Market Research

MARKETING INSIGHT AND MARKETING
RESEARCH
INTRODUCTION
 Market research is the process of determining the viability of
a new service or product through research conducted
directly with potential customers.
 Market research allows a company to discover the target
market and get opinions and other feedback from consumers
about their interest in the product or service.
 The research includes surveys, product testing and focus
groups.
 Market research is a combination of primary information—
information gathered directly—or secondary information,
which is information an outside entity has already gathered.
TYPES OF MARKET RESEARCH
 Face-to-Face Interviews: From there, companies were developed that would
interview people on the street about publications that they read and whether
they recognized any of the ads or brands within the ads that were published in
the magazines or newspapers the interviewer showed them.
 Focus Groups: A focus group is a small number of representative consumers, who
are chosen to try a product or watch an advertisement.
 Phone Research: Data collection then shifted to the telephone, making face-to-
face contact unnecessary.
 Survey Research: As an alternative to focus groups, surveys represent a cost-
effective way to determine consumer attitudes without having to interview them
in person. Consumers are sent surveys in the mail, usually with a coupon or
voucher in order to incentivize participation.
 Online Market Research: With people spending more time online, many market
research activities have shifted online as well. While the platform may have
changed, data collection is still mainly done in a survey-style form.
MARKET RESEARCH VS MARKETING RESEARCH
 Market research can be defined as the process of

 gathering,
 analysing and
 interpreting information
about a market, about a product or service to be offered for sale in that

market, and about the past, present and potential customers for the
product or service.
 Marketing research can be defined as the process of finding

out about the market in which the firm hopes to succeed, and
assessing all aspects of the firm’s marketing strategies and
tactics.
MARKET RESEARCH VS MARKETING RESEARCH
QUANTITATIVE RESEARCH & QUALITATIVE RESEARCH
 Quantitative Research
The purpose of quantitative research is to glean reliable,
standardized facts and statistics to guide key business questions,
such as “Is there a strong market for our product?” or “How many of
our target customers care about this benefit?”
 Qualitative Research
The purpose of qualitative research is to go deeper into

understanding insights into customer motivation and emotion. In this
sense, if quantitative research is mainly about the “what” of
customer behavior, qualitative research is about the “why." This
approach can be useful for revealing aspects such as why customers
like or dislike a brand, why they like particular marketing messages
and dislike others, and what motivates actual consumer behavior.
OBJECTIVES OF MARKETING RESEARCH
 Marketing research helps the marketing executive in the
formulation of all marketing plans, policies, programmes and
procedures, to attain the marketing goals.
 Since the main thrust of marketing research is on selling,
promotion, advertising and distribution, it is used in minimizing all
wasteful and unnecessary marketing cost.
 Through marketing research, marketing management can sell the
right product through right channels of distribution to right
consumers at right places and at right price by formulating right
plans, policies and programmes with the help of right personnel.
 In short, marketing research helps producers, distributors and
advertisers to avoid mistakes either in manufacturing or marketing
or to that extent, it can minimize business failures.
SCOPE OF MARKETING RESEARCH
 Diagnosing the current situation or problem based on detailed

information.
 Clearly identifying competitive strengths and weaknesses.
 Constantly analyzing what is happening in the market place.
 Planning to watch company’s strengths with market
opportunities by outlining objectives for product and market
development and devising strategies and tactics to achieve
them.
 Watching out continuously for threats to the achievement of
those plans.
 Monitoring the progress of strategy implementation.
MARKET RESEARCH PROCESS
MARKETING INFORMATION SYSTEM
 The 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.
APPLICATION OF MARKETING INFORMTION SYSTEM
 Marketing Information System collects, analyses, and supplies a lot of
relevant information to the marketing managers.
 It is a valuable tool for planning, implementing and controlling the
marketing activities.
 The role of MIS is to identify what sort of information is required by the
marketing managers.
 It then collects and analyzes the information. It supplies this
information to the marketing manager at the right time.
 The business function of marketing is concerned with the planning,
promotion, and sale of existing products in existing markets, and the
development of new products and new markets to better serve present
and potential customers.
 MkIS also evaluates and stores the information. MkIS uses modern
technology for collecting, analyzing, storing and supplying information.
COMPONENTS OF MARKETING
INFORMATION SYSTEM
CONCLUSION
 A Marketing Information System is a powerful tool in the hands of
marketing managers to optimize the accuracy and effectiveness
of their marketing efforts. As a marketing data support system, it
helps to provide companies with essential data and information
that can be used to make informed decisions, develop successful
marketing strategies, and increase sales.
 By leveraging the power of the Marketing Information System,
companies can gain valuable insights into their business
environment, gain access to market data, and conduct marketing
research. Moreover, Marketing Information System can also
generate internal reports and help companies make sense of their
internal company data.
Thank you

Market Research

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MARKETING INSIGHT AND MARKETING

 Market research can be defined as the process of

about a market, about a product or service to be offered for sale in that

 Marketing research can be defined as the process of finding

The purpose of qualitative research is to go deeper into

 Diagnosing the current situation or problem based on detailed

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