IMR

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IMR

  1. 1. IMR An Introduction
  2. 2. MR  Mkt is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.  Now the mkt concept requires more customer satisfaction rather than profit maximization. So orgn tries to be more customer oriented and satisfy their needs quickly and efficiently. Its requires some research on getting consumer needs and gather mkt intelligence.
  3. 3. MR  MR is a critical part of such mkt intelligence system, it helps to improve mgt decision making by providing relevant, accurate and timely information.
  4. 4. Definition  MR is the function that links the consumer, customer, and public to the marketer through information- information used to identify and define mkt opportunities and problems, generate, refine, and evaluate marketing actions, monitoring mkt performance and improve understanding of marketing as a process. MR specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes and communicates the findings and their implications. -- AMA
  5. 5. Definition  According to 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”
  6. 6. Market Research V/S Marketing Research  Marketing research- Marketing research covers researches about all aspects of the marketing activities such as markets, product, consumers, advertising, sales promotion techniques, channels of distribution, warehousing, transport and packaging problems relating to firm’s product.
  7. 7. MR  Market research- market research emphasizes research on the market and market segment and consumers and their behaviour. The market research is a part of marketing research.
  8. 8. Nature of Marketing Research Applied research  Cost-benefits assessment  Dynamic environment and need for frequent updates
  9. 9. Role of MR Situation Environment & Mkt Analysis SWOT Business scope Strategy Competitive advantage Development Set performance objectives Mkt 4P’s Program Development Performance monitoring Implementation Refining strategies & program
  10. 10. The following activities or scope are included in Market Research 1. Analysis of the market size according to age, sex, income, profession and standard of living of the customers. 2. Estimating the regional or territorial demand of different markets. 3. Collecting information about the existing the prospective customers of the company’s product, various competitors’ share in the market and all about competitors’ products and their attributes.
  11. 11. Activities of MR 4. Studying the market change and conditions affecting market changes such as customer’s preference, shift in brand loyalty etc. 5. Analyzing the working of various channels of distribution and their role increasing market demand of the product. 6. Forecasting the profitability of different markets and marketing segments.
  12. 12. Need for Market Research 1. When a new product is to be introduced in the market. 2. When the sale of the product is showing a downward trend and the reason for the fall could not be established. 3. When facts and figures about demand potential are not available. 4. In signing an advertising programmed when consumer’s habits and preferences and of the markets are not known
  13. 13. Need of MR 5. When product development is need to adapt the product according to the needs of the consumers. 6. When the income, fashion, habits and preferences are changing fast. 7. Having an idea of competitor’s policies and strategies regarding their products, advertising and sales promotion to make the necessary changes in its policies and strategies. 8. When company’s own pricing policy is not conductive to competitor’s pricing policies and needs change.
  14. 14. IMR  The explosive growth of world trade has unleashed a torrent of demand for information about markets throughout the world. Companies expanding into new and unfamiliar markets need information about market demand and market conditions. Managers seeking to expand and diversify operations need information to develop effective strategies in these markets.  At the same time, increasing cultural diversity makes it important to collect information with regard to changing lifestyle and consumption patterns in different parts of the world. Increased travel, waves of migration and global communications are resulting in the blurring of cultural boundaries.
  15. 15. IMR  As markets become more integrated worldwide, there is a growing need to conduct research spanning country boundaries, to identify regional or global segments, examine opportunities for integrating and better coordinating strategies in world markets, launching new global brands and developing effective global branding strategies.
  16. 16. IMR Specially, the following questions can be answered very categorically: 1. Products: Which of its products can be easily sold in the foreign Market? 2. Markets: In order to achieve the maximum results what are in markets it should concentrate on for the given products? 3. Strategies: In order to achieve the best results in the market what kind of strategies is to be follows?
  17. 17. Example of IMR With the globalization of markets, International marketing research is gaining more popularity. International marketing research has helped Best Western to become the world’s largest hotel chain. As this is reflected through the following data.
  18. 18. Sources of worldwide Hotel Business by region. Sources of All Africa/ Asia/ North Europe Hotel Hotels Middle Australia Ameri Business worldw East ca ide Domestic 50.7% 24.6% 35.0% 84.6% 47.3% Foreign 49.3% 75.3% 65.0% 15.4% 52.7%
  19. 19. Real Research  Govt Official- 4.10%  Other 9.20%  Conference Participants 12.7%  Tour groups 13.5%  Individual travelers 24.5%  Business travelers 36.0%
  20. 20. Nature of IMR  Basic tool for decision making  basic managerial instrument for analyzing the size, character and trend of the demand.  Market research is a continuous process because market conditions such as competition terms of business, market demand and supply, and consumer’s taste, behavior, brand image and loyalty and status continue to change.  application of scientific method to the solution of marketing problems.
