Marketing research, Role of Marketing Research and Marketing Research Process

MARKETING RESEARCH
 Marketing research is the systematic design, collection,
analysis and reporting of data and finding relevant to a
specific marketing situation facing the company.
 American marketing association defined marketing
research as:-
“The gathering recording and analysis of all data about
problems relating to the transfer and sale of goods and
services from producer to consumer”

ROLES OF MARKETING
RESEARCH
To know the demographic and psychographic
- Market research reveal the number of customer who buy, why they buy,
when they buy, the frequency of their buying and the source their
buying
To find out the impact of promotional effort
- Marketing research facilitates appraising and improving the methods
of sale promotion.

To know customer response to new product-
 marketing research is frequently used to know the opinion of
the customer about the satisfaction given by a new product.
This helps in knowing the desired improvement in quality,
design, size, packing, distribution method.

To forecast sale
 Marketing research sales forecasting and marketing planning
on the basis of the response of the customer and the
distribution method.
To anticipate competitive moves
 Marketing research helps the marketers to continuously
monitor the competitors and judge about the right actions that
might be required.

To probe what went wrong
 This happens when the product is having some special problem.

Marketing research, Role of Marketing Research and Marketing Research Process

Step 1
Define the problem
Marketing management must be careful not to define the
problem too broadly. The foremost task in the problem
discovery stage is to transform the management problem into
a marketing research problem by looking at the context of the
problem , the observation of the management and the
exploration of the problem by putting a ‘why’ the original
problem . The problem discovery opens up in the venues for
possible causes of the problem which we can show as:-

Management
Problem
Exploration of management problem by
Putting ‘why’
Possible causes of management Problem
Marketing research problem discovery

Step 2
DEVOLOP THE RESEARCH PLAN
 The second stage of marketing research calls for
developing the most efficient plan for gathering the
needed information. The marketing manager needs to
known the cost of the research plan before approving it.
Designing a research plan calls for decisions on the
data sources research approaches, research
instruments sampling plan and contact methods.

Data Sources
 The researcher can gather primary data, secondary data or both.
Research Approaches
 Primary can be collected in five main ways:-
a. Observational Research
b. Focus group Research
c. Survey Research
d. Behavioral Data
e. Experimental Research

Step 3
Collect the information
This is one of the most expensive methods of
marketing research. At this stage, the researcher has to
adopt the methods to collect the information, he may
find it difficult to gather the correct information because
of the respondent’s biasedness, unwillingness to give
answers or not at home.

Step 5
Present the Findings
 Finally, all the findings and the research are shown to the top
management level viz. Managing director, CEO, or board of directors to
make the marketing decisions in line with the research.
Step 4
Analyze the information
 Once the information is collected the next step is to organize it in such a way
that some analysis can be obtained. The researchers apply several statistical
techniques to perform the analysis, such as they compute averages and
measures of dispersion. Also, some advanced decision models are used to
analyze the data.

Step 6
Make the Decision
 This is the last step of the marketing research, once the findings are
presented to the top level management it is up to them either to rely on
the findings and take decisions or discard the findings as unsuitable.
 Thus, marketing research is done to gather all the relevant information
about the market and design the marketing strategies accordingly.

Created by:
 Harikrishanan
 Chandan

Marketing research, Role of Marketing Research and Marketing Research Process

Recommended

More Related Content

What's hot (20)

Similar to Marketing research, Role of Marketing Research and Marketing Research Process (20)

Recently uploaded (20)

Marketing research, Role of Marketing Research and Marketing Research Process