MARKET

RESEARCH
RAJDEEP OJHA
• A market is where two parties, usually buyers and sellers, can
gather to facilitate the exchange of goods and services.

• Research is a process to discover new knowledge to find answers to a

question.
• The manipulation of things, concepts or symbols for the purpose of
generalizing to extend, correct or verify knowledge, whether that knowledge
aids in construction of theory or in the practice of an art.“
 Market research is a systematic process of
obtaining, analyzing, and interpreting data for
Conducting good market research is the
actionable decision-making. only way to survive in a competitive
market. It provides companies with an
overview of emerging market trends,
consumer behavior, and market
condition.
• Market research is the process of collecting vital information about a
company's target audience, market, and competition. Through market
research, companies can understand their target audience better. They can
make better products, improve user experience, and design a marketing
strategy that attracts quality leads.
 The European
Society for Opinion
and Marketing
Research
(ESOMAR) defines
marketing
research as
follows:
 The American Marketing Association defines
market research

• Market research is the function which 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.
Summarizing

• Marketing research specifies the

information required to address these
issues; designs the method for
collecting information; manages and
implements the data collection
process; analyses the results; and
communicates the findings and their
implications.
Types of market research

PRIMARY SECONDARY QUALITATIVE QUANTITATIVE BRANDING CUSTOMER

RESEARCH. RESEARCH. RESEARCH. RESEARCH. RESEARCH. RESEARCH.

COMPETITOR PRODUCT
RESEARCH. RESEARCH
Objectives of Marketing
Research:
• Marketing Research is used to formulate and evaluate
marketing plans, policies, programmes and procedures.

• It is used in reducing marketing costs.

• Marketing research helps to provide best solution to the

marketing problems.
Programs of marketing research provide insurance cover for the
survival and growth of the business in a dynamic economy.

Marketing research helps for marketing the product in a better way.

The main objective of marketing research is to provide feedback to

the manufacturers regarding products and service.
• Marketing research is helpful to
the manufacturer to find out
that where are customers, what
they want, when they want it,
and where, and how much they
are willing to pay for it.
Marketing research
demonstrates how to do a
better job of marketing the
products and services in a better
way.
Scope of marketing research
Research on Market:

• Research on Market studies about current market trends

and products. It does a comparison between both the
current market and the potential market. It analyses
areas such as:
• Size of market
• Analysis of Market Shares
• Selecting the Target Market
• Analysing the need or demand for new products
• Setting sales territories and quotes
• Assessing current market trends and projecting future
market trends
Research on
Advertising:

• Advertisements are considered one of the major

parts of marketing. Higher budgets are used to
make effective advertisements. The research on
advertising studies areas such as:
• Selection of media that will be used for
advertising, such as videos, images, articles,
blogs, podcasts, etc.
• Selection of advertising channels
 Positive and negative Advertising role at
Studying promotion
effects of advertisement different stages of
elements
in society and market product life cycle

Studying competitors’
Government restrictions
advertising strategies and
on advertising
practices
 Research
on Pricing:
• Studying pricing policies
• Studying offers and discounts
• Comparing the quality and price
• Use of various strategies for
setting prices
• Pricing strategies on different
stages of the product life cycle
• New product and pricing policies
Research on
Distribution

• : In today’s Marketing world, distribution

plays a vital role in the success of the
product. The selection of a proper
distribution channel is important. Many
distribution channels are being used
between producers and consumers.
Research on distribution includes the
below analysis:
 Selecting from direct
Studying various Studying online
and indirect
distribution channels marketing
distribution channels

Studying factors and Study on physical

Legal issues related to
strategies used for distribution and
distributions
distribution ancillary services
Research on Product:

• Research on Products involves detailing with

the products and services. The research covers
all the issues and details that are related to
the product. Understanding the use and
quality of the product is essential before it is
launched in the market. Therefore, research
on products is important. It covers the study of
below points:
• Characteristics of product
• Uses of product
• Studying other competitors available in
market
• Studying about problems of consumers.
• Studying the lifecycle of products, packaging,
sale, etc.
• Determining the uses of existing products
• Finding out the need for new product
development
• Product life cycle
• Consumer Adoption Study
Research
on Sales
Methods
and
Policies:
Studying sales methods that are currently being used

Analysis of sales records

Management of sales force with parameters such as

size, control, etc.

Studying the sales department

Study of advertisements, incoming customer traffic,

etc.

