Marketing research - An overview
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Marketing research - An overview

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Presentation made for students of Garware Institute, Kalina - PG Dip in Advertising and Media.

Presentation made for students of Garware Institute, Kalina - PG Dip in Advertising and Media.
An overview of what is Market Research with different types of research. How they are useful,

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Marketing research - An overview Marketing research - An overview Presentation Transcript

  • What is Market Research ? "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." Can also define it as “The systematic and objective process of generating „information‟ for aid in making marketing decisions.”
  • Why is Market Research required? • Help to strategize and review the marketing plan for a particular product / service. • This in- turn helps to save cost which on un necessary marketing plans. • Companies require information in order to introduce products and services that creates value in the mind of customers. • The research data can be built into the product, not used as an afterthought. • Market data can be implemented effectively, especially in regards to media buying. • Finding the right pricing structure to build accurate budgets.
  • What is expected through the Research? • Information that helps to gain a grasp on the (current/potential) consumer • Major insights required (they – customer) – – – – – – Who are the target customer? What motivates the customer to buy? How do the customer use the product? What is important for the customer in a product? Where are the customers located? And lots of other insights, which are required for a marketing strategy.
  • Plan Market Research • Understanding of Market/Marketing Research • Management Focus
  • Marketing Research  Marketing research is one of the principal tools for answering questions because it: ◦ Links the consumer, customer, and public to the market through information used to identify and define marketing ◦ Generates, refines, and evaluates marketing actions ◦ Monitors marketing performance ◦ Underlines the understanding of marketing as a process ◦ Provides Answers ◦ Helps set the Direction in understanding the Marketing Problems
  • The Marketing Research Process • • • • • • This process includes: specifying what information is required; designing the method for collecting information; managing and implementing the collection of data; analyzing the results; and communicating the findings and their implications.
  • Information Reduces Uncertainty I don’t know if we should enter the Indian Market?
  • Classification of Market Research • Quantitative (nos-based) Primary Research Secondary Research • Experiments • Surveys • Qualitative (content-based) • One – On – One • Focus group • Databases • Industry, Consumer News • Market Research • Demographics
  • Quantitative (numbers – based) • Survey • Provides reliable, hard statistics in such areas as attitudes, awareness ands usage. • Provides hard numbers to make difficult decisions. – Note: Sample size examples, 400-600 people
  • Qualitative Research • Focus Groups • Helps us gain some general impression on the consumer or product. Usually 8-12 people and a moderator. – Example: Current customer, non-customer groups, mom with kids, single men 18-24 yrs of age.
  • Categories of Marketing Research Advertising Research Product Research Sales Research Market Research
  • Marketing Research helps to Strategize Price Product 4Ps Promotion Place
  • Marketing Research • Focus on Marketing Problems • Primary Research- Seeks data that does not exist • Original information from Surveys • Secondary Research-Data that already exists • Background information (Secondary SourcesBooks, Internet, Government Databases, Libraries, magazines, newspapers,.. .from the Internet
  • Marketing research • The process of systematically gathering, recording, and analysing data concerning a particular marketing problem • Thus marketing research is used in specific situations to obtain information that is not otherwise available to decision makers
  • Marketing Research Techniques • Interviews • face-to-face • telephone • postal questionnaire • Attitude measurement • cognitive component (know/believe about an act/object) • affective component (feel about an act/object) • conative component (behave towards an object or act)
  • Market Research Design & Techniques Likert scale  strongly agree  agree  neither agree nor disagree  disagree  strongly disagree Semantic differential scales - differences between words e.g. practical v impractical Projective techniques  sentence completion  psychodrama (yourself as a product)  friendly martian (what someone else might do)
  • Market Research Methods • Group discussion and focus group • Postal research questionnaires • In-home scanning - hand-held light pen to scan barcodes • Telephone research • Observation • home audit • direct observation • In-store testing such as Taste Testing in a Supermarket
  • When Should Marketing Research be Used?  When alternative actions are available  When there are potentially different payoffs from the different actions  When there is uncertainty about which action to take  When you are potentially willing to alter actions based on the research results  When it is possible to collect the information  When the cost of the research is less than the added benefit
  • The Marketing Research Process 1. Set objectives 2. Define research Problem 3. Assess the value of the research 4. Construct a research proposal 5. Specify data collection method 6. Specify techniques of measurement 7. Select the sample 8. Data collection 9. Analysis of results 10. Present in a final report
  • Coca Cola Case Study • Example of how blind taste tests missed the point • In the mid 1980’s, 200,000 consumers took part in taste tests, old Coke vs. new Coke flavour • April 23rd, 1985 – Coke changes its flavour; Renames product to new Coke as results suggest new Coke taste is preferred • 1990- Diet Coke • 2000-New Coke Flavours – Zero Coke
  • • Research failed to show consumers felt a bond with their old Coke • Announcements that old Coke was coming off the shelves, spurred many to stock up their basements • One man bought $1000 worth of bottles
  • • July 11th, 1985: Old Coke returns • Old Coke is renamed Coca Cola Classic • Consumers rejoice; Coke company realises Coca Cola is more than just a soft drink • ‘Diet Coke’ targeted to Female Drinkers • Zero Coke targeted to Male Drinkers • Raspberry Coke
  • Limitations of Market Research • • • • Cost Limited time to collect data Customer commitment/validity of data Time lag between research and application