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Market Research&Product Management Definition Of MarketResearchMarketing research is the function that links the consumer, customer and public to the marketer through informationRole Of Marketing Research

Marketing Research Is A Part Of Marketing Strategy Here is a simplified list of the steps involved in planning:1. Establishing company goals .2. Deciding which products or services best contribute to the likelyattainment of these goals.3. Establishing the minimum market share required4. Determining a pricing strategy5. Forecasting sales demand .6. Deciding on the best distribution channels .7. Deciding on the best promotional strategy .8. Anticipating problems that may arise as these decisions areimplementedMarketing Research AndDecision-MakingThere are elements of uncertainty and risk attached to all business decisions and the main difficulty is how to reduce the risk involved in the choices that are made.

Having perfect information all the time would make the job of exercising choice much easier since there would be no risk in making marketing decisions.1- Customer Market ResearchCustomer market research providesinformation on: Market and market segment sizes Trends in the market which can be used for forecasting Brand shares Customer characteristics and motivations Competitors brands shares2-Advertising AndPromotion ResearchPromotional research provides information on: The most suitable method of promotion The most suitable copy and campaign material The most suitable media to use The effectiveness of the communications inachieving objectives3- Product ResearchProduct research provides information on: Opportunities for new product development Product design requirements Comparative performance vis--vis competitorsofferings Packaging Helps to find additional uses for existing andpotential products Test out the product concept with potential usersand purchasers4-Distribution ResearchDistribution research provides information on: Suitable distribution methods The appropriateness of channel members The best location for warehouses and retailoutlets5- Sales ResearchSales research provides information on: The effectiveness of sales methods andtechniques Establishing sales territories The adequacy of remuneration methods Sales training requirements6-Marketing EnvironmentMarket environment research providesinformation on: Political influences Economic influences Social influences Technological influencesCategories of AppliedMarketing ResearchPreliminary Research

Is often necessary before a final statement anddefinition of a problem can be agreed uponFor example, someone may come up with the idea for anew service.

Preliminary research may concern such mattersas whether the market for such a service is regional ornational, who would use the service, and what substituteservices people use. Answers to these kinds of questionsConjectures or hypotheses are developed in the preliminaryresearch and in the course of defining the marketingproblemConclusive Research

Is carried out to produce evidence to supportthese hypotheses.Performance ResearchIs concerned with assessing how well recommendedmarketing actions are being carried out and whatbenefits in terms of objectives set are being realized.

Monitors the effectiveness of marketing management.It questions the definition of the problem that hasdirected the work to date.It makes one review whether a new study is desirableThe Marketing InformationSystemIs a way of systematically gathering and givinghelpful marketing information to the right peopleon a continuous basis and at the right time. Information used to identify and definemarketing opportunities and problems; generate,refine, and evaluate marketing actions; monitormarketing performance; and improveunderstanding of marketing as a processThe required information can be classified in anumber of different ways. One way ofclassifying the information is:Internal informationExternal informationPosition informationDecision informationForecast informationInternal Information

Is made up of sales reports, sales analyses and cost analyses related to sales.

Most sales analyses and cost analyses related to sales. Most of the raw data already exists within the organization and needs to be processed or analyzed so that it becomes helpful information.

An information system facilitates helpful information. An information system facilitates this processExternal information

Refers to the size, structure, trends, opportunities andthreats in the environment. It also includes information on competitors and customers, both existing and potential.

Employees, customers and distributors contribute thisform of marketing informationPosition Information

Is created by combining internal and external information. For example, one might combine the enterprises sales and the overall sales of the enterprise and its competitors in the market to calculate market share.

In a similar fashion, internal strengths and weaknesses can be compared to those of competitors to find competitive advantage, unique selling points, and whether any competitive advantage is sustainable competitive advDecision Information

Results from various analyses, which can involve mathematical and statistical treatment of data Forecast Information Can be based on either subjective opinions, ascertained by survey, or on statistical analysis of trendsTypes of DataResearch can be categorized into primary andsecondary; and qualitative and quantitative. Primary research is usually carried out for the specific use of a client company or even by the company itself.

Secondary research makes use of research already carried out by someone else for some other purpose.Quantitative research produces numbers and figures such as numbers and percentages of consumers who are aware of particular products or services.

Qualitative research, on the other hand, provides data on why people buy what motivates them to buy or their both forms of research produce information on markets, competitors, distributors and customers.Thank You