pratik meshram -Unit 1 contemporary marketing research full notes pune university semister 3
1. Unit1
I ntroduction to Marketing Research &
Applications of Research Designs
1.1. Marketing Research
1.2. Marketing Research Designs
1.3. Problem Formulation
1.4. Marketing Research Techniques
2. Managers need information in order to introduce products and services that create
value in the mind of the customer. But the perception of value is a subjective one,
and what customer’s value this year may be quite different from what they value
next year.
As such, the attributes that create value cannot simply be deduced from common
knowledge.
Rather, data must be collected and analyzed. The goal of marketing research is to
provide the facts and direction that managers need to make their more important
marketing decisions.
To maximize the benefit of marketing research, those who use it need to
understand the research process and its limitations.
3. A company faces many marketing problems. It faces problems about consumers,
product, market competition, sales promotion, etc. Marketing research helps to solve
these problems.
A) Meaning:
Market research deals specifically with the gathering of information about a market's
size and trends. Marketing research covers a wider range of activities. While it may
involve market research, marketing research is a more general systematic process that
can be applied to a variety of marketing problems.
B) Definitions:
1) American Marketing Association:
"Marketing Research is the systematic gathering, recording and analysing of data
about problems relating to the marketing of goods and services."
2) Philip Kotler:
"Marketing research is a systematic problem analysis, model building and fact
finding for the purpose of improved decision-making and control in the marketing
of goods and services."
4. C) Features of Marketing Research:
The salient characteristics or features of marketing research are as follows:
5. C) Features of Marketing Research:
1) Wide & Comprehensive Scope:
Marketing research has a very wide scope. It includes product research, packaging
research, pricing research, market research, sales research, etc. It is used to solve
marketing problems and to take marketing decisions.
2) Systematic and Scientific:
Marketing research is conducted in a step-by-step manner. It is conducted in an
orderly fashion. Therefore, it is systematic. Marketing research uses scientific
methods. Thus, it is also scientific.
3) Science and Art:
A Science collects knowledge (data) while an Art uses this knowledge for solving
problems. Marketing research first collects data. It then uses this data for solving
marketing problems.
4) Collects and Analyzes Data:
Marketing research gathers data accurately and objectively. It first collects reliable
data and then analyses it systematically and critically.
6. C) Features of Marketing Research:
5) Continuous and Dynamic Process:
The company faces marketing problems throughout the year. So Marketing research
is conducted continuously, It continuously collects up-to-date data for solving the
marketing problems. Large companies have their own marketing research
departments.
6) Tool for Decision-Making:
The marketing manager has to take many decisions. For this, he requires a lot of
data. Marketing research provides correct and up-to-date data to the marketing
manager. This helps him to take quick and correct decisions.
7) Applied Research:
Applied research is used for solving problems. Marketing research is used for solving
marketing problems. Therefore Marketing research is also an applied research. It has
practical value because it is used for solving present and future problems.
7. C) Features of Marketing Research:
8) Connected with MIS:
Marketing research is a component of Marketing Information System (MIS).
Marketing research and MIS are interrelated both are used to solve marketing
problems and to take marketing decisions.
9) Uses Different Methods:
Marketing research uses three methods for collecting data, viz., Survey Method,
Experiment Method and Observation Method. All three methods are scientific. The
researcher has to use a suitable method for collecting a reliable data.
10) Has Few Limitations:
Marketing research has few limitations too. It is not an exact science. So, it does not
give accurate results. It provides suggestions and not solutions. It is also a costly and
time-consuming process.
8. D) Role of Marketing Research:
Roles
Description
Evaluation
ExplanationPrediction
Aid in
Decision
Making
9. D) Role of Marketing Research:
1) Description:
Marketing research gives full description about the consumers. It describes their age,
sex, education, income, etc. It also gives a description about the competitors and the
market situation.
2) Evaluation:
Marketing research helps to evaluate the company's performance. It helps to
evaluate the company's production and marketing policies. It finds out the customer
reaction to the quality of the product, price, packaging, advertising, sales,
promotions techniques, etc.
