MARKET RESEARCH

MEANINGOFRESEARCH
Researchcomprises "creative work undertaken on a systematic
basis in order to increase the stock of knowledge, including
knowledgeofman,cultureandsociety,andtheuseofthisstock
ofknowledgetodevisenewapplications. Itisusedtoestablish
orconfirmfacts,reaffirmtheresultsofpreviouswork,solvenew
orexistingproblems,supporttheorems,ordevelopnewtheories.
Aresearchprojectmayalsobeanexpansiononpastworkinthe
field. To test the validity of instruments, procedures, or
experiments,researchmayreplicateelementsofpriorprojects,or
theprojectasawhole.
Inlaymanterms:
Researchisthesystematiccollection,analysisandinterpretation
ofdatatoansweracertainquestionorsolveaproblem.

OBJECTIVESOFRESEARCH
To achieve new insights/ new
facts
(Exploratory Study)
Discovering a new drug
molecule, consumer preference
for a particular product.
To define the characteristics
of a particular
individual/situation or a
group
(Descriptive Study)
Study on Eating habits of
Americans and Indians, Study
on choice of touring
destinations among males &
females

To determine the cause and

effect of a particular thing
(Diagnostic Study)
Study on effect of
administration of XYZ drug on a
certain population
To test a hypothesis
(Hypothesis Testing Study)
Study to determine that Fat
people are more prone of heart
ailments, Study to prove that
singles are 3 times more prone
to depression than their
married counterparts.

IMPORTANCEOFRESEARCH
Research is important in both scientific and
non scientific fields.
Problems, events,
phenomenon and
process

Solutions and
Suggestions
Research
Causes,
explanations

To generate new knowledge and technologies to deal

Basic Research
with major unresolved issues and problems

Applied
Research

To identify priority problems and to design and evaluate

policies and programs using optimal use of available
resources

RESEARCHCLASSIFICATION
Basic Research

Applied Research

Seeks Generalisation

Studies individual or specific cases

without the objective to generalize

Aims at Basic Processes

Aims to any variable which makes the

desired difference

Attempts
happen

to

explain

why

Tries to get all facts

things Tries to
changed

say

how

things

can

Tries to correct the facts which are

problematic

Reports in technical language of the Reports in common language

topic
Example:
Chemical reactions leads to
development of new compound

be

Example:
Effect of vaccination on a certain
population, Factors that lead to
increasing efficiency of a
machine/system

MARKETINGRESEARCH
Itis "the process or set of processes that links the consumers,
customers, and end users to the marketer through information
information used to identify and define marketing opportunities and
problems; generate, refine, and evaluate marketing actions; monitor
marketingperformance;andimproveunderstandingofmarketingasa
process. Marketing research specifies the information required to
address these issues, designs the method for collecting information,
manages and implements the data collection process, analyzes the
results,andcommunicatesthefindingsandtheirimplications."

DEFINITIONOFMARKETINGRESEARCH

AcctoAMA:
MarketingResearchisthesystematicgathering,recordingandanalysingof
dataaboutproblemsrelatingtothemarketingofgoodsandservices.

AcctoPhilip Kotler:
Marketingresearchisasystematicproblemanalysis,modelbuildingand
factfindingforthepurposeofimproveddecision-makingandcontrolinthe
marketingofgoodsandservices.

AcctoPaul GreenandDonald Tull:

Marketingresearchisthesystematicandobjectivesearchfor,andanalysis
of,informationrelevanttotheidentificationandsolutionofanyproblemin
thefieldofmarketing.

NEED&IMPORTANCEOFMARKETING
RESEARCH
Providesvaluabledata
Studiesconsumerbehaviour
Selectspromotionaltechniques
Suppliesmarketinginformation
Evaluatesmarketingperformance
Miscellaneousneedsand
importance

FUNCTIONSOFMARKETINGRESEARCH

AIMSANDOBJECTIVESOFMARKETING
RESEARCH
The market and its structure
The market size (usually broken down by segments)
The route to market (through the value chain)
The companies that compete in the market (and
their market shares)
The numbers of consumers (again broken down by
segment)

CONT
Consumer needs and satisfaction
Factorsthattriggerthepurchaseoftheproduct(orservice)
Factorsthatinfluencethechoiceofsupplier
Theimportanceofspecificissuesontheselectionofsupplier(suchasproduct
quality,availability,price,brandetc)
Consumerssatisfactionwiththeproduct(orservice)

CONT
Product information
Productsthatarepurchased
Un-metneeds(newproductopportunities)
Attitudestonewproducts(eitherinconcept,asprototypesorintheirfinished
form)
Packagingoftheproduct

CONT
Price information
Pricesoftheproducts(listandnet)
Pricesensitivity(elasticity)oftheproduct
Valuesattachedtovariousaspectsorcomponentsoftheoffer

CONT
Promotion information
Sourcesthroughwhichconsumersandpotentialconsumersacquiretheir
informationonproductsandservices
Messagesthattriggeraninterestintheproducts/services
Attitudestodifferentadverts.includingnewadverts.
Awarenessofadvertising
Effectivenessofdifferentformsofadvertising
Readershipofdifferentmedia

CONT
Distribution information
Roleofdifferentlevelsinthevaluechain
Pricelevelsandmarginsinthevaluechain
Factorsthatpromptmerchantsanddistributorstostockproducts
Marketingandmerchandisingwithinthevaluechain
Availabilityandstockinglevelsinthevaluechain

CONT
Segmentation opportunities
Demographicsofthepopulationintermsofage,gender,incomegroup,location
Behaviourofthepopulationintermsofhowtheybuy(eg.frequencyofpurchase,
placeofpurchase,sizeofpurchaseetc)
Needsofthepopulationintermsofwhatdrivestheirselectionofasupplier(eg
oftenreferredtoasthedriversbehindthedecisionsuchasconvenience,bargain
hunters,safetyseekersetc).

CONT
Financial problem solving
Howcanwereverseafallinsales(orachieveanincreaseinsales)?
Howcanweobtainmoreprofitfromtheproduct/service?
Howcanweimprovethesatisfactionofourcustomerssothatloyaltyis
improved?

CONT
Meeting opportunities
Howcanweimproveouroffertocustomers(theproduct/service,thedelivery,
theguarantees,theservicesupportetc)?
Whatistheoptimumpriceweshouldcharge?
Howcanwesegmentthemarketsothatwecanbettersatisfycustomers
needs?
Howcanwepersuadepeopletobuyourproductswhentheyarebeing
temptedinotherdirections?
Howcanweincreaseoursalesinotherterritories?
Whichnewproductsorservicescouldweoffertoourcustomers?

CONT
Evaluation and diagnosis
Whatisthecauseofthefalloffinsalesand/orprofitability?
Whyarepeoplerejectingourproductinfavourofthosefromothercompanies?
Whatarethetriggersthatwouldcausepeopletobuyourproducts/services(or
thebarriersthatarestoppingthem)?

APPLICATIONOFRESEARCHMARKETING
Market&consumeranalysis
Productresearch
Pricingresearch
Promotionalresearch
Placeresearch