business research
DESCRIPTION
business research pptTRANSCRIPT
Introduction to Business Research
A ‘Scientific research study’ is a systematic, controlled empirical & critical investigation of hypothetical propositions about presumed relations.
It provides information that may assist business managers to recognize & react to business opportunities & problems.
Redefining Business Research
A systematic and scientific procedure of data collection, compilation, analysis, interpretation and implication pertaining to any business problem
The function that links the consumer, the customer, and public to the marketer through
INFORMATION
Business Research
It is an important tool to collect information of business for decision making in any business activities.
The information must have certain characteristics: Accurate Current Sufficient Availability Relevant
Business Research
Used to identify and define business opportunities and problems
Generate, refine, and evaluate business performance
Monitor business performance
Improve understanding of business as a process
Business Research
But now the scenario has changed & business research is needed due to - Physical separation Intermediaries Job specialization Size of the market Complexity of the market Need for more information
Business Research It aims at collecting the data from
customer & market, analyzes it & provides relevant & required information.
So its functions can be divided as Description Explanation Prediction & Evaluation of data and Provide accurate information
It supplies the necessary inputs for Planning for future activity Control of business operations in
the present Evaluation of business results
Business Research
It is highly practiced in American companies or abroad
In India it is still not applied in all companies
In India the companies uses the marketing research mainly for - Estimating the market potential, analyzing the market share, characteristics or sale
It is also used for forecasting the sale & understanding the business trends
Basic and Applied Research
BasicTo verify the acceptability of a given theory
Performance behaviourPavlov’ classic conditioning
AppliedTo answer the questions about some specific
business problemsProduct failure causes Higher attrition rate causes
Classification of Marketing Research
Problem-Identification Research Research undertaken to help identify problems which are
not necessarily apparent on the surface and yet exist or are likely to arise in the future. Examples: market potential, market share, image, market characteristics, sales analysis, forecasting, and trends research.
Problem-Solving Research Research undertaken to help solve specific marketing
problems. Examples: segmentation, product, pricing, promotion, and distribution research.
A Classification of Marketing Research
Marketing Research
Problem Identification Research
Market Potential ResearchMarket Share ResearchMarket Characteristics ResearchSales Analysis ResearchForecasting ResearchBusiness Trends Research
Segmentation Research
Product Research
Pricing Research
Promotion Research
Distribution Research
Problem Solving Research
Problem-Solving Research
Determine the basis of segmentation
Establish market potential and responsiveness for varioussegments
Select target markets
Create lifestyle profiles:demography, media, and product image characteristics
SEGMENTATION RESEARCH
Test concept
Determine optimal product design
Package tests
Product modification
Brand positioning and repositioning
Test marketing
Control score tests
PRODUCT RESEARCH
Problem-Solving Research
PRICING RESEARCH
Pricing policies
Importance of price in brand selection
Product line pricing
Price elasticity of demand
Initiating and responding to price changes $ALE
PROMOTIONAL RESEARCH
Optimal promotional budget
Sales promotion relationship
Optimal promotional mix
Copy decisions
Media decisions
Creative advertising testing
Evaluation of advertising effectiveness
Claim substantiation
Problem-Solving Research
DISTRIBUTION RESEARCH
Determine…
Types of distribution
Attitudes of channel members
Intensity of wholesale & resale coverage
Channel margins
Location of retail and wholesale outlets
Business Research Process
Step 1: Defining the Problem
Step 2: Developing an Approach to the Problem
Step 3: Formulating a Research Design
Step 4: Doing Field Work or Collecting Data
Step 5: Preparing and Analyzing Data
Step 6: Preparing and Presenting the Report
Business Research Process
The Role of Marketing Research
ControllableMarketing
• Product
• Pricing
• Promotion
• Distribution
VariablesMarketing Research
MarketingDecisionMaking
ProvidingInformation
AssessingInformationNeeds
Marketing Managers
• Market Segmentation
• Performance & Control
•Target Market Selection• Marketing Programs
UncontrollableEnvironmentalFactors
• Economy
• Technology
• Laws & Regulations
• Social & Cultural Factors
• Political Factors
• Consumers• Employees• Shareholders• Suppliers
Customer Groups
ClientNeeds Find Seek Plan Act
Solve Problem
Achieve Goal
How WeHelp
ClarifyDecisions
Research
Analysis
EvaluateInterpretFacilitate
Recommend
MarketPlanResearch
AdviseAssistExecution
Opportunity scan
Option generation
Refine options
Decision
Power Decisions’ Methodology
Strategy
A plan of action or policy designed to achieve a major or overall aim.
