Marketing Research

Marketing Research: Definition

• Many definitions of Marketing Research:

• “Marketing research is the systematic design, collection, analysis and

reporting of data and findings relevant to a specific marketing
situation facing the company.”
• Marketing research is the process of designing, gathering, analyzing,
and reporting information that may be used to solve a specific
marketing problem.

2
Need For Marketing Research
Why do businesses need accurate and up-to-date information?

– To undertake marketing effectively

– Changes in technology
– Changes in consumer tastes
– Market demand
– Changes in the product ranges of
competitors
– Changes in economic conditions
– Distribution channels
Purpose Of Marketing Research

• Gain a more detailed understanding of consumers’ needs:

• e.g., views on products’ prices, packaging, recent
advertising campaigns
• Reduce the risk of product/business failure:
• there is no guarantee that any new
idea will be a commercial success
• Can help to achieve commercial
success
• Forecast future trends:
• it can also be used to anticipate future
customer needs
 EXAMPLES OF RESEARCH IN MARKETING

Marketing Decision Types of Research

Target Markets sales, market size; demand for product, customer characteristics,
purchase behavior, customer satisfaction, website traffic

product development; package protection, packaging awareness; brand

Product name selection; brand recognition, brand preference, product
positioning
Distribution distributor interest; assessing shipping options; online shopping, retail store
site selection
advertising recall; advertising copy testing, sales promotion response
Promotion rates, sales force compensation, traffic studies (outdoor advertising),
public relations media placement
Pricing price elasticity analysis, optimal price setting, discount options
External Factors
competitive analysis, legal environment; social and cultural trends
Other company image, test marketing
Step 1: Defining the objectives and research
needs.
• What specific information should the project provide?

• If more than one type of information will be developed from the study, which is the
most important? and

• What are the priorities?

• When specifying research objectives, development of hypotheses, might be

very helpful.

• When achieved, objectives provide the necessary information to solve the problem.

7
Step 2: Designing the research
• A research design is a framework or blueprint for conducting the marketing research
project.
Step 3: Collecting the data
Data Collection Techniques??
Step 4: Analyzing data and developing
insights
• This process is the most important process in the
research as the results are generated on the basis of data
preparation.
• After the data collecting stage the collected data is
– edited,
– Coded,
– transcribed
– corrected if required and
– validated.
• Uni/multivariate techniques are used for analyzing
data when there is a single/multiple measurement
of each element or unit in the sample data.
Step 5: Developing and implementing an
action plan

• Segmentation
• Targeting
• Positioning
 Data collection from
Retailers & Consumers...
Manufacturer

Data

Retailer Consumer

13