Marketing Research

Marketing Research
• “Formalized means of obtaining information to be used in making
decisions”
Function of MR
• To provide information that will assist marketing managers in
recognizing and reacting to marketing opportunities and problem
• MR provides information for choosing an appropriate strategy.
Type of MR Firms
• Syndicated Research Firms
• Custom marketing research firm
• Speciality line marketing research firm
Syndicated Research: Benefits
Providing a Representative Overview of the Market:
• While custom research often focuses on a smaller subject/issue or population, good syndicated research
ensures a representative sample of the overall market.
• It provides a clear representation of the players in the market, whether they are customers, clients, or
businesses.
Identifying Industry Trends:
• As it is conducted on large scale, it provides a macro-level overview of the issues facing a particular industry.
• Syndicated research is useful for organizations looking to understand the market landscape and their
position.
Measuring Brand Awareness, Strength, and Perceptions:
• Allows multiple companies who invest in syndicated research to see how their brands and product offerings
are viewed among customers and potential customers compared to those of their competitors.
Offering Competitive Intelligence:
• By offering insights on macro-level industry trends as well as a detailed understanding of specific issues
within an industry or market, syndicated research can be a valuable source for competitive intelligence
professionals seeking to gain information on how best to position their companies in a competitive market.
When to do MR?
1. An information gap can be filled by doing research.
2. Cost of MR < Cost of taking wrong decisions
3. Time taken for research
The Marketing Research Process
1) Problem Definition
2) Develop the research plan
3) Data Collection
4) Data Preparation and Analysis
5) Interpretation and Presentation
6) Make Decision
Step 1: Problem Definition
• “The truly serious mistakes are made not as a result of wrong answers
but because of asking wrong questions” – Peter Drucker
• What is to be researched ?
• Why is it to be researched ?
Strategy and Tactics
Marketing Strategy
• Segmentation
• Target market Selection
• Positioning
 Segmentation,
Strategic Marketing
Strategy Targeting,
Level
Positioning

Information
for
Marketing
Decisions

Tactical Marketing
Level Plan 4 Ps
MIS vs MR
Marketing Intelligence Marketing Research

Ongoing Process Project Based on information gap

Usually done in-house Outsourced to MR company

Not meant for immediate action Action Oriented

General Purpose Very Specified answers to questions

Focus on Competition Focus on consumers influences etc

• Management Decision Problem(MDP):
A statement specifying the type of managerial action
required to solve the problem.

• Marketing Research Problem(MRP):

A statement specifying the type of information needed
by the decision maker to help solve the management
decision problem and how the information can be
obtained efficiently and effectively.

• Marketing Research Objective(MRO):

A goal statement, defining the specific information
needed to solve the marketing research problem.
Examples of management and research problems

• MP- Allocate advertising budget among media.

RP- Estimate awareness generated by each media
type
• MP-Decide whether to keep your office open on
Saturday.
RP- Evaluate use of service on Saturday and
determine if customers can do these on weekdays.
• MP- Introduce a new health service.
RP- Design a concept “test” through which likely
acceptance and use can be assessed.
Step 2: Develop the Research Plan

Data Research
Sources Approach

Research Sampling
Instruments Plan

Contact
Methods
Sources of Data
• Secondary Data
Internal : Accounting Documents, reports of field sales staff,
interdepartmental memos, minutes of meetings, reports etc.
External: Facts about a variable, research reports, case studies,
• Primary Data
Research Approaches
Observation

Ethnographic

Focus Group

Survey

Behavioral Data

Experimentation
Development of Research Design
1) Exploratory

2) Descriptive

3) Experimental
Research Instruments

1) Questionnaires
2) Qualitative Measures
3) Technological Devices
Contact Method
• Telephonic Interviews
• Mail questionnaire
• Personal Interview
• Online Interview
Classification Of MR
Marketing Research

Problem Identification Problem Solving

Research Research
Problem Identification
Research
• Market potential research
• Market share research
• Market characteristics research
• Sales analysis research
• Forecasting research
• Business trends research
Develop Customer Insight Engines in your
Organization “Water, Water, every
where,
• Collect and Analyse the data
And all the boards did
• But… shrink;
Water, water, every
• Ask right questions…. where,
Nor any drop to drink”.
(The rime of ancient mariner-Samuel Taylor
Coleridge, 1798)
• Try to recognize the ‘gap’ between what people say and do
• What they “Say” and what they “Mean”