-
8/2/2019 mrkt
1/5
Market research
Market research is a systematic objective, collection and
analysis of data about a target market,
environment or competition. It is a process by it incorporates
some form of data from the secondary
source i.e. from desk research and primary research i.e. direct
from a respondent.
Market research is for discovering what customer need, want or
believe or how they act on the
product or service. After doing market research the organisation
determines how to market specific
product or service.
The organisation undertake a market research for to
1. Product generation
2. Product improvement and embellishment
3. Product testing and refinement
4. Customer Targeting
5. Sales forecasting
6. Packaging and advertising design
7. Point-of-sales display displays and procedure
To get a various information organisation undertake market
research
Information about market
Information about product
Information about pricing in the product
Information about promotion in the market
Information about distribution in market.
By the help of market research the organisation can get an
answer of the following question.
Customer will buy or nor or how often?
How much the customer is willing to pay?
What types of customer are interested?
Where/ which place should the product or service be sold?
-
8/2/2019 mrkt
2/5
Organisation will get information on
Market segmentation
Market trends
Target market
Market research is a fundamental element to do a marketing
decision. Company shouldnt make a big
decision without information about customers, competitors and
channels. If a company is developing
a new product or service the company should use various data to
help to know the size of the market.
After launching a product or service a company should need a
data on a characteristic of the earlier
buyers and their post use altitude. This market on research
information will help the organisation to
know its market target and the programme of the marketing. (page
no 97-98 on FAQs on marketing,
Philip Kotler)
Market research indicated opportunities for the product and
market development. Company can
identified the opportunities. The organisation can get
information to reduce uncertainty. In the process
of research product ideas is obtained without expenses of
launching in the market. The main thing is
that market research provides objectives explanation for success
and failure in the market. The
strength and weakness of the product and threats analysis result
is gain by which company can make a
future decision.
The methods used by organisation are
Existing internal data
Surveys
Focus group or group discussion
Experiments are used in frequently
(http://www.atheuk.com/resources) (Ref 4)
To do market research organisation first may have to decide the
objective. They can do by themself or
they may choose a commission through the marketer agency or
consultaing. After considering a
objective market researchers used many type of research
technique and methodologist that they
required. They will collect quantitative and qualitative data.
When they combined this two data they
will get a best research.
http://www.atheuk.com/resourceshttp://www.atheuk.com/resourceshttp://www.atheuk.com/resources
-
8/2/2019 mrkt
3/5
Quantitative research
It is numerically oriented. The various type of quantitative
market research is
Face to face interview
Telephone interview
Postal & self completion market research
Omnibus market research survey
Online/ Internet survey
Qualitative research
The research on the market group discussion (or focus group) it
is usually made up 6 to 8 targeted
people. The various type of qualitative research is
Market research depth interview
Market research paired interview
Triads
Market research mini group
Focus group or group discussion
Market research observation
Workshop
Data collection methods
1. Observation technique
This technique is limited to descriptions of behaviour. Some
example of observation techniques are asfallows
-
8/2/2019 mrkt
4/5
How customer interact with product. Observing how and in what
order an individual read
advertisement
How many individuals visit the web page? How long did they spend
in web page etc
Many firms routinely monitor their competitor marketing program
for this other technique may beused.
Observation technique may be good at describing phenomena, but
they dont provide explanation.
Survey based research method
Face to face interviewing
It is a traditional methods of carrying outs surveys. It can
achieve high rate of respond
Telephone survey
Alternative to face to face interview is the telephone survey,
which is cheaper also. The
refusal rate telephone survey can be up to three times higher
than personal interview.
Self- completion surveys
Respondents obviously self select, the response rate may be
lower than 10% particularlywhen a postal survey is done.
. Focus group discussion
It is frequently used, were normally consist of 8 people plus a
trained moderator who lead the
discussion.
Using market research data
After getting the data, Market research evaluate it and make
conclusion and presented to the
organisation management. From this information organisation can
make decision on the promotion,
design and pricing of the product and service.
Government imposed price restraints
Regulated Industries
-
8/2/2019 mrkt
5/5
Pricing strategies are usually based on four major principal
1. Product/ corporate based pricing strategy
a. Cost plus pricing
b. Transportation/ delivery Pricing
c. Price leadership
d. List pricing
2. Market based pricing strategies
a. Competitive pricing
b. Customer- derived pricing
c. Price point/ reference pricing
d. Auction pricing
e. Barter pricing
f. Trial and error pricing
3. Low- price based pricing strategies
a. Penetrationb. Discount
c. Everyday low pricing
d. Periodic sale
e. Bundling pricing
f. Odd- number pricing
4. High price based pricing strategy
a. Prestige pricing
b. Skimming pricing
c. Even number pricing
