Ppt for MBA marketing management students

Ppt for mBA

1. Project Presentation on: Marketing Research – Nature, Scope, Need: a broad Overview Name: SHIV KUMAR SONI Roll no : HPGD/JL22/2768 Specialization : Marketing Management PRIN. L. N. WELINGKAR INSTITUTE OF MANAGEMENT DEVELOPMENT & RESEARCH YEAR OF SUBMISSION: July 2024

2. Introduction to Marketing Research: “Marketing research is the process of gathering, analyzing, and interpreting data to help businesses make informed marketing decisions. It involves identifying and defining marketing problems, collecting and analyzing data, and presenting findings and recommendations to support marketing strategies and tactics.”

3. “Unlocking Consumer insights for business success.” “A Systematic Approach to Understanding Your Market, Competitors, and Customers.”

4. Definition of Marketing Research: “Marketing research is the function that links the consumer, customer and public to the marketer through information – information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the methods for collecting information, manages and implements the data collection process, analyzes, and communicates the findings and their implications.” – American Marketing Association (AMA) – Official Definition of Marketing Research

5. Another Definition: According to American Marketing Association: “Marketing Research is the systematic gathering, recording and analysing of data about problems relating to the marketing of goods and services.” According to Philip Kotler: “Marketing research is a systematic problem analysis, model building and fact finding for the purpose of improved decision-making and control in marketing of goods and services.”

6. Objectives of Marketing Research Conducting marketing research is essential for businesses to achieve their marketing goals and objectives. The main goals of conducting marketing research are:

7. IMPORTANT OF MARKETING RESEARCH: A business faces many types of marketing problems. It faces problems about its product, price, place and promotion, product design, packaging, branding, marketing channels, advertising etc …., The need and importance of marketing research are depicted below: 1) PROVIDES VALUABLE DATA: Marketing research provides valuable data to the decision makers. It provides data about demand, supply, consumer behaviour, competition etc…, This is used for decision making. This data improves the quality of decisions. It makes the decision successful. 2) STUDIES CONSUMER BEHAVIOUR: It Provides data about consumer behaviour. It provides data about age, income, like, dislike, etc.., of the consumers. It also find out the opinions of the consumers about a company’s product. This data is used to make production and marketing policies.

8. IMPORTANCE OF MARKETING RESEARCH 3) SELECTS PROMOTIONAL TECHIQUES It helps the company to select suitable sales promotion techniques. It helps to select marketing techniques. It helps to select proper media for advertising it helps to solve the problems of after sales service. It also helps to prepare the budget for advertising and sales promotion. 4)Supplies marketing information it supplies data about the market situation The market related data is used to find out: a) The present future demand and supply position b) The level of competition and steps taken to control it c) Market opportunities d) the cause of fall in sales level

9. Importance of marketing research 5) EVALUATES MARKETING PERFORMANCE it helps the company to evaluate its marketing performance and to take steps to improve it it is used to find out the effect of price , package , brand name etc.., on sales. It is used to evaluate the inventory and pricing policies. It is also used to evaluate the effectiveness of advertising, sales promotion techniques, channels of distribution etc. 6) MISCELLANEOUS NEEDS AND IMPORTANCE Miscellaneous needs and importance of marketing research as follows: It improves the efficiency of the marketing department. This creates goodwill and good reputation. It helps the marketing manager to take the rational and effective decisions.

10. IMPORTANCE OF MARKETING RESEARCH It helps to choose suitable staff for doing research. It is used to make growth and expansion programs. It benefits all i.e. it benefits the company, distributor, advertising agency, consumer, government and the entire society.

11. STAGES IN MARKETING RESEARCH PROCESS Marketing Research Process

12. STAGES IN MARKETING RESEARCH PROCESS 1) DEFINE THE PROBLEM & RESEARCH OBJECTIVES Problem definition in specific terms must precede the determination of the Purpose of the research. In order to define the problem more precisely, some sort of exploratory research May also be undertaken. The methods popularly in use survey of secondary data Or pilot studies. After clarifying and identifying the research problem with or without exploratory Research, the researcher must make a formal statement of research objectives. Research objectives may be stated in qualitative or quantitative terms and expressed As research question statements or hypothesis.

