKET
RESEARCH
Audience research
Product research
Brand research
Psychological research
Scanner research
Database research
Post-sale customer satisfaction research
MARKETING RESEARCH
PROCESS
Defining the problem and research
objective
Developing the research plan/design
Implementing the research plan
Analysis and Interpreting of findings
Reporting the findings
METHODS
Closed-ended question
Open ended question
Focus groups
 FUNCTION
To create a targeted marketing
strategy.
Improve your sales and your
customer satisfaction
To study new product ideas,
product performance and
marketplace position.
It can also be used to measure
customer service satisfaction.
BENEFITS
Indicates opportunities for
products and market development
Provides basis for market led
decision
Enables company to match
products or services to the
requirements of the consumers or
market.
Provides objective explanation for
success and failure in the market.
Sales forecast
Enables in advertising and media
selection
Enables product ideas to be tested
without expenses of lunching to the
market
Material requirement planning
Competitor analysis
Redefine market action
Improved understanding of
marketing
Measure advertising
benefits
Strategy to increase
market share
Decide on pricing
product
Target market
CHALLENGES

Lack of cash
Haste
Inappropriate methodology
Inexperience in data analysis
Wrong information
 THANK
YOU