Marketin Research Dynamics essentials characters application

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1. Marketing research dynamics MODULE-1 02-12-2022

2. What is Marketing Research? A process with an objective of obtaining, analysing and interpreting data for exercising decision making in marketing is known as marketing research. Problems under marketing of products and services are systematically studied under this process. Definition by American Marketing Association (AMA): “ Marketing research is the function that links the consumer, customer, and public to the marketer through information—information used to identify and define opportunities and problems; generate, refine, and evaluate actions; monitor performance; and improve understanding of it as a process”. Definition by Philip Palmer: " Marketing research is about researching the whole of a company's marketing process” . Definition by Green and Tull: “Marketing research is the systematic and objective search for, and analysis of, information relevant to the identification and solution of any problem in the field of marketing”. 02-12-2022

3. When Marketing Research is Unnecessary? 1) Easy Access to secondary sources of data: The marketing research is unnecessary when there is easy or even free access available to authentic and reliable secondary data sources. 2) When the Business has a Ready Client Base : When the client is already committed to a buyback contract, and the full production of goods or services will be dedicated to that client or group of clients alone, the need for market research may be eliminated. 3) When the Business Involves a personal Skill : It is not necessary to conduct market research as a freelance self-employed writer or accountant. Therefore, marketing expenditure may be necessary to promote the availability of your services. 02-12-2022

4. NATURE OF MARKETING RESEARCH 1)Continuous Process: it is not only a systematic process but it is also a scientific and systematic process. It is a continuous process because every firm is faced with opportunities and problems. 2) Wide Scope: Since the market research includes product research, market research, consumer research, promotion research etc, it is termed to have a wider scope. 3)Aid to decision making: It helps managers to take practical decisions. Decisions based on experience and research is better than decision based on intuition. 4)Uncertainty of Conclusions: Consumer behaviour is difficult to judge precisely, due to this nature it suffers from certain level of inaccuracy. 5) Applied research: It is an applied research, as it begins with defining or identifying a problem or opportunity, and ends with a follow up of recommendations made from research. 6) Commercial Intelligence: Marketing research is equivalent of military intelligence. It provides vital insights and information of the products and services. 7) statistical Tools: Various mathematical and statistical tools are used for data analysis and interpretation. Percentages, ratios are used for presentation and interpretation. 02-12-2022

5. 8) Research Approaches: the research methodologies include several options like survey method, the observation method and the experimentation method. 9) Links a company to the consumers and Public: It is a function that links the public to the consumers, customers and public through information. The evaluation results in collection of information that brings company closer to its consumer and society. 02-12-2022

6. Scope of Marketing Research 02-12-2022

7. Scope of Marketing Research The scope of marketing is same as that of the marketing. When the problem in the scope of marketing arises, there is a need for marketing research. This means marketing will always be followed by marketing research. The scope of marketing research is very vast, and it also covers all the aspects of marketing. The scope of marketing research is as follows: 1) Large-Scale Production: Marketing research helps the producers to take production related decisions which further leads to optimum usage of available resources. 2) Helps in Dealing with complex market: Marketing research helps in communicating with the growing markets. The presence of middleman a wide communication gap will be created between the producer and consumer and this can be rectified by marketing research. 3)Pattern of Consumption: It is important for the marketing managers to have knowledge regarding the consumption pattern of the buyers. Such information is assessed by the help of the data obtained by the marketing research. 02-12-2022

8. 4) Suitable Marketing Operations: For any organisation marketing as well as production operations are the key tools for generating revenue from the market. So, the information collected from the market research helps in effectively determining marketing as well as production operations. 5) Marketing Strategy: It is mandatory to all the organisation to put forth their marketing strategy in order to face the competition in the market and to survive with their own strategy for it. 6)Segmentation and Targeting: The organisation must look into their target markets based on the survey which is nothing but the market research, with which it can segment the whole market into their particular target market. 7) Product Development: Customer feedbacks play a very important role in the product development. The customer directs the organisation how the existing product can be improvised or what new product the market is in need of. 8) Marketing communication and Media selection: Advertising effectiveness research examines the effectiveness of advertising and marketing communications. It also can identify when consumers are not paying attention any longer in the particular ad campaign and so on. 9) Market and Competitive analysis: it will examine the current marketing situation faced by a company or brand and then identify potential markets. Many organisations use this on continuous basis. 02-12-2022

