Brm Introduction And Methods

“AN OVER VIEW OF BUSINESS RESEARCH” Submitted to : Ms.Sumitha Achar Senior Lecturer AIBA St. Aloysius College Mangalore-3 Submitted by: 1ST group 1ST MBA Batch B AIBA St. Aloysius College Mangalore -3

GROUP MEMBERS:PRASHANT NAIK KRUPAKSH GURAV ALLWYN DIAS ANUSHLY RACHITA PINTO PRAVEEN JACOB SUBMITTED ON: 11-10-2008

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CONTENTS 1 . Business Research definition .Basic research and applied research .Managerial value of business research 2 .Scope of business research . Need of business research . Major topics of research 3 .Business research in 21 century .How might a non-profit business organization use business research .Role of research in business decision making 4 .Meaning and introduction of business research .Objective of research .Role of research in important areas 5 .Types of research .Need for marketing research .Importance of marketing research 6 .Characteristics of a good research .problems encountered by research in India .Application of market research

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Business Research Definition The task of business research is to generate accurate information for use in decision making. The emphasis of business research is on shifting decision makers from intuitive information gathering to systematic and objective investigation. It is defined as the systematic and objective process of gathering, recording, and analyzing data for aid in making business decisions. This definition suggests, first, that research information is neither intuitive nor haphazardly gathered. Literally, research (re-search) means to “search again”. It connotes patient study and scientific investigation were in the researcher takes another, more careful look at data to discovered al that can be known about the subject of study. Second, if the information generative or data collected and analyzed are to be accurate, the business researcher much be objective. The need for objectivity was clearly stated by the 19th century American humorist atriums ward, who said, “it ain’t the things we don’t known that gets us in trouble. It’s the things we know that ain’t so.” Thus, the role of the researchers is to be detach and impersonal rather than engaging in a biased attempt to prove preconceived ideas. If bias enters the research process, the value of data s considerably reduces. A developer who owned the large area of land on which he wish to build a high-prestige shopping center wanted a research report to demonstrate to prospective retailer that there was a large market potential for such a center. Because he conducted his survey exclusively in an elite neighborhood, north surprisingly his findings showed that a large percentage of respondents wanted a “high prestige” shopping center. Results of this kind are misleading, of course, and should be disregarded. If the user of such finding discovered how they were obtained, the developer loses creditability. If the user is ignore and of the bias in the design and unaware that the researcher were not impartial, his decision may have consequences more adverse than if he had made strictly on intuition. The importance of objectivity cannot be over emphasized. Without objectivity research is valueless. Third, the above definition of business research points out that its objective is to facilitate the managerial decision-making process for 3

all aspects of a business: finance, marketing, personnel, and so on. The definition is not restricted to one aspect of business. An essential tool for management in its problem-solving and decision-making activities, business research generates and provides the necessary qualitative or quantitative information upon which to base decisions. By reducing uncertainty of decisions, research reduces the risk of making wrong decisions. However, research should be an aid to managerial judgment, not a substitute for it. There is more to management than research. Applying research remains a managerial art.

Basic Research and Applied Research with real life examples One reason for conducting research is to develop and evaluate concepts and theories, and basic-or pure-research attempts to expand the limits of knowledge. It does not directly involve the solution to a particular, pragmatic problem. It as been said that “there is noting so practical as a good theory.” although this statement is true in long run, basic research findings generally cannot be immediately implemented. Basic research is conducted to verify the acceptability of a given theory or to discover more about a certain concept. For example, consider this basic research conducted at a university. Academic researchers investigated whether an individual’s perception that he or she was ding well on a task would have any influence on future performance. Two nearly identical groups off adults were give the same set of ten puzzles to solve. After the subject had given their solution to the researcher, they were told “how well” they did on the test. All member of the first groups were told that they had done well: 70% correct (regardless of the actual percent correct) the member of the other groups were told that they had done poorly (30 percent correctly) then both groups were given another set of puzzles. That subject who had been told they had been done well on the first set of puzzles performed better with the second set of puzzles then did those who had been told they had been relatively unsuccessful with the first puzzles solving. The results of this basic research research expand scientific knowledge about theories of general performance behavior. This study was conducted because the research thought the theory being tested was far-reaching and applicable to a broad range of situation and circumstances. Applied research is conducted when decision must be made about a specific real-life problem. Applied research encompasses or to make decisions about a particular course of action or policy. For example, organization 4

