Market research

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Marketing Management LEAD college of

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Market research

  1. 1. Market Research Aravind TS/MM/LCM/2012
  2. 2. Market Research vs Marketing Research (strictly speaking...)Market Research Researching the immediate competitive environment of the marketplace, including customers, competitors, suppliers, distributors and retailersMarketing Research Includes all the above plus: - companies and their strategies for products and markets - the wider environment within which the firm operates (e.g. political, social, etc)
  3. 3. Market(ing) Research: DefinitionThe systematic design, collection, analysis andreporting of data and findings relevant to a specificmarketing situation facing the organisation
  4. 4. External Market Research Firms Types Description1. Syndicated - service research Data gathered periodically fromfirms customers and distribution channels and then sold to clients (e.g. A.C. Nielson)2. Custom market research firms Hired to carry out specific research projects for clients. The firm conducts the survey and the results are the property of one client only (e.g. Research International)3. Specialty line research firms Firms providing a specialised service to other market research firms, e.g. a firm selling field interviewing services (e.g. Continental Research)
  5. 5. Why Conduct Market Research in New Product Development?- The product must appeal to the customer(however widely defined)- Timely market research can help you mould theproduct to the consumer’s need/wants- Market research tend to point out successes andfailures before products are launched “for real”- As a result, it can save you money and time
  6. 6. Types of Market ResearchBy Source By Methodology By Objectives- Primary - Qualitative - Exploratory- Secondary - Quantitative - Descriptive - Causal (or experimental)
  7. 7. Types of Market Research: By SourcePrimary Collection of data specifically for the problem or project in handSecondary Based on data previously collected for purposes other than the research in hand (e.g. published articles, government stats, etc)

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