9. OBJECTIVES OF MARKETING RESEARCH 1) To undertake detailed study regarding customer’s needs, wants and expectations. 2) To analyse the responses of consumers towards products and services offered by the firm. 3) To asses the firms sales promotional activities for implementing required improvement and adjustments. 4) To analyse existing marketing problems and opportunities for implementing appropriate actions. 5) To assist the firms in identifying new uses of the existing products, improving existing products or launching a totally new product in the market. 6) To assist in designing and testing appropriate packages of the products and making attractive packaging for the product. 7) To analyse the current distribution channels, pricing and market competition for appropriate modification. 8) To identify various techniques through which popularity of the firms product can be enhanced as well as goodwill and market reputation of the firm can be raised. 02-12-2022

10. 9) To evaluate the competitive policies and competitive strength of the firm. 10) To determine the purchasing power of buyers in different regions. 11)To estimate the total market share to be captured by the firm. 12) To analyse various aspects of marketing issues, evaluating the alternative solutions and selecting the corrective action. 13) To outline prospective markets for a specialised product and to provide report about the overall market environment, its prevailing scenario, and buying patterns. 02-12-2022

11. MARKETING RESEARCH PROCESS 1) Problem Definition: The foremost work is the identification and determination of the research problem. The problem should not be too narrow or too broad. The research problem which is clearly defined solves half of the problem. 2) Development of an Approach to the problem: It is the determination of required information and formulation of objective for theoretical framework and hypothesis. Discussions with different industry experts are organised to develop the approach to the problem. 3) Research Design Formulation: The conceptual framework within which research must be conducted is known as research design. These methods should be conveyed by the researcher. It is mainly used to contribute to the collection of applicable evidence and proofs involving minimum time, effort and money. It is classified into three categories: i) Exploratory Research ii) Descriptive Research iii) causal Research 02-12-2022

12. 4)Fieldwork or Data Collection: After the problem is formulated, data collection is performed systematically. This step is intermediary stage between theoretical and practical aspects of a research. Without having accurate data about the research problem, it is not possible to complete a study as it works as a source of information which is helpful in getting the solution. 5) Data Preparation, Analysis and Interpretation: Editing, coding, transcription and verification of data are the main activities involved in data preparation. Organising and analysing the data facilitates the researchers to understand the feature of the sample. The meaning and valuation of the results depend upon the process of interpreting the results. 6) Report Preparation and Presentation: The final step of any research is to prepare a report. After collecting all the data, analysing and interpreting, the last step is to present those phases in a written form. The results of the reports can be posted on the web and the managers worldwide can access it from anywhere. 02-12-2022

13. TECHNIQUES OF MARKETING RESEARCH 02-12-2022

14. TECHNIQUES OF MARKETING RESEARCH 1)Survey Method: Surveys are carried out with the help of well constructed questionnaire. It is a systematic descriptive technique that is conducted to collect the information from a sample of individuals drawn from a large population. 2)Observation method: The method involving the systematic recording and assessment of behavioural forms of a particular individual, object or event so as to collect desired information about a research problem without any personal communication is called ‘Observation’. 3) Experimentation: An important method to collect primary data is experimentation. In experimentation, the causal relationship is determined and analysed between variables. Experimentation is carried out with the objective to study effect on a dependent variable by causing a change in the independent variable. 4) Warranty Cards: Warranty cards are generally used by the dealers of consumer durables to get the feedback of products from their consumers. These are the postal sized cards placed within the package of product. 02-12-2022

