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Market Research

This document provides an overview of market research. It defines market research as the systematic process of gathering data about consumer preferences for products, producers, and necessary changes to marketing strategies. The objectives of market research include measuring consumer purchasing power, evaluating competitors, informing sales promotion, and deciding advertising approaches. Market research is important as it helps with sales forecasting, product development, solving marketing problems, and making authentic decisions. The scope of market research encompasses consumer research, product research, competition research, sales research, and advertising research. Finally, the document outlines the procedure for conducting market research, which involves determining objectives, planning investigations, collecting and analyzing data, interpreting conclusions, and implementing recommendations.

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Farida Mandviwala
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472 views10 pages

Market Research

This document provides an overview of market research. It defines market research as the systematic process of gathering data about consumer preferences for products, producers, and necessary changes to marketing strategies. The objectives of market research include measuring consumer purchasing power, evaluating competitors, informing sales promotion, and deciding advertising approaches. Market research is important as it helps with sales forecasting, product development, solving marketing problems, and making authentic decisions. The scope of market research encompasses consumer research, product research, competition research, sales research, and advertising research. Finally, the document outlines the procedure for conducting market research, which involves determining objectives, planning investigations, collecting and analyzing data, interpreting conclusions, and implementing recommendations.

Uploaded by

Farida Mandviwala
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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MARKET

RESEARCH

Presented By:
Prof. Farida R Mandviwala

MARKET RESEARCH

Meaning of Market Research

Objective of Market Research

Importance of Market Research

Scope of Market Research

Procedure of Market Research

DEFINATION OF MARKET RESEARCH

Market research means a definite process of gathering data as to which


are the products which people prefer the most,
Who are the producers of these products,
What changes are necessary to make their products
more preferable and gratifying,
How
far the marketing and sales promotion
policies pertaining to these products have been
effective and what changes are necessary to make
these policies more fruitful.

Marketing research is the systematic gathering,


recording and analyzing of data about problems
relating to the marketing of goods and services.
American Market Association
3

OBJECTIVES OF MARKET RESEARCH


1.

To measure consumers purchasing power.


- securing information about no. of buyers in different market
segments.
- purchasing power of these buyers.
- the size of purchases by them.

2.

To judge the strength of competitors.


- conducted to find out main competitors in the market.
- the nature of their products,
- prices at which they sell,
- the media of publicity they adopt,
- the channels of distribution they employ.
4

3.

For Sales Promotion


- undertaken to promote sales of the product
- to obtain information about current level of market
demand
- degree of competition in the market,
- customers needs,
- publicity and its impact
- packing and its attractiveness etc.

4.

To decide the medium of advertisement

5.

To modernize the organization

6.

For production of a New Products

7.

To increase export

8.

To have knowledge about Customers Preferences

9.

For the improvement in the quality of the product.

10. To find out the reasons for decline in sales


11. To prepare sales budget

IMPORTANCE/BENEFIT OF MARKET RESEARCH

Helpful in Sales forecasting

Helpful in Product development and planning

Helpful in solving marketing problems

Increases market efficiency

Authenticity of decisions

Useful in pricing decisions

Link between Producer and Consumer


7

SCOPE OF MARKET RESEARCH


Consumer
Research

Product
Research

Competition
Research

Sales
Research

Advertising
Research

PROCEDURE OF MARKET RESEARCH

To determine
research.

the

problems/objectives

of

To overcome the situation.

To carry on informal investigation

Planning of final investigation

Collecting necessary data

Tabulating, Analyzing and Interpreting the data.

Interpreting the conclusions.

Preparing Research Report.

Implementing Recommendations effectively

market

09-Sept-11

10

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