MARKETIG RESERCH

BHARAT TIWARI BBA(GENERAL) IV SMESTER 05319301710

Marketing Research
Def. - Formal communication link with the environment to better decision making. Systematic process of specifying, collecting, analyzing, and interpreting. Useful for planning, problem-solving, and controlling

Application of MR
Marketing research divided into Market Analysis Identifying and evaluating opportunities Competitive Analysis Market Segmentation Analyzing market segments and selecting target markets Marketing Strategy Design Planning and implementing a marketing mix -Analyzing Marketing Performance

Managerial Value of MR
Value Quality Relevance Timeliness Completeness Data vs. Information vs. Knowledge

The Research Process

Define the Research Problem Determine Research Design and Data Sources Develop Sample Design and Sample Size Develop Measurement Instruments Collect and Prepare Data Analyze and Interpret Data Communicate Results

STEPS IN MARKETING RESEARCH

Step 1: Identifying and Formulating

Marketing Problem: Set of circumstances in a market and/or in the company that requires modified or new marketing strategy to respond in a way that will maintain or improve performance. Market Opportunity: Set of circumstances in a market that defines a situation in which a company can improve performance by creating modified or new marketing strategy.

Step 2: Determine the Research Design and Data Sources

Exploratory, Descriptive, Causal Secondary vs. Primary Data Survey research Observation research Focus Groups Experiments

Step 3: Design Sample

Sample: a subset from a larger population Probability vs. non probability sample Number of respondents Method of contact Management of non-response Detailed field instructions Handling of data

Step 4: Develop Measurement Instruments

What observation form or questionnaire will be best suit the needs of the project? Anonymous? Confidential? Structured vs. open-ended What types of rating scales? What is the layout going to look like?

Step 5: Collect and Prepare Data

Coding Data Entry Data Cleansing Summarization Error Assessment Reliability/Validity

Step 6: Analyzing the Data

Purpose of the analysis is to interpret and draw conclusions from the mass of collected data Must select appropriate analytic tools to match data, research objectives, and information needs

Step 7: Communicating Results

Researchers must remember to speak in managerial terms rather than in the terminology understood only by research specialists Reports should outline technical details of the research project and methods. Researchers should spell out their conclusions in clear, concise, and actionable terms
Be open-minded to findings, be willing to refute expectations, and acknowledge limitations.

GOOD
BYE