15. 5) Distributor or store audits: Both manufacturers and distributors perform distributor or store audits through their sales representatives after short intervals. 6) Pantry Audits: The information collected in the pantry audit is obtained by examining consumers pantry. This method of research is used to evaluate the total quantity of product that has been consumed at the consumer level. 7) Panels/Consumer Panels: Panels are mostly used progressively for syndicated research projects. In this method, a panel of study units such as organisation, households, retail stores etc., are formed from which data is collected periodically. 8) Use of Mechanical Devices: The modern devices like audiometer, eye camera are used by the business firms(especially firms in advanced nations) to gather required information. 9) Content Analysis: The process of inspecting or studying the content of different documentary materials such as magazines, books, newspapers other verbal materials, which can be printed or spoken, is known as 'content analysis’. 10) Focus Groups: Focus group is a method in which a group of respondents is selected so as to collect desired information through a formal interactive session. It is also called 'group interviewing method'. In this, the respondents response to the questions of a moderator (sometimes researcher himself/herself) to discuss about the given topic or research problem. 02-12-2022

16. Field Trials: Under this technique, the researcher exercises practical approach in which the product is placed in some of the selected stores for selling. This is done to test customer response under real life selling conditions. 02-12-2022

17. IMPORTANCE OF MARKETING RESEARCH 1)Decision making: Marketing research facilitates decision-making in the organization. By providing analyzed and processed information about the market, consumer or the business environment, it helps managers in taking crucial marketing decisions. 2) Management Planning: Another importance of marketing research is to aid organizations in management planning. Different opportunities available in the market are explored by marketing research and some promising ones are selected by the management. 3) Problem Solving : Marketing research also assists managers in solving different management problems- A manager faces decision related problems with respect to the marketing mix elements of the organization. Different short-term as well as long-term decisions have to be taken by the manager so as to make the marketing of the organization effective and competitive. 4) Control Technique: Marketing research is also used as a controlling technique for the organization. It' helps in controlling as well as managing different plans and policies of the organization by exploring defective or poor management decisions within the organization. 02-12-2022

18. 5) Operating Managerial Functions: Different business functions are based on the information from the market. This information is collected through marketing research methods. Therefore, it helps in operating different managerial functions like forecasting, planning, motivating, coordinating, controlling, evaluation, etc. 6) Identifying Marketing Opportunities and constraints: F or development of any kind of marketing strategy, it is required to first identify the marketing opportunities and threats available in the environment. Marketing research identifies the opportunities and threats available in the market and helps marketers in following manner: i) Determination of potential competitors and their strength in the market. ii) Level of customer satisfaction with the existing market offerings. iii) Determination of unmet customer needs. iv) Customer's perception regarding current products offered to them in comparison to competitor's product. 7) Understanding the competitive Environment: The firms' overall competitiveness can be maintained and improved significantly with the help of marketing research. For the purpose of analyzing the future opportunities and threats, information regarding the market environment is collected and evaluated by many firms. 02-12-2022

19. 8) Predicting the results: It is possible to predict or forecast the outcomes of various marketing decisions or' consumer actions with the help of marketing research. In order to use suggestive selling approach, retailers mainly prefer predictive research for knowing the various items that are collectively bought by the customers. 9) Minimizing Risk: The various risks associated with the marketing decisions can also be minimized with the help of marketing research. The expected sales of products either regionally or nationally are forecasted by many small firms with the help of marketing researches. 10) Evaluating Success: The success of any business can also be evaluated With the help of marketing research. In order to ensure the level of customer satisfaction with respect to the products offered, various marketing researches are conducted by the consumer products companies. It is also used in the evaluation of specific attribute ratings conducted by the business firm. 02-12-2022

