DEFINING THE MARKETING RESEARCH PROBLEM AND DEVELOPING AN APPROACH
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DEFINING THE MARKETING RESEARCH PROBLEM AND DEVELOPING AN APPROACH

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DEFINING THE MARKETING RESEARCH PROBLEM AND DEVELOPING AN APPROACH

DEFINING THE MARKETING RESEARCH PROBLEM AND DEVELOPING AN APPROACH

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DEFINING THE MARKETING RESEARCH PROBLEM AND DEVELOPING AN APPROACH DEFINING THE MARKETING RESEARCH PROBLEM AND DEVELOPING AN APPROACH Presentation Transcript

  • Mansi Doomra (130550034) Mehak Puri (130550035) Nidhi Aggarwal (130550039) Shashank Kapoor (130550052)
  • What is Marketing Research? Meaning Marketing Research has two words, viz., marketing and research. Marketing means creating, communicating and delivering value to the customers & managing customer relationships. Research means a systematic and complete study of a problem. It is done by experts. It uses scientific methods. Thus, we can say, “Marketing Research is a systematic method of collecting, recording and analysing of data, which is used to solve marketing problems.”
  • What is Marketing Research? Definition Marketing research is "the process or set of processes that links the consumers, customers, and end users to the marketer through information — information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.
  • THE PROBLEM DEFINITION PROCESS Tasks Involved Discussion with Decision Maker(s) Interviews with Experts Secondary Data Analysis Qualitative Research Environmental Context of the Problem Step I: Problem Definition Management Decision Problem Marketing Research Problem Step II: Approach to the Problem Objective/ Theoretical Foundations Analytical Model: Verbal, Graphical, Mathematical Research Questions Hypotheses Step III: Research Design Specification of Information Needed
  • Factors to be Considered in the Environment Context of the Problem
  • STEP 1 • Defining the problem is the most important step, because only when a problem has been clearly and accurately identified can a research project be conducted properly. • Defining the marketing research problem sets the course of the entire project. 7
  • Importance of Defining the Problem • Problem definition involves stating the general marketing research problem and identifying its specific components. • Only when marketing research problem has been clearly defined can research be designed and conducted properly. • Inadequate problem definition is a leading cause of failure of marketing research project. • Better communication and more involvement in problem definition are the most frequently mentioned ways of improving the usefulness of research. 8
  • Tasks Involved in Problem Definition Discussions with Decision Makers Interviews with Industry Experts Secondary Data Analysis Qualitative Research
  • Environmental Context of the Problem • To understand the background to a marketing research problem, the researcher must understand the client’s firm and industry. • In particular, the researcher analyze the factors that have an impact on the definition of the marketing research problem such as:  past information and forecast pertaining to the industry and the firm;  resources and constraints of the firm;  objective of the decision maker;  buyer behavior;  legal environment;  economic environment; and  marketing and technological skills of the firm.
  • Management Decision Problem and Marketing Research Problem • The management decision problem asks what the DM needs to do, whereas the marketing research problem ask what information is needed and how it can best be obtained. • Research can provide the necessary information to make a sound decision. • The management decision problem is action oriented. It is concerned with the possible actions the DM could take. • How should the loss of market share be arrested? • Should the market be segmented differently?
  • Management Decision Problem and Marketing Research Problem cont. … • The marketing research problem is information oriented. It wants to determine what information is needed to make the best decision. • It involves determining what information is needed and how that information can be obtained effectively and efficiently. • Whereas the management decision problem focuses on symptoms, the marketing research problem focuses on underlying causes.
  • Management Decision Problem versus Marketing Research Problem Management decision problem • Asks what the decision maker needs to do • Action oriented • Focuses on symptoms Marketing research problem • Asks what information is needed and how it should be obtained • Information oriented • Focuses on the underlying causes
  • Components of the Approach • In the process of developing an approach, we must not lose sight of the goal - the outputs. • The outputs of the approach development process should include the following components: • • • • • Objective/theoretical framework Analytical models Research Questions Hypotheses, and Specification of Information Needed.
