BUSINESS RESEARCH METHODS

SESSION 1

TODAYS PLAN FOR THE SESSION

The basic purpose of Todays Sessions is to get a feel about the Course an overview about the Course discuss and become familiar about the purpose of the Course to discuss careers in Business Research

HOW DO WE KNOW WHAT IS TRUTH???

SCIENTIFIC KNOWLEDGE(continued)
A scientific method has the following features:
EMPIRICAL VERIFIABLE RATIONAL STATISTICAL GENERALIZABILITY

Definition
Research is a process of systematic enquiry or investigation into a specific problem or issue that leads to new or improved knowledge. It is the process of finding solutions to a problem after a thorough study and analysis of the situational factors

Why is it important for managers to know about research?

 Business research is defined as the systematic and objective process of generating information for aid in making business decisions Research provides the needed information that guides managers to make informed decisions to successfully deal with problems The information provided could be the result of a careful analysis of data gathered firsthand or of data that are already available (in the company)

MARKETING RESEARCH
Marketing research is the function that 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. American Marketing Association

MARKETING RESEARCH
is also the systematic and objective identification, collection, analysis, dissemination, and use of information for the purpose of improving decision making related to the identification and solution of problems and opportunities in marketing.

CLASSIFICATION OF MR
Problem identification Research Market potential Market share Sales analysis Market characteristics Forecasting research Problem solving Research Segmentation research Product research Pricing research Promotion research Distribution research

Stages of the Research Process

Problem definition Report preparation and presentation

Developing research objectives

Data preparation And analysis

Research Design Formulation

Data collection

Problem Discovery and Definition

Problem discovery
Sampling

Selection of Sample Design

Selection of exploratory research technique

ProbabilityNonprobability

Secondary Experience (historical) survey data

Pilot study

Case study

Data Gathering Data Processing and Analysis

Collection of data (fieldwork) Editing and coding data Data processing

Problem definition (statement of research objectives)

Research Design

Selection of basic research method

Conclusions and Report

Interpretation of findings

Experiment
Laborator y Field Intervie w

Survey
Questionnair e

Secondary Observation Data Study

Report

RESEARCH INDUSTRY

Few names.
IMRB International ACNielsen BCC Research Decision Analyst Forrester Research Synovate Kelton Research J. D. Power and Associates

KEY TERMS
Internal suppliers Marketing research departments located within a firm External suppliers outside marketing research companies hired to supply market research data

 Full service suppliers - companies that offer full range of market research activities Syndicated suppliers companies that collect and sell some common pools of data designed to serve information needs shared by a number of clients Limited service suppliers companies that specialize in one or a few phases of the marketing research project

Indian presence

The Banyan Tree was founded in the year 2002, to assist foreign organizations wanting to do business in the Indian market. With rapid liberalization and opening up of the economy, India has been on the radar of most companies, who want to cater to this market to achieve sustained business growth. However, with 28 states and 7 Union Territories, each having its own culture, language, eating habits, consumer behavior, government policies etc, India is a land of diversities. The Banyan Tree assists companies understand India better, and provide expertise at the local level to guide clients in their India initiative.

Unique strategy
The Banyan Tree provides this advantage to overseas companies entering the Indian market, through a well defined and planned process under the India Entry Program. The India Entry Program undertakes market studies, product testing (under Indian environment conditions), identifying sales and distribution networks, transfer pricing, government policies and legislations etc. Enterprises from the Engineering & Institutional product groups, Consumer goods, Software and the Service Industry could benefit from the Co-Pilot Program Success in India depends on proper estimation of the countries potential, understanding the geographical size & diversity of the market, the time required to reach out to the market and the infrastructure to support the system What is required is a long-term approach to the Indian market backed by a well thought out plan supported by indepth research

Job profile
Collect and analyze data on customer demographics, preferences, needs, and buying habits to identify potential markets and factors affecting product demand Prepare reports of findings, illustrating data graphically and translating complex findings into written text Measure and assess customer and employee satisfaction Forecast and track marketing and sales trends, analyzing collected data Seek and provide information to help companies determine their position in the marketplace Measure the effectiveness of marketing, advertising, and communications programs and strategies Conduct research on consumer opinions and marketing strategies, collaborating with marketing professionals, statisticians, pollsters, and other professionals Attend staff conferences to provide management with information and proposals concerning the promotion, distribution, design, and pricing of company products or services Gather data on competitors and analyze their prices, sales, and method of marketing and distribution Monitor industry statistics and follow trends in trade literature

IMRB The Researchers responsibilities will be to plan, coordinate and report on market research projects, and will include:
Designing high quality research using right tools and techniques to address client needs Providing high quality and insightful directions for appropriate and focused client action Managing key client relationships by understanding their needs sharply and providing solutions to key questions Training and Developing technically competent team of researchers, identifying their needs and providing coaching, counselling and mentoring to help them tap their true researching potential Managing team motivation and morale through timely feedback, well managed delegation and workload allocation, resolving queries and managing client and internal stakeholders expectations to ensure adequate work-life balance for team

We want candidates who

Are oriented towards understanding Clients marketing problems and oriented to be solution providers. Have very good analytical skills e.g. the ability to derive meaningful relationships in the data to draw meaningful insights. Are willing & enthusiastic learners. Have good written & oral communication skills. Have the ability to service clients and perform under deadline pressure.

In turn, IMRB offers:

Work which is mentally stimulating & challenging An environment where young researchers have the opportunity & freedom to contribute considerably to IMRBs final product i.e. the report, the presentation, the insights, the quality of the solution Variety in terms of researching a wide variety of different marketing issues e.g. segmentation, brand health, forecasting share of new brands, packaging research, tracking new brand launch, understanding the impact of price changes etc Considerable opportunities for learning new techniques , exposure to work in other IMRB units, work across the Kantar Group A good fieldwork & data processing infrastructure A friendly, informal, open, cooperative work environment An excellent opportunity for career growth the industry is growing, company is growing, there are multiple opportunities both in India and abroad, and those who do well, will grow fast within the company

JOB DESCRIPTIONS
Operational Supervisor Fieldwork Director Junior analyst Analyst Senior analyst Statistician Project manager Assistant director of research Director research Vice president of marketing research