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Marketing Research, Information and Forecasting

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Another resource from uneOpen – the first open online site to offer credit towards a university degree. Enrol now at https://www.uneopen.com/

Another resource from uneOpen – the first open online site to offer credit towards a university degree. Enrol now at https://www.uneopen.com/

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  • 1. Week 2Week 2Topic 3:Marketing Research,Information and Forecasting
  • 2. Marketing researchThe systematic design, collection, analysis, and reporting ofdata relevant to a specific marketing situation facing anorganization.“Research is an art, an art of telling a story and making sure that it involves apertinent topic, sound theoretical framework and of course, is making a contribution tothe development of the field.”2Topic 3:Topic 3:Marketing Research, InformationMarketing Research, Informationand Forecastingand Forecasting
  • 3. The Marketing Research process1) Defining the problem and research objectives“A well defined problem is half-solved.”- Don’t confuse problem with symptom.Three types of objectives:Exploratory research: to gather preliminary information that will helpdefine problems and suggest hypothesis.Descriptive research: to better describe marketing problems, situationsand markets.Causal research: to test hypothesis about cause-and-effect relationship.3Topic 3:Topic 3:Marketing Research, InformationMarketing Research, Informationand Forecastingand Forecasting
  • 4. The Marketing Research process (cont.)2) Developing the research plan for collecting information Determining specific information needs Gathering secondary information Secondary data Primary data Online database4Topic 3:Topic 3:Marketing Research, InformationMarketing Research, Informationand Forecastingand Forecasting
  • 5. The Marketing Research process (cont.)Advantages and disadvantages of secondary dataPlanning primary data collection Observational research (Explorative information) Survey research (Descriptive information) Experimental research (Casual information)5Topic 3:Topic 3:Marketing Research, InformationMarketing Research, Informationand Forecastingand Forecasting
  • 6. The Marketing Research process (cont.)Contact method Mail, telephone, personal (Individual, focus group), OnlineSampling Plan Sample: A segment of the population selected for marketing researchto represent the population as a whole.6Topic 3:Topic 3:Marketing Research, InformationMarketing Research, Informationand Forecastingand Forecasting
  • 7. The Marketing Research process (cont.)It requires three decisions: who is to be surveyed (Sampling unit) How many people to be surveyed (Sampling size) How should the people in the sample be chosen (Sampling procedure)Research instrument: Questionnaire and mechanical device7Topic 3:Topic 3:Marketing Research, InformationMarketing Research, Informationand Forecastingand Forecasting
  • 8. 3) Implementing research plan   Interpreting and reporting the findings.8Topic 3:Topic 3:Marketing Research, InformationMarketing Research, Informationand Forecastingand Forecasting
  • 9. Estimation of Consumer DemandThe estimation of demand is a crucial concept in respect tomarketing research and the search for information andknowledge about the market.Topic 3:Topic 3:Marketing Research, InformationMarketing Research, Informationand Forecastingand Forecasting
  • 10. Methods of Estimating Consumer DemandHeuristic estimation methods1. The chain ratio method2. Standard industrial classification method3. Index of buying power methodTopic 3:Topic 3:Marketing Research, InformationMarketing Research, Informationand Forecastingand Forecasting
  • 11.  Subjective estimation methods1. Delphi method2. Sales force composite method3. Demand estimation through buyer intentionsTopic 3:Topic 3:Marketing Research, InformationMarketing Research, Informationand Forecastingand Forecasting
  • 12. Thank You!Thank You!