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Marketing research Marketing research Document Transcript

  • MARKETING RESEARCH UNIT 1 Chapter 1 Marketing Research/ Unit 1/ Ch 1/ 1 Ms. Aditi Dhool/RBSMarketing Research…• It is the systematic and objective study of problems pertaining to the marketing of goods and services.• Market research is the process of systematically gathering, recording and analyzing data and information about customers, competitors and the market. Marketing Research/ Unit 1/ Ch 1/ 2 Ms. Aditi Dhool/RBS
  • Marketing research is the function whichlinks the consumer, customer and public tothe marketer through information –information used to identify and definemarketing opportunities and problems;generate, refine and evaluate marketingactions; monitor marketing performance;and improve understanding of themarketing as a process. Marketing Research/ Unit 1/ Ch 1/ 3 Ms. Aditi Dhool/RBS Marketing Research/ Unit 1/ Ch 1/ 4 Ms. Aditi Dhool/RBS
  • Market Research Companies in IndiaDelphi Research Services Private Limited GNN Research Group Marketing Research/ Unit 1/ Ch 1/ 5 Ms. Aditi Dhool/RBS Some Basic Marketing Research done by these companies…• Advertising Research• Business And Financial Surveys• Competitor Analysis• Customer Analysis• Customer Satisfaction Research• Customer Surveys• Implementation Services• Internal Customer Satisfaction Research• Market Entry Strategies• Market Evaluation And Assessment• Market Strategies• Partnership Services• Product Research Marketing Research/ Unit 1/ Ch 1/ 6• Risk Analysis Ms. Aditi Dhool/RBS
  • Need for Marketing Research Marketing Research/ Unit 1/ Ch 1/ 7 Ms. Aditi Dhool/RBSNature of Marketing Research…1. It is the applied Research.2. It is related to the cost-benefit assessment.3. It is associated with the dynamic environment and needs frequent updates.4. It is a continuous process.5. It converts data into information.6. It is essential tool in the decision making. Marketing Research/ Unit 1/ Ch 1/ 8 Ms. Aditi Dhool/RBS
  • Objectives of Marketing Research1. To define the probable market for a product.2. To understand market conditions.3. To forecast the market share and future sales.4. To know the impact of promotional efforts.5. To estimate potential buying power in various areas. Marketing Research/ Unit 1/ Ch 1/ 9 Ms. Aditi Dhool/RBS6. To identify the best suited distribution method for the product and the market.7. To study the geographical distribution.8. To study the requirements regarding the features of the product.9. To identify marketing opportunities or problems.10. To assess competitive strength of various marketing policies. Marketing Research/ Unit 1/ Ch 1/ 10 Ms. Aditi Dhool/RBS
  • MARKETING RESEARCH A FORMAL COMMUNICATION LINK WITH ENVIRONMENT PROVIDE ACCURATE AND USEFUL a) specifying b) collecting c) analyzing d) interpreting FOR a) planning b) problem-solving c) control BETTER DECISION MAKING Marketing Research/ Unit 1/ Ch 1/ 11 Ms. Aditi Dhool/RBS Drivers Of Marketing Research• Shift from production to customer-orientation• Increase intensity of competition• Globalization• Technology and commercialization Marketing Research/ Unit 1/ Ch 1/ 12 Ms. Aditi Dhool/RBS
  • Types of Marketing Research…• Ad Tracking – periodic or continuous in-market research to monitor a brand’s performance using measures such as brand awareness, brand preference, and product usage. (Young, 2005)• Advertising Research – used to predict copy testing or track the efficacy of advertisements for any medium, measured by the ad’s ability to get attention, communicate the message, build the brand’s image, and motivate the consumer to purchase the product or service. (Young, 2005) YEADS• Brand equity research - how favorably do consumers view the brand?• Brand name testing - what do consumers feel about the names of the products? Research/ Unit 1/ Ch 1/ Marketing 13 Ms. Aditi Dhool/RBS• Coolhunting - to make observations and predictions in changes of new or existing cultural trends in areas such as fashion, music, films, television, youth culture and lifestyle• Buyer decision processes research - to determine what motivates people to buy and what decision-making process they use• Copy testing – predicts in-market performance of an ad before in- it airs by analyzing audience levels of attention, brand linkage, motivation, entertainment, and communication, as well as breaking down the ad’s flow of attention and flow of emotion. (Young, p 213)• Customer satisfaction research - quantitative or qualitative studies that yields an understanding of a customers of satisfaction with a transaction• Demand estimation - to Research/ Unit 1/ Ch 1/ approximate level of Marketing determine the 14 demand for the product Ms. Aditi Dhool/RBS