20. LIMITATIONS OF MARKET RESEARCH 1) Trends to be Fragmentary in Approach: The very first limitation of marketing research is that it tends to be fragmentary in its approach. As the name suggests, fragmentary here means the approach developed towards gathering information and solving problem is done in parts and as a result, joining these parts and understanding the overall perspective of the marketing problem becomes difficult. 2) Defective and superficial Outcomes: There is a lot of criticism of marketing research for being too superficial and defective. A marketer cannot blindly rely on the outcome produced by it. Despite being dependent on the scientific grounds, and having good principles, such defects prevail. The reason for this can be the untrained managers involved in the process of marketing research. 3) Not a science: Marketing research cannot be called a science and hence, there are number of hindrances in the way of getting accurate results from it. This means that the researchers cannot rely completely on the outcomes of marketing research. 4) Gets diverted from the objective: Sometimes, communication gaps are developed between the marketing research team and the marketing management department. As a result, the marketing research gets diverted from the main objective of the marketing department. 02-12-2022

21. 5) Can be Missed: Marketing research can be misused by certain entities. Although, this is not a direct limitation of the marketing research. Deliberate delay of decision making is an example of misuse of marketing research. A manager may misuse this for intentionally making delays in the decision by asking to wait until the outcome of the market research is obtained. 02-12-2022

22. MARKETING RESEARCH IN 21 st CENTURY Modern markets: perhaps one of the most important trends impacting marketing research is internet-based markets. Business models such as the sharing economy or digital matching firms have emerged from advanced technology platforms and become highly successful, digitally connected marketplaces (Harrison & Hair 2017). Examples include internet-based companies such as Uber, Amazon, Airbnb, Salesforce and Netflix that have forged successful new business models, ultimately revolutionizing industries. Emergence of Big Data: Companies and customers are producing large amounts of data from various touchpoints. On the customer side data is captured through heavily promoted omni-channel experiences. As examples. consider Target's buy online and immediate pickup in store. Amazon's prime membership and associated sales and shipping relationships. or FedEx's use of blockchain methodology for managing customer dispute data and as an efficient method for tracking packages, all are producing mountains of useful information for both business and consumer sides of transactions . Transformative Marketing: As the amount, type (structured and unstructured), and complexity of data changes, so do the methods of research necessary to support these developments. The variety; velocity and volume of data stems from changing marketing environments, emerging technology, and the lower cost of collecting and storing data. 02-12-2022

23. THREATS TO MARKETING RESEARCH 02-12-2022

24. THREATS TO MARKETING RESEARCH 1) Narrow Conceptions: Marketing research is perceived as data collection activity only i.e. n clerical job. This is because the marketer never comes in forward of respondents and explains to hint the objectives of research or purpose of research. 2) Improper Orientation of the investigators: Data collection activity is given to students without imparting any training to them. The respondents are just given quota i.e. they have to complete say 100 surveys in one week's time and submit 100 questionnaires. This hampers the accuracy of the survey. 3) Less Concern: Well designed and planned survey which is to be completed by conducting personal interviews might take 4 to 6 months time. In marketer's opinion, the survey should not take more than one month's time since he perceives it as clerical job. 4) Cost Affair: Field research is always very costly because the expenses like traveling, conveyance, lodging, meals, communication. etc. incur a heavy amount. 5) Biasness: Researches may have biased due to: . i) Improper research techniques. ii) Inadequate skill of investigator. iii) Researcher inclined towards pre-determined results. 02-12-2022

25. Ethics in marketing research Ethics are norms or standards of behavior that guide moral choices about our behavior and our relationships with others. The goal of ethics in research is to ensure that no one is harmed or suffers adverse consequences from research activities. This objective is usually achieved. However, unethical activities are pervasive and include violating non-disclosure agreements, breaking participant confidentiality, misrepresenting results, deceiving people, invoicing irregularities, avoiding legal liability, and more. The Council of American Survey Research Organization (CASRO) has also established a detailed code of Marketing research ethics to which its members adhere. Normally, three parties are involved in a marketing research project: 1) The client who sponsors the project, 2) The supplier who designs and executes the research, and 3) The respondent who provides the information. 02-12-2022

