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