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Sources of data collection
 

In this presentation, we will discuss about the importance of collecting accurate information for market research, defining various types of information and understanding the various sources. We will ...

In this presentation, we will discuss about the importance of collecting accurate information for market research, defining various types of information and understanding the various sources. We will also talk about the importance of research in international marketing and role of business ethics in global marketing research.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
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    Sources of data collection Sources of data collection Presentation Transcript

    • Chapter 3 Sources and Collection of Market InformationChapter 3 Sources and Collection of Market Information Marketing Research
    • Learning Objectives1. The importance of collecting accurate information2. Define the type of information sought and understand the sources of gathering it3. Understand the importance of research in international marketing4. The role of business ethics in global marketing researchChapter 3 Sources and Collection of Market Information MarketingResearch
    • Prerequisites of Collecting Accurate Data For making decisions to be effective, it is necessary that the research be more focused and restricted to the crucial information which is being sought. To survive in the competitive environment, companies and marketers have to conceive a brand idea and communicate that brand so as to capture the consumer attentionChapter 3 Sources and Collection of Market Information Marketing Research
    • Range of Research Data and Sources of Collecting Them The most sought out information can be categorized into quantitative and qualitative type of information (range of research data). Quantitative research is concerned with the measurement of a market in terms of market size, the size of market segments, market size in terms of brand, purchase frequency, distribution network size etc.Chapter 3 Sources and Collection of Market Information Marketing Research
    • So as to ensure that a certain level of accuracy is achieved, the quantitative information is almost always based on extrapolating from a sample to the general population Quantitative and qualitative information is complementary and a particular marketing decision may require both types of informationChapter 3 Sources and Collection of Market Information Marketing Research
    • The Main Options Available While Planning a Suitable Research DesignChapter 3 Sources and Collection of Market Information Marketing Research
    • Secondary Information Sources Secondary information is usually collected by persons(before) and very often for purposes other than the problem at hand. If a fan manufacturer is, for example, requiring information on the potential market Generally secondary information is sought for prior to the decision taken to organize collection of information from primary sourcesChapter 3 Sources and Collection of Market Information Marketing Research
    • Few of the reasons cited for going for a secondary information search are: ◦ At times sufficient information is available to solve the problem ◦ Secondary information search involves less time and cost as compared to primary data collection ◦ Provides the base (defining problem and developing hypothesis or defining population) before the onset of primary researchChapter 3 Sources and Collection of Market Information Marketing Research
    • Communicating or Observing Respondents In the literal sense, Respondent refers to a person who responds and answers. While using respondent as a part of research, it will be useful to include both verbal and behavioral response of the person under study. Survey is one of the Survey is one of the widely used methods for obtaining Marketing Information, by communicating with respondents.Chapter 3 Sources and Collection of Market Information Marketing Research
    • Sources From Where Marketing Information is CollectedChapter 3 Sources and Collection of Market Information Marketing Research
    • Experiments The experiments can be carried out in natural conditions or controlled surroundings Under a natural experiment, the researcher will intervene only to the extent required for measurement The researcher uses the same methodology as if a control group is desired. For instance, say the researcher is trying to understand the attitude of TV viewers to an advertisement of Coco- colaChapter 3 Sources and Collection of Market Information Marketing Research
    • Simulation Simulation is defined as a set of techniques for manipulating a model of some real-world process for the purpose of finding numerical solutions that are useful in the real process that is being modeled. Simulation provides information from the imitation of the particular marketing situation. This method involves less money and time as a source of information compared to fieldChapter 3 Sources and Collection of Market Information Marketing Research
    • Likely Errors to Affect the Research Process 1. Inappropriate population specification 2. Sampling errors 3. Inappropriate sample selection 4. Sample frame 5. Non-response 6. Substitute information 7. Measure mental error 8. Experimental errorChapter 3 Sources and Collection of Market Information Marketing Research
    • Role of Research in Global Marketing Legal and political environment Cultural differences or cultural diversity Economic environment Linguistic barriers Nature and availability of marketing infrastructure Trade restrictions and differences in trade practices High distribution costs due to long distancesChapter 3 Sources and Collection of Market Information Marketing Research
    • Some of The Important International Marketing Research IssuesChapter 3 Sources and Collection of Market Information Marketing Research
    • International Marketing Research and Business Ethics Most of the MNCs in the world have developed systematic, sophisticated ongoing methods and systems for gathering Marketing Information related to the products, markets and competition Ethical issues in business also may create problems in international business There is no ‘ready material’ to identify the do’s and don’ts of business violations in the various countriesChapter 3 Sources and Collection of Market Information Marketing Research
    • Summary It is vital to have accurate market information Marketing information are categorized into quantitative and qualitative research data There is a need to understand various problems of international marekting.Chapter 3 Sources and Collection of Market Information Marketing Research
    • “Like” us on Facebook:  p // /http://www.facebook.com/welearnindia “Follow” us on Twitter:http://twitter.com/WeLearnIndiahttp://twitter com/WeLearnIndiaWatch informative videos on Youtube: http://www.youtube.com/WelingkarDLP
    • “Like” us on Facebook:  p // /http://www.facebook.com/welearnindia “Follow” us on Twitter:http://twitter.com/WeLearnIndiahttp://twitter com/WeLearnIndiaWatch informative videos on Youtube: http://www.youtube.com/WelingkarDLP