contemplation a paperless office and a networking system of the company’s personal computer may conduct research to learn the amount of time its employee spends at personal computer in an average week. The procedures and techniques utilized by basic and applied researches do not differ substantially. Both employ the scientific method to answer the question at hand. Broadly characterized, the scientific method refers to techniques and procedures that help the researcher to know and understand business phenomena. The scientific method requires systematic analysis and logical interpretation of empirical evidence (facts from observation and experimentation to confirm or disprove prior conception. In basis research, first testing these prior conception or hypotheses and then making inference and conclusion about the phenomena lead to the establishment of general laws about the phenomena. Use of the scientific method in applied research assures objectivity in gathering facts and testing creative ideas for alternative business strategies. The essence of research, whether basis or applied, lies in the scientific method, and much of this book deals with scientific methodology. The difference in the technique of basic and applied research is largely a matter of degree rather than substance. Managerial Value of Business Research The research facilities effective management. At many companies research drivers every aspect of major decision making. For example, at Ford Motor Company, research is so fundamental that management makes hardly any significant decision without the benefit of some kind of business research. The prime managerial value of business research is that it reduces uncertainty by providing information that improves the decision making process. The decision making process associated with the development and implementation of a strategy involves four interrelated stages: 1. Identifying problems or opportunities 2. Diagnosing and assessing problems or opportunities 3. Selecting and implementing a course of action 4. Evaluating the course of action Business research, by supplying managers with pertinent information, may play an important role by reducing managerial uncertainty in each of these stages. 5

Identifying problem or opportunities Before any strategy can be developed an organization must determined where it wants to go and how it will get there. Business research can be help managers plan strategies by determining the nature of situation or by identifying the existence of problem or opportunities present in the organization. Business research can be also used as scanning activity to provide information about what is occurring within and organization or an environment. The mere description of some social or economic activity may familiarize manager with organizational and environmental occurrence and help them understand a situation. Considered two examples: • The description of the dividend history of stock in an industry may point to an attractive investment opportunity supplied by business research may also indicate problem. • Employee interview undertaken to characterize the dimension of an airline reservation clerk’s job may reveal that reservation clerks emphasis competence in issuing tickets over courtesy and friendliness in customer contact. Once business research indicate a problem or opportunity, managers may feel that the alternative are clears enough to make a decision based on experience or intuition, or they may decide that more business research is needed to generate additional information for better understanding of the situation. Diagnosing and Assessing Problem Opportunities After an organization recognized a problem or identities a potential opportunity, an important aspect of business research is the provision is the provision of diagnostic information that clarifies the situation. Manager need to gain insight about the underlying factors causing the situation. If there is a problem, they need to explore, clarify, and refined the nature of the opportunities. If multiple opportunities exits, research may be conducted to set priorities. Quantitative or qualitative investigation may help manager better understand what alternative courses of action are practical. 6

Selection and implementing a course of Action After the alternative course of action have been clearly identify, business research is often conducts to obtain specific information that will aid in evaluating the alternative and set in selection the best course of action. For example, suppose a fax machine manufacturer much decide to build a factory either in Japan or in South Korea. In such case, business research can be designed to supply the relevant information necessary to determine which course of action is best for the organization. Opportunities may be evaluated through the use of various performances criteria. For example, estimates of markets potential allow managers to evaluate the revenue that will be generating by each of the possible opportunities. A good forecast supplied by business research is among the most useful pieces of planning information a manager can have. Of course, complete accuracy in forecasting the future is not possible, because change is constantly occurring in the business environment. Nevertheless, objective information generates by business research to forecast environment occurrence may be the foundation for selection a particular course of action. Even the best plan is likely to fail if it is not properly implemented. Business research may be conducted with the people who will be affected by a pending decision to indicate the specific tactics required to implement that course of action.

• Scope Of Business Research The scope of business research is limited by once definition of “business” certainly research in the production, finance, marketing or management areas of for Profit Corporation qualifies as a business research. A broader definition of business, however, includes not-for-profit organization. Such as American Heart association, the son Diego zoo, and the Boston pop orchestra. Each of this organization exists to satisfy social needs, and each requires business skills to produce and distribute the services that people want. Following points explain the how the Business Research is used in the present world contents and its scope in the business.