  • RESEARCH DESIGN
  • WHAT IS RESEARCH • A master DESIGN plan that specifies the methods and procedures for collecting and analyzing needed information. • A research design encompasses the method and procedures employed to conduct scientific research. The design of a study defines the study type (descriptive, correlational, semi-experimental, experimental, review) and sub-type (e.g., descriptivelongitudinal case study), research question, hypotheses, independent and dependent variables, experimental design, and, if applicable, data collection methods and a statistical analysis plan.
  • PROCESS OF RESEARCH DESIGN • • • • • • Problem definition Research design Data collection Data analysis Interpretation of results Reporting
  • Tasks Involved In a Research Design Define the Information Needed Design the Exploratory, Descriptive, and/or Causal Phases of the Research Specify the Measurement and Scaling Procedures Construct a Questionnaire Specify the Sampling Process and the Sample Size Develop a Plan of Data Analysis
  • Classification of Market Research Designs Research Design Exploratory Research Secondary Data Conclusive Research Experience Surveys Pilot Studies Case Studies
  • Classification of Market Research Designs Research Design Exploratory Research Conclusive Research Cross-sectional Study Longitudinal Study Descriptive Design Causal Design Experiment Secondary Data Study Survey Observation
  • EXPLORATORY RESEARCH • Usually conducted during the initial stage of the research process • Purposes – To narrow the scope of the research topic, and – To transform ambiguous problems into well-defined ones.
  • CONCLUSIVE RESEARCH • Provide specific information that aids the decision maker in evaluating alternative courses of action • Sound statistical methods & formal research methodologies are used to increase the reliability of the information • Data sought tends to be specific & decisive • Also more structured & formal than exploratory data
  • TYPES OF CONCLUSIVE RESEARCH • Descriptive Research – Describes attitudes, perceptions, characteristics, activities and situations. – Examines who, what, when, where, why, & how questions • Causal Research – Provides evidence that a cause-and-effect relationship exists or does not exist. – Premise is that something (and independent variable) directly influences the behavior of something else (the dependent variable).
  • Common Characteristics of Descriptive Studies • • • • • • Build on previous information Show relationships between variables Representative samples required Structured research plans Require substantial resources Conclusive findings
  • Common Characteristics of Causal Studies • Logical Time Sequence – For causality to exist, the cause must either precede or occur simultaneously with the effect • Concomitant Variation – Extent to which the cause and effect vary together as hypothesized • Control for Other Possible Causal Factors
  • SOME EXAMPLES OF MARKETING RESEARCH COMPANIES
  • DELPHI RESEARCH SERVICES PVT LTD. (National Company)
  • Delphi research services pvt. ltd Delphi is a "specialist" market research and strategic consulting firm. Delphi was set up in 1991 by a small team of research practitioners. Delphi came into existence primarily to cater to the needs of Indian and international companies and multi-lateral agencies seeking high quality and actionable research in the areas of business-to-business /industrial research and social research. Since 1994, Delphi added one additional line of business - specialised consumer research exclusively for the service sector. Delphi's aim from Day One has been to stay lean and focused. Over the years, Delphi has made steady and solid progress with a growing base of renowned customers comprising leading Indian and international companies and multi-lateral organisations. Delphi's expertise is sought by companies in India, the Asean region, the Middle East and the USA.
  • AREAS OF SPECIALISATION • INDUSTRIAL AND BUSINESS TO BUSINESS RESEARCH • SOCIAL N DEVELOPMENT RELATED RESEARCH • RESTRICTED AND SPECIALIZED CONSUMER RESEARCH
  • INFRASTUCTURE •Headquartered at Bangalore, India's Silicon Valley, Delphi has a field infrastructure at Mumbai, Delhi and Calcutta. •Data collection and processing are done in-house.The team has access to and hands-on familiarity with, a wide assortment of statistical and econometric software packages. •Delphi has access to one of the finest in-house databases in the country relating to Indian industry meticulously developed and updated by Log In Information Services, a group company.