Study on activity and effectiveness of salesmen

 Research on
Business
Environment and
Corporate
Responsibility:
 Goals
Data
Budget
Factors Timing
affecting Audience
marketing Survey questions
research Analysis and interpretation
Support
Decisions and action
 Time constraints

Limitations of Budget constraints

Marketing
research
Reliability of data

Legal and ethical

constraints
 ❑ Costly : Marketing research is a costly affair. It needs a lot of money
to conduct various market research activities. Huge funds are required
to pay salaries, prepare questionnaires, conduct surveys, prepare
reports, etc. It is not a viable choice for small businesses. It is suitable
only to large companies who can afford its cost.
❑ Time consuming : Marketing research is a lengthy and time-
consuming process. This process involves many important steps. All
these steps are crucial and not even a single step can be neglected or
Limitations avoided. In other words, there are no short-cuts in MR. Generally, it
takes at least three to six months to solve a marketing problem.
Therefore, it cannot be used in urgent or emergency situations.
explained ❑ Limited scope : Marketing research solves many business-related
problems. However, it cannot solve all business problems. It cannot
solve problems related to consumer behavior, income and
expenditure relationship, etc. Thus, its scope is limited.
❑ Limited practical value : Marketing research is only an academic
exercise. It is mainly based on a hypothetical approach. It gives
theoretical solutions. It does not give realistic solutions to real-life
problems. Its solutions look good on paper but are harder to
implement in a real sense. Thus, it has a limited practical value.
❑ Can't predict consumer behavior : Marketing research collects data
about consumer behavior. However, this data is not accurate because
consumer behavior cannot be predicted. It keeps on changing according
to the time and moods of the consumers. Consumer behavior is also
very complex. It is influenced by social, religious, family, economic and
other factors. It is very difficult to study these factors.
❑ No accurate results : Marketing research is not a physical science like
physics, chemistry, biology, etc. It is a social science. It studies
consumer behavior and marketing environment. These factors are very
unpredictable. Therefore, it does not give accurate results. It gives
results, but it cannot give 100% correct results.
❑ Provides suggestions and not solutions : Marketing research
provides data to the marketing manager. It guides and advises him. It
also helps him to solve the marketing problems. However, it does not
solve the marketing problem. The marketing manager solves the
marketing problems. So, MR only provides suggestions. It does not
provide solutions.
❑ Non-availability of technical staff : Marketing research is done by
researchers. The researchers must be highly qualified and experienced.
They must also be hard-working, patient and honest. However, in India,
it is very difficult to find good researchers. Generally, it is done by non-
experienced and non-technical people. Therefore, MR becomes a
costly, time-consuming and unreliable affair. So, its quality is also
affected due to non-availability of technical staff.
❑ Fragmented approach : Marketing research studies a problem
only from a particular angle. It does not take an overall view
into consideration. There are many causes for a marketing
problem. It does not study all causes. It only studies one or two
causes. For example, if there is a problem of falling sales.
There are many causes for falling sales; like, poor quality, high-
price, competition, recession, consumer resistance, etc. It will
only study two causes viz; low-quality and high price. It will not
study other causes. So, it is not a reliable one.
❑ Can be misused : Sometimes, marketing research is misused
by the company. It is used to delay decisions. It is used to
support the views of a particular individual. It is also used to
grab power (managerial) in the company.
❑ Non-availability of reliable data : The quality of the marketing
research report depends on the quality of the collected data. If
the data is complete, up-to-date and reliable, then the MR
report will also be reliable. However, in India, it is very difficult to
get full, latest and trustworthy data. So, non-availability of a
reliable data is also its limitation.
❑ Resistance of marketing managers : The marketing
managers do not use the suggestions given in the marketing
research report. Primarily, they feel that these suggestions are
not practical. Secondly, they also feel that their importance will
become less if they use these suggestions. There is a conflict
between the marketing managers and the researchers.
 Social and clinical value.

Scientific validity.

Ethics in Fair subject selection.

marketing Favorable risk-benefit ratio.
research
Independent review.

Informed consent.

Respect for potential and enrolled subjects.

https://www.nih.gov/health-information/nih-clinical-research-
trials-you/guiding-principles-ethical-research
• Social and clinical value
Every research study is designed to answer a specific question. The answer should be
important enough to justify asking people to accept some risk or inconvenience for others. In
other words, answers to the research question should contribute to scientific understanding of
health or improve our ways of preventing, treating, or caring for people with a given disease to
justify exposing participants to the risk and burden of research.

• Scientific validity
A study should be designed in a way that will get an understandable answer to the important
research question. This includes considering whether the question asked is answerable, whether
the research methods are valid and feasible, and whether the study is designed with accepted
principles, clear methods, and reliable practices. Invalid research is unethical because it is a
waste of resources and exposes people to risk for no purpose
• Fair subject selection
The primary basis for recruiting participants should be the scientific goals of
the study — not vulnerability, privilege, or other unrelated factors.
Participants who accept the risks of research should be in a position to enjoy
its benefits. Specific groups of participants (for example, women or children)
should not be excluded from the research opportunities without a good
scientific reason or a particular susceptibility to risk.