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1. For the manager purpose of the research is to fulfill the need for the knowledge of the organization, the market, the economy, another area of uncertainty. A financial manager will ask, “Will the environment for the long term financing be better 2 year from now? A personal manager asks, “What kind of training is necessary for increasing productivity of the employee”. It also helps manager to find out the reason for higher employee turnover? So the research will be the one of the principle tool for answering these questions. 2. Study of research is helpful for manager in making quick decision. As manger has to implement plans and policies and all these plans and policies are depending upon the information. So research regarding marketing plans and policies are required, that provides accurate information for the business. So research is required. 3. Business research conducting research within an organization may be referred to as a marketing research. Although business research is specialized, the term business research encompasses this entire functional specialty. 4. While research in different field may investigate different phenomena, they are comparable to one another because they use similar research method. 5. The main aim of conducting a research is to develop and evaluate concept and theories and it help to expand the limited knowledge. 6. Research has its special significance in solving various operational and planning problems of the business and industry.

• When is business research is needed or need of business research A manager faced with two or more possible courses of action faces the initial decision of whether or not research should be conducted. The determination of the need for research centers on 1. Time constraints Conducting research systematically takes time. In many instances management concludes that, because a decision must be made immediately, there will be no time for research. As a consequence, decisions are some time made without adequate information or through understanding of the situation. Although such rapid decision making is not ideal. Sometimes the urgency of situation precludes the use of research.

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2. Availability of data Often managers already possess enough information to make sound decisions with no business research. When they lack adequate information, however, research must be considered. Manager must ask themselves if the research will provide the information needed to answer the basic question about a decision. If the data cannot be obtained, research cannot be conducted. For example many African nations have never conducted a population census. Organization engaged in international business often finds that data about business activity population characteristics that are rapidly available in United States are nonexistent or sparse in developing countries. 3. Nature of decision The value of business research will depend on the nature of the managerial decision to be made. A routine tactical decision that does not require substantial investment may not seem to warrant substantial expenditure for research. For example, a computer company must update its operator’s instruction manual when it makes minor product modification. The nature of the decision is not totally independent of the next issue to be considered, the benefit versus the cost of the research. In general, however, the more strategically or tactically important the business decision, the more likely it is that research will be conducted. 4. Benefits versus costs Some of the managerial benefits of the business research have already been discussed. Of course, conducting research activities to obtain these benefits require an expenditure; thus, there are both costs and benefit in conducting business research. In any decision-making situation, manager must identify alternative course of action, than weigh the value of each alternative against its cost. It is useful to think of business research as an investment alternative. • MAJOR TOPICS FOR RESEARCH IN BUSINESS Research is expected to improve the quality of business decisions, but what kind of business decision benefit most from research efforts is explained with help of the following data. 1.General business condition and corporate research: Short range forecasting, long range forecasting, business and industry trends, global environment, inflation and pricing, plant and warehouse location, acquisition are the major topic in general business condition in corporate research. 9

2. Financial and accounting research Forecast of financial interest rate trend, stock, bonds, and commodity value predictions, capital formation alternatives, merger and acquisition, risk return trade-off, impact of taxes, port folio analysis, research on financial analysis, expected rate of return, capital assets pricing model, credit risk, cost analysis. 3. Management & And Organizational Behavior Research Total quality management, morale and job satisfaction, leadership style, employee productivity, organizational effectiveness, structural issue, absenteeism and turn over, organizational climate, organizational communication, time and motion study, physical environment, labor union and trends. 4. Sales and marketing research marketing potential, market share, market segmentation, market characteristics, sales analysis, establishment of sales quotas, territories, distribution channel, new product concept, test market, advertising research, buyer behavior, customer satisfaction, web site visitation rates, 5. Information system research Knowledge and information need assessment, computer information system, technical support satisfaction, database analysis, data mining, enterprise resource planning, and customer relationship management system. 6. Corporate responsibility research Following are the some of the corporate research areas of the business. Ecological impact, legal constraints on advertising and promotion, sex, age, and racial discrimination worker equity social values and ethics. These are the major topics in research in business.

Business research in the21st century Business research has been strongly influenced by two major trends in business increased globalization and the rapid growth of the Internet and other information technologies. These trends will continue, and likely accelerate, as the 21st century progress.