3) Explanation:
Marketing research gives explanations (answers) for althea marketing problems. For
example, it answers in detail, why are the sales falling, why are the retailers giving
negative reaction, etc.
10. D) Role of Marketing Research:
4) Prediction:
Marketing research also gives predictions. Predictions mean to forecast or guess
about the future. It gives a prediction about the future sales, future market
opportunities, future risks, future marketing environment, future consumer
behavior, etc.
5) Aid in Decision Making:
Marketing research helps the marketing manager to take decisions. It provides all
the concerned data, which is necessary to take decisions. Decision making means to
select a course of action from two or more alternatives.
11. E) Importance of Marketing Research:
Provides Valuable
Data
Studies Consumer
Behaviour
Selects
Promotional
Techniques
Supplies
Marketing
Information
Evaluates
Marketing
Performance
Miscellaneous
needs and
Importance
12. E) Importance of Marketing Research:
1) Provides Valuable Data:
Marketing research provides valuable data to the decision makers. It provides data
about demand, supply, consumer behavior, competition, etc. This data issued for
decision making. This data improves the quality of decisions. It makes the decision
very successful.
2) Studies Consumer Behaviour:
Marketing research provides data about consumer behavior. It provides data about
age, incomes, likes, dislikes, etc. of the consumers. It also finds out the opinions of
the consumers about a company's product. This data is used to make production and
marketing policies.
3) Selects Promotional Techniques:
Marketing research helps the company to select suitable sales promotion
techniques. It helps to select marketing techniques. It helps to select proper media
for advertising. It helps to solve the problems of after-sales service. It also helps to
prepare the budget for advertising and sales promotion.
13. E) Importance of Marketing Research:
4) Supplies Marketing Information:
Marketing research supplies data about the market situation. This market-related
data is used to find out:
a) The present and future demand and supply position.
b) The level of competition and steps taken to control it.
c) Market opportunities.
d) The cause of fall in sales level.
5) Evaluates Marketing Performance:
Marketing research helps the company to evaluate its marketing performance and to
take steps to improve it. Marketing research is used to find out the effect of price,
package, brand name, etc.
6) Miscellaneous needs and Importance:
Miscellaneous needs and importance of marketing research are as follows:
Marketing research improves the efficiency of the marketing department. This
creates goodwill and good reputation.
15. F) Limitations of Marketing Research:
1) Limited use:
Many times, marketing research tends to be fragmentary in its approach as a result
of which it becomes difficult to haven overall perspective in which at marketing
problem is to be viewed and studied.
2) Superficial:
Marketing research is criticized on the ground that it becomes too superficial and
faulty in industry while the principles of marketing research are good and based on
scientific lines, in industry, marketing research is very often used by those who have
had no formal training in the subject.
3) Understanding Gap:
There is an absence of meaningful dialogue between the marketing management
and the marketing research team. With the result, marketing researchers get
divorced from the main stream of marketing.
4) Marketing Research is not a Science:
Marketing research is not an exact science. There are several imponderables which
come in the way of getting accurate results.
16. F) Limitations of Marketing Research:
5) Misuse of Marketing Research is also associated with Down Face:
Apart from these limitations of marketing research, one finds that it is sometimes
misused. These mis- applications, strictly speaking are not the limitations of the
subject as such.
6) Lack of Clear View Point:
A major of marketing research is found when one uses it to support or substantiate
his viewpoint or position. In such as case, objectivity, which is the soul of research, is
non-existent.
7) Delayed Decision:
Another misuse of marketing research is found deliberately delaying decision-
making. In the hands of vested interests, it may be used to avoid taking a certain
decisions or delaying it until the findings of marketing research are available.
8) As a tool for Grabing Power:
Finally, it is used to grab power and authority in an organization. Executives who are
ever ambitious may use marketing research to consolidate and strengthen their
position in the organization as also to extend their authority over their colleagues.
17. G) Role of Information in Marketing Research:
Roles
Relevant
Available
AccurateCurrent
Adequate
18. G) Role of Information in Marketing Research:
1) Relevant:
This is the most important characteristic. It means that the information has
relevance to the subject of enquiry.
