Download lecture 12 Market Research

Market Research Process
INTRODUCTION
• The American Marketing Association formally defines marketing
research as:
• Marketing research is the function that links the consumer, customer, and public
to the marketer through information- information used to identify and define
marketing opportunities and problems; generate, refine and evaluate marketing
actions; monitor marketing performance; and improve understanding of
marketing as a process
• Marketing research is the systematic and objective identification,
collection, analysis, dissemination and use of information for the purpose
of improving decision making related to identification and solution of
problems and opportunities in marketing.
Types of market research
• The definition states that the organisation engages in marketing research for
two reasons:
• To identify the problem.
• To solve the problem
• This distinction serves as the basis for classifying marketing research into:
Marketing
research
Problem
identification
research
Problem solving
research
PROBLEM IDENTIFICATION RESEARCH(PIR)
• Problem identification research is undertaken to help identify problems that are,
perhaps, not apparent on surface and yet exist or are likely to arise in the future.
• Examples of PIR include market potential, market share, brand or company image,
sales analysis, short range forecasting, long range forecasting, and business trend
research.
• Research of this type provides information about marketing environment and helps
diagnose a problem.
• The recognition of economic, social, or cultural trends, such as changes in consumer
behaviour, may point to underlying problems or opportunities.
• Once a problem has been identified, problem solving research is undertaken to arrive
at a solution.
PROBLEM IDENTIFICATION RESEARCH(PIR)
Market potential research
Forecasting research
Market share research
Problem
Identification
Research
Market characteristics research
Image research
Sales analysis research
PROBLEM SOLVING RESEARCH(PSR)
Segmentation Research
Product Research
Problem Solving
Research
Pricing Research
Promotion Research
Distribution Research
The Marketing Research components
Market Research is a Six Step Process:
• Step 1 : Problem Definition
• Step 2: Development of an Approach to the Problem
• Step 3 : Research Design Formulation
• Step 4 : Fieldwork or Data Collection
• Step 5 : Data Preparation and Analysis
• Step 6 : Report preparation and Presentation
STEP 1: PROBLEM DEFINITION
• This is the first step in any marketing research process.
• It is necessary to take into account the purpose of the study, the relevant background
information, the information needed and how it will be used in decision making.
• Once the problem has been defined precisely the research can be designed and
conducted properly.
STEP 2: DEVELOPMENT OF AN APPROACH TO THE PROBLEM
• Development of an approach to the problem includes formulating an objective or
theoretical framework, analytical models, research question and hypothesis and
identifying the information needed.
• The process is guided by discussions with the management and industry experts,
analysis of secondary primary data, qualitative research, and quantitative data.
STEP 3: Research Design Formulation
• A research design is a framework or blue print for conducting the marketing research
project.
• It details the procedures necessary for obtaining the required information, and its
purpose is to design a study that will test the hypothesis of interest.
• Conducting exploratory research, precisely defining the variables, and designing
appropriate scales to measure them are also a part of research design.
• The issue of how to obtain the data from respondents must be addressed.
• It is also necessary to design a questionnaire and a sampling plan to select
respondents for the study.
STEP 3: Research Design Formulation
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Definition of information needed
Secondary data analysis
Qualitative analysis
Methods for collecting quantitative data
Measurement and scaling procedures
Questionnaire design
Sampling process and sample size
Plan of data analysis
STEP 4: Fieldwork or Data collection
• Data collection involves a field force or staff that operates either in a field, as in case of
a personal interview, from an office telephone, or electronically
STEP 5: Data preparation and analysis
• Data preparation and analysis includes editing, coding, transcription and verification
of data.
• Number or letter codes are assigned to represent each response to each question in
the questionnaire .
Fair market and lovely research
THANK YOU
-PHARMA STREET