Hindustan express simultaneously published in English language west Bombay, Mohammedan South Madras, Bangor, Hydrated, Trinitarian North Changing East none Have two regional language paper Marital from Bombay Malaysia from cochin New plan to start an edition from Puny in Marital 5. Problems :- Already five Marital newspaper published daily from Puny and four from Bombay Puny hardly 180 km from Bombay, as such Bombay edition could easily reach Puny by newspaper taxi. The circulation of regional language newspaper is low. Advertising revenue is low.
Will the new edition from Puny be financially feasible? Will the new edition have market feasibility? 6. Solution MARKETING RESEARCH 7. What is marketing research Marketing research is the function that links , the consumer, customer, and public to the marketer Research comprises defining and redefining problems, Formulating hypothesis or suggested solutions Collecting, organizing, and evaluating data Making deductions and reaching conclusions And at last carefully testing the conclusion to determine whether they fit the formulation 8.
Classification of research Basic research Applied research a) Problem solving research b) Problem identification search. 9. Problem Solving Research Segmentation research Product research Pricing research Promotion research Distribution research 10. Problem Identification Research Market potential research Market share research Image research Market characteristics research Forecasting research Business trend research 11. Why marketing research has evolved and grown ? 12.
Answer:- Managers are separated from their final consumers Managers needs information from their final consumers 13. Managers are separated from their final consumers Manufacturer Retailer Services Org. Final Consumer Make. Manager 14. Managers needs information from their final nonusers Manufacturers Retailers Suppliers Customers Needs And Wants 15. Managers needs information from their final consumers Target market Product/service Price Distribution Promotion Marketing Manager Wants information 16.
Customer group Consumer Employees Shareholders suppliers MARKETING RESEARCH controllable Marketing variables Product Pricing Promotion Distribution Uncontrollable Environmental Factors Economy Technology Competition Law and Regulations Social and culture Factors Political Factors Assessing Information Needs Providing Information Marketing Decision Making Marketing Managers Market Segmentation Target Market Selection Marketing Programs Performance and Control 17.
The role of marketing research in managerial decision making IS explained further using the framework of the DECIDE model: D -? Define the marketing problem E -? Enumerate the controllable and uncontrollable decision factors C -? Collect relevant information I -? Identify the best alternative D -? Develop and implement a marketing plan E Evaluate the decision and the decision process 18. Applications of Marketing Research Pricing Research Product Research Concept Testing Positioning Research Customer Satisfaction Research Branding Research Advertising Research Market
Segmentation Sales Analysis 19. Types Of Research Descriptive vs.. Analytical Applied vs.. Fundamental Quantitative vs.. Qualitative Conceptual vs.. Empirical 20. Descriptive Also known Statistical Research Includes survey & facts What age group buying a particular brand Analytical Use facts or information already available 21 . Applied Research Designed to solve practical problem of the modern world For example, applied researchers may investigate ways to: improve agricultural crop production treat or cure a specific disease improve the energy efficiency of homes, offices, or modes of transportation 22.
Fundamental Research Driven by a scientists in a scientific question The main motivation is to expand Man’s knowledge, not to create or invent something For example, basic science investigations probe for answers to questions such as: How did the universe begin? What are protons, neutrons, and electrons composed Of? How do slime molds reproduce? What is the specific genetic code of the fruit fly 23. Quantitative:- Used to measure how many people feel, think or act in a particular way Many vehicle used for collecting quantitative information but the most common are on street or telephone
Qualitative Used to help us understand how people feel and why they feel as they do It is concerned with collecting in-debt information asking questions such as why do you say that Depth interviews or group discussions are two common methods used for collecting qualitative information 24. Conceptual – Related to some abstract ideas or theory It is generally used by philosopher and thinkers to develop new concepts or to reinterpret existing ones Empirical Relies on experience or observation alone, often without due regard for system & theory 25.
Benefits of Marketing Research Benefit to business and industry Benefits to economy. Six essential benefit Enhanced ability to make well-informed decisions. Provides a cost-effective opportunity to supplement a company’s internal training. 26. Facilitates a common knowledge bridge.. Provides a specific starting point for people entering the profession. Gives company an objective tool to help develop and promote employees. Assists researchers in understanding and differentiation between good research and impartial research. 27.
Characteristics of a good marketing research: Use of more scientific methods Cost and benefits use of the Statistical method Alternative course of action 28. Scope of marketing search The scope of marketing research could cover the business problems relating to the followings. Types of consumers that compromise present and potential markets. Buying habits and pattern of consumption Size and location of different markets, not only in India but also overseas. 29. The prospects for growth or construction for the current markets being served. New mantras of emerging segments.