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Principles of Marketing - MGT301 Power Point Slides Lecture 12

The document summarizes the key steps in the marketing research process: 1. Problem definition and establishing research objectives to clearly define the research problem and goals. 2. Developing a research plan that determines the appropriate research design, sources of data, and data collection methods. 3. Implementation of the research plan through collection and analysis of data. 4. Interpretation of findings and reporting results to marketing management to aid decision making. The overall goal is to provide accurate insights and solutions to marketing problems and opportunities.

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Ahmed RaXa
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456 views38 pages

Principles of Marketing - MGT301 Power Point Slides Lecture 12

The document summarizes the key steps in the marketing research process: 1. Problem definition and establishing research objectives to clearly define the research problem and goals. 2. Developing a research plan that determines the appropriate research design, sources of data, and data collection methods. 3. Implementation of the research plan through collection and analysis of data. 4. Interpretation of findings and reporting results to marketing management to aid decision making. The overall goal is to provide accurate insights and solutions to marketing problems and opportunities.

Uploaded by

Ahmed RaXa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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MGT301

Principles of Marketing
Lecture-12
Summary
of
Lecture-11
Marketing Information System (MIS)
The Marketing
Information System
Marketing Marketing
managers Marketing Information System environment

Developing information Test


Analysis markets
Assessing Internal Marketing
Planning information Marketing
needs records intelligence
channels
Implemen-
tation Competitors

Control Marketing
Publics
Distributing
decision Marketing
information support research
Macro-
analysis environment
forces

Marketing decisions and communication


Steps..
 Assessing the Marketing Information Needs
 Developing the Marketing Information
 Analyzing Marketing Information
 Distributing and using Marketing Information
Today’s Topics

Marketing Research
Marketing research is the planning, collection,

and analysis of data relevant to marketing decision

making and the communication of the results of this

analysis to management.
The Role of Marketing Research in Decision
Making

 Marketing Research is part of the


 Marketing Intelligence feedback
 program
 Marketing Research is the Primary
 tool for exploring new Opportunities
 in the Marketplace
The Importance of Marketing Research to
Management

 Marketing Research Plays Three Functional Roles:


Descriptive
 The gathering and presentation of statements of fact.
Diagnostic
 The explanation of data or actions.
Predictive
 Specification of how to best take advantage of
opportunities as they arise in the ever-changing
marketplace.
Trends Influencing the Importance of
Marketing Research

The Unrelenting Drive The Paramount


for Quality and Customer Importance of Keeping
Satisfaction Existing Customers

The Need for Managers to Understand


the Ever-Changing Marketplace
The Proactive Role of Marketing Research
Understanding the nature of the marketing system is
necessary for a successful marketing orientation.
By having a thorough knowledge of factors that
have an impact on the target market and the
marketing mix, management can be proactive
rather than reactive.
Uses & Application of Research in Marketing

q Measurement of market potential.


q Analysis of market share.
q Determination of market characteristics.
q Sales analysis.
q Product testing.
q Forecasting.
q Studies of business trends.
q Studies of competitors' products.
Who Does “Custom” Marketing Research

Marketing
Research In-house research departments
Suppliers
Custom research firms

Consulting firms

Advertising agencies

Syndicated services

Colleges and universities


Steps in the Marketing Research Process
1. Problem Definition and the
Research Objectives

2. Developing the Research Plan

3. Implementation

4. Interpretation and Reporting


of Findings
Follow-up

Writing and Creation of


Presenting the the Research
Report Design

Problem/
Opportunity
Choice of Method
Analysis of Identification &
of Research
the Data Formulation

Selection of the
Collection of the Sampling
Data Procedure
Step 1:
Problem Definition and the Research
Objectives
The research process begins with the recognition of a marketing
problem or opportunity.

As changes occur in the firm’s external environment, marketing


managers are faced with the questions, “Should we change the
existing marketing mix?” and, “If so, how?”
Role of the Marketing Researcher

The first responsibility of the researcher is to work with the


marketing manager to clearly articulate the management decision
problems whose symptoms have been observed and then to
define precisely the marketing research problem.
Three Key Questions to Answer at the
Problem/Opportunity Definition Stage
Why is the
information Can the question
being really be
sought? answered?

Does the
information
already
exist?
Definition of Research Objectives

These objectives are stated in terms of the precise information


necessary to answer the marketing research
problem/opportunity.
Objectives must be as specific and unambiguous as possible. The
entire research effort is geared toward achieving the
objectives.
Step-2
Developing the Research Plan

 The research design is the plan to be followed to answer the


research objectives or hypotheses.
 There is no single, best research design. Instead, the investigator
faces an array of choices, each with certain advantages and
disadvantages.
 Research objectives guide the determination of specific
information needs.
 Research proposals outline the type of data needed and the
research plan.
 Primary data:
 Secondary data
Secondary/Primary Data Balance

Primary Data Secondary Data


 Accurate  Available
 Up-to-date  Cheap
 Purpose design  Quick
 Exploratory

 Descriptive

 Causal
Exploratory Research
– Exploratory research is usually small-scale research undertaken
to define the exact nature of the problem and to gain a better
understanding of the environment within which the problem has
occurred.
Descriptive Research
– Implicit in descriptive research is the fact that management
already knows or understands the underlying relationships of
the problem area.
– Descriptive studies are limited to answering who, what, when,
where, and how questions.
e.g. Market potential for a product
Causal Research
– In causal studies the researcher investigates whether one
variable causes or determines the value of another variable.

A dependent variable is a variable expected to be


predicted or explained. An independent variable is a
variable in an experiment that the market research
can, to some extent, manipulate, change, or alter.
Choosing a Basic Method of
Research
 A research design, either descriptive or causal, is chosen
according to a project’s objective.
 The next step is to select a means of gathering data (or research
methods).
Basic Research Methods/
Approaches
Survey
– Research in which an interviewer interacts with
respondents (except in mail surveys) to obtain
facts, opinions, and attitudes.

Observation
– Descriptive research that monitors respondent’s
actions without direct interaction.
Experiments
– The objective of experiments is to measure
causality.
– An experiment is distinguished by the researchers
changing one or more variables -- price, package,
design while observing the effects of those changes
on another variable (usually sales).
Enough for today ..
.
Summary

Steps in the Marketing Research Process


1. Problem Definition and the
Research Objectives

2. Developing the Research Plan

3. Implementation

4. Interpretation and Reporting


of Findings
Follow-up

Writing and Creation of


Presenting the the Research
Report Design

Problem/
Opportunity
Choice of Method
Analysis of Identification &
of Research
the Data Formulation

Selection of the
Collection of the Sampling
Data Procedure
Next….

 Marketing Research (cont..)

 Consumer Market-understanding the consumer


MGT301
Principles of Marketing
Lecture-12

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