2) Available:
When a decision is being made, information must be available.
3) Accurate:
The information, which is going to be used for decision-making, must be accurate.
Obviously, the use of wrong information will lead to a wrong decision.
4) Current:
Information must be current. This implies that it is not an obsolete one and is
applicable to the time period of the study.
5) Adequate:
In addition to the foregoing four characteristics, information must be adequate.
Scanty or piece-meal information will not serve the purpose. It may be mentioned
that the available information may not have all the characteristics.
19. H) Marketing Research Process:
Prepare the Research Report
Analyze and Interpret Data
Design Sample and Collect Data
Design Data Collection Method and Forms:
Determine Research Design
Formulate Problem
20. H) Marketing Research Process:
1) Formulate Problem:
One of the more valuable roles marketing research can play is helping to define the
problem to be solved. Only when the problem is carefully and precisely defined, can
research be designed to provide pertinent information.
2) Determine Research Design:
The sources of information for study and the research design go hand in hand. They
both depend on how much is known about the problem. lf relatively little is known
about the phenomenon to be investigated.
3) Design Data Collection Method and Forms:
It begins by determining if the information needed is already available as secondary
data, either within the firm or from and outside source. If not, information will have
to be generated by means of a survey or an experiment.
4) Design Sample and Collect Data:
In designing the sample, the researcher must specify, among other things, (i) the
sampling frame, (ii)the sample selection process, and (iii) the size of the sample.
21. H) Marketing Research Process:
4) Analyze and Interpret Data:
Researchers may amass a mountain of data, but these are useless unless the findings
are analyzed and the results interpreted in the light of the problem at hand. Data
analysis generally involves several steps.
5) Prepare the Research Report:
The research report is the document submitted to management that summarizes the
research results and conclusions. It is all that many executives will see of the
research effort, and it becomes the standard by which that research misjudged.
22. A) Meaning:
A marketing research design may be described as a series of advance decisions that,
when taken together, comprises a master plan or model for the conduct of the
investigations. It is the blueprint that is followed in completing a study.
B) Features of Good Research Design:
23. B) Features of Good Research Design:
1) Situational:
Good research designs reflect the settings of the investigation. This was illustrated
above where a particular need of teachers and administrators was explicitly
addressed in the design strategy.
2) Feasible:
Good designs can be implemented. The sequence and timing of events are carefully
thought out. Potential problems in measurement, adherence to assignment,
database construction and the like, are anticipated.
3) Theory base:
Good research strategies reflect the theories which are being investigated. Where
specific theoretical expectations can be hypothesized these are incorporated into the
design.
4) Redundant:
Good research designs have some flexibility built into them. Often, this flexibility
results from duplication of essential design features.
24. B) Features of Good Research Design:
5) Efficient:
Good designs strike a balance between redundancy and the tendency to overdesign.
Where it is reasonable, other, less costly, strategies for ruling out potential threats to
validity are utilized.
C) Types of Research Designs:
Types of Research Designs
Exploratory
Research Designs
Descriptive Research
Designs
Causal Research
Designs
25. C) Types of Research Designs:
1) Exploratory Research Designs:
Exploratory Research is used when one is seeking insights into the general nature of
a problem, the possible decision alternatives and relevant variable that need to be
considered. Typically, there is little prior knowledge on which to build the research
methods which are highly flexible, unstructured and qualitative.
2) Descriptive Research Designs:
Descriptive Research embraces a large of marketing research. The purpose is to
provide an accurate picture of some aspects of marketing environment. In
descriptive research, hypotheses often will exist, but they may be tentative and
speculative.
3) Causal Research Designs:
When it is necessary to show that one variable causes or determines the values of
other variables, a causal research approach must be used. Evidence of a relationship
or an association among the variables is useful; otherwise, we would have no basis
for even inferring that causality might be present.
