Fourth Lecture Importance of market research Three stage process of marketing information system Market research process Sampling methods Developing a sampling plan Questionnaire’s Pivotal Role and design process Sources of data: Primary and Secondary CONTENTS & COVERAGE

Market research : Important tool for decision makers Market research is lies, damn lies &statistics, if not done methodologically Market research is collection, analysis & interpretation of information for Decision Makers Decision Support System Related to Market/ marketing

Marketing Information System: Main Components MkIS is organized procedure to generate, analyze, disseminate, store & retrieve information for Decision making

Differentiation in Components of Marketing Information system Aspect IIS ( Internal Information System) MIS (Marketing Intelligence System) MR (Marketing Research) Definition In house data collection & analysis STAGE I Sales executives collect relevant market and marketing related information STAGE II The systemic design, collection, ,analysis and findings to meet the set objectives STAGE III Source of data mostly internal external for competitive mapping External more organized & elaborate Frequency Periodic reporting continuous As and when required Nature formal formal/ informal Scope specified Critical inputs for decision making Comprehensive & elaborate to meet specific objectives

The Marketing Research Process: Complete Package (8) Follow-up (2) Creating of the Research Design (7) Writing and Presenting the Report (1) Identifying the problem and State the Objectives (3) Choosing the Method of Research (6) Analyzing the Data (5) Collecting the Data (4) Selecting the Sampling Procedure

Marketing Research Methods: Selection dependent on the nature of product & population size Person to person Interviews Telephone interviews Mailed questionnaires On line interviews Survey methods( Experts/Delphi method/Focus group)

Sampling Methods: Selection dependent on the nature of survey Random sampling: all members have equal chance of selection Systemic sampling: every nth number is chosen from population Stratified sampling :population divided into homogeneous strata such as income, age, customer segment, etc and use sample from each strata Cluster sampling: population divided into heterogeneous subgroups and sample is selected

Sampling Methods: Selection dependent on the nature of survey Convenience sampling: sample is selected based on convenience of location or cooperation of the subject Judgmental sampling: based on the past experience or earlier study sample size is selected Quota sampling: Based on the prior knowledge of the population, groups are made and then based on judgment sample is selected

Steps in Developing a Sample Plan Execute Operational Plan Step 2. Choose Data Collection Method Step1. Define the Population of Interest Step 6. Develop Operational Plan Step 3. Choose Sampling Frame Step 5. Determine Sample Size (4) Select a Sampling Method

The Questionnaire’s Pivotal Role in the Research Process Survey Objectives Respondent Information Questionnaire Data Analysis Findings Recommendations Managerial Action

The Questionnaire Design Process Figure 9.2 The Questionnaire Design Process (10) Implementation (2) Data Collection Methods (9) Final Copy (3) Question Response Format (1) Survey Objectives (8) Pretest and Revise (4) Question Wording (7) Obtain Approval (6) Evaluate Layout (5) Flow and Layout

Sources of data: Primary and Secondary PRIMARY SOURCES Market surveys Contact points Manufacturers OEMs/users Dealers/retailers/agents Equipment suppliers Technology suppliers Focus groups Delphi techniques (indepth interviews with experts) Retail audits Experimental Seed marketing SECONDARY SOURCES Economic survey of India Ministry reports Statistical Outline of India (Tatas) Annual survey of industries (CSO) Census reports Planning commission Reserve bank of India (bulletin) Industry associations e.g. Auto/chemicals/pharma/textiles/cement, etc Company annual reports Import/ export volumes/ export promotion councils Internet sources News paper/ periodicals

INDUSTRIAL MARKETING BOOKS: FOR REFERENCE INDUSTRIAL MARKETING BY ROBERT R REEDER,EDWARD G BRIERTY & BETTY H REEDER INDUSTRIAL MARKETING MANAGEMENT BY G GOVINDRAJAN INDUSTRIAL MARKETINGBY KRISHNA K HAVALDAR

THANK YOU