(vii) To assess the strength and weakness of the competitors. Marketing research involves collection of data and information from various fields such as psychology, sociology, economics etc. Definition - Kinds and Types of Cheques, What are Features of Cheques ? It involves various steps for gathering, recording and analysing of data. An example could be the investigating of the viability of a new product, or the reasons behind a drop in sales. It is said that in 1911 when Charles Collidge Parlin was appointed as the Manager of the Commercial Research Division of the Advertising Department of the Curtis Publishing Company, began the establishment of organised marketing research. The final source provides primary data. Typically, while referring to brand equity, the assets and liabilities will always be associated with the name/symbol of the brand and they will vary from context to context. He has to take various decisions while conducting the research work. The SERVQUAL survey questions can be classified into five categories: (a) Questions on the tangible aspects such as appearance of facilities, personnel, etc. (iii) It helps to establish correlative relationship between the product brand and consumers’ needs and preferences. Thus the areas of marketing research lies in its variety of applications. Solving a symptom does not solve the underlying problem. Some authors have attempted to append more adjectives to it so as to explicitly impart it a scientific slant. Therefore, marketing research constitutes a systems approach from start to finish. The data processor should be familiar with the nature and location of available data to retrieve and process it at the desired time. ii. While such measures are essential in any business organisation, they are likely to use conventions set by the accounting requirements rather than the needs of marketing. In marketing research, marketing problem is studied in depth and solutions are suggested to solve the problem relating to consumers, product, market competition, sales promotion and so on. It also provides information regarding the probable development in the foreign markets, new products and substitutes, emergence of new competitors and their future impact on firm’s output. (v) To find out the better methods of distributing the products to consumers. They require a formalised, managerial approach to this most important job. Here, he has to organise the whole research project and finalize the details of different steps involved. When an organization studies the marketing policies, practices and strategies of its competitors through marketing research, it is better equipped to design its own policies and plans to effectively challenge the competitors in the market. 3. Business Economics and Corporate Research – Short range forecasting, long range forecasting, pricing (policies and strategies) studies, studying business trends, and MIS, etc. Tabulation of data for easy and quick analysis and interpretation. Selection of the scale will be based on the properties inherent in each of the different levels of measurement: nominal, ordinal, interval and ratio. (xiii) It reveals the causes of consumer resistance. BBAN202 Macro- Economic Analysis and Policy, BBAN204 Computer Applications in Manageemnt, BBAN603 Fundations of International Business, BCOM101 Management Process & Organizational Behavior, BCOM202 Fundamentals of Financial Management, BCOM207 Business Ethics & Corporate Social Responsibility, BCOM313 Financial Markets and Institutions, BCOM315 Sales and Distribution Management, BCOM320 International Business Management, KMBFM01 Investment Analysis & Portfolio Management, KMBHR02 Performance and Reward Management, KMBHR03 Employee Relations and Labor Laws, KMBMK02 Consumer Behavior & Marketing Communications, KMBOP01 Supply Chain & Logistics Management, NEGOTIATION & CONFLICT MANAGEMENT AKTU MBA NOTES, RMB401 Corporate Governance Values and Ethics AKTU, RMBIB04 Trading Blocks & Foreign Trade Frame Work, RMBMK05 Integrated Marketing Communication MBA NOTES, RMBOP04 World Class Manufacturing and Maintenance Management, SECURITY ANALYSIS AND INVESTMENT MANAGEMENT, KMBIB01 International Marketing – HOME | MANAGEMENT NOTES, BBAN302 Marketing Management – Home | Management. It may be emphasized that it is not only restricted to any particular area of marketing, but is applicable to all its phases and aspects. To Anticipate the Future Sales Volume: Marketing research is targeted at studying and understanding the consumer behaviour. The following are some of the, “dos” while working out consumer satisfaction research: i. Marketing research helps the firm to be in touch with the consumers, behaviour and as a result, the management may take appropriate decisions in relation to production policies, pricing policies, channels of distribution, sales promotion activities and finally to face the competition. In general, it involves unstructured exploration or inductive problem-solving techniques which are beyond the scope of an introductory text such as this. Thus, marketing research has a broad area of application which describes its scope. Broadly, Internet marketing can take place between: Internet marketing takes place when marketers sell goods and services to final consumers, through their websites. And this number is estimated to grow up to 150 million by December 2012. It is a pertinent search and study of the marketing of goods and services. Professor Philip Kotler defines marketing research as “Systematic problem analysis, model-building and fact-finding for the purpose of improved decision making and control in the marketing of goods and services.”. (ix) It guides the manufacturer in planning his advertising and sales promotion efforts. Different Types of Banks - What are Various Kinds of Banks ? A sales manager may be asked to organise the research project for dealing with the problem of declining sales. For doing this, these B2B marketers use B2B websites email, online product catalogs, online trading networks with important business customers. The deductive approach to problem solving can only be applied to problems where it is possible and practical to obtain data which is appropriate and reliable. It has to be carried out in a systematic manner rather than haphazard way. There are several things to keep in mind when writing the research report. For example, a retailer has ordered 100,000 pens to be used in the retail promotions department. (8) It is passive – Its use and effectiveness largely depends upon the ability of executives to get the most value of it. (xviii) It would help the management to know how patents, licensing agreements and other legal restrictions affect the manufacture and sale of the firm’s products. When research is required for a one-off specific purpose it is generally referred to as ad hoc research as it is carried out only when actually required to assist a marketing decision.
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