Description
Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy
Introduction to Marketing Research
Definition
?
Marketing research is the systematic gathering, recording, and analysis of data about issues relating to marketing products and services
?
~ Wikipedia
MI v/s MR
Marketing Intelligence
• • • • • Ongoing In house Long term General purpose Focus on • • • • •
Marketing Research
Based on gaps Outsourced Action oriented Specific answers Focus on consumers, influencers etc
The Role of MR in Marketing
Segmentation
Marketing Strategy Info for Marketing Decisions Marketing Plan
Targeting
Positioning
4 Ps
Scope
? ?
Concept Research Product Research
?
? ?
Pricing Research
Distribution Research Advertising Research
When to do Research?
? ?
Gaps in info Cost of filling info gap is less than losses due to gap Time taken for research should not delay the decision making process beyond reasonable limits
?
Limitations of MR
It is not the sole tool for decisionmaking ? Differences in methodology ? Complementary inputs required for decision making – Internal and External factors ? Human errors in collecting and analysing data and converting it into fruitful information
?
MR Based on Methodology
?
Quantitative:
? Statistical approach ? Focus on Numbers
?
Qualitative:
? Interviews, focus groups etc ? Social aspects
?
Combination of the two
Applications of MR
1.
2.
3. 4. 5. 6.
7.
8.
Ad – tracking Advertising Research Brand Equity Research Brand Association Research Brand Attribute Research Cool Hunting Mystery Shopping Viral Marketing Research
Ethics in MR
No misuse of information collected ? No forcing of respondents to respond to questions ? Confidentiality of responses should be maintained ? Personal questions should be carefully handled ? Responses should be recorded on face value
?
Sources of Information
? ?
Primary Secondary
? Internal ? External
Primary Information
?
Gained through:
? Exploratory – Survey (Quantitative)
? Depth Interview (Qualitative) ? Focus Groups (Qualitative) ? Projective Techniques (Qualitative)
Secondary Information
? ?
Published info – Internal / External PUBLIC info
doc_334509963.pptx
Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy
Introduction to Marketing Research
Definition
?
Marketing research is the systematic gathering, recording, and analysis of data about issues relating to marketing products and services
?
~ Wikipedia
MI v/s MR
Marketing Intelligence
• • • • • Ongoing In house Long term General purpose Focus on • • • • •
Marketing Research
Based on gaps Outsourced Action oriented Specific answers Focus on consumers, influencers etc
The Role of MR in Marketing
Segmentation
Marketing Strategy Info for Marketing Decisions Marketing Plan
Targeting
Positioning
4 Ps
Scope
? ?
Concept Research Product Research
?
? ?
Pricing Research
Distribution Research Advertising Research
When to do Research?
? ?
Gaps in info Cost of filling info gap is less than losses due to gap Time taken for research should not delay the decision making process beyond reasonable limits
?
Limitations of MR
It is not the sole tool for decisionmaking ? Differences in methodology ? Complementary inputs required for decision making – Internal and External factors ? Human errors in collecting and analysing data and converting it into fruitful information
?
MR Based on Methodology
?
Quantitative:
? Statistical approach ? Focus on Numbers
?
Qualitative:
? Interviews, focus groups etc ? Social aspects
?
Combination of the two
Applications of MR
1.
2.
3. 4. 5. 6.
7.
8.
Ad – tracking Advertising Research Brand Equity Research Brand Association Research Brand Attribute Research Cool Hunting Mystery Shopping Viral Marketing Research
Ethics in MR
No misuse of information collected ? No forcing of respondents to respond to questions ? Confidentiality of responses should be maintained ? Personal questions should be carefully handled ? Responses should be recorded on face value
?
Sources of Information
? ?
Primary Secondary
? Internal ? External
Primary Information
?
Gained through:
? Exploratory – Survey (Quantitative)
? Depth Interview (Qualitative) ? Focus Groups (Qualitative) ? Projective Techniques (Qualitative)
Secondary Information
? ?
Published info – Internal / External PUBLIC info
doc_334509963.pptx