Marketing Research

Marketing Information System

Consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely and accurate information to marketing decision makers.

Objective of MIS: To provide input from target markets, marketing channels, competitors, publics, and other forces for creating , changing or improving the marketing decisions.

Marketing Information System

Target Markets Analysis Internal Records Marketing Intelligence Marketing Channels

Planning

Competitors
Implementation Decision Support System Marketing Research System Publics Macro Environmental Forces

Control

The inputs are provided through: Internal Record System Marketing Intelligence System Marketing Research System Marketing Decision Support System
Internal Record System Analysis Information on orders, sales, prices, costs, inventory levels, receivables, payables etc to find opportunities and problems a) Order to Pay Cycle b) Sales information System

Marketing Intelligence System A marketing intelligence system is a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment. How Marketing Intelligence is collected? How to improve? Decision Support System/ Info. Analysis Interprets relevant information from business and environment and turns it into a basis for marketing action.

Databases: Is the process of building, maintaining and using customer databases and other databases (product, suppliers, resellers) for the purpose of contacting, transacting and building customer relationships. Database Mining: Marketers can extract useful information about individuals, trends, and segments from the mass of data. Data mining is done with the help of highly sophisticated statistical and mathematical techniques.

Data Warehouse: Companys contact center captures information every time a customer comes into contact with any of its departments. This includes a customer purchase, a customer-requested service call, an online query etc. These collected data is stored in data warehouse. Eg: Banks and credit card companies, Telephone companies.

Database Marketing: Is the process of building, maintaining and using customer databases and other databases (product, suppliers, resellers) for the purpose of contacting, transacting and building customer relationships. Uses of databases To identify prospects To decide which customer should receive a particular offer. To deepen customer loyalty To reactivate customer purchases

Market Research Is the gathering ,recording and analyzing of market data to identify the present and potential customers with their motives and buying habits. Marketing Research The systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company.

Marketing Research
Systematic and intensive investigation. To identify the present and potential customers and their needs. Better understanding and knowledge about the present and future problems. Bridge the gap between marketers and customers. Determine customers preferences with regard to packaging, design, size, price, and other features of products. Profitability improvement.

Objectives of the Marketing Research

Marketing Research

Knowledge about the nature and composition of customers. Developing Marketing Mix. Anticipate Competitive moves. Probe what went wrong.

Marketing Strategy

The Marketing Research Process

An effective marketing research involves the six steps.

1. Define the Problem and the Research Objective Problems should not be defined too broadly or too narrowly. What is to be researched? Why is to be researched ? Working backwards from the decisions.

2. Develop the Research Plan i. Develop the most effective plan for gathering the information. ii. Decisions on the data sources, research approaches, research instruments, sampling plan, and contact methods.

Data sources: Primary data or Secondary data.

Research Approaches for Primary data collection : Observational Research, Focus Group Research, Survey Research, Behavioral Data, Experimental Research.

Research Instruments: Questionnaires, Qualitative measures and mechanical devices.

Sampling Plan: Sampling Unit: Who is to be surveyed? Sample Size: How many people to be surveyed? Sampling Procedure: How should the respondents be chosen?
Contact methods: Mail Questionnaire, Telephone Interview, Personal Interview, Online Interview.

3. Collect the information. Data collection phase of marketing research is the most expensive and most prone to error. 4. Analyze the Information. Extract findings from the collected data. Develops different frequency distribution.
5. Present the findings. Researchers has to present findings that are relevant for making marketing decisions. 6. Make the decisions.