26. D) Validity and Reliability in Research Study:
1) Research Validity:
This problem with data gathering represents several concepts that to the non-
researcher may be quite complex. But basically validity boils down to whether the
research is really measuring what it claims to be measuring.
2 ) Research Reliability:
Reliability is chiefly concerned with making sure the method of data gathering leads
to consistent results. For some types of research this can be measured by having
different researchers follow the same methods to see if results can be duplicated. If
results are similar then it is likely the method of data gathering is reliable.
Research Validity
Research Reliability
27. The first step in research is formulating a research problem. It is most important stage
in applied research as poorly defined problems will not yield useful results. It is rightly
said that "a problem well-defined is half-solved". Poorly defined problems cause
confusion and do not allow the researcher to develop a good research design.
A) problem definition:
A complete problem definition must specify each of the following:
Unit of Analysis
Time and Space
Boundaries
Characteristics of
Interest
Environmental
Conditions
Hypothesis
Development
28. A) problem definition:
1) Unit of Analysis:
The individuals or objects whose characteristics arc to be measured arc called the
units of analysis. The units always identify the objects to be studied. It is necessary
that the universe is well defined. Consider, for example the statement-"Women’s
dress buyers in Delhi stores on January 30 1990".
2) Time and Space Boundaries:
As regards time and space boundaries we find that the two universes are again
different. In the first instance a precise date viz. 30th January, 1990 is given while in
the second instance the entire month of January is given.
3) Characteristics of Interest:
This aspect identifies the focus of the problem. In our earlier example the
characteristics of interest can be style and color preferences, buying behaviour
personality traits, etc. Again the researcher may be interested in only one
characteristic.
29. A) problem definition:
4) Environmental Conditions:
This aspect indicates the uniqueness or generality of the problem. For example if the
management is interested in knowing how the units respond to price changes, then
the problem definition should specify the prices to be researched.
5) Hypothesis Development:
Before passing on to the next stage it is worthwhile to briefly mention the
development of hypotheses. A hypothesis is a proposition which the researcher
wants to verify. Often there may be several competing hypotheses, either specified
or implied.
30. B) Components of Problem Formulation:
The Decision-
Maker and
Objectives
Environment of
the Problem
Alternative
Courses of
Action
Consequences
of Alternative
Courses of
Action
State of doubt
31. B) Components of Problem Formulation:
1) The Decision-Maker and Objectives:
The decision-maker may not always be represented by a single individual; marketing
decisions may beamed by a marketing group of two or more people. Moreover,
some members of the group may not agree with the choice made because of
differences either in objectives or in their appraisal of effectiveness of means chosen
to achieve the objectives.
2) Environment of the Problem :
Every problem exists within a context of characteristics of the company and of the
market-consumer tastes and preferences, level of income and the rate of growth in
the market areas, the degree of competition and competitor action and reaction and
the type and extent of governmental regulation.
3) Alternative Courses of Action:
A course of action is a specification of some behavioral sequence, such as the
construction of a new warehouse the adoption of a new package design the
introduction of a new product.
32. B) Components of Problem Formulation:
4) The Consequences of Alternative Courses of Action :
The world of uncertainty is a common world for the marketer. When choosing a
course of action, a marketer can rarely be certain of the consequences, since the
choice is usually based on incomplete information about the various factors that
influence the decision’s outcomes.
5) State of doubt:
To solve a problem is to select the best course of action for attaining the decision-
makers objectives. A state of doubt as to which course of action is best can arise
under three main classes of conditions:
a) Certainty’ with respect to each course of action leading to a specific outcome.
b) Risk with respect to each action leading to a set of possible outcomes, each
outcome occurring with a ‘known' probability.
c) Uncertainty’ with respect to outcomes given a particular course of action.
33. C) Translating Decision Problems to Research Problems:
1) Genesis of Problem:
After the problem has been chosen, the next task is to formulate imprecisely.
Genesis implies a clear statement or definition of the problem. A complete problem
definition must specify each of the following:
a) Bunch of Study:
It includes the individuals or the objects whose characteristics are to be
measured. Time and space boundaries these two universes define the suitable
time reference and the vocational reference for the decision.