• Favorable risk-benefit ratio

Uncertainty about the degree of risks and benefits associated with a clinical
research study is inherent. Research risks may be trivial or serious, transient
or long-term. Risks can be physical, psychological, economic, or social.
Everything should be done to minimize the risks and inconvenience to
research participants to maximize the potential benefits, and to determine that
the potential benefits are proportionate to, or outweigh, the risks.
• Independent review
To minimize potential conflicts of interest and make sure a study is ethically
acceptable before it starts, an independent review panel should review the proposal
and ask important questions, including: Are those conducting the trial sufficiently
free of bias? Is the study doing all it can to protect research participants? Has the
trial been ethically designed and is the risk–benefit ratio favorable? The panel also
monitors a study while it is ongoing.
• Informed consent
Potential participants should make their own decision about whether they want to
participate or continue participating in research. This is done through a process of
informed consent in which individuals (1) are accurately informed of the purpose,
methods, risks, benefits, and alternatives to the research, (2) understand this
information and how it relates to their own clinical situation or interests, and (3)
make a voluntary decision about whether to participate.
Respect for potential and enrolled participants

• Individuals should be treated with respect from the time they are approached for
possible participation — even if they refuse enrollment in a study — throughout
their participation and after their participation ends. This includes:
1. respecting their privacy and keeping their private information confidential
2. respecting their right to change their mind, to decide that the research does not
match their interests, and to withdraw without a penalty
3. informing them of new information that might emerge in the course of research,
which might change their assessment of the risks and benefits of participating
4. monitoring their welfare and, if they experience adverse reactions, unexpected
effects, or changes in clinical status, ensuring appropriate treatment and, when
necessary, removal from the study
5. informing them about what was learned from the research
 • Identifying target market and customer
needs
• Accessing market potential and
Role of opportunities , market trends
marketing • Evaluating market effectiveness
research in • Competitors analysis
• Analysis of customer satisfaction
strategic
• Risk analysis
decision • Budget planning of (marketing )
making • Use of effective marketing tool
Process of marketing research
Specifying • Specifying research objectives

Preparing • Preparing a list of the needed information

Designing • Designing the data collection project

Selecting • Selecting a sample type

Determining • Determining a sample size

Organizing and carrying • Organizing and carrying out the field work

Analyzing • Analyzing the collected data and reporting the findings

Specifying research objectives
• In this step of research process researchers must first obtain the
answer of following questions
• - What is the purpose of the study ?
• What are the objectives of this research?

• If these questions are not properly answered , the study is most likely
to be misdirected and to pursue vague or obscure goals
Preparing a list of needed information
• After a satisfactory statement of study’s purpose and objectives has
been established , it is necessary to prepare a list of information
needed to attain the objectives
• The contents of such a list will be determined by the objectives of the
research and the situation leading to the research request
Designing the data collection project
• After the research objectives have been specified and the list of
needed information has been prepared , the researcher should
determine whether such information is already available eitherin
company records or in outside sources.
• Certainly, the researcher should not collect the data from the field
until the appropriate secondary sources of information have been
reviewed
• If the needed information is not available from the secondary sources
, the researcher should collect the data from the field which will
require a data-collection project
Selecting a sample type
• Almost all marketing research projects are interested in information
about a large population such as all families with children at home or
all retail grocery stores. As it is impractical to collect data from all
members of such large populations, a sample is selected. Various
types of sample are possible, but they are generally classified into
• Probability sampling
• Non –Probability sampling
Determining a sample size
• The researcher must also decide how large a sample to select.
Marketing research samples varied from fewer than 10 to several
thousand. The researcher must consider the problem at hand , the
budget and the accuracy needed in the data before the question of
sample size can be answered
Organizing and carrying out the field work
• Fieldwork includes selecting , training ,controlling and evaluating the
members of the field force. The methods used in the field are very
important, for they usually involve a substantial part of a research
project and are a potential source of error through lack of validity and
reliability. Fieldwork methods are dictated largely by the method of
collecting data, the sampling requirements, and the kind of
information that ,must be obtained
Analyzing the collecting data and reporting
the findings
• After all interviews and or observations have been made, the
completed data collection forms must be processed in a way that will
yield the information , the project was designed to obtain.
• First ,the firms need to be edited go ensure that instruction were
followed, that all questions were asked or observations made and
that the resulting data are consistent and logical.
• Next , the data must be prepared for tabulation. This means the data
must be assigned to categories and then coded so the responses can
be put into the computer. The responses are usually tabulated and
analyzed on a computer
• The tabulation and analysis function is guided by the needed
information identified in the 2nd step of the marketing research
process. This means that the researcher must establish procedures
that transform the raw data in the computer into the needed
information.
• Tables of data must be compiled, percentage and averages must be
computed, and comparisons must be made between different classes
, categories and , groups
• The end result should be a set of information that coincides well with
the list of needed information established in the second step of the
marketing research process.
• The reporting of research findings represents the end product of the
research process. The type of report will vary greatly depending on
the nature of the project and the audience for which it is prepared.
• some reports should include considerable descriptive material
covering the details of the research methodology used to obtain the
data. Other reports are concerned primarily with a presentation of
the conclusions reached
CASE ANALYSIS
• Pricing a Drink for Value Creation-CASE.pdf
THANK YOU
Important questions (Group A)
• Scope of marketing research
• Ethics in marketing research
• Nature of market research
• Two marketing research problems
• Difference between exploratory and descriptive research
Group B
• Limitations of marketing research
• Process of marketing research in business
• Difference between qualitative and quantitative research
• Product development research