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Marketing Research and Consumer Buyer Behavior

Date post: 28-Oct-2014
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In this presentation, we will discuss the importance of information and need to be aware of information brought by good researches. Methods to evaluate value of information, data collection, selection of data and types of researches are also presented here. To know more about Welingkar School’s Distance Learning Program and courses offered, visit: http://www.welingkaronline.org/distance-learning/online-mba.html
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Chapter 2 Chapter 2 Basic Concepts and Research Design Chapter 2 Basic Concepts and Research Design
Transcript
Page 1: Marketing Research and Consumer Buyer Behavior

Chapter 2Chapter 2Basic Concepts and Research Design

Chapter 2 Basic Concepts and Research Design

Page 2: Marketing Research and Consumer Buyer Behavior

Learning ObjectivesLearning Objectives1. The role of information in this

emerging knowledge age2. Explain various stages involved in

the research process3. To understand the various research

designs used in marketing research

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4 Determinants of Research4 Determinants of Research

RESEARCH

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Information Need in The New Information Need in The New Knowledge EraKnowledge Era

New knowledge empowered customer have started expecting more benefits and better value for their money.She prefers to choose brands on the basis of intangibles like service-delivery and the extent to which it is customized to her lifestyleThe buyer of today is particular of maximizing and weighing the price performance ratio

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Decision Making and Tracking Decision Making and Tracking TrendsTrends

Managers very often view ‘Research’ as a tool used to providing information in the form of a ‘photo’-mirroring ‘consumers opinion’ and the prevalent market situationThus having access to information will help in the development of an independent and objective way of improving decision making-understanding, keeping track of and monitoring one’s own success, or failures, understanding competitors market value/share and development of new products and communication strategies

Chapter 2 Basic Concepts and Research Design

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The Research ProcessThe Research ProcessWhat is the purpose of conducting the research?What are the research objectives?Working out on the cost-benefit worthiness of the research studyWhat should be the type of research design to be adopted?How the data obtained is to be analyzed, interpreted and recommendations given?Chapter 2 Basic Concepts and

Research Design

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Steps Involved in The Research Steps Involved in The Research ProcessProcess

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Bayesian TheoryBayesian TheoryThe Bayesian decision theory tries to answer two questions:

1.How can the manager select from among alternative information gathering choices, including the option of not gathering any additional information at all?

2.After making the choice, what action is to be taken by the manager?

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HerberHerber SpiegelbugSpiegelbugHerber Spiegelbug has referred to the method of phenomenology as consisting of four steps, recognized by most phenomena lists, to qualify as representative of the approach generally followed◦ Suspend prior conceptions◦ Description of the phenomenon◦ Determine the universal elements◦ Apprehending of relationships

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Selection of Research Selection of Research MethodologyMethodology

If one is required to answer the question related to the appropriate “method of inquiry”? The answer will be dependent on the nature of the research problem and the availability of existing knowledgeBroadly stated, two research methodologies are used for the purpose of research◦ Experimental Research◦ Non Experimental Research

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Methods to Evaluate The Value Methods to Evaluate The Value of Informationof Information1. Simple Savings Method (SSM)2. Return On Investment (ROI)3. Present Value Method (PVM)4. Cost Benefit Approach (C-B)5. Bayesian Approach

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Steps Recognized by Steps Recognized by Phenomena listsPhenomena lists

Phenomenology

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Selection of the Data Collection Selection of the Data Collection TechniquesTechniques

1. Observation Techniques: under this techniques, data is obtained by

observing present or past behavior. Past behavior observation will be done with the help of secondary data

2. Communication Techniques: communication techniques involve seeking

answers by asking questions. This is sometimes done in the form of a survey research, when questions are asked and answers are received. This communication can be conducted via mail or telephone or sometimes in person Chapter 2 Basic Concepts and

Research Design

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Actual Data CollectionActual Data CollectionThe budget availabilityNature of the project and the complexity of the required informationDegree of accuracy desiredTime availability

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Types of ResearchTypes of ResearchDescriptive designExperimental designquasi-experimental design

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Descriptive DesignsDescriptive DesignsThese designs are used to establish accurate descriptions of variables relevant to the decision being taken without demonstrating the existence of the relationship between variables.The purpose of this design is to give an accurate picture of some aspect of the marketing environmentSay Titan may want to measure the reaction of young women between 15-25 years of age, to their ‘Fast track’ brand of watches Chapter 2 Basic Concepts and

Research Design

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The Various Types of Research The Various Types of Research DesignDesign

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Experimental DesignsExperimental DesignsThese research designs are used to demonstrate cause effect relationship This means that when it is necessary to show that one variable determines the values of other variables, a experimental approach is usedStudents will undoubtedly be familiar with the concept of experimentation in biological and physical sciencesThere are two types of experimental designs◦ Laboratory experiments◦ Field experimental settingsChapter 2 Basic Concepts and

Research Design

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QuasiQuasi--Experimental DesignsExperimental Designs1. One shot-case study2. One-group pre test – post-test design3. Time series design (also known as

Longitudinal Designs)4. Static group comparison design5. Simulation

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SummarySummaryThe research process consists of a series of steps worked out in a systemic manner from the conception of the project through the conclusions, recommendations and ultimate actionThe research designs can be categorized into Descriptive design, Experimental design and Quaiexperimental designThe variation in the approaches will be with respect to purpose, exactness of the hypothesis formed and the type of data collection methods used

Chapter 2 Basic Concepts and Research Design


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