Marketing Research Process

Industrial Process:

Marketing

Research

Marketing research is undertaken to gather reliable marketing information to facilitate planning and control. Therefore the value of the results will depend on the design and implementation of research methods. Industrial research is intended to provide benefits to the firm by indicating environmental opportunities and threats, and how the firm can best pursue or react to them. Research can also indicate lesser contingencies and constraints as well as how to operate in regard them. The steps in marketing research process are: 1. Defining the problem 2. Developing the objectives 3. Collecting the information 4. Analyzing the information 5. Presenting the findings

Defining the problem Too often decision makers define a problem in such general terms in their own minds as well as those of others who are to perform research that considerable misdirected work takes place. Finding out the real problem means half the problem is solved it is very important because the whole process is based on the problem. Developing the objectives It is another method of finding the problem involves joint consideration of research objectives. Research objectives are statements of the various specific aims of the research and are derived from the problem definition. They describe and limit the extent of the research.

Collecting the information The next step in the marketing research process is to specify the type of information needed. Information is developed from secondary or primary data sources. Secondary data are data that already exist, not having been prepared for the specific problem at hand. Data specially prepared for a problem, to aid decision making relating to that problem, are called primary data. Secondary data sources:

• Census of manufacturers • Published reports • Computerized data sources. • Previous survey reports Primary data:

• Unstructured questions to motivations, attitudes can researcher. •

surveys – asking respondents open ended encourage in depth responses so that priorities, problems, perceptions, and be better understood & evaluated by the

Structured surveys-questionnaires that seek specific, quantifiable answers- are used in the industrial market, though not to the extent of unstructured surveys. (surveying individuals, customers, experts, groups)

Analyzing the information The increased use of computers and the considerable number of software programs available have led to greater usage of quantitative methods of analyzing the data The various statistical tools used in the analysis and interpretations of information are as under: • Exponential smoothing • Cross tabulation matrix • Linear regression

• Time series • ARIMA(auto regressive-integrated-moving average) Presenting the data Current computerized systems enable managers to call on computers to produce analysis of research findings, to provide real-time information and to be what may be termed “forward looking” and even recommend courses of action. They can also forecast sales, profits, market share, operating costs and competitor reactions as well as other environmental reactions that might occur.