13. STAGES IN MARKETING RESEARCH PROCESS 2) DEVELOP THE RESEARCH PLAN After defining the research problem and deciding the objectives, the research plan must be developed. A research plan is a master plan specifying the must procedure for collecting and analyzing the needed information. A research plan for gathering needed. Information is chalked out at this stage. It help in estimating the time, cost and human resources required for a research work. A research plan determines five vital aspects. Data sources Research approaches Research instruments Sampling Contact method

14. STAGES IN MARKETING RESEARCH PROCESS 3) COLLECT THE INFORMATIN This is the most expensive stage of research. Collecting primary data by interviewing, observing, and/or experimenting can be done by people machines. Unfortunately, this step is the weakest link in the research process. It is prone to errors. For example, some Respondents may not be available at home. They must be contacted again or replaced. Others may not cooperate. They give biased or biased or dishonest answers. It is equally difficult to motivate data collectors. Largely. They are part-time workers doing a monotonous job. They require proper training, incentive and supervision. Getting the right

15. STAGES IN MARKETING RESEARCH PROCESS 4) ANALYZE THE INFORMATION The value of research is determined by its results. Thus, data collected have to be analyzed and interpreted. The research tabulates the data. Averages and measures of dispersion are calculated for major variables. Advanced statistical techniques are also Used for discovering additional findings. Today, software tools are available for data entry, data management, analysis and presentation. Analysis of data provides general estimates, whereas interpretation draws. A specific and precise conclusion. It helps in preparing a final recommendation to the Management.

16. 5) PRESENT THE FINDINGS The research should present findings that are relevant to research objective. It has to help management in talking decisions. A research report is in effective tool used to present research findings. It reflects the skills and quality of the researches. It can be a written or an oral presentation, or both. Visual aids such as line chart, Pie chart, bar chart, pictographs, etc. can be used. A well-presented report Indicates the confidence levels of the researchers in presenting strategies that help in managerial decision-making. STAGES IN MARKETING RESEARCH PROCESS

17. A marketing information system (MIS) is a continuing and interacting structure of people, equipment and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information for use by marketing decision markers to improve their marketing planning, implementation and control. It is a permanent arrangement (system or setup) for provision of regular availability of relevant adequate and timely information for marking marketing decisions. MARKETING INFORMATION SYSTEM (MIS)

18. MARKETING INFORAMAT SYSTAM (MIS) FEATURES: Continuous system Permanent and continuous system of collection information. Basic Objective To provide the right information at the time to the right people to help them take right decision Computer-Based system Uses computer, so is up-to-date and accurate. Future oriented Provides information for solving future problems. Used by all levels Used by all three levels of management.

19. MARKETING INFORMATION SYSTEM (MIS) Sources Collects information form both internal and external sources. Collects Marketing information information about consumer competition, marketing environment etc..., Helps in Decision-making Supplies up-to-date and accurate information that helps take quick and right decisions.

20. MARKETING INFORMATION SYSTEM (MIS) ROLE OF MIS DECISION MAKING To improve the efficiency of company ‘s operations. To collect the information about the needs of the consumers. To provide pertinent decision-making information to marketing managers on regular basis. Helps recognize trends and changes. Analyzes marketing information and gathers it form sources inside and out an organization. Facilitates marketing planning and control. Provides marketing intelligence for the organization.

21. MARKETING INFORMATION SYSTAM (MIS) A. Internal reporting system The internal reporting enables a company to always be aware of how they are performing as a team and what issues may need addressing Marketing managers get lost of information form the internal records of the company these records provide current information about sales, costs, inventories, cash flows and accounts receivable and payable. The internal records that are of immediate value to marketing decisions are: orders received stockholdings and sales invoices . Most marketing managers use internal records and reports regularly especially for making day-to-day planning implementation and control decisions.

22. MARKETING INFORMATION SYSTEM(MIS) B. Marketing Intelligence System This information cannot be collected form the annual reports association and chambers of commerce, annual report of companies, etc. the salesmen’s report also contains information about market trends. It can also gather information from sales force, dealers and distributors, and suppliers. The information which is collected from the external sources cannot be used directly. It must be first evaluated and arranged in a proper order.it can be then used by the marketing manager for decisions and making policies about marketing .

23. PHARMACEUTICAL MARKET RESEARCH AREA

24. PHARMACEUTICAL MARKET RESEARCH AREA Retail Pharmacy Purchases: Measures the “inflow” of products from manufacturer to the pharmacy Prescribe drugs Indirect (through wholesalers) Direct Purchases from manufacturers Hospital Purchases: Growth of pharmaceutical purchases by hospitals has greatly exceeded purchases from pharmacies on a proportional basis. Measures the “inflow” of products from the manufacturer to the hospital .

25. PHARMACEUTICAL MARKET RESEARCH AREA Warehouse withdrawals: Measures the “outflow” of products from the warehouse to all purchasers. Prescription Drugs Does not reflect direct purchases from manufacturers. Provide ability to analyze small segment of the marketplace such as zip code or territories. Promotional Media: Monitoring of detailing visit to physicians by sales representatives. Monitoring of journal advertising Monitoring of direct mail advertising. Physician sampling

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