According to American Marketing Association, “Marketing Research is the function thatlinks the consumer, customer and public to the marketer through information-informationused to identify and define marketing opportunities and problems, generate, refine andevaluate marketing actions; monitor marketing performance; and improve understandingof marketing as a process.”Marketing Research is systematic problem analysis, model building and fact finding forthe purpose of important decision making and control in the marketing of goods andservices.Marketing Research is a well-planned, systematic process which implies that it needsplanning at all the stages. It uses scientific method. It is an objective process as it attemptsto provide accurate authentic information. Marketing Research is sometimes defined asthe application of scientific method in the solution of marketing problems.Marketing Research plays a very significant role in identifying the needs of customersand meeting them in best possible way. The main task of Marketing Research issystematic gathering and analysis of information.Before we proceed further, it is essential to clarify the relationship and differencebetween Marketing Research and Marketing Information System (MIS). Whateverinformation are generated by Marketing Research from internal sources, external sources,marketing intelligence agencies-consist the part of MIS.MIS is a set of formalized procedures for generating, analyzing, storing and distributinginformation to marketing decision makers on an ongoing basis.1. While Marketing Research is done with a specific purpose in mind withinformation being generated when it is conducted, MIS information is generatedcontinuously.2. MIS is continuous entity while Marketing Research is a ad-hoc system.3. While in Marketing Research information is for specific purpose, so it is not rigid;in MIS information is more rigid and structured.Marketing Research is essential for strategic market planning and decision making. Ithelps a firm in identifying what are the market opportunities and constraints, indeveloping and implementing market strategies, and in evaluating the effectiveness ofmarketing plans.Marketing Research is a growing and widely used business activity as the sellers need toknow more about their final consumers but are generally widely separated from thoseconsumers. Marketing Research is a necessary link between marketing decision makersand the markets in which they operate.Marketing Research includes various important principles for generating informationwhich is useful to managers. These principles relate to the timeliness and importance of
data, the significance of defining objectives cautiously and clearly, and the need to avoidconducting research to support decisions already made.Marketing Research is of use to the following:-1. Producersa. To know about his product potential in the market vis-à-vis the totalproduct;b. New Products;c. Various brands;d. Pricing;e. Market Structures and selection of product strategy, etc.2. Business and GovernmentMarketing Research helps businesses and government in focusing attention on thecomplex nature of problems faced by them. For example:a. Determination of Gross National Product; Price indices, and per capitaincome;b. Expenditure levels and budgeting;c. Agricultural Pricing;d. The economic policies of Government; ande. Operational and planning problems of business and industry.3. Market Research AgenciesMarketing Research is being used extensively by professionals to help conductingvarious studies in Marketing Research. Most prominent agencies being:-a. Linta India Ltd;b. British Market Research Bureau (BMRB);c. Hindustan Thompson Associate Ltd;d. eSurveysPro.com;e. MARG4. Managers4. Steps In Marketing Research Process1. Identifying and defining a marketing problem : The first step in the marketing researchprocedure is to identify the marketing problem which needs to be solved quickly. The problem may berelated to product, price, market competition, sales promotion and so on. The research process will startonly when the marketing problem is identified and defined clearly. The researcher has to identify anddefine the marketing problem in a clear manner.2. Conducting a preliminary exploration (survey) : The marketing team may suggest manymarketing problems which they face. However, it is not possible to take up all such problems for researchpurpose. The researcher has to study such problems and select one major problem which is suitable for
detailed investigation. For this, preliminary investigation is necessary. A sales manager may suggest aproblem of declining sales. The researcher has to find out the possible reasons and which one is themost important and also suitable for detailed study. Marketing problems are not researchable and hencesuch preliminary exploration is necessary and useful.3. Determining research objectives : The researcher has to formulate hypothesis to fit the problemunder investigation. It is a tentative explanation of a problem under study. For example, the sales aredeclining. According to the researcher, this may be due to poor quality and high price or due to limitedinterest taken by middlemen or that the product has become outdated. If the first reason is accepted, thesame will be investigated in full. If the first cause is rejected, he will move to the second for detailed studythrough data collection.4. Determining the data required and their sources : In this stage, the researcher has to decide thetype of data required for his study purpose. The hypothesis guides the data collection process. Theresearcher can use primary and/or secondary data for his research project. The sources of primary andsecondary