Marketing research lecture-1-introduction_to_research
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This document provides an introduction and overview of marketing research. It defines research, marketing, and market. It explains that marketing research involves systematically identifying, collecting, analyzing, and disseminating information to improve marketing decision making. This includes researching customers, competitors, and the business environment. Marketing research helps with strategic decisions like demand forecasting and segmentation, as well as tactical decisions like product testing, pricing, and advertising effectiveness.
Marketing research lecture-1-introduction_to_research
- 1. Marketing Research Lecture-1: Introduction to Research & MR Faculty : Ravi Kumar Singh, International School of management Patna
- 2. Lecture-1 : Introduction to Marketing Research ● Topics to be covered : ○ What is Research? ○ What is Marketing ? ○ What is Market ? ○ What marketers want to know? ○ Understanding Marketing Research ISM Patna/MR_1_Ravi_K_Singh
- 3. What is Research? ● Research can be defined as a scientific and systematic search for gaining information and knowledge on a specific topic or phenomena. ● Research is a careful investigation or enquiry specially through search for new facts in any branch of knowledge. ● Research can be classified into two broad categories: 1. Basic Research and 2. Applied Research
- 4. What is Marketing ? Marketing is the activities and processes that are involved in the creation, communication, delivery and exchange of offerings which have value for customers, clients, partners, and the society at large. ISM Patna/MR_1_Ravi_K_Singh
- 5. What is Market ? ● A market is defined as the sum total of all the buyers and sellers in the area or region under consideration. ● The area may be the world, or countries, regions, states, or cities. Example: Indian market, Japanese Market, Patna Market, South Indian Market etc ● Also we define Market in terms of a product/service category. Ex: Automobile Market of India. Vegetable Market etc ISM Patna/MR_1_Ravi_K_Singh
- 6. What a marketer wants to know about a market... Who constitutes the market? What is the Market dynamics? What is the size of Available Market & Potential Market. Attractiveness of the market.
- 7. What else a Marketer wants to know.. ● Who are my customers? ● What consumers need? ● How many segments are available in this market? ● What should be the features of this product? ● What should be the right price for this product? ● How this product should be made available to customers? ● Do people know this brand? ● How consumers perceive my brand? ● Is my advertisement effective? ● -- ● -- ● So on ISM Patna/MR_1_Ravi_K_Singh
- 8. Definition of Marketing Research (as per American Marketing Association) Marketing research is the systematic and objective Identification (of information) Collection (of information) Analysis (of information) Dissemination (of information) and use of information For the purpose of improving decision making related to the • identification and solution of problems and opportunities in marketing. ISM Patna_MR_1_Ravi_K_Singh
- 9. Market Research: Researching the immediate competitive environment of the marketplace, including customers, competitors, suppliers, distributors and retailers. Marketing Research Includes all the above plus: • Collecting information to fine tune the strategies for products and markets • Understanding the whole business environment within which the firm operates (e.g. political, social, economic, legal, technological etc) Market Research vs Marketing Research
- 10. 1) Strategic – demand forecasting, sales forecasting, segmentation studies, identification of target markets for a given product, and positioning strategies identification 2) Tactical - product testing, pricing research, advertising research, promotonal research, distribution and logistics related research Application of marketing research • Descriptive function • Diagnostic function • Predictive function