marketing management hand outs
MARKETING MANAGEMENT
BSE -3C/M
Group II
MARKETING RESEARCH is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company.
5 STEPS OF MARKETING RESEARCH PROCESS
DEFINE THE PROBLEM AND RESEARCH OBJECTIVE the first step calls for the marketing manager and marketing researcher to define the problem carefully and agree on the research objectives. An old says “A problem well defined is half solved”.
DEVELOP THE RESEARCH PLAN the second stage of marketing calls for developing the most efficient plan for gathering the needed information. The marketing researcher has the skills to design the research approach. The marketing manager should know enough about marketing research to evaluate the research plan and the findings. The marketing manager also needs to know the cost of the research plan before approving it.
COLLECT THE INFORMATION this phase is generally the most expensive and the most liable to error.
ANALYZE THE INFORMATION the next step in the marketing research process is to extract pertinent findings from the data. The researcher tabulates the data and develops one way or two way frequency distribution.
PRESENT THE FINDINGS the researchers should not try to overwhelm the management with lots of numbers and fancy statistical techniques—this will lose them. The researchers should present major findings that are relevant to the major marketing decisions facing management.
RESEARCH ACTIVITIES OF COMPANIES
Business / Economic and Corporate research
1. Industry / market characteristics and trends
2. Acquisition/ diversification studies
3. Market- share analysis
4. Internal employees studies (morale, communication, etc.)
Pricing
5. Cost analysis
6. Profit analysis
7. Price elasticity
8. Demand analysis
a) Market potential
b) Sales potential
c) Sales forecast
9. Competitive pricing analysis
Product
10. Concept development and testing
BSE -3C/M
Group II
MARKETING RESEARCH is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company.
5 STEPS OF MARKETING RESEARCH PROCESS
DEFINE THE PROBLEM AND RESEARCH OBJECTIVE the first step calls for the marketing manager and marketing researcher to define the problem carefully and agree on the research objectives. An old says “A problem well defined is half solved”.
DEVELOP THE RESEARCH PLAN the second stage of marketing calls for developing the most efficient plan for gathering the needed information. The marketing researcher has the skills to design the research approach. The marketing manager should know enough about marketing research to evaluate the research plan and the findings. The marketing manager also needs to know the cost of the research plan before approving it.
COLLECT THE INFORMATION this phase is generally the most expensive and the most liable to error.
ANALYZE THE INFORMATION the next step in the marketing research process is to extract pertinent findings from the data. The researcher tabulates the data and develops one way or two way frequency distribution.
PRESENT THE FINDINGS the researchers should not try to overwhelm the management with lots of numbers and fancy statistical techniques—this will lose them. The researchers should present major findings that are relevant to the major marketing decisions facing management.
RESEARCH ACTIVITIES OF COMPANIES
Business / Economic and Corporate research
1. Industry / market characteristics and trends
2. Acquisition/ diversification studies
3. Market- share analysis
4. Internal employees studies (morale, communication, etc.)
Pricing
5. Cost analysis
6. Profit analysis
7. Price elasticity
8. Demand analysis
a) Market potential
b) Sales potential
c) Sales forecast
9. Competitive pricing analysis
Product
10. Concept development and testing