26. CODE OF ETHICS OF MARKETING RESEARCH ASSOCIATION 1) To maintain high standards of competence and integrity in marketing and survey research. 2) To maintain the highest level of business and professional conduct and to comply with Federal, State and local laws, regulations and ordinances applicable to my business practice and those of my company. 3) To exercise all reasonable care and to observe the best standards of objectivity and accuracy in the development. collection, processing and reporting of marketing and survey research information. 4) To protect the anonymity of respondents and hold all information concerning an individual respondent privileged, such that this information is used only within the context of the particular study. 5) To thoroughly instruct and supervise all persons for whose work I am responsible in accordance with study specifications and general research techniques. 6) To observe the rights of ownership of all materials received from and/or developed for clients, and to keep in confidence all research techniques, data and other information considered confidential by their owners. 7) To make available to clients such details on the research methods and techniques of an assignment as may be reasonably required for proper interpretation of the data, providing this reporting does not violate the confidence of respondents or clients. 02-12-2022

27. 8) To promote the trust of the public for marketing and survey research activities and to avoid any procedure which misrepresents the activities of a respondent, the rewards of cooperation or the uses of data. 9) To refrain from referring to membership in this organization as proof of competence, since the organization does not so certify any person or organization. 10) To encourage the observance of principles of this code among all people engaged in marketing and survey research. 02-12-2022

28. TYPES OF ETHICAL ISSUE IN RESEARCH 02-12-2022

29. RESPONDENTS : Respondents are one of the major stakeholders because without their involvement the research is not possible. Therefore, market researchers should protect the respondents from unethical research practices. Using participants or subjects involves selecting an appropriate population of individuals, because one cannot test every individual in the population (especially when that population is very large), one must select a sample of individuals for inclusion in the study. Ethical issues with Respondents: 1) Conducting survey to sell products: Respondents have been deliberately deceived by researchers. Some unethical marketers have been known to tell respondents that they were conducting a survey which actually lead-in to a sales presentation, or to get information that could be used for sales leads or mailing lists. This is called sugging in trade language. It is illegal as well as unethical. 02-12-2022

30. 2) Invasion of the Privacy of Respondents: The privacy of the respondent is a legal right and hence it must be protected. It means that respondents, who are promised with the anonymity or confidentiality, should be given the same. Respondents should also not be contacted at times which are inconvenient for them. Another concert is also the buying and selling of mailing lists through deceptive means also forms a part of these unethical practices. ETHICAL TREATMENT OF RESPONDENTS: 1) Explain study benefits: Whenever direct contact is made with a participant, the researcher should discuss neither the study's benefits, being careful to neither over-state nor under-state the benefits. An interviewer should begin an introduction with his or her name, the name of the research organization, and a brief description of the purpose and benefit of the research. 2) Explain Participant Rights and Protections: Deception occurs when the participants are told only part of the truth or when the truth is fully compromised. Some believe this should never occur. Others suggest two reasons for deception: i) To prevent biasing the participants before the survey or experiment, and ii) To protect the confidentiality of a third party (e.g., the sponsor). 02-12-2022

31. 3) Informed Consent: Securing informed consent front participants is a matter of fully disclosing the procedures of the proposed survey or other research design before requesting permission to proceed with the study. There are exceptions that argue for a signed consent form. When dealing with children, it is wise to have a parent or other person with legal standing sign a consent form. 4) Debriefing Participants: Debriefing involves several activities following the collection of data: i) Explanation of any deception. ii) Description of the hypothesis, goal, or purpose of the study, iii) Post-study sharing of results. iv) Post-study follow-up medical or psychological attention 5) Rights to Privacy: Once the guarantee of confidentiality is given. protecting that confidentiality is essential the rewarder protects participant confidentiality in several ways: i) Obtaining signed non disclosure documents. ii) Restricting access to participant identification. iii) Revealing participant information. iv) Restricting access to data instruments where the participant is identified. v) Not disclosing data sub-sets. 02-12-2022