Genesis of Problem Research Problem Statement
34. C) Translating Decision Problems to Research Problems:
b) Characteristics of Interest:
This aspect identifies the locus of the problem, both the ‘results' that are of
concern to the management and the variables that are to be tested for their
relationship to the results is included.
c) Specific Environmental Conditions:
This aspect indicates the uniqueness or generality of the problem. The problem
definition must specify the environment of which the organization wants research
results.
2) Research Problem Statement:
Once the problem has been identified and formulated by the researcher, there are
several mechanisms available for ensuring that the true decision problem will be
addressed by the research process.
a) Action:
The actions that are contemplated on the basis of the research.
35. C) Translating Decision Problems to Research Problems:
2) Research Problem Statement:
b) Origin:
The events that led to a need for the decision to act.
c) Information:
The questions that the decision maker needs to have answered in order to take
one of the contemplated courses of action.
d) Use:
A section that explains how each piece of information will be used to make the
action decision.
e) Targets and subgroups:
Targets and subgroups is section that describes from whom the information must
be gathered.
f) Logistics:
A section that gives approximate estimates of the time and money that are
available to conduct the research.
36. D) Marketing Research Proposal:
A research proposal is a document written by a researcher that provides a detailed
description of the proposed program.
a) Preparing a Marketing Research Proposal:
Marketing research is vital in all businesses and it is important that a proposal is
written before any formal research activity takes place.
Preparing a Marketing Research Proposal
Evaluating a Market Research Proposal
37. D) Marketing Research Proposal:
a) Preparing a Marketing Research Proposal:
Below are 10 key points to consider when structuring a marketing proposal.
38. D) Marketing Research Proposal:
a) Preparing a Marketing Research Proposal:
1) Title and Keywords:
The title of the proposed investigation should be clear, precise and accurate. A short
main title outlining the area of the research may be followed by a secondary part of
the title that includes more specific information.
2) Aims and Objectives:
The primary aim of the proposal is to identify the purpose of the research and the
research questions/issues it attempts to address. One should provide a sequence of
statements (normally between two and five) that gives an overview of what the
research is trying to achieve.
3) Background Analysis:
This section needs to justify the proposal with a brief account of the practical issues
the research will address. It should attempt to demonstrate the importance of the
proposed investigation in relation to specific problems, contexts etc.
39. D) Marketing Research Proposal:
a) Preparing a Marketing Research Proposal:
4) Research Hypothesis:
This part should specify the exact questions to be investigated. This needs to be
precise and should take the form of hypotheses or statements. It should specify
what indicators will be measured in order to address the broad issues identified
within the aims and background sections.
5) Data Collection:
The data collection methods must be described succinctly. They should include a
description of the data collection process and the strategy to be adopted (survey
method or case study).
6 ) Research Methodology:
The research methodology section should explain the key reasons for choosing the
proposed methods. The research strategy and data collection methods should be
discussed and evaluated, in terms of their suitability and their implications for the
quality of the data to be collected.
40. D) Marketing Research Proposal:
a) Preparing a Marketing Research Proposal:
7 ) Schedule of Activity:
This is an important section as the proposed research should be conducted within
time and budgetary limits. The feasibility of the proposed research should be
considered in relation to the availability of resources.
8) Code of Conduct:
This section will articulate the way the researcher will comply with the spirit and
practice of research ethics and will conduct their activities within the political/legal
context within which the research will be conducted.
9) Research Limitations:
The researcher needs to acknowledge any limitations that may be inherent in the
research design and to the extent it may affect the accuracy of the research findings.
10) Outcomes:
The end-products likely to be produced as a result of the research activity are
described in this section. The outcomes are not similar to findings.
41. D) Marketing Research Proposal:
b) Evaluating a Market Research Proposal:
Management can use certain tools to evaluate and control research projects. They
are briefly described below:
42. D) Marketing Research Proposal:
b) Evaluating a Market Research Proposal:
1) Check List:
To begin with, a check list, which is a versatile and a useful tool can be used. It can
be short or long, consisting of at few or many questions depending on the actual
requirement of management.
