Research Methodology and Market Research

Research Methodology and Market Research

What is Research????
-search for knowledge. -research is an art of scientific investigation. it is also a systematic design, collection,analysisand reporting the findings and solutions for the marketing problems of a company.

Why is research required?

To identify and find solutions. To help in decision making. To develop new concepts. To find alternate strategies.

The objectives of research..

Promotes better decision-making. Research is the basis for innovation. Research identifies the problem areas. Research helps in forecasting, which is very useful for managers. Research helps in formulation of policies and strategies. Research helps in the development of new products or in modifying existing products and understanding the competitive environment. It helps in the optimal utilization of resources. It helps in identifying marketing opportunities and constraints. It helps in evaluating marketing plans

Scope of Business Research

Management Problem. Production. Quality. Marketing and Promotion. Human resources and employee Relationship. Finance. Information Technology. Govt Policies and economic system. Social Relationship. Planning and operational problems of research in Business.

Types of Research
Exploratory Research. Descriptive Research. Applied Research. Pure or Fundamentals Or Basic Research. Conceptual Research. Causal Research. Historical Research. Ex-post Facto Research. Action Research. Evaluation Research.

Importance of Research
To remove doubts. To solve operational and planning problems. To help social scientist. To enable the govt in making policy. To exercise better control over issues. Predict and suggest remedial measures. Facilitate scientific planning.

Problems Encountered by researchers

Inadequate interactions between academics & business entities. Work independently. Lack of confidentiality. Lack of library management.

Definition : MARKETING
Marketing research involves: Systematic problem solving Model building and Fact finding method, Used for the purpose of important decision making and to regulate the marketing of goods and services. Marketing research works through survey or sampling study.

RESEARCH

Marketing research is the systematic gathering, recording, and analysis of data about issues relating to marketing products and services The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior Marketing Research plays a very significant role in identifying the needs of customers and meeting them in best possible Marketing Research is of use to the following:1. PRODUCERS 2. BUSINESS AND GOVT 3. MARKET RESEARCH AGENCIES 4. MANAGERS

DIFFERENTIATION

MARKET RESEARCH
Research into specific market It is very narrow concept It research into a very narrow group of consumers.

MARKETING RESEARCH
It deals with broader range of customers It is a broader concept It includes market research

Your marketing research will include the following steps

1. Problem Definition 2. Data Collection Method and Needs 3. Determine Sample Method 4. Data Analysis 5. Determine Budget and Timeframe 6. Data Collection 7. Analysis of the Data 8. Error Check 9. Create Your Report

LIMITATIONS OF MARKETING
1. MR is not an exact science 2. Complex in nature 3. Inexperienced research staff 4. Limitation of time 5. Subjectivity 6. Time frame 7. Decision making

Case Study