Market Research

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Bansilal Ramnath Agarwal Charitable Trust’s
VISHWAKARMA INSTITUTE OF TECHNOLOGY, PUNE – 411037.
(An Autonomous Institute under University of Pune)

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Market Research
Department Mechanical Engineering

Faculty In Charge: Prof. Ram Bharsakade

Team Members:

1) Mahesh Pawar (P-16)

2) Madhav Wanave (P-44)

3) Lavkesh Solanki (P-30)

4) Kuldeep Patil (P-13)

Introduction to market research

➢ What is market research?
Marketing research is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company. Market research is an orderly, objective way of learning about people. The people who buy from you or might buy from you. It can provide unbiased answers to questions such as: Who will buy your product? What are the requirements of your customers? What price will they pay for your products? What size of product do they prefer? What are their requirements for shipping that would affect product size and/or shape? Where do they want to be able to buy your products? Are there other types of products they would buy?

➢ Why do market research?
It is impossible to sell people what they don’t want. That is obvious. Just as obvious is the fact that nothing could be simpler than selling people what they do want. Market research is essential in helping you to find out what people want. Market research provides what you need to get sound information about your product, service or market so you can develop good marketing and business strategies.

➢ When should I do market research?
Market research is not a .one time only activity. It needs to be done on an ongoing basis and whenever a major business decision needs to be made. It usually needs to be done:
a) Before starting a new business
b) When introducing a new product or service.
c) To maintain your existing business

➢ Purpose of Market Research
• In the end, market research is about improving the marketing efforts of business organisations • It is used in developing new products and services, entering new markets, finding out about competitors and measuring the impact of promotional activities • Market research is to do with collecting information about consumers and the characteristics of markets • It involves using surveys, polls, focus groups and other methods to gather information

➢ Information Sources
Literature search
• Getting hold of all available material on a particular theme. Material is gathered from: • Internal company information
• Relevant trade literature
• Newspapers
• Magazines
• Firms’ annual reports

Talking to people
Useful in the early stages .Includes meetings with customers and suppliers.It generates opinions and may be unrepresentative of the whole population

Focus groups
These are used to:
• Explore ideas and attitudes
• Test new approaches
• Generate a discussion.

Personal interviews
• Produce in depth information
• Are carried out face-to-face
• Can be very expensive
Usually involve the interviewer asking questions from a written questionnaire or from a list of topics

Telephone surveys
• The fastest way of gathering information, especially from large sample sizes • A prepared script is used as with written questionnaires, but a phone survey allows opinions to be tested further Postal surveys

• Ideal for large sample sizes
• If sample covers wide area
• Generally cost less than telephone interviews
• But take longer to complete
• No interviewer, so less chance of personal bias
• Unable to probe for more detailed information...
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