Application-Of-Market-Research, ANKIT GUPTA, ROLL NO. 36

7/30/2019 Application-Of-Market-Research, ANKIT GUPTA, ROLL NO. 36

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Marketing Research:Applications


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Marketing Research

It is the systematic and objective study of problems pertaining

to the marketing of goods and services.

Market research is the process of systematically gathering,recording and analyzing data and information about

customers, competitors and the market.

Further it can be defined as a function which links theconsumer, customer and public to the marketer through

information.


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Why do Research?

Research is conducted to helpREDUCE

BUSINESS RISKSandMAINTAINor

INCREASE PROFITS. Its other associated

function is toMONITOR THE EFFECTIVENESS

OF THE MARKETING PLAN.


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Applications of MR


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Segmentation Research

Segment

refers to a unique group of customers or potential customers who

share some common characteristics that differentiate them from

others.

Segmenting and choosing the optimum market is called target

marketing and is a vital marketing skill.


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Geographic segments:

Based on consumers geographic location including streets,

towns, cities, provinces, countries, regions, continents trading

Demographic segments:

based on variables such as age, sex, level of education,

marital status, family life cycle, job type and level of income

etc.

Geodemographic segments:

based on variables such as house-type and locations, for

example, people who live in high-rise apartment complex


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Psychographic segments

developed on the basis of the psychological profile of

people and includes variables such as attitude, lifestyle

and personalities of people.

Behavioural segments

based on behaviour pattern of people such as

consumption behaviour like heavy user, medium user,

light user etc. and on the basis of other benefit enjoyed.


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Product Research

Has three roles:

Idea Generation

Includes alternative specifications for product concepts

utilizing end user analysis or problem analysis.

Screening: Evaluating new-product ideas

Refers to initial screening of consumer reactions to new

product concepts. Not effective for products that are

radically innovative and for products that require

significant changes in the consumption pattern. Consumer product/market testing

involves testing the product in the market


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Product Research

Identification of new product, application, process and technology

Development of product, process and technology

Improvements in the existing product and process

Cost effective measures either by suggesting alternative route or process of

manufacturing of a particular product

Rendering technical help in preparation of product, application and safety data

sheet for capturing market

Product differentiation etc.


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Price Research

Generally undertaken for exploring pricingapproaches for new products or services before

they are launched. It Involves

showing different sets of brands in the same

product category to respondents at different

prices and asking them which one they would

buy;

presenting different prices for a product/service

to respondents and asking them if they would

buy the product/service. The responses are then

used to construct a so-called buy-response

curve.


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Price Research

Pricing research may also be conducted using consumer

panels. Data obtained may be analysed using regression

analysis.

Sample survey may also be used in price research.

However, this should be used with care since obtaining aresponse curve using survey may be subject to error and

bias.

Other pricing research techniques include:

Laboratory experiments, simulated test markets


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SalesResearch

When a marketing research department conducts a

sales analysis, it studies customer records and other

available data to determine where marketing

opportunities lie among potential target markets.Selling research, on the other hand, analyzes the

approach used by the person selling the product or

service to determine whether the sales presentation is

effectively piquing the interest of customers andallowing them to understand the product.


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Sales Research

The selling research can determine:

The kinds of collateral materials (e.g., brochures, charts,

lists) that work best to sell the product.

The percentage of sales that are closed in a sales call.

Other aspects of the selling process that show what methods

have been most effective with the target market


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Advertisement Research

Focuses on six aspects:

1. Media distribution

Refers to circulation of newspaper/magazine/periodicals or

the number of TV/Radio ownership and Internetsubscription.

2. Media audience

Number of people exposed to the ad medium in question.

3. ExposureNumber of people actually noting the advertisement;

generally less than media audience.


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Advertisement Research

Focuses on six aspects...

4. Perception

Number of people having awareness and perception of the

advertisement in question. In print advertisements, perception is

affected by factors such as size, colour, position and language ofthe media. Typically, perception is less than exposure.

5. Communication

Number of people who comprehend specific things about and

aspects of the advertisement. Communication lags perception.6. Purchase

Number of people purchasing the product after seeing the

advertisement.


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THANK YOU

Documents

Application-Of-Market-Research, ANKIT GUPTA, ROLL NO. 36