A long-term planning to achieve or to shape the future in right direction
Components of Strategy
‘Vision’Where you want to be?
Where you are right now?
Strategic Gap!!!
‘Mission’How you will reach there?
Objectives
Goal
Vision
A statement which describes ‘Where do you want to be in future?’
An aspirational description of what an organization would like to achieve or accomplish in the mid-term or long-term future. It is intended to serves as a clear guide for choosing current and future courses of action.
It provide you a direction to move ahead.
Mission
Mission statement describes ‘ How will you achieve your vision?’
A sentence describing a company's function, markets and competitive advantages; a short written statement of your business goals and philosophies
Objectives
To accomplish your mission statement, when you divide your path into some smaller steps, those steps are known as objectives.
A specific result that person or system aims to achieve within a time frame and with available resources. In general, objectives are more specific and easier to measure than goals.
Objectives are basic tools that underlie all planning and strategic activities. They serve as the basis for creating policy and evaluating performance.
Goal
The end result of an objective
An observable and measurable end result having one or more objectives to be achieved within a more or less fixed timeframe.
Tactics
The way to plan out a strategy
Means by which a strategy is carried out; planned and ad hoc activities meant to deal with the demands of the moment, and to move from one milestone to other in pursuit of the overall goal(s).
In an organization, strategy is decided by the board of directors, and tactics by the department heads for implementation by the junior officers and employees.
U.S Organization Headquarters Website U.S. Global Non-U.S. 2007
Top 15 U.S. Marketing Research Firms
1 The Nielsen Co. New York nielsen.com $2,173.0 $4,220.0 48.5%
2 IMS Health Inc. Norwalk, Conn. imshealth.com 801.0 2,192.6 63.5
3 Kantar Group* Fairfield, Conn. kantargroup.com 526.8 1,551.4 66.0
4 Westat Inc. Rockville, MD westat.com 467.8 467.8 —
5 IRI Chicago infores.com 441.0 702.0 37.2
6 TNS U.S. New York tnsglobal.com 379.8 2,137.2 82.2
7 Arbitron Inc. New York arbitron.com 338.5 352.1 3.9
8 GfK AG USANuremberg,
Germany gfk.com 319.7 1,603.00 80.1
9 Ipsos New York ipsos-na.com 281.2 1,270.30 77.9
10 Synovate London synovate.com 250.4 867.0 71.1
11 Maritz Research Fenton, Mo.maritzresearch.co
m 187.4 223.3 16.1
12 J.D. Power and Associates*Westlake Village,
Calif. jdpower.com 184.5 260.5 29.2
13 Harris Interactive Inc. Rochester, N.Y.harrisinteractive.c
om 161.0 227.0 29.1
14 The NPD Group Inc.Port Washington,
N.Y. npd.com 160.4 211.1 24.0
15
Opinion Research/ Guideline Group Omaha, Neb. infousa.com 124.7 206.7 39.7
16 Opinion Research Corp. Princeton, N.J.opinionresearch.c
om 97.5 179.5 45.7
Major Indian Marketing Research Firms
1 The Nielsen Co.
2 Ad Point
3 Advantage Strategies Pvt. Ltd.
4 B D B India
5 Cherry International
6 Data Search P Ltd.
7 Ameya Dyechem, India P LTd.
8 Genpact
9 Delphi Research Services
10 Research Services Bureau
11 Ugam Soultions
12 Melt Data Business Solution
13 Norma
14 IMRB International
15 GMRB
16 TNS
A C Nielsen in.nielsen.com A C Nielsen is one of the global leader in market research, information and analysis
Ad Point adpointindia.com Ad Point is a Rajkot-Gujarat based Ad Agency that provide all kinds of services
related to media and promotion
Advanced Strategist Pvt. Ltd.
