MARKETING
RESEARCH & ANALYTICS
18MBAMM304
Dr.Vikrama D K
BE,MBA,MCom, Mphil, PhD, K-SET,LMISTE
Assistant Professor
Department of Management Studies
JNN College of Engineering
Shimoga
[email protected]
MARKETING RESEARCH
The process of gathering, analyzing and interpreting
information about a market, about a product or
service to be offered for sale in that market, and
about the past, present and potential customers for
the product or service
COMMON FEATURE
Marketing research is a function of a business
organization.
It links marketer with consumer, customer and public.
Information is the outcome of marketing research.
It is an objective search- inquiry with a purpose
It is systematic. It is based on a defined procedure and
uses standard methods.
It is a process involving steps like: identification,
collection, analysis, and dissemination of information.
It is purposeful.
WHEN MARKETING RESEARCH IS UNNECESSARY
You don’t know what information you need.
A study will be more costly than beneficial.
The information you’re looking for is already out there.
You might risk your competitive advantage.
The resources are not available.
Scope of Marketing Research
• Product Research
• Customer Research
• Sales Research
• Promotion Research
MARKETING RESEARCH IN THE 21ST CENTURY
Globalization Impact
IT impact
THREATS TO MARKETING RESEARCH
Methodology
Usingsocial media for data collection and analysis
Response rates
Too many competing techniques
Clientele
Customers expect insights far too quickly
Customers have dwindling budgets for Market Research
“Insight schizophrenia”
Outcomes
Lack of actionable insights
Lack of timeliness
Lack of honest/integrity by data insights providers
Technologies
Big data
Mobile technologies
Social Media
Differentiation
Demonstrating unique value
Staying relevant in changing times
Avoiding commoditization
Quality
Samples are not representative
Respondents are dishonest or unthoughtful
Statistical assurances are not provided
Can’t afford the good data
Internal Talent
Lack of experience and expertise
Lack of critical thinking
A transition from quality to quantity
Customers don’t value MR expertise and insights
Old and New Methods
It’s
not “Old vs. New”, it’s “Traditional vs. Innovative”
Traditional methodologies don’t meet client’s needs
Innovative methodologies are confusing and unfocused
The real answer is that both are needed
Big Companies
More funding
Looser standards
Communication
What to do with consumer insights
Lack of engagement from consumers/respondents
INTRODUCTION TO MARKETING INELEGANCE
WHAT IS MARKETING INTELLIGENCE
(MI)?
Market intelligence is the information relevant to a
company's markets, gathered and analyzed specifically
for the purpose of accurate and confident decision-
making in determining strategy in areas such as market
opportunity, market penetration strategy, and market
development.
COMPONENTS OF MI
Customer intelligence
COMPONENTS OF MI
Competition intelligence
NEEDS OF MI
Market intelligence techniques
Market entry research
Market assessment research
Competitor intelligence research
Needs assessment studies
Branding research
Market segmentation
DOMAINS OF MI
ETHICS IN MARKETING RESEARCH
Deceptive Practices
Attack on Privacy
Breaches of Confidentiality
Objectivity
Allowing Subjectivity into the Research
Selling Unnecessary Research
Violating Client Confidentiality
Client Ethics
Requesting Bids to obtain free Advice and
Methodology
Requesting Bids to Obtain and Methodology
Making False Promises
DO respect the rights of all research participants
DO establish with the firm you have hired to conduct the
research that they are conducting it in your best interest,
not theirs
