REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF EDUCATION
DIVISION OF CABADBARAN CITY

NORTHERN MINDANAO COLLEGES, INC.

Atega Street, Barangay 11 Poblacion, Cabadbaran City
8605 Agusan del Norte, Region XIII
NON-SECTARIAN
1946

PRINCIPLES OF MARKETING
Learning Module
Quarter 1 – Week 6
October 5 – Oct 9, 2020

Lesson: MARKET RESEARCH METHOD

Learning Competency:
At the end of this topic, the student will:
 Know the components of a marketing information system; and
 Be able to put together a market research plan.

DISCUSSION

Market research is defined as the process of evaluating the feasibility of a new product or
service, through research conducted directly with potential consumers. This method allows
organizations or businesses to discover their target market, collect and document opinions and make
informed decisions. Market research can be conducted directly by organizations or companies or can
be outsourced to agencies which have expertise in this process.

In order to track your environment on a regular basis knowledge in Market Information

System will help you to be on track.

Marketing Information System refers to the systematic collection, analysis, interpretation,

storage and dissemination of the market information, from both the internal and external sources, to
the marketers on a regular, continuous basis.

The marketing information system distributes the relevant information to the marketers
who can make the efficient decisions related to the marketing operations viz. Pricing,
packaging, new product development, distribution, media, promotion, etc.

Every marketing operation works in unison with the conditions prevailing both inside
and outside the organization, and, therefore, there are several sources ( viz. Internal,
Marketing Intelligence, Marketing Research) through which the relevant information about the
market can be obtained.

Components of Marketing Information System

1. Internal Records: The Company can collect information through its internal records
comprising of sales data, customer database, product database, financial data, operations data, etc.
The detailed explanation of the internal sources of data is given below:

 The information can be collected from the documents such as invoices, transmit copies, billing
documents prepared by the firms once they receive the order for the goods and services from the
customers, dealers or the sales representatives.
  The current sales data should be maintained on a regular basis that serves as an aide to a the
Marketing Information System. The reports on current sales and the inventory levels help the
management to decide on its objectives, and the marketers can make use of this information to
design their future sales strategy.

2. Marketing Intelligence System: The marketing intelligence system provides the data about
the happenings in the market, i.e. data related to the marketing environment which is external to the
organization. It includes the information about the changing market trends, competitor’s pricing
strategy, change in the customer’s tastes and preferences, new products launched in the market,
promotion strategy of the competitor, etc.

In order to have an efficient marketing Information System, the companies should work aggressively
to improve the marketing intelligence system by taking the following steps:

 Providing the proper training and motivating the sales force to keep a check on the market
trends, i.e. the change in the tastes and preferences of customers and give suggestions on the
improvements, if any.
 Motivating the channel partners viz. Dealer, distributors, retailers who are in the actual market
to provide the relevant and necessary information about the customers and the competitors.

3.Marketing Research: The Marketing Research Several Companies conduct marketing research to
analyze the marketing environment comprising of changes in the customer’s tastes and preferences,
competitor’s strategies, the scope of new product launch, etc. by applying several statistical tools. In
order to conduct the market research, the data is to be collected that can be either primary data (the
first-hand data) or the secondary data (second-hand data, available in books, magazines, research
reports, journals, etc.)

The secondary data are publicly available, but the primary data is to be collected by the
researcher through certain methods such as questionnaires, personal interviews, surveys, seminars,
etc.

A marketing research contributes a lot in the marketing information system as it provides the
factual data that has been tested several times by the researchers.
4. Marketing Decision Support System: It includes several software programs that can be used
by the marketers to analyze the data, collected so far, to take better marketing decisions. With the
use of computers, the marking managers can save the huge data in a tabular form and can apply
statistical programs to analyze the data and make the decisions in line with the findings.

Thus, the marketers need to keep a check on the marketing environment, i.e. both the internal
(within the organization) and the external (outside the organization, so that marketing policies,
procedures, strategies can be designed accordingly.

