Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I BASICS OF MARKETING I Session 5 Understanding marketing research

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Learning Objective To understand the marketing research process To understand the tools used in marketing research

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Marketing Research The process of planning, collecting, and analyzing data relevant to a marketing decision.

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I One major reason for undertaking marketing research is to discover market opportunities To determine current demand, companies determine total market potential, area market potential, industry sales, and market share To determine future demand, companies survey buyers’ intentions, solicit input from sales force, gather expert opinions, engage in market testing. Reasons for MR

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I The Research Process Stages of the MR process : Problem definition Setting research objectives Developing a research design Deciding on the sources of data Data collection Data analysis Report and presentation

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Problem Definition Avoid ambiguity Be specific but not too rigid Do not confuse problems with symptoms

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Research Objectives Should be Measurable Specific

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Research Design Exploratory : Used when a researcher does not know why and how a certain phenomenon occurs Descriptive : Used to describe a phenomenon or market characteristic Causative : is done to establish a cause and effect relationship

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Sources of Data Secondary data : Data previously collected for any purpose other than the one at hand Sources : CMIE reports, NRS, NCAER reports, Marketing White book etc and THE INTERNET

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Advantages of Secondary Data Saves time and money if on target Aids in determining direction for primary data collection Pinpoints the kinds of people to approach Serves as a basis of comparison for other data

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Disadvantages of Secondary Data May not be on target with the research problem Quality and accuracy of data may pose a problem

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Primary Data Primary data : Information collected for the first time. Can be used for solving the particular problem under investigation.

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Advantages of Primary Data Answers a specific research question Data is current Source of data is known Secrecy can be maintained

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Disadvantages of Primary Data Expensive Quality declines if interviews are lengthy Reluctance to participate in lengthy interviews

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Collection of Primary Data Census: collecting data from the entire population Sample : refers to a pie taken from the population. It has to drawn carefully so that the conclusions can be extrapolated

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Primary Data Collection Observation : This technique involves observing what the customer is buying and doing in the store Experimentation: This involves experimenting new products, new advertising campaign etc in a controlled or uncontrolled environment Surveys : The most common technique. Can be done in person as well as through telephone, post etc. However, data collection is expensive and may involve researcher bias Focus groups : This is used to know about the customer’s subconscious self

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Tools Questionnaires : Structured form of data collection Interview schedule :Unlike questionnaires, the responses can be unstructured Association tests : Are used to understand the psychological dimension of consumer behavior e.g. describing brand as a human being

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Questionnaire Design Open-Ended Question Open-Ended Question Closed-Ended Question Closed-Ended Question Scaled- Response Question Scaled- Response Question An interview question that encourages an answer phrased in respondent’s own words. An interview question that asks the respondent to make a selection from a limited list of responses. An interview question that asks the respondent to make a selection from a limited list of responses. A closed-ended question designed to measure the intensity of a respondent’s answer. A closed-ended question designed to measure the intensity of a respondent’s answer. Ref: Marketing by Lamb

Designed & developed by E4 Data Analysis and Report & Presentation Data Analysis Data analysis involves application of statistical tools & techniques. We will deal with the same in subsequent semesters. Report & Presentation The findings of the research should be presented in order to give answers to the research objectives identified. SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I

Designed & developed by E4 SBA SEMESTER ONE SESSION 5 BASICS OF MARKETING- I Management Uses of Marketing Research Improve the quality of decision making Trace problems Focus on keeping existing problems Understand the ever-changing marketplace