MARKETING RESEARCH

What is???

MARKET BRANDING

BRAND EQUITY

MARKET RERSEARCH

MARKETING RESEARCH

Definition of Marketing Research links marketers and organizations with their consumers through information related to marketing opportunities and problems.

Marketing research is a process of gathering, analysing and interpreting raw data about consumers to derive usable business information which can facilitate marketers in decision making.

It’s different from market research which deals with only a particular “target” market. In fact market research is a sub-set of marketing research.

Marketing research is used to by marketers and

organizations to find answers to questions like:

• Who are consumers of my products or services?

• What’s the best way to communicate my marketing message to them?

• What’s the performance of my advertising campaigns?

• Do I need to run a special promotion to drive sales?

• How my product or service is faring against competition?

• What’s my competition doing to attract consumers?

• How’s the market environment?

• What’s my brands health?

• These are just a small set of questions which are answered using marketing research techniques.

Marketing research is a

well structured and systematic process which

involves collection & gathering of raw data

related to target market, product or service,

competitors and about past present and

potential consumers. This data is collected

using data collection techniques like

interviews, focus group discussions, secondary

resources etc

• So marketing research essentially helps

marketers and organizations find answers to

their business and marketing related problems

which they encounter every day.

• Now let’s analyze some situations

where marketing research can be

used:

Case 1:Sale of my company’s frozen food brand is declined by 30% in a year. Can you assist us in finding a solution?

• Research Solution: In this case a brand health assessment study along with competition research and market research will be conducted to find what the reasons are for decline in sale of this particular product and what can be the optimal solution to tackle it.

• The probable reasons behind this scenario can be that the completion of this product has any of following factors – better distribution channel, pricing advantage, better packaging or higher spending on advertising campaigns. Any of these can cause the competitors to gain advantage over the said product.

Case 2:Our brand is losing market share. We

would like to know where we are going

wrong?

• Research Solution: In this case a brand

identity study will be conducted to

find out the health of targeted

brand.

Case 3:I want to price this brand at X. Though it is higher than competing products, I think it is value for money. Would consumer’s mind paying the price I have in mind?

• Research Solution: In this case a pricing

research will be conducted to find out

the target consumer’s behaviour

toward this product and proposed

price X.

Case 4:We have to air this ad in the next two weeks. My creative guys spent days and nights on this. I am not quite sure if consumer’s would like this ad. Could we test it with them before that.

• Research Solution: In this case a concept testing study will be conducted to find out the target consumer’s behavior toward this proposed advertisement.