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Global Business Research Business research has become increasingly global and will become more so in the 21st century. Some companies have extensive international business research operations. Upjohn conducts business research in 160 different countries. A.C Nielsen International, with its television ratings, is the world’s largest business research company. Two-third of its business comes from out-sides the United States. Companies that conduct business in foreign countries must understand the nature of those particular markets and judge whether they require customized strategies. For examples:- Although the 15 nations of the European Union share a single formal market, business research shows that European do not share identical tastes for many consumer products. Business researchers have found no such thing as a typical European consumer; language, religion, climate, and centuries of tradition divide the nations of the European Union. Scantel Research, a British firm that advises companies on color preferences, found inexplicable differences in Europeans’ preferences concerning medicines. The French prefer to pop purple pills, but the English and Dutch favor white ones. Consumers in all three countries dislike bright red capsules, which are big sellers in the United States. This example illustrates that companies that do business in European must judge whether they need to adapt to local customers and buying habits. Although the nature of business research can differ around the globe, the need for business research is universal.

Growth of the Internet The internet is transforming society. Time is collapsing. Distance is no longer an obstacle. Crossing oceans requires only a mouse click. People are connected 24 hours a day, 7 days a week. ‘Instantaneous” has a new meaning. The internet is a worldwide network of computers that allows users access to information and documents from distant sources. Many people believe that the internet is the most important communications medium since television. It has certainly changed the way millions of people think about getting and distributing information. And, of course, obtaining and 11

communicating information is the essence of business research. Consider that a researcher seeking facts and figures about a business issue may find more extensive information on the internet more quickly than by visiting a library. In the 21 st century, business research on the internet is moving out of the introduction stage of its product life cycle into the growth stage.

How might a Non-Profit Organization use Business Research? A nonprofit organization is any organization that does not aim at making profits and also is not a public body. Ex:-education institution, temple management, NGO’s, and hospital management etc. Nonprofit organization may use business research as they are unfamiliar with marketing concept. It’s important that these organizations understand that marketing is more than just the old sense of making sale or obtaining a donation. According to Business Research following are eight steps which could be used by Non Profit organization for marketing ideas to make a significant difference in the organization. 1. Define the target, research similar organizations and associations. 2. Determine the desired outcome of your marketing efforts. 3. Using the information gathered in step1 and 2 develop brochures and marketing materials that describe the benefits, services, donation opportunities, and values of your organization. 4. Develop your public relations strategy. Be sure to use the media, other associations that are reaching out to the same target market that you are. 5. Develop and maintain a professional Internet presence by creating a web site. You can use a website as a great resource to display useful information, news, monthly newsletters, events, create community, share alternatives to donating money, and showcase the benefits of your organization. 6. Research and maintain your prospect and customer databases. Do not let these resources be wasted. Use them for special mailings, follow-up telephone calls, event invitations, alliance development, research profiling, and market segmentation. 7. Show and advertise the results and objectives that your organization achieves. You will find that it is effective to showcase those that are receiving benefits, inversions activities and projects.

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8. Always actively search for alliances with other organizations, commerce, government, advertising media, and business. This step alone often brings the most benefit to Non Profit organizations.

Role of Business research in decision making stages of decision making process An increasing amount of attention is being devoted to the decision – making process of business managers, customers and employees. Many of the advances in business management in recent years are the result of adopting research findings in the behavioral sciences to business situations. It is important to bear in mind that all the social sciences, law and many other disciplines many have aspects that relate to business. Research, being a fact, finding process, profoundly influences business decisions. The business manager is interested in choosing that course of action which is most effective in attaining the goals of the organization. Research not only provides facts and figures in support of such business decisions, but enables one to choose a measuring rod to judge the effectiveness of each decision. This may be the reason why executives and business professionals consider research and research findings a boon in their problem –solving process. The decision –maker wants the simplest model that predicts outcomes reasonably well and is consistent with effective action on his part research has a tremendous potentiality to assist him in this respect substantially in management problem. A considerable number of business problems are now given a quantitative treatment with some degree of success with the help of operations research. In fact, business decisions are now more quantitatively dealt with than ever before, irrespective of functional distinctions. There may not be any reason now to believe that business is more dependent on research than ever before. Research and development which is to be welcomed. Research and analysis of management problems would result in certain conclusions by means of logical analysis. The decision- maker may base his action or solution on these conclusions. If the logic in deriving the conclusions from abstracted variables is correct, and if the relevant variables have been aptly abstracted, then the solution to the problems arrived at by research findings would be helpful in solving identical problems. Research, is the very core of managing a business economically. Research in management is, broadly, a systematic activity directed towards investigating managerial or business problems and results in an invention or 13

a discovery of management tools for problem-solving and decision- making. It can be a detailed investigation of the existing problem, practices or processes. Research suggests that customers go through a five –stage decision – making process in any purchase. That is summarized in the diagram below