  21. 21. Scope of IMR In the area of international marketing, market research is the crucial first step for a firm, which wants to engage itself in international business. Specially, market research is required to take decisions on the following:
  22. 22. scope  Market research is required to identify which markets should be selected as the target markets, based on the market size, growth accessibility and competitive factors.  Identification of suitable products is also dependent upon research.  Research can help prevent the use of inappropriate market entry method.  Research can help determine the positioning of the product, taking into account the socio-cultural factors.
  23. 23. scope  Promotion campaigns should be decided only when proper research has been carried out regarding their acceptability in a given environment.  Research also helps in taking appropriate packaging decision. One colour may not be acceptable in certain countries  Considerable amount of data collection and analysis are required to arrive at pricing decisions.
  24. 24. Importance of IMR  Market potential:  Consumer Information:  Environmental Information:  Marketing information:  Product Information:  Actualization of export potential:  Review of Export market  Change in market conditions:  To improve its position in the export market:
  25. 25. Complexities in IMR 1. new parameters (duties, foreign currencies, international documentation) 2. new environmental factors (legal issues, cultural issues, political issues, technological level of the society) 3. The number of factors involved 4. Broader definition of competition (much greater variety of competition) 5. Lack of sensitivity to differences in culture, consumer tastes, and market demands 6. Limited appreciation for the environment (Labour rules, distribution systems, the availability of media, or advertising regulations) 7. Lack of familiarity with national and international data sources and inability to use international data once obtained
  26. 26. Complexities and issues of IMR  Diversity of the International Environment- Diversity occurs in relation to consumer tastes, preferences and behavior, and to a lesser extent in business-to- business markets, Differences in the nature of the marketing infrastructure, government regulation of business operations, product formulation and packaging, advertising, promotion and pricing as well as trade barriers such as tariffs, import quotas etc.
  27. 27. complexities  Continually Changing Environment of International Markets- Technological change makes product development, production processes and experience rapidly obsolete and contributes to heightened competitive pressures as well as social change.  research in a multicountry, multicultural and multilinguistic environment
  28. 28. Issues  Complexity of Research Design  Difficulties in Establishing Comparability and Equivalence  Coordination of Research and Data Collection across Countries  Intra functional Character of International Marketing Decisions  Economics of International Investment and Marketing Decisions
  29. 29. issues  Many country markets must be included  Markets with low profit potential justifies limited research expenditures  Data in developing countries may be inflated or deflated  Comparability of international statistics varies greatly  Limits created by cultural differences
  30. 30. Frame work of IMR Mkt Environment Government env. Step 1 Legal env Problem Definition Step 2 Developing an approach Step 3 Structural env Research Design Formulation Mkt Environment Step 4 Field work / Data Collection Economic env Step 5 Data Preparation and Analysis Socioculture env Step 6 Report Preparation and Presentation Information & Technological env
  31. 31. The environment for IMR  Mkt environment- demand & supply, customer satisfaction, pricing policy, govt. control of media, public’s attitude toward advertising  Govt. environment- Type of govt, public policy, regulatory agencies, govt. incentives and penalties & investment in govt enterprises.
  32. 32. Conti  Legal environment- common law, code law, foreign law, international law, transaction law, antitrust, bribery and taxes.  Economic environment- GDP level, source and distribution of income, growth trends and sectoral trends.
  33. 33. conti  Structural environment- transportation, communication, utilities and infrastructure.  Informational & Technological environment- Information & communication system, computerization, use of internet, use of electronic equipment, energy, production technology, science and invention.  Socio-cultural environment- values, literacy, language, religion, communication patterns, family and social institutions.
  34. 34. IMIS  "To survive in this new globally competitive world, we had to modernize. Information technology is the glue for everything we do. "  JAMES WOGSLAND • Vice Chairman, Caterpiller
  35. 35. IMIS  Information, or useful data, is the material of executive action the global marketer is faced with a dual problem in acquiring the information needed for decision-making. In high-income countries, the amount of information available far exceeds the absorptive capacity of an individual or an organization. Although advanced countries all over the world are in the middle of an information explosion, there is a lack of information available on the market characteristics of less developed countries.
  36. 36. IMIS  Thus, the global marketer is faced with the problem of information abundance an information scarcity. The global marketer must know where to go to obtain information the subject areas that should be covered and the different ways that information can be acquired information must be processed in an efficient and useful way. The technical term for the process of information acquisition is scanning.
