MARKET RESEARCH PRESENTATION

Prepared & Presented BY: Wafa Babikir & Omer M. EL Amin SIU 21st June 2012

The Definition:
Market research is any organized effort to gather

information about Markets or Customers. It is a very important component of Business Strategy. Market research is a key factor to get advantage over Competitors. Market research provides important information to identify and analyze the market need, market size and competition. Market research is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.

How to Do Market Research:

Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is completed, it can be used to determine how to market your product.

Types of Market Research:

Market research can be conducted by two methods, primary

research or secondary research. (1) Primary research: Primary research refers to information that is directly collected from the source. Another simple method of primary research would be to directly talk to your customers and get their feedback. Primary research can be both qualitative and quantitative. 1. Qualitative primary research: Qualitative primary research involves gathering information from interviews or focus groups. . 2. Quantitative primary research: Quantitative primary research involves the collection of numerical information from surveys. This information is then analyzed.

(2) Secondary market research:

Secondary research is more economical and easier to do

when compared to primary research. Here you will have to analyze the information that has been collected for some other reason. You can find the data that you require through a set of articles, demographic/ statistical data, studies etc There are a large number of resources from which secondary research information can be obtained. Some of these sources are: 1. Trade associations 2. The marketing departments of local colleges 3. Magazines and newspapers 4. Competitors 5. Discussion groups

Methods of Market research:

Most businesses use one or more of five basic

methods: 1. Surveys 2. Focus groups 3. Personal interviews 4. Observation 5. Field trials.

Market research process :

Market Research Process is a set of six steps that define the tasks to be accomplished in

conducting a market research study, these steps include: Problem definition Developing an approach to problem Research design formulation field work Data preparation and analysis Report generation and presentation.

Role of market research :

The task of Market Research (MR) is to

provide management with relevant, accurate, reliable, valid, and current information. Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information. Sound decisions are not based on feelings, intuition, or even pure judgment.

Market Research Characteristics:

Firstly, market research is systematic. Thus systematic planning is required at all the stages

of the marketing research process. The procedures followed at each stage are methodologically sound, well documented, and, as much as possible, planned in advance. Market research uses the scientific method in that data are collected and analyzed to test prior notions or hypotheses. Experts in market research have shown that studies featuring multiple and often competing hypotheses yield more meaningful results than those featuring only one dominant hypothesis.

 Secondly ,Market Research is Objective , thus It attempts to

provide accurate information that reflects a true state of affairs. It should be conducted impartially. While research is always influenced by the researcher's research philosophy, it should be free from the personal or political biases of the researcher or the Management. Research which is motivated by personal or political gain involves a breach of professional standards. Such research is deliberately biased so as to result in predetermined findings. The objective nature of marketing research underscores the importance of ethical considerations. Also, researchers should always be objective with regard to the selection of information to be featured in reference texts because such literature should offer a comprehensive view on marketing.

International Marketing Research plan International Marketing Research follows the same path as domestic research, but there are a few more problems that may arise. Customers in international markets may have very different customs, cultures, and expectations from the same company. In this case, Market Research relies more on primary data rather than secondary information. Gathering the primary data can be hindered by language, literacy and access to technology.

THANK YOU