Market Research Process

Market research is primarily concerned with understanding the nature of a market. Market
research process involved in conducting market research can be outlined as follows:

 Define the Problem and Research Objectives. The problem should not be defined too
broadly and too narrowly. The problem should have a fine nature and direction as a research.
 Develop the Research Plan. The research plan is composed of the following components:
o Data Sources. It is the gathering of data. Usually, this is the gathering of secondary data
which are the related researches or studies.
o Research Approaches. This can be conducted through observation, focus groups,
survey research, behavioral data, and experimental research.
o Research Instrument. These include questionnaires or mechanical instruments such as
video recorders
o Sampling Plan. Who to survey, how many, and how to survey.
o Contact Methods. How to conduct the survey either personal, thru email, or even phone
calls.
 Collect the information. This is the actual gathering of data.
 Analyze Data. After gathering and recording all the data, you need to process the data by
applying theories and analyzing them to get possible results.
 Present the findings. Once processed, the data can be now a useful information. But still, its
function depends on the presentation and how you associate this information to existing
problem.

Research Methods

Research design is a plan to answer your research question. A research method is a

strategy used to implement that plan. Research design and methods are different but closely
related, because good research design ensures that the data you obtain will help you answer
your research question more effectively.

The method to use depends on your research goal. It depends on what subjects (and
who) you want to study. Let's say you are interested in studying what makes people happy,
or why some students are more conscious about recycling on campus. To answer these
questions, you need to make a decision about how to collect your data. Most frequently used
methods include:

 Observation
 Survey Research
 Focus Groups
 Experimental Research

Observation: this is the best method to use when trying to answer questions involving market
behavior.

Survey Research: Best use when trying to determine a market’s opinions, perceptions, and
basic demographic data.
Focus Group: Useful for gathering strong opinions and beliefs from a given target market.

Experimental Research: Means of answering a hypothesis through the use of an

experiment.

Bias

Bias is defined as any tendency which prevents unprejudiced consideration of a

question. In research, bias occurs when “systematic error is introduced into sampling or
testing by selecting or encouraging one outcome or answer over others”.

Causes of possible research biases:

 Phone or online interviews: Respondents may not take the interview seriously.
 Mail or Email Survey: only few respondents may be motivated in answering the survey.
 Questions regarding income: Respondents may not know their income or may not
disclose their income for security.

REFERENCES

https://businessjargons.com/marketing-information-system.html

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2917255/#:~:text=I.-,Definition%20and
%20scope%20of%20bias,or%20answer%20over%20others%E2%80%9D%207.

https://www.questionpro.com/blog/what-is-market-research/
 REPUBLIC OF THE PHILIPPINES
DEPARTMENT OF EDUCATION
DIVISION OF CABADBARAN CITY

NORTHERN MINDANAO COLLEGES, INC.

Atega Street, Barangay 11 Poblacion, Cabadbaran City
8605 Agusan del Norte, Region XIII
NON-SECTARIAN
1946

PRINCIPLES OF MARKETING
Activity Sheet
Quarter 1 – Week 6
October 5 - 9, 2020

Identification. Write your answers on the provide space each item.

_______________1. This defined as the process of evaluating the feasibility of a new product or
service, through research conducted directly with potential consumers.

_______________2. This refers to the systematic collection, analysis, interpretation, storage and
dissemination of the market information, from both the internal and external sources, to the marketers
on a regular, continuous basis.

3-6. What are the components of Marketing Information System?

_______________7. Primarily concerned with understanding the nature of a market.

8-12: In order, list down the research process.

_______________13. It is the method is a strategy used to implement that plan.

14-17. What are the different methods of research?

18-20. What are the causes of possible research biases?

Prepared by:

CHRISTOPHER NANZ L. CUSTAN

SHS Teacher

Checked by: Noted by:

MRS. HERMIELIZA D. SASIS ABEGAIL R. BAROQUILLO

Assistant Principal Principal

“Anyone who has never made a mistake has never tried anything new.”
Albert Einstein