2) Flow Chart:
Another tool is the logical flow chart which indicates the sequence of st research
project covering various activities. For example, library research, collection of data.
analysis of data, and so on.
3) Gantt Chart:
A Gantt chart is used in order to provide a time dimension for controlling marketing
research. Such chart enables the management to develop an overall research
schedule by allocating a time period to each component of research.
43. D) Marketing Research Proposal:
b) Evaluating a Market Research Proposal:
4) PERT Technique:
Finally, the Programmed Evaluation and Review Technique (can be used. Although P
E R T has-been used in administrative and production problems, hardly any
application in marketing research is available.
5) Advisory Committee:
As regards control of the total research activity, it is necessary to set up meaningful
control procedures. An advisory committee, comprising representatives from all
functions served by marketing researches probably the most effective way of
evaluating and controlling the total marketing research activity.
6) Marketing Research Audit:
Another method is the marketing research audit Several years ago, Session proposed
the need for such an audit. In order to make marketing audit effective, it must be
undertaken as the joint responsibility of the research group and of all departments
having a direct interest in the use of marketing research.
44. In the present day complex business environment market research have several
applications which have developed specific approach with special features. Marketing
research provides adequate information to the line management. In the days of
specialization, various techniques of marketing research are adopted. Each type of
research is tailored to the individual needs of the management.
A) Formulating Hypothesis Using Exploratory Research Techniques:
The exploratory study may be used to clarify concepts and the causes of problems. It
generates information about the practical possibilities of research. It is used to
increase the analyst’s familiarity with the problem.
Literature Survey
Analysis of Case Studies
Experience Survey
45. A) Formulating Hypothesis Using Exploratory Research Techniques:
1) Literature Survey:
The quickest and most economical way is to find possible hypotheses from the
available literature. The past researches may be suitable sources of information to
develop new hypotheses. The findings of marketing research are generally published
in trade and professional journals which can be fruitful sources of information.
2) Analysis of Case Studies:
A detailed case analysis of selected organisations of individuals may be helpful in
gaining information and new ideas about the marketing mix. It involves the intensive
study of selected cases of the phenomenon.
3) Experience Survey:
Experience survey indicates the use of reservoir of knowledge and experience
possessed by those familiar with the specific subject to be investigated. All persons
who have information of market-variables are potential sources of information.
46. B) Qualitative Research:
Qualitative Research is about investigating the features of a market through in-depth
research that explores the background and context for decision making. There are two
main qualitative methods - depth interviews and focus groups.
a) Meaning:
Q ualitative market research means "quality." Conversely, and importantly, it does
not mean "quantity." Qualitative research methods are designed to talk to a
relatively few people in the target audience of interest.
b) Applications of Qualitative Research Techniques in Marketing:
Depth Interviews Focus Groups
47. B) Q ualitative Research:
b) Applications of Qualitative Research Techniques in Marketing:
1) Depth Interviews:
Depth interviews are the main form of qualitative research in most business markets.
Here an interviewer spends time in a one-on-one interview finding out about the
customer's particular circumstances and their individual opinions.
2) Focus Groups:
Focus groups are the mainstay of consumer research. H ere several customers are
brought together to take part in a discussion led by a researcher (or "moderator").
These groups are a good way of exploring a topic in some depth or to encourage
creative ideas from participants.
48. C) Longitudinal Studies:
Longitudinal studies are also known as time-series studies and involve a repetitive
measurement of the same sample of elements over time.
a) Meaning:
Longitudinal studies repeatedly measure the same sample units of a population over
a period of time. Because longitudinal studies involve multiple measurements, they
are often described as "movies" of the population.
b) Applications of Longitudinal Studies in Marketing:
49. C) Longitudinal Studies:
b) Applications of Longitudinal Studies in Marketing:
1) Consumer Panels:
A longitudinal study that gathers data from the same sample of individuals or
households over time is called a consumer panel. Consumer panel method gives
reliable information for policy decisions on marketing.
