Marketing Research

 

Definition: Marketing research is the systematic design ,collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company.

Application of Marketing Research: 
    

Product Research Launching new products Analyze the performance of existing products Analyze competitors¶ products Packaging Products Research Related to Branding of products

Price Research 


Find prices of competitors¶ products Price new Products

Promotion Research 


Test Advertisements Researches related to sales quota, territories etc.

Distribution Research 


Decide on warehouse location Analyze Channel coverage

Consumer Research 
 

Study consumer behavior Analyze consumer psychology Study consumer satisfaction

Competition Research 
 

Study Market Shares Study Competitors. Strategies Study competitors, products, prices promotions etc.

Internal company research 
 

Employee satisfaction Company¶s mission,objectives Flow of communication in the company etc.

Preparation of a Research Plan 
       

Step 1 ± Problem Formulation Formulate research objectives Step 2 ± Formulation of Hypothesis Step 3 ± Research Design Step 4 ± Design of Data collection methods and forms Step 5 ± Sampling Design Step 6 ± Collection of data Step 7 ± Analysis and Interpretation Step 8 ± Report Writing

Types of Research Designs  



Exploratory research designs: Literature review, indepth interview, focus groups, study of extreme cases Descriptive research designs Causal research designs

Data collection techniques 

OBSERVATION: Structured, Unstructured, Disguised, Undisguised, Human, Mechanical. COMMUNICATION: Structured, Unstructured, Disguised, Undisguised, Direct, Indirect. 

Major Aspects of Questionnaire Design 
   



Step 1: Determine what information is needed Step 2 : Decide content of each question Step 3: Decide the response format-Close ended or open ended Step 4: Determine the organisation and sequencing of questions Step 5: Physical design of questionnaire Step 6: Pre testing and evaluation

Sampling Design 
    

Step 1 -- Define Population Step 2 ± Census Vs Sample Step 3 ± Sample Design Step 4 ± Sample Size Step 5 ± Estimate Sampling Cost Step 6 ± Execute Sampling process

Types of Sampling Plans: 


Probability Sampling Non Probability Sampling

Probability Sampling
Types of Probability Sampling:  Simple Random Sampling  Stratified Random Sampling  Cluster Sampling  Systematic Sampling 

Data Analysis 

Appropriate statistical tools can be used to analyse data: Arithmetic Analysis: Use of percentile & ratios. Statistical Analysis: Use of mean, median, mode, Standard Deviation, Coefficient of Correlation etc. Advance statistical tools like test of significance, factor analysis, multiple regression analysis, discriminant analysis may also be used 

 

Report & Presentation: 

Structure of a good report:

Introduction to the problem  Research Methodology  Presentation of Marketing Research findings  Interpretation of research findings  Policy Implementation 

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