Need recognition and problem awareness

Information search Evaluation of alternatives

Purchase Post-purchase evaluation

This model is important for any one making marketing decisions. It forces the marketer to consider the whole buying process rather than just the purchase decision (when it may be too late for a business to influence the choice). The model implies customer pass through all stages in every purchase. 14

However, in more routine purchases, customer often skips or reverses some of the stages.

Meaning of Research It’s the scientific method of systematically gathering, recording and analyzing data important to advertisers. Research information is used to plan, create, and execute more effective advertising and marketing campaigns. Market research and marketing research are often confused. 'Market' research is simply research into a specific market. It is a very narrow concept. 'Marketing' research is much broader. It not only includes 'market' research, but also areas such as research into new products, or modes of distribution such as via the Internet. Here are a couple of definitions: "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 specifies the information required to address these issues, designs the methods for collecting information, manages and implements the data collection process, analyzes, and communicates the findings and their implications."American Marketing association - Official Definition of Marketing Research Obviously, this is a very long and involved definition of marketing research.

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"Marketing research is about researching the whole of a company's marketing process." Palmer (2000). This explanation is far more straightforward i.e. marketing research into the elements of the marketing mix, competitors, markets, and everything to do with the customers.

The Marketing research Process. Marketing research is gathered using a systematic approach. An example of one follows: 1. Define the problem. Never conduct research for things that you would 'like' to know. Make sure that you really 'need' to know something. The problem then becomes the focus of the research. For example, why are sales falling in New Zealand? 2. How will you collect the data that you will analyze to solve your problem? Do we conduct a telephone survey, or do we arrange a focus group? The methods of data collection will be discussed in more detail later.

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3. Select a sampling method. Do we us a random sample, stratified sample, or cluster sample? 4. How will we analyze any data collected? What software will we use? What degree of accuracy is required? 5. Decide upon a budget and a timeframe. 6. Go back and speak to the managers or clients requesting the research. Make sure that you agree on the problem! If you gain approval, then move on to step seven. 7. Go ahead and collect the data. 8. Conduct the analysis of the data. 9. Check for errors. It is not uncommon to find errors in sampling, data collection method, or analytic mistakes. 10. Write your final report. This will contain charts, tables, and diagrams that will communicate the results of the research, and hopefully lead to a solution to your problem. Watch out for errors in interpretation.

Objectives Define marketing as both a business function and a process. • Identify and define all of the major elements of marketing. • Explain the components of the marketing mix and product mix. • Define products and services and identify the marketing elements that differentiate them. 17

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Explain the product life cycle. Explain the need for marketing advantage and its impact on business success.

• Explain market segmentation, market positioning, sales forecasting and market forecasting; their impact on marketing efficiencies; and their integration into the strategic market planning process. • Describe the various approaches to product/service pricing and discuss the development of pricing strategy. • Explain the relationship between marketing and marketing research in a typical business. •

Explain the difference between a consumer and an organizational buyer in terms of behavior and impact on marketing programs.

• Discuss product accessibility, explain marketing channels, name several typical channels for both consumer products and business products, and explain what is meant by channel conflict. • Discuss the various ways to create customer awareness. •

Discuss how customer service and customer satisfaction affect the various elements of marketing.

• Explain the differences and opportunities associated with domestic and international marketing. • •

Discuss the societal and ethical dimensions of marketing. Describe the role of the marketing professional in the corporate environment.

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Apply marketing concepts and practices in marketing decision-making.

