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Market Research

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Common Views of Marketing Research

Gathering data from markets Conducting customer surveys Determining the needs of customers Evaluating customer response to advertising Testing products in the market place Estimating the potential sales of product Gathering sales and market share data of

competitors

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Exercise 1

Apply market research for

1. Mail products/ BD services

2. Savings Bank

3. Insurance

4. Remittance services

5. Philately

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Market segmentation

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Key questions to consider in determining market

segments

1. What is the size of the market for each segment we have defined ? (Value)

2. What share of these do we have? (In volume or value terms).

3. What are the growth prospects of each segment?

4. Percentage of customers fall within each segment?

5. What percentage of these are current customers?

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How many of these customers regularly do

business with us?

Percentage of customers we have lost, by

segment?

What are the reasons?

Who are our main domestic competitors?

Do they define their markets in the same way as

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What are the factors that has lead to the

competitors success.

List all the factors

How have we fared in comparison with these

competitors?

How are we perceived in the market?

What special strengths / expertise do we offer?

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Market Segmentation and Market Targeting

Market segmentation is the process of disaggregating

the total market into a number of sub-markets. 

Market consists of buyers who will differ in one or

more respects,

 

They may differ in their wants, purchasing power,

geographical locations, buying attitudes and

buying practices. These variables can be used to

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Bases for Segmenting Consumer Market :

The marketing firm may have to investigate

different segmentation variables in order to

gain an insight into the structure of the overall

market.

Generally the organizations use a combination

of variables in order to define a precise market

segment.

Geographic Segmentation5.0

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Demographic Segmentation :

It is one of the most straight forward and

meaningful bases for segmenting consumer

markets. The demographic variables are :

Age & life – cycle stage

Gender

Generation

Social class / income

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Psychographic segmentation :

Life style

Personality

Values

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Behavioral Segmentation –

Here, the buyers are divided into groups on the basis of

their knowledge of, attitude toward, use of, or response

to a product.

Many marketers believe that behavioural variables

like occasions, benefits, user status, usage rate, loyalty

status, buyer – readiness stage, and attitude are

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Benefit Segmentation : 

Benefit segmentation uses casual rather than

descriptive variables to group consumers,

Different people buy the same or similar

products for different reasons.

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The marketing firm needs to determine the major

benefits people are seeking from a particular

product class.

Identify the profiles of the people seeking each

benefit and recognize the existing competitors

products that are close to delivering each of the

benefits, e.g. toothpaste, cars, courier services.

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Occasions - Buyers are distinguished

according to the occasions

a) When do they develop a need

b) When will they purchase a product

c) When will they use a product

e.g. : Airline, Fruit juices etc.

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Segmentation by usage – consumption rates

for many consumer products are not evenly

distributed across all household. Hence,

meaningful segments could be defined in terms

of usage of the product itself. 

If a firm can identify heavy users – it may be

able to develop special marketing strategy aimed at

winning more of them to the brand. 

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Do the market segmentation for PLI/RPLI?

Exercise 2

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Assigning Targets

The acronym SMART is widely used to describe goals and targets.

Specific Measurable Achievable Relevant Time related

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Exercise 3

List the parameters based on which you will assign targets to GDS for SB schemes.

Where will you get the required information? List the same

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Procedure for Developing a Questionnaire

Step 1:

Step 2:

Step 3:

Step 4:

Step 5:

Step 6:

Step 7:

Step 8:

Step 9:

Specify what info will be sought

Determine type of question and method of administration

Determine content of individual questions

Determine form of response to each questions

Determine wording of each question

Determine sequence of questions

Determine physical characteristics of questions

Re-examine steps 1-7

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Prepare a questionnaire for feed back on instant money order service---

Exercise 4

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Thank You

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