Introduction

Research:

Research is the process of gathering, recording and analysing of critical and relevant facts about any problem in any branch of human activity.

It indicates critical and searching study and scientific investigation of a problem, a proposed course of action, a hypothesis or a theory.

 

Market research:

Market research is only one branch of the market information system. Market research is primarily concerned with investigation, analysis and measurement of market demand.

The following items of study any analysis are included in market research.

1. Size of the market
2. Geographic location of customers
3. Demographic descriptions of customers
4. Market segmentation on the basis of age, sex, income education, nationality, standards of living, etc.
5. Analysis of market demand
6. Sales analysis by customer territories, products
7. Consumer needs, wants, habits and behaviour.
8. Dealer wants and preferences
9. Degree of competition
10. The market trend.

 

 

Marketing Research:

It had wider meaning and scope. Marketing research is the systematic gathering, recording and analysis of data about problems connected with the market place that is problems relating to product, price, promotion and distribution of the four price of marketing mix.

Market research is said to be moving away from simple surveys to action oriented decision oriented, problems solving research reflecting this change in orientation.

Marketing research may be defined bas the scientific and controlled process of gathering of non-routine marketing information helping management to solve marketing problems.

According to Richard D. Crisp “Marketing research is the systematic objective and exhaustive search for and study of the facts relevant to any problem in the field of marketing.”

 

Features of Marketing Research:

1. Intensive study

It involves systematic and intensive study of a marketing problem.

a. Planned Process:

We have planned procedure of investigation and analysis.

b. Orderly Investigation:

The procedure of marketing research has clearly defined steps in proper sequence or order.

c. Intensive investigation:

All the relevant factors involved in a marketing problem are observed closely.

2. Scientific Approach

Marketing research adopts scientific method and objectivity in the solution of a marketing        problem.

a. Rational Outlook:

Research or analyst has an objective attitude rational outlook based on reason and logic.

b. Defined Purpose:

The purpose of inquiry and the problem under investigation are clearly defined.

c. Accuracy:

Accuracy (exactness) in calculation, in observation and in reporting is strictly ensured.

d. Standardised Process:

Market Research process is standardised and can be repeated exactly in solving all problems.

e. Scientific Attitude:

The researcher has an open mind, critical attitude, creativity, absolute honesty and integrity- Hallmark  of scientific attitude and approach.

3. Decision Tool

a. Market research is a tool for decision-making and control in the marketing of goods.

b. Marketing managers face numerous pressing problems from time to time during the conduct of marketing activities.

c. They need information upon which they may take proper decision.

d. Manager is by profession a decision-maker.

e. Marketing manager calls upon a skilled analyst to examine the problem or question, break it up into its elements, get the needed data, analyse it and work out desirable conclusion based on facts and figures.

 

Objectives of Marketing Research:

1. Marketing research is used in the formulation of all marketing plans, policies, programmes and procedures.

2. It is employed for control and evaluation of these plans, policies, etc. when they are brought into practice.

3. It is used in reducing and minimising all marketing costs, particularly, selling, advertising, promotion and distribution costs.

4. Marketing problems demanding best solution through marketing research can be classified under 3 major needs-

a. Problems relating to the product itself, product includes, branding, packaging and labeling and services.

b. Problems relating to consumer market.

c. Problems relating to each phase of the entire marketing process.

4. Programmes of the market research incidentally provide insurance cover for the survival and growth of the business in a dynamic economy.

5. Marketing through marketing research can bring about the sale of right product (brand and package) through right channels to right customers at right places and at right prices by evolving right plans, policies and programmes with the help of right personnel.

6. The main objective of marketing research is to enable manufactures to make goods acceptable and saleable and to see that they reach the market more easily, quickly, cheaply and profitably without sacrificing consumer interest.

 

What can MR can do for Business?

There are six faithful servicement at the disposal of market researchers-

1. What?  What is the product? – Product Research
2. Who? Who are the buyers? – Consumer Research
3. Why? Why do they buy? – Motivation Research
4. How? How do they buy? – Buying habit
5. When? When do they buy? – Channel
6. Where? Where do they buy? – Distribution

 

 

 

 

Sr.	MIS	MR
1.	It is a set of procedures and methods for the regular and planned collection, analysis and presentation of information in making marketing decisions.	It is a systematic gathering, recording and analysing of data about problems connected with the market place i.e. product, price, promotion and distribution.
2.	It is ongoing process and continuously gathers data.	The data collection is not continuous and is based on the specific research projects undertaken from time to time.
3.	Data is collected from internal and external source.	Data is collected from external sources such as survey and published reports.
4.	Information is collected on various aspects of marketing such as products, consumer behaviour, advertising, sales promotion and competition.	Information is collected on specific marketing problems.
5.	All companies have system for collection and storage of information through MIS.	Companies may or may not have an MR department.
6.	It is a broad concept and the purpose is to collect information on all aspects of business.	It is a narrow concept and is one of the components of MIS.
7.	It is a computer-based process and makes extensive use of computers.	It is non-computer based system. Computer may be used for analysis data.
8.	MIS is future-oriented.	MR is past-oriented.

 

Types of Marketing Research:

1. Exploratory Research:

Exploratory research gives valuable insight, generates ideas and hypothesis rather than measuring or testing them.

According to Chisnall, “Exploratory research is concerned with identifying the real nature of research problems and perhaps of formulating relevant hypothesis for various tests.”

A marketing researcher uses this type of research when very little is known about the problem being examined.

The major benefit is that it is less expensive and less time-consuming.

For example:

If a researcher is interested in finding out “which features\factors are vital in a purchase decision? And “what will be the best mode of communication to reach the consumer?”

For all these purposes, exploratory research gives an insight into the problems.

2. Descriptive Research:

Descriptive research is concerned with measuring and estimating the frequencies with which things occur or the degree of correlation or association between various variables.

It has been seen that market research reports are often descriptive and they measure market size, market structure and the behaviour and attitudes of consumers in the analysis.

In general, as the data obtained by descriptive research is put to various statistical analysis, it is very necessary to make a list of the variables to be investigated and how these variables will be measured.

3. Casual Research:

Casual research is basically concerned with establishing cause and relationship and an attempt to explain why things happen. For example, to what extent the price elasticity of demand or the degree to which advertising campaigns have affected the sales may be explained by casual research.

However, there are two important aspects of casual research:-

a. Necessary condition and

b. Sufficient condition, which should be kept in mind.

i. A necessary condition means that the caused events cannot occur in the absence of the causative event.

ii. A sufficient condition means that the causative event is all that is needed to bring about the caused event.

4. Predictive Research:

The main purpose of predictive research is to arrive at a forecast or prediction or some measurement to the researcher.

The ultimate target may be the future other goals of predictive research may involve in industry sales level, projection of growth or defining of firm’s product time and the use of a test market to predict the likely success of a new project.