TYPES OF RESEARCH 18

The different types of research are as follows: 1. Exploratory Research: This type of research is carried out at the very beginning when the problem is not clear or is vague. In exploratory research, all possible reasons which are very obvious are eliminated, thereby directing the research to proceed further with limited options. Sales decline in a company may be due to: 1. Inefficient service. 2. Improper price. 3. Improper quality. The research executive must examine such questions to identify the most useful avenues for further research. Preliminary investigation of this type is called exploratory research. Expert surveys, focus groups, case studies and observation methods are used to conduct the exploratory survey. 2. Descriptive Research: The main purpose of descriptive research is to describe the state of view as it exists at present. Simply stated, it is a fact finding investigation. In descriptive research, definite conclusions can be arrived at, but it does not establish a cause and effect relationship. This type of research tries to describe the characteristics of the respondent in relation to a particular product.  Descriptive research deal with demographic characteristics of the consumer.  The manufacturer can come out with facilities which will make the television more user- friendly. Some of the facilities are – (a) Remote control, (b) Child lock, (c) Different models for different income groups etc. 

Ultimately, the viewers who use the TV must be aware of the 19

Programmed appearing in different channels and can plan their viewing schedule accordingly. 3. Applied Research: Applied research aimed at finding a solution for an immediate problem faced by any business organization. This research deals with life situations. Market research is an example of applied research. Applied research has a practical problem solving emphasis. It brings out many new facts. 4. Fundamental Research or basic research: Gathering knowledge for knowledge’s sake is known as fundamental research. It is not directly involved with practical problem. It does not have any commercial potential. There is no intention to apply this research in practice. Tata Institute of fundamental Research conducts such studies. Example: Theory of Relativity. 5. Conceptual Research: This research is generally used by philosophers. It is related to some abstract idea or theory. In this type of research, the researcher should collect the data to prove or disapprove his hypothesis. The various ideologies are example of conceptual research. 6. Casual Research: Casual research is conducted to determine the cause and effect relationship between two variables. Example: Effect of advertisement on sales. 7. Historical Research: The name itself indicates the meaning of the research. Historical study is the study of past records and data in order to understand the future trends 20

and development of the organization or market. There is no direct observation. The research has to depend on the conclusions or inferences drawn in the past. For example, investors in the share market study the past records or prices of shares which he/she intends to buy. Studying the share prices of a particular company enables the investors to take decision whether to invest in the shares of a company. The main objective of this study is to derive explanation and generalization from the past trends in order to understand the present and anticipate the future. There are certain shortcomings of Historical Research: 1. Reliability and adequacy information is subjective and open to question. 2. Accuracy of measurement of events is doubtful. 3. Verification of records is difficult. 8. Ex-post Facto Research: In this research an examination of relationship that exists between independent and dependent variable is studied. We may call this empirical research. In this method, the researcher has no control over an independent variable. Ex-post facto literally means “from what is done afterwards”. The researcher can only report “what has happened” and “what is happening”. 9. Action Research: This type of research is undertaken by direct action. Action research is conducted to solve a problem. Test marketing a product is an example of action research. Initially,

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the geographical location is identified. A target sample is selected from among the population. Samples are distributed to selected samples and feedback is obtained from the respondent. This method is most common for industrial products, where a trial is a must before regular usage of the product. 10. Library Research: This is done to gather secondary data. This includes notes from the past or review of the reports already conducted. This is a convenient method whereby manpower and time are saved. NEED FOR MARKET RESEARCH: The needs for market research are as follows: a. Decision-making tool: Whenever a decision is to be made, marketing research becomes necessary in the corporate world. The degree of dependence on research is based on the cost of decisions. If the cost of decision is high, the dependence on research is high, and vice versa. b. Facilities large-scale production: The market research helps large scale enterprises in the areas of production to determine:  What to produce?  How much to produce?  When to produce? c. To determine the pattern of consumption: The consumption patterns vary from place to place and time to time. The market research helps in identifying the consumption pattern and also 22

the availability of consumer credit in that particular place. It identify: consumption pattern, brand loyalty, consumer behavior, market trends. d. Complex market: In a complex and dynamic environment, the role of market research is very vital. Market research acts as a bridge between the consumer and the purchaser. This is because market research enables the management to know the need of the customer, the about demand for the product and helps the producer to anticipate the changes in the market. e. Problem solving: The MR focuses on both short range and long range decisions and helps in making decisions with respect to the 4p’s of marketing, namely, product, price, place and promotion f. Distribution: The MR helps manufacturer to decide about the channel, media and logistics planning so that its customers and distributors are benefited. g. Sales promotion: The MR helps in effective sales promotion. It enlightens the manufacturer with regard to the method of sales promotion to be undertaken, such as advertising, personal selling, publicity etc. It also helps in understanding the attitude of the customers and helps how to design the advertisement in line with prevailing attitudes. IMPORTANCE OF MARKET RESEARCH: “All progress is born of enquiry. Doubt is often better than overconfidence, for it leads to inquiry, and inquiry leads to invention” is a famous Hudson Maxim in context of which the significance of research can 23