  • MAJOR CLIENTS •Al Pharma (Norway) •Andrew Jergens (USA) •Becton - Dickinson / Gainwell •Bank Muscat •Cable & Wireless •Compact A/S ( Denmark) •DANIDA •Dr. Reddy's Laboratories Ltd. •Dumex (Denmark) •Getinge (Sweden, Hongong) •GMR Group •HDFC Bank •Harman Consumer Group(Denmark) •Helsa AG (Germany) •High Value Horticulture Plc (UK) •India Meters Ltd. •Indian Machine Tool Manufacturers Association (IMTMA) •Indo Gulf Fertilisers & Chemicals Ltd. •Interlux Group (Nigeria) •JBL (Denmark) •Kao Corporation (Japan) •Kerry Foods (UK) •Microland •Mid-Day Group
  • • Delphi has undertaken over 1,500 projects across diverse sectors such as Healthcare, Pharmaceuticals, Earth Moving Equipment, Material handling Equipment, Plastics, Construction and Building Materials, Petrochemicals, Plastics, Processed Food, Packaging, Real Estate, Retail etc. Its clients include leading Indian and International companies as well as multi-lateral organizations. Delphi has designed and executed customized projects in the Indian sub-continent, Asean (Singapore, Malaysia, Thailand, Indonesia, Vietnam, Philippines, Hong Kong, Korea, Taiwan), Middle East (UAE, Saudi Arabia, Oman, Iran, Turkey) and Africa. Our website (http://www.delphiindia.com) offers more information about our capabilities, credentials and services. Specialties B2B: Entry Decisions / Strategies; Competition Profiling; Industry Benchmarking, RETAIL: Assessing Locations for Chain Outlets / Malls, DEVELOPMENT : Micro Finance; Baseline, Impact Assessment ; Diagnosing Health, Sustainability of Small Industrial Clusters
  • Gartner, Inc. (International Company)
  • Type Public company Traded as NYSE: IT Industry Research Founded 1979 Headquarters Stamford, Connecticut United States Key people Gene Hall (CEO) Christopher J. Lafond (CFO) Darko Hrelic (CIO) Products Research Consulting Events Revenue $1.615 billion (2012) Net income $165.9 million (2012) Employees 5,300 (2013) Website www.gartner.com
  • INTRODUCTION Gartner, Inc. (NYSE: IT) is the world's leading information technology research and advisory company. We deliver the technology-related insight necessary for our clients to make the right decisions, every day. From CIOs and senior IT leaders in corporations and government agencies, to business leaders in high-tech and telecom enterprises and professional services firms, to technology investors, we are the valuable partner to clients in over 13,000 distinct organizations. Through the resources of Gartner Research, Gartner Executive Programs, Gartner Consulting and Gartner Events, we work with every client to research, analyse and interpret the business of IT within the context of their individual role. Founded in 1979, Gartner is headquartered in Stamford, Connecticut, USA, and has 5,700 associates, including more than 1,435 research analysts and consultants, and clients in 85 countries.
  • SERVICES We bring together Research insight, Benchmarking data, problem-solving methodologies and hands on experience to improve the return on your IT investment. UNDERSTANDING: WE KNOW THE ISSUES YOU FACE 80% of the Fortune 500 use Gartner for their key technology initiatives We deliver business value in over 1500 high-impact initiatives a year Every year, we deliver over 5,500 IT cost and performance benchmarks CAPABILITIES: THE DATA, TOOLS AND CAPABILITIES TO HELP Gartner solutions address the specific needs of each industry All of our solutions are based on Gartner's extensive Research Every solution makes use of our performance benchmarking data We employ seasoned consultants, with an average of 15 years experience EXPERIENCE: WE HELP YOU DELIVER TANGIBLE RESULTS Our clients spend 38% less than their peers for the same workload Gartner Contract Optimization Services help our clients realize hundreds of millions of dollars of real and measured savings annually Our consulting engagements help clients improve performance... and reduce risk
  • PRESS RELEASE Telecomm Client Saves €40 Million When a large telecommunications company needed to improve service provider relationships, lower costs and reduce long procurement cycles, Gartner Consulting was called on to help.
  • BUSINESS CHALLENGES: Unproductive relationships with service providers Unclear contract pricing structures Issues over value for services received APPROACH / DIFFERENTIATION: Supported pricing discussions with service providers using up-to-date benchmarks Developed new governance model to improve service provider relationships Helped guide productive contract reviews RESULTS: Over €40 million in savings identified Reduced time to negotiate new agreements by using benchmark data Improved relationship with major service provider to achieve higher service value