MARKETING RESEARCH

GROUP 2
 MARKETING RESEARCH
 Concern specifically with markets and marketing
process.
 Is the set of processes that links the producers,
customers and end users to the marketer through
information used to identify and define marketing
opportunities and problems.
 It is the systematic gathering, recording, and
analysis of qualitative and quantitative data about
issues relating to marketing products.
 Used to identify and assess how changing elements
of the marketing mix impacts customer behavior.
 WHY COMPANIES REQUIRE
MARKET RESEARCH?
 Researching out the target audience
 Increasing the sales
 Identify the problem areas in your business
 Recognize new areas for expansion
 Discover potential customers and their needs
 Set achievable target for business growth,
sales and latest product development
 Make well-informed market decisions about
your service and develop effective strategies
 IMPORTANCE OF MARKETING
RESEARCH
 Easily spot business opportunities
Form partnerships with other businesses
Create profitable order upgrades
Find new locations to sell to
 Lower business risk
Test new designs and products before launching
Find out why customers don’t come back
Get insights on problem areas
• Create relevant promotional materials
• Know where to advertise
 Buying ads on social media
 Placing flyers and posters
 Targeting ads
• Outsell competitors
 Target dissatisfied customers
 Find underserved customer segment
 Identify unaddressed customer needs
• Set better goals for your business
• Decision-making becomes simple
 STEPS IN MARKETING
RESEARCH
STEP 1 - Identification and defining the problems
STEP 2 - Statement of research objectives
STEP 3 - Planning the research design
STEP 4 - Planning the sample
STEP 5 - Data collection
STEP 6 - Data processing and analysis
STEP 7 - Formulating conclusion, preparing and
presenting the report
STEP 1 - Identification and defining
the problems
The market research process begins with
the identification “ of a problem faced by
the company. The clear cut statement of
problem may not be possible at very outset
of research process because often only the
symptoms of the problems are apparent at
that stage. Then, after some explanatory
research, clear definition of the problem is
of crucial importance in marketing research.
 STEP 2 - Statement of research
objectives
After identifying and defining the
problem with or without explanatory
research, the researcher must take a
formal statement of research objectives.
Such objectives may be stated in
qualitative or quantitative terms and
express as research question, statement
or hypothesis.
 STEP 3 - Planning the research
design
After defining the research problem
and deciding the objectives, the
research design must be developed. A
research design is a master plan
specifying the procedure for collecting
and analyzing the needed information.
It represent a framework for the
research plan of action.
 STEP 4 - Planning the sample
Sampling involves procedures that use a small
number of items or parts of the population to make
conclusion regarding the population. Important
questions in this regard are:
 Who is to be sampled as rightly representative
lot?
 Which is the target population?
 What should be the sample size - How large or
how small?
 How to select the various units to make up the
sample?
 STEP 5 - Data collection
The collection of data relates to the gathering
of facts to be used in solving a problem. Hence,
methods of data collection. Data can be secondary,
i.e., collected from concern reports, magazines and
other periodicals, especially written articles,
government publications, company publications,
books, etc.
Types of Sources:
(i) Internal sources – existing within the firm itself,
such as accounting data, salesmen’s reports, etc.
(ii) External Sources – Outside the firm.
 STEP 6 - Data processing and
analysis
Once the data have been collected, these
have to be converted into a format that will
suggest answers to the initially identified
and defined problem. Data processing
begins with the editing of data and its
coding. Editing involves inspecting the data
collection forms for omission, legibility, and
consistency in classification.
 STEP 7 - Formulating conclusion,
preparing and presenting the report
The final stage in the marketing research
process is the interpreting the information
and drawing conclusion for use in
managerial decision. The research report
should clearly and effectively communicate
the research findings and need not include
complicated statement about the technical
aspect of the study and research methods.
 CONSUMER MARKET
 It refers to a market wherein the seller sells
the product for a primary reason of making
profits while buyer buys the products for
personal use.
 The product are simplistic while business
products are complicated.
 BUSINESS MARKET
 Business to business market
 The product or the services of a particular
organization are sold to purchase or by other
organization or business. It also happens in
support industries where the products that
are manufactured are components required
to be assembled into the products or services
offered by some other business organization.
 INDIVIDUAL ACTIVITY:
In a ¼ sheet of paper, write
your reflection about the
marketing research and its
importance in a business
enterprise.
 QUIZ:
Direction: Draw ⃝ if the statement is correct, otherwise
draw □.
1. Marketing research concern specifically with markets and
marketing process.
2. The reason why companies require market research is to make
well-informed market decisions about your service and
develop effective strategies.
3. Lowering the business risk is one of the importance of market
research.
4. Target dissatisfied customers, find underserved customer
segment and Identify unaddressed customer needs is
included on the Outsell competitors.
5. The steps that the marketing research includes are the:
Identification and defining the problems; Statement of
research objectives; Planning the research design ; Planning
the sample; Data collection; Data processing and analysis:
and Formulating conclusion, preparing and
presenting the report.
6-10. Difference between the consumer market and business
market. (2-3 sentences)
 ANSWER KEY:
1. ⃝
2. ⃝
3. ⃝
4. ⃝
5. ⃝