Introduction to Market Research Shamindra Nath Sanyal SNS

Introduction to Market Research Shamindra Nath Sanyal SNS 1

Market Research n n n Market research is moving away from its roots as a discipline that was detached from the business decision-making process, and is now more actively engaged with decision-facilitation. This shift has required new methodological thinking: an ‘holistic’ analysis approach that provides clients with a rounded view of what all their (qualitative and quantitative) marketing evidence is saying. The new approach also requires analytical frameworks that combine hard market research data with prior management knowledge and intuition. SNS 2

Functions of Marketing Management n Analysis n Planning n Implementation n Control SNS 3

Marketing and Marketing Research n n n Successful Marketing is about Creating Value that Customers Will Pay For! Marketing is Making Decisions! Marketing Research Helps You Make the Right Decisions! SNS 4

How Does It Help You n n Provides you information that reduces the risks involved in your marketing decisions. Connects you with your customer and your market. Allows you to identify marketing opportunities and threats. Takes into account the past, the present and likely future. SNS 5

Market Research n Use of formalized procedures, n based on the scientific method, n to collect and analyze information, n relevant to management problems. SNS 6

Market Research n Systematized and repeated marketing research is a marketing management information system/marketing decision support system. n Truth as an option perspective. SNS 7

Marketing Research 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 n identification and n solution of problems and opportunities in marketing. SNS 8

Marketing Research n Marketing Research is the systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services. ” (American Marketing Association ) SNS 9

Defining Marketing Research Identification of Information Needed Identifying and Solving Marketing Problems Collection of Data Analysis of Data Dissemination of Information SNS Use of Information 10

Introduction n n Research is a powerful investigation. It provides a structure for decision making. Three parts are involved in an investigation: An implicit question posed. n An explicit answer proposed. n Collection, analysis and interpretation of the information leading from the question to the answer. n SNS 11

Characteristics of a Research n Good research is systematic n Good research is logical n n Good research is empirical: related to one or more aspects of the real situation. Good research is replicable: study verified by replicating the study. SNS 12

The Role of Marketing Research in Marketing Decision Making Uncontrollable Environmental Factors • Economy • Technology • Competition • Laws and Regulation • Social and Cultural Factors • Political Factors Assessing Information Needs Customer Groups • Consumers • Employees • Channel Members • Suppliers Controllable Marketing Variables • Product • Pricing • Promotion • Distribution Market Research Marketing Decision Making Marketing Managers • Market Segmentation • Marketing Programs • Target Market Selection SNS • Performance and Control Providing Information 13

Basic Research Process PROBLEM DEFINITION RESEARCH DESIGN INTERPRETATION OF RESULTS DATA COLLECTION DATA ANALYSIS SNS 14

Scope of Market Research Function n n Sales analysis Sales methods and policies Product management Advertising research n n n Media research Copy research Corporate research Syndicated research Social values research SNS 15

n Thank You SNS 16