data are different. Similarly, for the collection of primary data, any one method such as mailsurvey or telephone survey, or personal interview or observation or experimentation method can be used.The researcher has to decide the method which is convenient for data collection and collect the requireddata accordingly.5. Creating research design : Research design is the plan for the conduct of actual researchinvestigation. Such design provides guideline for the researcher to keep a track on his actions and toknow that he is moving in the right direction on data collection.The research design contains answers to the following questions:1. What is the nature and purpose of study?2. What type of data is required?3. How to collect required data?4. What is the technique of data collection?5. How much funds will be required?6. How much time/period will be required for completion of research project?2. Designing the Questionnaire : As per the objective of research project, information will berequired. For collection of data, suitable questionnaire will have to be prepared. All necessary care shouldbe taken in order to prepare ideal questionnaire, so as to collect required information easily, quickly andcorrectly.3. Designing a sample of respondents : For data collection, a representative group will have to beselected out of the total i.e. universe. A sample designed should be adequately representative incharacter. It must represent the total population under study.4. Collecting Data : Data are to be collected as per the method selected for data collection. If mailsurvey method is selected, questionnaires will be sent by post to respondents. If personal interviewmethod is selected, interviewers will be given suitable guidance, information and training for the conductof personal interview. Data collection should be quick and data collected should be reliable, adequate andcomplete in all respects.5. Organising/Processing the data collected : The completed questionnaires are not useful directlyfor tabulation and drawing conclusions. They need to be organised /processed properly for drawingconclusions. For this, scrutiny of data, editing, coding and classification of data are required. In addition,
tabulation of data collected is also essential. Such processing make data integrated in a compactmanner. In addition, the data are made reliable and suitably arranged for analysis and interpretation.Conclusions can be drawn only when the collected data are arranged in an orderly manner for detailedstudy. In short, processing of data means verification of data collected and the orderly arrangement ofdata for analysis and interpretation. The steps in data processing (editing, coding, etc.) are interrelatedand need to be completed properly. The processing of data collected is a type of office work which can beattended by the office staff under the guidance of researcher. The processing of data is a lengthy andtime-consuming activity and needs to be completed property. This is necessary for raising accuracy andreliability of the whole research project.The processing of data collected through marketing research involves the following steps:1. Preliminary screening of the data collected,2. Editing of the data collected,3. Coding of the data collected,4. Classification of data into meaningful categories, and5. Tabulation of data for easy and quick analysis and interpretation.2. Analyzing and interpreting data : Tabulated data can be used for detailed and critical analysis.The purpose is to establish useful and logical relation between the information and problem. Analysis ofdata should be made in a rational manner. This facilitates interpretation of data in an orderly manner.Conclusions can be drawn after the analysis and interpretation of data. Such conclusions are useful forsuggesting remedial measures. Various statistical techniques are used for the analysis and interpretationof data. This is necessary so that the conclusions drawn will be accurate and remedial measuresrecommended will be appropriate or result-oriented.In brief, processing of data collected is one important and critical stage in the research process. The utilityof the whole research process depends upon the manner in which the data are processed by theresearchers. The services of experts should be used for such processing of data. Similarly, advancedstatistical techniques should be used in the analysis and interpretation of data so that the conclusionsdrawn will be accurate and useful for the introduction of appropriate remedial measures. Processing ofdata is like examining patient by a doctor. Here, if the diagnosis is accurate, the follow-up treatment(remedial measures) will be appropriate and the patient will be all right within a short period. The samerule is applicable to processing of data in the marketing research activity/process.3. Preparing research report : After drawing conclusions, the researcher can make concertsuggestions/recommendations for solving the marketing problem in a satisfactory manner. A researcheralso prepares a document giving details of research problem, data collected, conclusions drawn and therecommendations made. Such document is called research report which is the final outcome of lengthyresearch process. The report will be prepared in a suitable format for the convenience of readers. It actsas a self-explanatory document.4. Presenting research report : The researcher will submit the report to the decision-makers in thefield of marketing. The decision-makers will study the report minutely and find out the desirability ofexecution of the recommendations made. The final decision is to be taken by the decision-makers(marketing managers and top level management) only.