32. CLIENTS: The complexity that is surrounding the research-client relationship deserves special attention from an ethical standpoint. Review boards and peer groups help researchers examine their research proposals for ethical dilemmas. Responsible researchers anticipate ethical dilemmas and attempt to adjust the design, procedures, and protocols during the planning process rather than treating them as afterthought. Ethical issues with Clients: 1) Abuse of Position: Since the researcher possesses the research expertise, the researcher has a responsibility not to take unfair advantage of his position. The researcher should make every effort to follow correct research procedures. adopt a suitable approach and research design. 2) Unnecessary Research: The researcher has the ethical duty not to perform unnecessary research, primary research is not required if secondary data provide necessary information. 02-12-2022

33. 3) Unqualified Research: Th e researcher sometimes may not possess technical expertise that is required for the research. Thus, it is his duty to let the client know these limitations and refuse the project. 4) Disclosure of identity: The client has the right to expect that its identity will be protected before. during, and after the completion of the project. The researcher is ethically hound not to reveal the client's identity to competitors, respondents, etc., without the consent of the client involved. Ethical Treatment of Clients: 1) Confidentiality: Some sponsors wish to undertake research without revealing themselves. They have a right to several types of confidentiality, including sponsor non-disclosure, purpose non-disclosure, and Findings non-disclosure. Companies have a right to dissociate themselves from the sponsorship of a research project. This type of confidentiality is called 'sponsor non-disclosure’. 2) Right to quality research: An important ethical consideration for the researcher and the sponsor is the sponsor's right to quality research. This right entails: i) Providing a research design appropriate for the research question. ii) Maximizing the sponsor's value for the resources expended. iii) Providing data-handling and reporting techniques appropriate for the data collected. 02-12-2022

34. 3) Sponsor’s Ethics: Occasionally, research specialists may be asked by sponsors to participate in unethical behavior. Compliance by the researcher would be a breach of ethical standards. Some examples to be avoided are: i) Violating participant confidentiality. ii) Changing data or creating false data to meet desired objectives. iii) Changing data presentations or interpretations. iv) Interpreting data from a biased perspective. v) Omitting sections of data analysis and conclusions. vi) Making recommendations beyond the scope of the data collected. 02-12-2022

35. RESEARCHERS The researcher or the researcher has the right to be treated ethically as Well. Another ethical responsibility of researchers is their team's safety as well as their own. In addition, the responsibility for ethical behavior rests with the researcher who, along with assistants. is charged with protecting the anonymity or both the sponsor and the participant. Ethical issues with Researchers: 1) Improper Solicitation: When a research firm submits a proposal to a prospective client, it should he confident that the client is serious!, considering employing it to conduct the research projects. The client should not make an attempt to misuse the first proposal by turning it over to another firm for execution. The research proposal is the property or the research firm. 2) Proprietary Techniques: The researcher has the right to expect that the proprietary techniques will not be revealed by the client to other research firms. The client should also refrain from using these techniques in future without prior permission by the researcher who has developed the technique. 02-12-2022

36. 3) Misrepresentation of Findings: The client should not distort the research findings to their own benefit at the expense of the researcher's reputation. The client should reveal the truth and nothing else . 4) Additional Request: The client assigning the project to a particular researcher may request him provide project cost. This extra information involves additional some additional information at the original p expenditure of the researcher. Ethical Issues with Researchers: 1) Safety: It is the researcher's responsibility to design a surveyors, experimenters, or observers is protected. Several factors may be considered for ensuring a researcher's right to safety. 2) Ethical Behavior of Assistants: Researchers should require ethical compliance from team members just as sponsors expect ethical behavior from the researcher. Assistants are expected to carry out the sampling plan, to interview or observe participants without bias , and to accurately record all necessary data. Unethical behavior, such as filling in an interview sheet without having asked the participant the questions, cannot be tolerated. 3) Protection of Anonymity: Researchers and assistants protect the confidentiality of the sponsor's information and the anonymity of the participants. Each researcher handling data should be required to sign a confidentiality and non-disclosure statement. 02-12-2022

