Presentation on theme: "DR. MOHD. RUMZI TAUSIF ASST. PROF. (MKT) SBS Unit 1 Nature and Scope of Marketing Research."— Presentation transcript:
DR. MOHD. RUMZI TAUSIF ASST. PROF. (MKT) SBS Unit 1 Nature and Scope of Marketing Research
Content……. Need to know the customer, definitions and meaning of marketing research, applications of marketing research. Application of marketing research in India.
Know your customers' needs What do you know about your customers? The more you know about your customers, the more effective your sales and marketing efforts will be. It's well worth making the effort to find out: who they are what they buy why they buy it how they use your product
If selling to other businesses, need to know which individuals are responsible for the decision to buy product or service. learn a great deal about customers by talking to them. Asking them why they're buying or not buying, what they may want to buy in the future and asking what other needs they have can give a valuable picture of what's important to them. Understanding customers' needs and desires can help you tailor your product or service to better suit their needs. It may also highlight valuable developments you can make to your current offering, or indicate gaps in the market that you can fill with new products or services.
Strong sales are driven by emphasising the benefits that your product or service brings to your customers. If you know the challenges that face them, it's much easier to offer them solutions. It's also well worth keeping an eye on future developments in your customers' markets and lives. Knowing the trends that are going to influence your customers helps you to anticipate what they are going to need - and offer it to them as soon as they need it. conduct market research and there are many existing reports that can help build a picture of where customers' markets - and business - may be going.
Scope of Marketing Research Global spending on Marketing Research is about $16.6 bn. With US accounting for 38%. Identifying marketing opportunities and constraints. Who are the potential competitors, and how strong are their market positions? How satisfied are consumers with current offerings on the market? Are there any unmet consumer needs? How are consumers likely to perceive our offerings relative to competitors offerings?
Embracing the Marketing Concepts Conducting marketing research to understand customer s and their requirement. The philosophy of customer orientation that urges firms to uncover customer needs first then coordinate all their activities to satisfy those needs. Understanding the Competitive environment Marketing research is vital to maintaining and improving a company’s overall competitiveness. Organizations continually collect and evaluate environmental information to identify future market opportunities and threats
Marketing Research (Definition) Marketing research involves conducting research to support marketing activities, and the statistical interpretation of data into information. This information is then used by managers to plan marketing activities, gauge the nature of a firm's marketing environment and attain information from suppliers.
According to American Marketing Association, “Marketing Research is the function that links the consumer, customer and public to the marketer through information-information used to identify and define marketing opportunities and problems, generate, refine and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.”
Marketing Research is systematic problem analysis, model building and fact finding for the purpose of important decision making and control in the marketing of goods and services. Marketing Research is a well-planned, systematic process which implies that it needs planning at all the stages. It uses scientific method. It is an objective process as it attempts to provide accurate authentic information. Marketing Research is sometimes defined as the application of scientific method in the solution of marketing problems.
Marketing Research plays a very significant role in identifying the needs of customers and meeting them in best possible way. The main task of Marketing Research is systematic gathering and analysis of information.
Marketing researchers use statistical methods such as quantitative research, qualitative research, hypothesis tests, Chi-squared tests, linear regression, correlations, frequency distributions, Poisson distributions, binomial distributions, etc. to interpret their findings and convert data into information. quantitative researchqualitative research hypothesis testsChi-squared testslinear regression correlationsfrequency distributionsPoisson distributionsbinomial distributions
Quantitative research In the social sciences, quantitative research refers to the systematic empirical investigation of social phenomena via statistical, mathematical or computational techniques. The objective of quantitative research is to develop and employ mathematical models, theories and/or hypotheses pertaining to phenomena. The process of measurement is central to quantitative research because it provides the fundamental connection between empirical observation and mathematical expression of quantitative relationships.
Qualitative research Qualitative research a method of inquiry employed in many different academic disciplines, traditionally in the social sciences, but also in market research. Qualitative researchers aim to gather an in- depth understanding of human behavior and the reasons that govern such behavior. The qualitative method investigates the why and how of decision making, not just what, where, when. Hence, smaller but focused samples are more often needed than large samples.
The marketing research process spans a number of stages, including the definition of a problem, development of a research plan, collection and interpretation of data and disseminating information formally in the form of a report. The task of marketing research is to provide management with relevant, accurate, reliable, valid, and current information.
A distinction should be made between marketing research and market research. Market research pertains to research in a given market. As an example, a firm may conduct research in a target market, after selecting a suitable market segment. In contrast, marketing research relates to all research conducted within marketing. Thus, market research is a subset of marketing research.marketing researchmarket research