Types of Consumer Panels:
Purchase Panel Audience Panel Attitude Panel
Dealer Panel Product Testing Panel
Retail Panel/Retail
Audit
50. C) Longitudinal Studies:
b) Applications of Longitudinal Studies in Marketing:
1) Consumer Panels:
Types of Consumer Panels:
(a) Purchase Panel:
Purchase panel is useful to study the purchasing habits and trends of consumers.
Such panel is a group of selected consumers who are asked to record purchases
made by them regularly in the diaries provided to them. Information is collected
from the panel members continuously for detailed analysis.
(b) Audience Panel:
Audience panels are panels designed to provide information regarding media
audiences. Audience panels are of listeners / viewers of programmes on radio and
TV. The panel members are asked to listen the programmes on TV and radio
regularly.
c) Attitude Panel:
Attitude panel is useful for the study of attitude of consumers towards a product/
marketing practice. Attitudes are usually studied along with the
purchase behaviour of consumers.
51. C) Longitudinal Studies:
b) Applications of Longitudinal Studies in Marketing:
1) Consumer Panels:
Types of Consumer Panels:
(d) Dealer Panel:
Dealer panels are useful for collecting information from the dealers in a
continuous manner. They give data on dealer activities including total sales, prices
charged, promotional efforts made, services offered and so on.
(e) Product Testing Panel:
Product testing panel is useful for testing the utility and other features of the
product before bringing it in the market for Large scale marketing. The panel
includes consumers from cross section of the society.
(f) Retail Panel/Retail Audit:
Retail audit panel is a panel of retail traders who are willing to give information
about their stocks at regular intervals purely for research purpose. Panel
members are required to note information about the sales and stock position and
provide the record for study purpose.
52. C) Longitudinal Studies:
b) Applications of Longitudinal Studies in Marketing:
2) Retail Shop Audit:
Retail Shop audit is a technique in which marketing information is collected directly
from large number of wide ranged retail shops which sell the products directly to
consumers. Each retail shop has comparatively limited number of customers and it is
in a position to supply precise information about its customers and their features for
research purpose. Shop audit (also called marketing audit) consists of approaching
the retail shops for collecting facts and required information about, purchases by
consumers.
3) Media Audience Tracking:
When mass media consisted of print communication, audience measurement was
relatively straightforward. Subscription rates provided a base from which to build
readership profiles for newspapers and magazines, and as long as the data supplied
by publishers could be verified by an external audit, advertisers could rely on its
credibility.
53. C) Longitudinal Studies:
b) Applications of Longitudinal Studies in Marketing:
3) Media Audience Tracking:
(a) TRP:
Target Rating Points (TRPs) are the gross rating points delivered by a media vehicle
to a specific target audience. The purpose of the 'target rating point' metric is to
measure impressions in relation to the number of people in a specific target
audience for an advertisement.
(b) Brand Tracking Studies:
Brand tracking studies allow marketers to monitor the health of the brand and
provide insights into the effectiveness of marketing programs implemented by the
company. Each brand faces different issues, which often required customized
tracking surveys. Following are some of the ways a brand tracking study is
conducted.
54. C) Longitudinal Studies:
b) Applications of Longitudinal Studies in Marketing:
3) Media Audience Tracking:
(b) Brand Tracking Studies:
Following are some of the ways a brand tracking study is conducted.
55. C) Longitudinal Studies:
b) Applications of Longitudinal Studies in Marketing:
3) Media Audience Tracking:
(b) Brand Tracking Studies:
i) Awareness:
A brand that first comes to mind in certain situations is more likely to be
considered than one that is only recognized when it is prompted to the consumer.
ii) Usage:
These brand tracking measures, not only tell us about consumer shopping
behavior and preferences, but also are indicators of market share and "share of
wallet, "which is the amount of consumer spending a brand is capturing and has
a direct impact on company's revenues and profits.
iii) Brand Attitudes and Perceptions:
This is usually captured through questions related to brand image and
associations that consumers develop as they experience the brand and are
exposed to its positioning message through PR, advertising and promotional
programs.