New Market Research-ppt

8/8/2019 New Market Research-ppt

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MARKET RESEARCH


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The critical task of the Marketing Manager is DECISION

MAKING.

good market info = good marketing planning

The quality of marketing planning decision depends on the

quality of the information on which they are based.

Marketing Research helps provide good information to help in

decision making.


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FINANCIAL MARKET RESEARCH

Market research is any organized effort to gather information

about markets or customers- component of business strategy.

provides important information to identify and analyze the

market need, market size and competition.

Is for discovering what people want, need, or believe. It can

also involve discovering how they act.

Once that research is completed, it can be used to determine

how to market your product.


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MR: The process of gathering, analyzing and interpreting

information about a market, about a product or service to be

offered for sale in that market, and about the past, present

and potential customers for the product or service; research

into the characteristics, spending habits, location and needs

of your business's target market, the industry as a whole, and

the particular competitors you face.


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MARKETING RESEARCH

A FORMAL COMMUNICATION LINK WITH ENVIRONMENT

PROVIDE ACCURATE AND USEFULa) specifying

b) collectingc) analyzingd) interpreting

FORa) planning

b) problem-solvingc) control

BETTER DECISION MAKING


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Need for MR..

Critical element that makes our marketing effort effective.

For identifying the customer needs.

The transaction from sellers market to buyers market makes

it necessary to have MR.

Makes an organization prepared to change turbulent business

environment.

As market expands risk arise :- MR helps in reduce the risk.

For product innovation, distribution problems..


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Principles of MR.

Organizations need market information to grow and better

serve their consumers.

Marketing research is the process by which organizations

procure the information that enables better decision-making as

they advance toward these goals.

For e.g., financial service organizations, will want to find out

about what sort of accounts customers want to open and the

standard of service they expect to get.


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Principles..

Objectives: i.e. what are you trying to achieve from the

research? and what do you need to know?

Sampling Plan: organization speaks to a sample of individuals,

with the expectation that this sample will estimate the opinions

of the entire population.

Instrument: how the information is to be collected--will vary

depending on the objective(s).

Action Standards: how the research will be used-- what

decision is being made with the research, and what criteria will

be used to make that decision.


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Cont.

Error and Risk: - The easiest way to reduce both kinds of risk is

to increase the sample size of a test.

Analysis:basic analysis consists of simple descriptive statistics--

that is, what percentage of people answered this way or that way

to our questions. This output is frequently accompanied by

significance testing

Overall Design Considerations: researchers must balance several

factors and recommend the most appropriate research for thequestion at hand, the risk involved and, of course, the budget.


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MR process..

Formulate problem.

Determine research design.

Determine data collection Methods & forms.

Design data collection forms.

Design sample & collect.

Analyze & interpret data.

Report.


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MR techniques.

Based on questioning:

MR techniques

Qualitative MR Quantitative MR

Based on observations:

Ethnographic survey experimental technique


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Qualitative research

Often viewed as a Soft-approach. Conducted:

when structured research is not possible,

when true response may not be available

Qualitative research provides an understanding of how or

why things are as they are &No fixed set of questions.

The discussion between the interviewer (or moderator) and

the respondent is largely determined by the respondents'own thoughts and feelings.

Research of this sort is mostly done face-to-face.


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Main techniques.

1. Surveys

2. Focus Groups

3.Observation

4. Personal Interviews

5. Experiment


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Quantitative research

Quantitative research is numerically oriented, requires

significant attention to the measurement of market

phenomena and often involves statistical analysis.

The main is that every respondent is asked the same series of

questions.

The approach is very structured and normally involves large

numbers of interviews/questionnaires.


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Ethnographic studies-, by nature qualitative, the researcher

observes social phenomena in their natural setting -

observations can occurcross-sectionally(observations made

at one time) orlongitudinally (observations occur over

several time-periods) - examples include product-use

analysis.

Experimental technique -by nature quantitative, the

researcher creates a quasi-artificial environment to try to

control spurious factors, then manipulates at least one of the

variables - examples include purchase laboratories and test

markets


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Data collection


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There are two main sources of data - primary and secondary.

Primary research is conducted from scratch. It is original and

collected to solve the problem in hand.

Secondary research already exists since it has been collected

for other purposes. It is conducted on data published previouslyand usually by someone else.

Secondary research costs far less than primary research, but

seldom comes in a form that exactly meets the needs of the

researcher.


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Primary research


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Secondary research


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Sampling methods


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Purpose


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Advantages of Market Research

Helps focus attention on objectives

Aids forecasting, planning and strategic development

May help to reduce risk of new product development

Communicates image, vision, etc.

Globalisation makes market information valuable.


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Disadvantages of Market Research

Information only as good as the methodology used

Can be inaccurate or unreliable

Results may not be what the business wants to hear!

May stifle initiative and gut feeling

Always a problem that we may never know enough to be

sure!


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Eg for new financial market in

different sectors Insurance sector

ULIP products

Banking sector

plastic money, mobile banking, online

banking etc

Money exchange

UAE exchange


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Thank you

by

Saranya B. Kurup

New Market Research-ppt

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