be understood. The role of research in several fields of applied economics, whether related to business or to the economy as a whole, has greatly increased in modern times. The increasingly complex nature of business and government has focused attention on the use of research in solving operational problems. Research provides the basis for nearly all government policies in our economic system. For instance, government’s budgets rest in part on an analysis of the needs and desires of the people and on the availability of revenues to meet these needs. The cost of needs has to be equated to probable revenues and this is a field where research is most needed. Decision making may not be a part of research, but research certainly facilitates the decisions of the policy maker. Research is considered necessary with regard to the allocation of nation’s resources and it is necessary in collecting the information on the economic and social structure of the nation. Such information indicates what is happening in the economy and what changes are taking place. Thus, in the context of government, research as a tool to economic policy has three distinct phases of operation, viz., investigation of economic structure through continual compilation of facts; diagnosis of events that are taking place and the analysis of the force underlying them; the prognosis, i.e., the prediction of future development. Research has its special significance in solving various operational and planning problems of business and industry. Operations research and market research, along with motivational research, are considered crucial and their result assists, in more than one way, in taking business decisions. Market research is the investigation of the structure and development of a market for the purpose of formulating efficient policies for purchasing, 24

production and sales. Operations research refers to the application of mathematical, logical and analytical techniques to the solution of business problems of cost minimization or what can be termed as optimization problems. Motivational research of determining why people behave as they do is mainly concerned with market characteristics. Research is equally important for social scientists in studying social relationship and in seeking answers to various social problems .It provides the intellectual satisfaction of knowing a few things just for the sake of knowledge and also has practical utility for the social scientist to know for the sake of being able to do something better or in a more efficient manner. Research in social sciences is concerned both with knowledge for its own sake and with knowledge for its own sake and with knowledge for its own sake and with knowledge for what it can contribute to practical concerns. Criteria of a Good Scientific Research Whatever may be the types of research works and studies, one thing that is important is that they all meet on the common ground of scientific method employed by them. One expects scientific research to satisfy the following criteria: (1) The purpose of the research should be clearly defined and common concepts be used. (2) The research procedure used should be described in sufficient detail to permit another researcher to repeat the research for further advancement, keeping the continuity of what has already been attained.

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(3) The procedural design of the research should be carefully planned to yield results that are as objectives as possible. (4) The researcher should report with complete frankness, flaws in procedural design and estimate their effects upon the findings. (5) The analysis of data should be sufficiently adequate to reveal its significance and the methods of analysis used should be appropriate. The validity and reliability of the data should be checked carefully. (6) Conclusions should be confined to those justified by the data of the research and limited to those for which the data provide an adequate basis. (7) Greater confidence in research is warranted if the researcher is experienced, has a good reputation in research and is a person of integrity

Problems encountered by researchers in India. The lack of a scientific training in the methodology of research is a great impediment for researchers in our country. There is paucity of competent researchers. Many researchers take a leap in the dark without knowing research methods. Most of the work, which goes in the name of research is not methodologically sound. Research to many researchers and even to their guides, is mostly a scissor and paste job without any insight shed on the collated materials. Thus, a systematic study of research methodology is an urgent necessity. Before undertaking research projects, researchers should be well equipped with all the methodological aspects. 26

There is insufficient interaction between the university research departments on one side and business establishments, government departments and research institutions on the other side. Great deal of primary data of non-confidential nature remains untouched/untreated by the researchers for want of proper contacts. Efforts should be made to develop satisfactory liaison among all concerned for better and realistic researchers. There is need for developing some mechanisms of a university –industry interaction programme so that academics can get ideas from practitioners on what needs to be researched and practitioners can apply the research done by the academics. Most of the business units in our country don’t have that the material supplied by them to researchers will not be misused and as such they are often reluctant in supplying the needed information to researcher. The concept of secrecy seems to be sacrosanct to business organizations in the country so much so that it proves an impermeable barrier to researchers. Thus, there is need for generating the confidence that the information/data obtained from a business unit will not be misused. Research studies overlapping one another are undertaken quite for want of adequate information. This results in duplication and fritters away resources. This problem can be solved by proper compilation and revision, at regular intervals of a list of subjects on which and places where the research is going on. There does not exist a code of conduct for researches and inter university and inter-departmental rivalries are also quite common. Hence there is need for developing a code of conduct for researches which if adhered sincerely can win over this is need for developing a code of conduct for researches which, if adhered sincerely can win this problem. 27

