Post on 10-Apr-2015
transcript
Prakash SharmaAsst. Business Development
OfficerIndiaReport
Metrix Web Services (P) Ltd.
How many brands in your knowledge have benefited from MR?
Reduces the cost of wrong decisions Reduces time-to-market when getting
there ahead of the competition is critical for survival and growth
Helps find ways of keeping the customers
Marketing research is the systematic and objective identification, collection, analysis, dissemination, and use of information for the purpose of improving decision making related to the identification and solution of problems and opportunities in marketing
“Find it and tell it like it is”
Problem Identification Research Market Potential, Market Share, Brand
image, Forecasting, Business Trend Problem-Solving Research
Segmentation Research Product Research Pricing Research Promotion Research Distribution Research
Examples of Marketing Examples of Marketing Research ProjectsResearch Projects
• Concept test: evaluates new product or advertising ideas
• Copy test: tests advertising content
• Price responsiveness studies: tests how customers will respond to various price levels
• Market-share analysis
• Segmentation studies
• Customer satisfaction studies: monitor how customers feel about products and service
1. Define the Problem1. Define the Problem
2. Developing an Approach to the Problem2. Developing an Approach to the Problem
3. Formulating a Research Design3. Formulating a Research Design
4. Doing Field Work or Collecting Data4. Doing Field Work or Collecting Data
5. Preparing and Analyzing Data5. Preparing and Analyzing Data
6. Preparing and Presenting the Report6. Preparing and Presenting the Report
1. Defining a problem Understanding the purpose of the study Understanding the background issues e.g. the company growth rate is low
2. Discuss with decision makers, interviews with industry experts, analysis of secondary data, conducting focus groups
Formulating an analytical framework and models, research questions Determine a hypothesis: an educated guess The hypothesis provides a research problem
for the investigators which can be tested scientifically
A framework or blueprint for conducting the marketing research
Details procedures needed to obtain the required information
Conducting exploratory research, precisely defining the variables, designing appropriate scales to measure them
How to obtain the data: survey or experiment
Design questionnaire
Field work involves personal, telephone, mail, or electronic interviewing
Proper selection, training, supervision, and evaluation of the field force is essential
Data Processing Editing, coding, transcribing of
collected data Analyze using different statistical
techniques Interpret the results, find conclusions
related to the marketing research questions
Marketing problems whose solutions are based on routine information do not need MR
“Research should not be conducted to satisfy curiosity or confirm the wisdom of previous decisions. Such research has no relevance to decision making” (Aaker et al)
Customer Groups•Consumers•Employees
•Shareholders•Suppliers
MARKETING RESEARCH
Marketing Managers•Market segmentation
•Target market selection•Marketing programs
•Performance and control
Controllable MarketingVariables•Product•Pricing
•Promotion•Distribution
Uncontrollable environmental
factors•Economy
•Technology•Competition
•Laws & Regulations•Social & cultural factors
•Political factorsAssessing
InformationNeeds
ProvidingInformation
MarketingDecisionMaking
Not automatic Cost versus Benefit Resources available to conduct Resources available to implement
findings Management attitude Value of conducting should exceed cost As risk increases the value of MR
increases
Market Reserach Suppliers & Services
In ternal
Syndicated S tandardized C ustom ized In ternet
F u ll Service
F ield C oding & D ataEn try
Analytical D ata Analys is B randedproducts & services
L im ited Service
External
R esearch Suppliers
Credentials:- Timely completion- Ethical standards- Quality & experience- People
Written proposal
Internal department of brand organization
MR agency or Ad agency Graduates and MBAs Field work/Coding & data entry/Analysis
MIS Structured problems Use of Reports Rigid structure Information
displaying restricted Can improve
decision making by classifying raw data
DSS Unstructured
problems Use of models User-friendly
interaction Adaptability Can improve
decision making by using “What if” analysis
Environment prevailing in the countries Culture Influence the 6 steps of the MR process
4 stakeholders: Client, researcher, respondent and general public
Research procedures not followed/misrepresentation of findings in the company’s advertising