astrategies.com Established in India in 2001 as India’s premier knowledge based emerging market
development company
NOrma normagroup.com NORMA, the most trusted research house in Kerala
Center for Research and Consultancy
crckochi.com Centre for Research & Consultancy (CR&C ) is the pioneer in Marketing Research and
Consultancy
Delphi delphiindia.com Delphi is a "specialist" research organization.
Market Pulsemarketpulseindia.com Market Pulse is a reputed marketing research
firm, with headquarters in New Delhi, India. They are providing incisive market and
consumer insight to businesses in India, other countries in Asia and USA.
Marketing Research Suppliers & Services
Internal suppliers External suppliers
Full-service suppliers Syndicated servicesStandardized servicesCustomized servicesInternet services
Limited-service suppliers Field servicesFocus groups and qualitative services Technical and analytical services Other services
Selected Marketing Research Career Descriptions Vice President of Marketing Research
The senior position in marketing research. The vice president (VP) is responsible for the entire marketing research operation of the company and serves on the top management team. This person sets the objectives and goals of the marketing research department.
Research Director Also a senior position. The research director has the general responsibility for the
development and execution of all the marketing research projects. Assistant Director of Research
Serves as an administrative assistant to the director and supervises some of the other marketing research staff members.
(Senior) Project Manager Has overall responsibility for design, implementation, and management of research
projects. Statistician/Data Processing Specialist
Serves as an expert on theory and application of statistical techniques. Responsibilities include experimental design, data processing, and analysis.
Selected Marketing Research Career Descriptions
Vice President of Marketing Research
• Part of company’s top management team
• Directs company’s entire market research
operation
• Sets the goals & objectives of the
marketing research department
Research Director
• Also part of senior management
• Heads the development and execution of all research projects
Assistant Director of Research
• Administrative assistant to director
• Supervises research staff members
Senior Project Manager• Responsible for design, implementation, & research
projects
Careers in Marketing Research
Career opportunities are available with marketing research firms (e.g., AC Nielsen, Burke)
Careers in business and non-business firms and agencies with in-house marketing research departments (e.g., Procter & Gamble, Coca-Cola, the Federal Trade Commission, United States Census Bureau)
Advertising agencies (e.g., BBDO International, Ogilvy & Mather, J. Walter Thompson)
Positions: VP of marketing research, research director/assistant director, project manager, field work director, statistician/data processing specialist, senior/junior analyst, and supervisor
A Sample of Marketing Research Jobs
Preparation for a Career in Marketing ResearchTake all the marketing courses you can.
Take courses in statistics and quantitative methods.
Acquire Internet and computer skills. Knowledge of programming languages is an added asset.
Take courses in psychology and consumer behavior.
Acquire effective written and verbal communication skills.
Think creatively. Creativity and common sense command a premium in marketing research.
InternationalAAPOR : American Association for Public Opinion Research (www.aapor.org)
AMA : American Marketing Association (www.ama.org)
ARF : The Advertising Research Foundation (www.amic.com/arf)
CASRO : The Council of American Survey Research Organizations
(www.casro.org)
MRA : Marketing Research Association (www.mra-net.org)
QRCA : Qualitative Research Consultants Association (www.qrca.org)
RIC : Research Industry Coalition (www.researchindustry.org)
Marketing Research Associations Online
International
ESOMAR: European Society for Opinion and Marketing Research (www.esomar.nl)
MRS: The Market Research Society (UK) (www.marketresearch.org.uk)
MRSA: The Market Research Society of Australia (www.mrsa.com.au)
PMRS: The Professional Marketing Research Society (Canada) (www.pmrs-aprm.com)
Marketing Research Associations Online