Many researchers in our country also face the difficulty of adequate and timely secretarial assistance, including computerial assistance. This causes unnecessary delays in the competition of researcher studies. All possible efforts be made in this direction so that efficient secretarial assistance is made available to researchers and that too well in time. University grants Commission must play a dynamic role in solving this difficulty. Library management and functioning is not satisfactory at many places and much of the time and energy of researchers are spent in tracing out the books, journals, reports, etc. rather than in tracing out relevant material from them. There is also the problem that many of our libraries are not able to get copies of old and new Act/Rules, reports and other government publications in time. This problem is felt more in libraries which are away in places. Thus efforts should be made for the regular and speedy supply of all governmental publications to reach our libraries. There is also the difficulty of timely availability of published data from various government and other agencies doing this job in our country. There may, at times, take place the problem of conceptualization and also the problems relating to the process of data collection ad related things.

Applications of Market Research Pricing Research We provide pricing strategy consulting backed by strong pricing research capabilities. Our perspective is broad when dealing with pricing 28

research and pricing strategy decisions, and focus on finding for your business optimum price-product-feature configurations in the context of market positioning opportunities. We employ both qualitative and quantitative pricing research tools.

Product Research Product market research serves several goals: new product design and market validation research, or assessing existing product strength and line extension potential. We follow the product development cycle integrating research with creative positioning and technical product design efforts. Concept Testing Concept testing research evaluates advertising concepts, ad theme concepts and appeals, new product concepts, pricing, brand concepts, brand names, and positioning strategy concepts.

We select techniques --

qualitative and quantitative -- to both develop concepts, refine, and screen to assess market potential. Positioning Research We offer experienced market positioning and creative branding research capabilities to define and go-to-market with a high-impact positioning strategy. First, it requires understanding the market positioning concept, your current and potential markets, and the process needed to generate brand name impact.

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Marketing Due Diligence We support venture investment firms with primary and secondary marketing research in a stand alone or component marketing due diligence study. Customer Satisfaction Research The buzz and interest around customer satisfaction research sometimes deflates if the research design does not lead to actionable results. Also, customer expectations generally rise overtime as advances in technology in many categories boost the consumer consciousness of what to expect. We build into our customer satisfaction study design "action indicators" to point to immediate use of customer satisfaction results. Branding Research Branding decisions drive branding marketing research strategy. Corporate, product and advertising brand development is a mix of creativity and marketing information to uncover brand positioning opportunities in cluttered market spaces. Brand Equity Research Brand equity research measures the breadth and depth of brand power in your target markets. We use both standard and custom tailored brand equity survey measurements. A key to research design is the goal of a brand equity measurement study. Advertising Research Advertising research design is determined by specific advertising goals and the stage of ad development, or campaign. We use a broad range of advertising research techniques including ad recall surveys, message and 30

theme salience and impact measures, buying motivation and association with the ad message or positioning theme. We employ both qualitative and quantitative pricing research tools. Market Segmentation Market segmentation research maintains focus and delivers needed marketing information in today's moving economy where new markets and new product categories emerge and traditional market segments fade away. Market segmentation research is a way to keep 'your eye on the ball.' Often we start the market segmentation process with qualitative research to the range and breadth of customers. Then we follow with quantitative research using appropriate multivariate analysis (cluster, k-means factor, etc) to define meaningful segments. Sales Analysis Data mining -- finding gems of insight from sophisticated or basic analysis of your internal customer and sales and margin trend data -- is a key first step in product and brand analysis. Simply put, a marketing analysis data mining effort searches for meaning and insight among the stacks of sales data and marketing data already within a sales and marketing organization. Through these tools we can better target your best customers, find which advertising and promotion methods are most efficient and effective.

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Bibliography:1. Business Research method. By: - C.R Kothari 2. Business Research method By: - William G. Zikmund 3. Google Search, Research methods. 4. Wikipidia.com, 5. Mozilla Firefox

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