37. INTRODUCTION TO MARKET INTELLIGENCE Market intelligence is defined as the information or data that is derived by an organization from the market it operates in or wants to operate in, to help determine market segmentation, market penetration, market opportunity, and existing market metrics. Market intelligence is A vital aspect to understand the state of the market, as well as helps collect competitor intelligence which in turn aids towards becoming profitable. Marketing intelligence is data that is relevant to the marketing efforts of an organization. According to Igbnekeme , "It is an important instillment in gathering relevant information for marketing managers. executives, and management to make decisions, under certainty, uncertainty, out risk." According to Smith , Market intelligence is the process of gathering information in business and thus allow a business managers to fast-track the decision-making process." 02-12-2022

38. CHARACTERISTICS OF GREAT MARKET INTELLIGENCE 1) Specific : Category managers ask a lot of extremely specific questions. They might want to know, for example, how switching a supply source from Brazil to South Africa might affect costs and risk. 2) Objective: Decisions made using inaccurate or biased intelligence may not be the right ones for the business and may even he actively damaging. Independent intelligence that isn't biased towards a particular organization, geography or worldview will provide a more reliable foundation for decision-making. 3)Current: The market environment is constantly in flux — look at how the price of oil fluctuated unpredictably throughout 2018, for example, or the impact of China's 2019 swine fever outbreak on global pork prices. Intelligence based on last month's or last year's data can cause buyers to make subpar decisions and may even damage procurement's credibility with stakeholders. 4) Robust: When making strategic decisions, category managers need robust, reliable evidence drawn front multiple data sources. The cost indicated by a single supplier isn't sufficient to build a robust country model. 02-12-2022

39. 5) Contextual: Intelligence must be contextualized to the business and end users: analysis that leads to actionable insights and not just more noise. Only by ensuring that relevant and reliable insight is distilled from multiple data sources will category managers get guidance on the "so what'?" to support goals around innovation, risk management and category excellence. 6) Meaningful: Intelligence that is poorly presented (for example, in multiple spreadsheets) could he misinterpreted or it may take a long time for different stakeholders to understand what they're looking at and come to a consensus decision about what to do. For the best results, procurement professionals should present intelligence its a compelling and immediately meaningful way to everyone who needs to use. 02-12-2022

40. COMPONENTS OF MARKETING INTELLIGENCE: 1) Competitors Intelligence: Competitors' intelligence gathers all relevant data of one's competitors to use it in devising a marketing strategy. Also, in the process, it is necessary to do a SWOT analysis of one's own company us understand its current position. 2) Product intelligence: T he purpose Is to optimize the product quality to meet the customer's expectations. For the production of the physical product. it is essential to look into the production process. Utilize the data gathered on the customer behavior and preference to make the necessary changes in the product. 3) Market Understanding: For the successful operation of a company, it is important to understand the market. After the production of the product, the company should analyze whether it will be profitable in the ' target market. Marketing intelligence helps a company to gather the required data that is necessary for their 'future planning. 4) Customer Understanding: Understanding the customer is the main aspect of establishing and expanding the business. It is important to know about the customer's purchase pattern, preference, and reasons for substituting one's product with the competitor's. 02-12-2022

41. Need for Marketing Intelligence Allows business managers to fast-track the decision-making process. Knowing what the competitors are up to and staying one step ahead of them. Developing knowledge and skills in connecting the customer and the product. Help the marketing manager., executives, and management make decisions under certainty, uncertainty, and risk. Used by marketing decision-makers for the overall efficiency and efficacy of business operations. Facilitating inter-functional coordination that permits an agile response to change. Enhance the tactical and strategic decision-making process. Maintain its competitive position in the industry. Identify opportunities in emerging market sectors and new partnership arrangements to reduce geographic expansions. Provides small business companies with information from the business environment for decision making 02-12-2022

