Tuesday, July 12, 2011

Research For Marketing Decision

Meaning of Marketing Research

Today, marketing research is pervasive. We will define marketing
research as "all techniques used to provide information that assists
the firm in all of its decision-making processes relevant to customers
or clients."

Marketing Research: is the systematic, objectives and comprehensive
search for the study of the factors related to any problem in the
field of marketing.

Types of Marketing Research:

Marketing research approaches are varied. There are many different
types of marketing research projects that require various types of
knowledge and academic background. Approaches to conducting marketing
research range from quantitative to qualitative in nature.

a. Quantitative Marketing Research : Quantitative marketing research
is comprised of sophisticated techniques that require expertise in
descriptive statistics. Types of quantitative marketing research
include surveys, audience measurement for different types of media,
and store audits etc.

b. Qualitative Marketing Research : Qualitative marketing research may
require a broad knowledge of psychology (the study of individual
behavior), sociology (the study of group behavior), and social
psychology (the study of individual behavior.

Qualitative research is less involved with numbers and usually
provides a 'closer interaction' with the subjects in the research
project. Types of qualitative research include focus groups and
observational studies. Observational studies involve watching
respondents while they are engaged in some activity. Qualitative
research, at present, is growing much faster in popularity. The
reasons for this are that qualitative research is usually less
expensive and faster to perform than quantitative marketing research.

Scope of Marketing Research

Marketing research is concerned with the study of the factors that are
directly related in marketing of goods and services and it includes
the study of the effectiveness of the marketing-mix, advertising
strategies, competition and consumer behavior. It is helpful in
formulating strategies suitable for market as well as also guides in
planning and future forecasting by analyzing factors.

1. consumer research

2. Product-mix research

3. Sale research

4. Distribution analysis

5. Pricing strategies impact analysis

6. Market share analysis

7. Market characteristics analysis

8. Competitor research

9. Promotion Research

*Ranganadh Emmadi*