By Philip, Kevin Lane Keller, Abraham Koshy, Mithileshwar Jha logo copy.tif
Why Marketing Research?
Successful Marketing Managers need timely, accurate and actionable information about consumers, competition and their brands to assess past performance, plan future activities and take strategic decisions leading to successful product launch or increase growth of a brand.
Conducting Marketing Research and Forecasting Demand
What is Marketing Research?
Systematic Design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company.
What are the major steps of Marketing Research Process?
Step 1 : Define the problem, the decision alternative and the research objective
Step 2 : Develop the research plan
Step 3 : Collect the information
Step 4 : Analyze the information
Step 5 : Present the findings
Step 6 : Make the decision
Chapter 4 - Conducting Marketing Research and Forecasting
Step 1: Achieve clarity on the content, the scope of market research and what all decisions are to be made on the basis of research. Step 2:
Already existing somewhere which was collected for some other purpose
Primary Data c be collected through following: can
•Observational Research: Observing Observational consumers, informal interviews, using tools from anthropology to provide deeper understanding of consumers. •Focus Group Research: A meeting of a Focus group of people who represent potential customers or important actors for research discussing issues relevant to research •Survey Research: Companies undertake Survey descriptive research to learn about people’s beliefs, preferences and satisfaction. •Behavioral Data: Customer’s actual Behavioral purchases do not match their statements made in surveys always hence certain techniques help in exposing these discrepancies •Experimental Research: This captures...