42. Domains of marketing Intelligence: 1)Product decisions: Marketing intelligence helps in making decisions on investing in new products and also in optimizing product specifications or offering to target customer groups. 2) Customer Segmentation Decisions: Customer Segmentation Decisions: Marketing intelligence gives an opportunity for companies to study the impact of advertisements— before and after advertisements. Based on research and audience composition, marketing intelligence gives companies the flexibility to choose advertising media. Finally. MI also gives companies enough information for selection of target segments. 3) Brand and Pricing decisions: Marketing intelligence helps decision makers in building brand 'equity and consciousness among the targeted customer segments. Gathering marketing intelligence also helps capture popular perceptions and changing trends, tastes, and lifestyles. 4) Keeping stake holders happy: Understanding stakeholder needs and responding to them keeps all stakeholders—customers, channels, and suppliers—satisfied. A satisfied customer is a profitable customer. 5) Market Estimation, Competitive Benchmarking, and Distribution: Marketing intelligence also helps in quantitative analysis of market forces—estimating size of the market, quantitative and behavioral analysis of the market, and forecasting future trends/needs. Marketing intelligence also helps in market share analyses. 02-12-2022

43. Sourcing Market Intelligence: Internal Sources: 1) Desk Research: An interact search of freely-available sources, like trade publications, analyst reports and supplier websites, can yield quick answers to simple questions. While it costs nothing (apart from the time spent), the data isn't always objective or aligned to the question being asked, and us it's available to everyone, it doesn't provide an advantage. 2) Information from suppliers: Suppliers and internal stakeholders can be useful sources of information. offering specific knowledge of individual products, categories, countries and factors affecting the supply chain. This information can be helpful but should be triangulated against other independent data points to remove any bias and to gain a more rounded picture. 3) Internal intelligence team: Organizations that are serious about procurement's strategic potential may consider establishing an internal intelligence team to research specific queries. This can transform procurement's contribution to the business, but it represents a major investment and the necessary data science and data engineering skills may be hard to find. 02-12-2022

44. Sourcing Market Intelligence: External Sources: 1) Syndicated Intelligence Provider: Conducted and funded by a market research firm, independent research from a syndicated intelligence provider can deliver reliable, objective, high-level data on market trends. However, the templatized (that is, standard) reports are designed for a broad audience, so are unlikely to offer the level of granularity needed to answer specific questions. 2) Custom Intelligence Provider: A custom intelligence partner can provide robust, objective and evidence-based research in response to specific questions — often using a mix client's internal data. They can also conduct primary research to get information directly Isom souses, which can be difficult to do in-house. 3) Hybrid Intelligence Provider: A new breed of hybrid provider is emerging, offering both templatized research and customized intelligence services. This option can provide the best of both worlds: readily-available independent research into broad market trends, and the ability to conduct in-depth custom research when there's a specific question that procurement needs to answer. 02-12-2022

45. Advantages of Marketing Intelligence: 1) Collecting Market data: By collecting data about your competitors, the position of a company, demands of the customers, feedback about your company and to what extent is it fulfilling the needs of customers. 2) Improving the quality of Products and services: A major advantage of market intelligence is, a company can acquire customer reviews about the quality and quantity of the products and services. The companies can find out why and how the products and services need to improvise. 3) Understand the customers: By understanding the needs and requirements of the customers a company , can provide goods and services accordingly. This way a company can build a rapport with the customers, and can also bring in new customers. 4) Launch new products and services: Market Intelligence can help a company in coming with those products that are in demand but not available in the market. By producing commodities that are lacking but high in need, a company can easily get a large number of customers, eventually, it may result in gaining high profits and the long run of a business. 5) Position in the industry: When a company provides quality products and services according to the customer demands, it will increase the revenue and profit margin. This will raise the position of a company in the market and make the brand successful. 02-12-2022

46. THANK YOU 02-12-2022