Introduction to Market Research

2. Definition
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.”
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3. Marketing research is undertaken to reduce the uncertainty and
focus on decision making. It give importance to firm’s
communication medium with the current market situation and
help the marketing manager in planning, organizing,
controlling of various issues related to the growth of the firm.A
company’s aim is to find how marketing research suits in
making plan and strategy of business. A company may use
market research in mainly three ways –
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4. 03
On a continuous basis by using the ‘Decision Support System’ (DSS)
to track the performance of the company on a regular basis.
On the other hand a company may use marketing research only
when a problem arises or when they are planning to launch a new
product by using the ‘Marketing Intelligence System’ (MIS).
On yearly basis to analyze yearly performance and to know
customers’ opinion. This type of marketing research actually helps
in interpreting the future marketing environment and to know the
performance of the competitors.
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5. Six Steps of Market Research Process
Six Steps of Market Research Process
‘Market Research’ is a systematic process of decision making
and the process is a sequence of six highly inter-related steps.
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6. The very first step of market
research process is to identify the
problem and what actually need
to be solved. Part of this process is
determining the objective of the
study in details.
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7. 06
A research design is the framework which actually
analyzes the problem, can help in designing a test
specific hypothesis and guide to collect the data.
Business research can be classified mainly into
three types according to the technique or purpose
of research –
Exploratory Research – It is also known as
qualitative research. This type of research
conduct to discover potential business
opportunity.
Descriptive Research – This type of research
helps is identifying the relationship between two
variables.
Causal Research – This type of research is
mainly concern on determining the ‘cause and
effect’ relationship of a particular problem.
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8. In this process the research
tool is designed by framing the
questions in a questionnaire.
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9. 08
In this stage the researcher need to frame the sample
by selecting the target group and determined the
required sample size. Data can be collected in several
ways – personal interviews, online questionnaire,
telephonic interview etc. Collected data can be of two
types –
Primary Data – This type of data can be collected
through surveys or observations.
Secondary Data – This type of data can be
collected from internet, published works or from
commercials.
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10. The collected data has to be edited by scanning
and make sure the data are complete and
consistent. Once this is done, then the data has
to be coded so that the analyze process can be
simple. Finally to arrange the data in order, data
has to be tabulated.
Once these editing, coding and tabulation
process are done; the analyze work starts with
the help of software package; typically with the
help of Excel, SAS, SPSS, Python, Minitab etc.
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11. The result obtained from the previous step has to
be compiled and the most meaningful suggestion
has to be presented. The result should be
presented in such a way that it actually talk
about the solution of the problem that we have
mentioned in the very first step of research
process.
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After that the repost has to be documented and
submitted to the higher authority. According to
the report the management of the company will
take decision which may help in the growth of
business in upcoming days.
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12. Thank You
Thank You