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Marketing Research and Consumer Buyer Behavior


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In this presentation, we will discuss the importance of information and need to be aware of information brought by good researches. Methods to evaluate value of information, data collection, selection of data and types of researches are also presented here.
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Marketing Research and Consumer Buyer Behavior

  1. 1. Chapter 2Basic Concepts and Research Design Chapter 2 Basic Concepts and Research Design
  2. 2. Learning Objectives1. The role of information in this emerging knowledge age2. Explain various stages involved in the research process3. To understand the various research designs used in marketing research Chapter 2 Basic Concepts and Research Design
  3. 3. 4 Determinants of Research RESEARCH Chapter 2 Basic Concepts and Research Design
  4. 4. Information Need in The NewKnowledge Era New knowledge empowered customer have started expecting more benefits and better value for their money. She prefers to choose brands on the basis of intangibles like service- delivery and the extent to which it is customized to her lifestyle The buyer of today is particular of maximizing and weighing the price performance ratio Chapter 2 Basic Concepts and Research Design
  5. 5. Decision Making and TrackingTrends Managers very often view ‘Research’ as a tool used to providing information in the form of a ‘photo’-mirroring ‘consumers opinion’ and the prevalent market situation Thus having access to information will help in the development of an independent and objective way of improving decision making- understanding, keeping track of and monitoring one’s own success, or failures, understanding competitors market value/share and development of new products and communication Chapter 2 Basic Concepts and Research Design
  6. 6. The Research Process What is the purpose of conducting the research? What are the research objectives? Working out on the cost-benefit worthiness of the research study What should be the type of research design to be adopted? How the data obtained is to be analyzed, interpreted and recommendations given? Chapter 2 Basic Concepts and Research Design
  7. 7. Steps Involved in The ResearchProcess Chapter 2 Basic Concepts and Research Design
  8. 8. Bayesian Theory The Bayesian decision theory tries to answer two questions:1.How can the manager select from among alternative information gathering choices, including the option of not gathering any additional information at all?2.After making the choice, what action is to be taken by the manager? Chapter 2 Basic Concepts and Research Design
  9. 9. Herber Spiegelbug Herber Spiegelbug has referred to the method of phenomenology as consisting of four steps, recognized by most phenomena lists, to qualify as representative of the approach generally followed ◦ Suspend prior conceptions ◦ Description of the phenomenon ◦ Determine the universal elements ◦ Apprehending of relationships Chapter 2 Basic Concepts and Research Design
  10. 10. Selection of ResearchMethodology If one is required to answer the question related to the appropriate “method of inquiry”? The answer will be dependent on the nature of the research problem and the availability of existing knowledge Broadly stated, two research methodologies are used for the purpose of research ◦ Experimental Research ◦ Non Experimental Research Concepts and Chapter 2 Basic Research Design
  11. 11. Methods to Evaluate The Valueof Information1. Simple Savings Method (SSM)2. Return On Investment (ROI)3. Present Value Method (PVM)4. Cost Benefit Approach (C-B)5. Bayesian Approach Chapter 2 Basic Concepts and Research Design
  12. 12. Steps Recognized byPhenomena lists Phen ome nolo gy Chapter 2 Basic Concepts and Research Design
  13. 13. Selection of the Data Collection Techniques1. Observation Techniques: under this techniques, data is obtained by observing present or past behavior. Past behavior observation will be done with the help of secondary data2. Communication Techniques: communication techniques involve seeking answers by asking questions. This is sometimes done in the form of a survey research, when questions are asked and answers are received. This communication can be conducted via mail or telephone or sometimes in person Chapter 2 Basic Concepts and Research Design
  14. 14. Actual Data Collection The budget availability Nature of the project and the complexity of the required information Degree of accuracy desired Time availability Chapter 2 Basic Concepts and Research Design
  15. 15. Types of Research Descriptive design Experimental design quasi-experimental design Chapter 2 Basic Concepts and Research Design
  16. 16. Descriptive Designs These designs are used to establish accurate descriptions of variables relevant to the decision being taken without demonstrating the existence of the relationship between variables. The purpose of this design is to give an accurate picture of some aspect of the marketing environment Say Titan may want to measure the reaction of young women between 15-25 years of age, to their ‘Fast track’ brand of watches Chapter 2 Basic Concepts and Research Design
  17. 17. The Various Types of ResearchDesign Chapter 2 Basic Concepts and Research Design
  18. 18. Experimental Designs These research designs are used to demonstrate cause effect relationship This means that when it is necessary to show that one variable determines the values of other variables, a experimental approach is used Students will undoubtedly be familiar with the concept of experimentation in biological and physical sciences There are two types of experimental designs ◦ Laboratory experiments ◦ Field experimental settings 2 Basic Concepts and Chapter Research Design
  19. 19. Quasi-Experimental Designs1. One shot-case study2. One-group pre test – post-test design3. Time series design (also known as Longitudinal Designs)4. Static group comparison design5. Simulation Chapter 2 Basic Concepts and Research Design
  20. 20. Summary The research process consists of a series of steps worked out in a systemic manner from the conception of the project through the conclusions, recommendations and ultimate action The research designs can be categorized into Descriptive design, Experimental design and Quai experimental design The variation in the approaches will be with respect to purpose, exactness of the hypothesis formed and the type of data collection methods used Chapter 2 Basic Concepts and Research Design