  37. 37. SIX SUBJECT AGENDA CATEGORIES FOR A GLOBAL BUSINESS CATEGORY COVERAGE 1. Markets- Demand estimates, consumer behavior, products, channels, communication media availability and cost, and market responsiveness. 2. Competition- Corporate, business, and functional strategies and plans 3. Foreign Exchange- Balance of payments, interest rates, attractiveness of country currency, expectations of analysts. 4. Prescriptive Information- Laws, regulations, rulings concerning taxes, earnings, dividends in both host countries and home country. 5. Resource Information- Availability of human, financial, information, and physical resources. 6. General conditions- Overall review of socio-cultural, political, technological environments
  38. 38. SOURCES OF MARKET INFORMATION 1. HUMAN SOURCES 2. DOCUMENTARY SOURCES 3. INTERNET SOURCES 4. DIRECT PERCEPTION
  39. 39. Marketing Information system A computer-based system that works in conjunction with other functional information systems to support the firm's management in solving problems that relate to marketing the firm's products.
  40. 40. What is MKIS? ‘MKIS (MIS) is a set of procedures and methods for the regular, planned collection, analysis and presentation of information for use in marketing decisions’ American Marketing Association
  41. 41. The components of a computerised MKIS Data Bank Statistical Display Marketing MKIS Bank unit Manager Model Bank
  42. 42. computerised MKIS  Data bank - raw data e.g historical sales data, secondary data  Statistical bank - programmes to carry-out sales forecasts, spending projections  A model bank - stores marketing models e.g Ansoff’s matrix, Boston Matrix  Display unit - VDU and keyboard
  43. 43. Marketing Information System Model Data Information Input Output subsystems subsystems Product Accounting D subsystem information system A Place subsystem Internal sources T Marketing A Promotion research subsystem Users subsystem B Environmental sources A Price subsystem Marketing S intelligence subsystem E Integrated- mix subsystem
  44. 44. MIS model  Output  product  place  promotion  price  integrated mix  Database  Input  AIS( Accounting Information system)  marketing research  marketing intelligence
  45. 45. Accounting Information System  Sales order data is input.  AIS provides data for  Periodic reports  Special reports  Mathematical models and knowledge- based models
  46. 46. Marketing Research Subsystem  Gathered from customers and prospects
  47. 47. Primary versus Secondary Data  Primary data are collected by the firm  Examples of primary data  Survey  In-depth interview  Observation  Controlled experiment
  48. 48. Primary versus Secondary Data (continued)  Secondary data  Mailing lists  Retail sales statistics  Video retrieval systems  Some secondary must be bought and some is free
  49. 49. Marketing Research Software  Graphics packages (print maps)  CATI (computer-aided telephone interviewing) where the computer displays the next question to ask  Statistical analysis package like SPSS, SAS etc.
  50. 50. Marketing Intelligence Subsystem  Ethical activities aimed at gathering information about competitors  Each functional information system has an intelligence responsibility
  51. 51. The MIS in Fortune 500 Firms  Preprocessed information 71% of 1990 firms  Mathematical modeling  Support for management levels  Models  Overall  Support for management functions  Support for the marketing mix
  52. 52. How Managers Use the MKIS Subsystem Integrated Subsystem Product Place Promotion Price Mix Vice-pres of marketing X X X X X Other executives X X X X X Brand managers X X X X X Sales manager X X Advertising manager X X Manager mktg resrch X X X X X Manager of product planning X Manager of physical distribution X Other managers X X X X X
  53. 53. Marketing Managers Are Using the Computer More for Making the Difficult Price and Promotion Decisions Product .32 Product .49 Price .27 Price .39 Place .16 Place .15 Promotion .08 Promotion .13 1980 1990
  54. 54. Information Technology for Global Marketing  Information Technology refers to an organization’s processes for creating, storing, exchanging, using, and managing information.  Management Information Systems provide managers and other decision makers with a continuous flow of information about company operations
  55. 55. Tools of MIS  Intranet  Electronic Data Interchange (EDI)  Efficient Consumer Response (ECR)  Electronic Point of Sale (EPOS)  Data Warehouses
  56. 56. intranet  A Private network  Allows authorized company personnel (or outsiders) to share information electronically  24-Hour Nerve Center
  57. 57. Electronic Data Interchange  Allows business units to:  Submit orders  Issue invoices  Conduct business electronically  Transaction formats are universal
  58. 58. Efficient Consumer Response (ECR)  This is in addition to EDI  An effort for retailers and vendors to work closely on sock replenishment ECR can be defined as a joint initiative by members of a supply chain to work toward improving and optimizing aspects of the supply chain to benefit customers.
  59. 59. Electronic Point of Sale  Gathers data at checkout scanners  Identifies product sales trends  Identifies how consumer preferences vary geographically
  60. 60. Data Warehouses  Can help fine-tune product assortments for multiple locations  Enhances the ability of management to respond to changing business conditions
  61. 61. The end  Thanks for being with us.

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