5. Follow-up steps : If the recommendations made are accepted, the decision-makers have to takefollow-up steps for the execution of the recommendations made. The follow-up steps should be controlledeffectively so as to have positive results in the cause of time.The steps in the MR process (as noted above) are normally used in all MR projects. Certain modificationsare also possible in a specific research project. The research process is lengthy and time consuming andneeds to be completed in a rational and systematic manner. This gives promising results in the sense thatappropriate solution to marketing problem is available.The researcher has to follow this lengthy MR procedure carefully. He has to take various decisions whileconducting the research work. The research project may be conducted by an outside consultancy firm or anadvertising agency. Sometimes, the research work is conducted internally i.e. through the marketingresearch department or sales department. Here, the research department takes up the major marketingproblem (e.g. declining sales or profits of the company) and organise the research project in order to find outthe causes (e.g. causes for declining sales or profit) and appropriate remedial measures. A sales managermay be asked to organise the research project for dealing with the problem of declining sales. Here, he hasto organise the whole research project and finalize the details of different steps involved.• SUBSCRIBERSSFEEDS• ARTICLES• COMMENTSTo search, type and hit enter
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Branches / Areas / Scope of Marketing ResearchThe scope of marketing research is very wide and comprehensive. It includes1. Product ResearchProduct means the goods and services which are sold to the consumers. It includes consumer products andindustrial products. Product research studies the individual product. It studies the making and marketing ofthe product. It studies the colour, size, shape, quality, packaging, brand name and price of the product. Italso deals with product modification, product innovation, product life cycle, etc. The product is modified(changed) as per the needs and wants of the consumers. Therefore, the product will not fail in the market.2. Consumer Research
Consumer is the person who purchases the goods and services. The consumer is the king in the market.Consumer research studies consumer behaviour. It studies the consumers needs, wants, likes, dislikes,attitude, age, sex, income, location; buying motives, etc. This data is used to take decisions about theproduct, its price, place and promotion.3. Packaging ResearchPackaging research is a part of product research. It studies the package of the product. It improves thequality of the package. It makes the package more attractive. It makes the package more convenient for theconsumers. It reduces the cost of packaging. It selects a suitable method for packaging. It also selectssuitable packaging material.4. Pricing ResearchPricing Research studies the pricing of the product. It selects a suitable method of pricing. It fixes the pricefor the product. It compares the companies price with the competitors price. It also fixes the discount andcommission which are given to middlemen. It studies the market price trends. It also studies the future pricetrends.5. Advertising ResearchAdvertising research studies the advertising of the product. It fixes the advertising objectives. It also fixes theadvertising budget. It decides about the advertising message, layout, copy, slogan, headline, etc. It selects asuitable media for advertising. It also evaluates the effectiveness of advertising and other sales promotiontechniques.6. Sales ResearchSales research studies the selling activities of the company. It studies the sales outlets, sales territories,sales forecasting, sales trends, sales methods, effectiveness of the sales force, etc.
7. Distribution ResearchDistribution research studies the channels of distribution. It selects a suitable channel for the product. It fixesthe channel objectives. It identifies the channel functions like storage, grading, etc. It evaluates thecompetitors channel.8. Policy ResearchPolicy research studies the companys policies. It evaluates the effectiveness of the marketing policies,sales policies, distribution policies, pricing policies, inventory policies, etc. Necessary changes, if any, aremade in these policies.9. International Marketing ResearchInternational marketing research studies the foreign market. It collects data about consumers from foreigncountries. It collects data about the economic and political situation of different countries. It also collects dataabout the foreign competitors. This data is very useful for the exporters.10. Motivation ResearchMotivation research studies consumers buying motives. It studies those factors that motivate consumers tobuy a product. It mainly finds out, Why the consumers buy the product? It also finds out the causes ofconsumer behaviour in the market.11. Market Research
Market research studies the markets, market competition, market trends, etc. It also does sales forecasting.It estimates the demand for new products. It fixes the sales territories and sales quotas.12. Media ResearchMedia research studies various advertising media. The different advertising media are television (TV), radio,newspapers, magazines, the internet, etc. Media research studies the merits and demerits of each media. Itselects a suitable media for advertising. It does media planning. It also studies media cost. It helps in salespromotion and to avoid wastage in advertising.To search Kalyan City Life, type a query and hit enter.Read Similar Articleso Scope of Marketing Research (MR) - Branches / Areas of MRo Atom Feed of Kalyan City Life Blog - KCLGoogle Article Translation0 Comments :Please Comment
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