  • • Mystery Consumer or Mystery shopping - An employee or representative of the market research firm anonymously contacts a salesperson and indicates he or she is shopping for a product. The shopper then records the entire experience. This method is often used for quality control or for researching competitors products. products• Positioning research - how does the target market see the brand relative to competitors? - what does the brand stand for?• Price elasticity testing - to determine how sensitive customers are to price changes• Distribution channel audits - to assess distributors’ and distributors’ retailers’ attitudes toward a product, brand, or company retailers’• Sales forecasting - to determine the expected level of sales given the level of demand. With respect to other factors15like demand Marketing Research/ Unit 1/ Ch 1/ Advertising expenditure, Ms. Aditi Dhool/RBS sales promotion etc.• Online panel - a group of individual who accepted to respond to marketing research online• Store audit - to measure the sales of a product or product line at a statistically selected store sample in order to determine market share, or to determine whether a retail store provides adequate service• Test marketing - a small-scale product launch used to determine the likely acceptance of the product when it is introduced into a wider market• Viral Marketing Research - refers to marketing research designed to estimate the probability that specific communications will be transmitted throughout an individuals Social Network. Estimates of Social Networking Potential (SNP) are combined with estimates of selling effectiveness to estimate ROI on specific combinations of messages and media. Marketing Research/ Unit 1/ Ch 1/ 16 Ms. Aditi Dhool/RBS
  • • Commercial eye tracking research - examine advertisements, package designs, websites, etc by analyzing visual behavior of the consumer• Concept testing - to test the acceptance of a concept by target consumers• Internet strategic intelligence - searching for customer opinions in the Internet: chats, forums, web pages, blogs... where people express freely about their experiences with products, becoming strong "opinion formers"• Marketing effectiveness and analytics - Building models and measuring results to determine the effectiveness of individual marketing activities.• Segmentation research - to determine the demographic, psychographic, and behavioural characteristics of potential Marketing Research/ Unit 1/ Ch 1/ 17 buyers Ms. Aditi Dhool/RBS Features of a Good Marketing Research 1. Scientific Approach 2. Logic and Objective 3. Research Creativity 4. Multiple Methods 5. Cost & Value of Information 6. Scientific Integrity 7. Verification 8. Ethics Marketing Research/ Unit 1/ Ch 1/ 18 Ms. Aditi Dhool/RBS
  • Complexities of International MarketingResearch1. The cultural differences make foreign market research a difficult task.2. It is often very expensive.3. The research methodology suitable for one market may not be suitable for the other. Marketing Research/ Unit 1/ Ch 1/ 19 Ms. Aditi Dhool/RBS4. Research findings are not always entirely dependable. The performance of many products have been in contradiction to the research indicators.5. In the underdeveloped countries, MR has its own limitations.4. It is a time consuming process. Marketing Research/ Unit 1/ Ch 1/ 20 Ms. Aditi Dhool/RBS
  • Researching international markets– Keep abreast of world events that influence the international marketplace.– Analyze trade and economic statistics.– Obtain advice from exports.– Identify most likely markets. Marketing Research/ Unit 1/ Ch 1/ 21 Ms. Aditi Dhool/RBSKeys to Successful Market Research• Know what you’re talking about – What’s your product? – Who are you selling to in existing markets?• Look for answers to specific questions – But don’t always expect specific answers• Not everything can be found on the Internet Marketing Research/ Unit 1/ Ch 1/ 22 Ms. Aditi Dhool/RBS
  • Question for you???? Marketing Research is not always successful. Comment? Marketing Research/ Unit 1/ Ch 1/ 23 Ms. Aditi Dhool/RBS