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MARKETING RESEARCH Nature and Scope
Presented By: Bharat Mahajan Roll No. 07-MBA-09
MARKETING RESEARCH
Definition: The systematic and objective identification, collection, analysis, and dissemination of information for the purpose of assisting management in decision making related to the identification and solution of problems and opportunities in marketing. Goal: to identify and assess how changing elements of the marketing mix impact customer behavior.
Research
Comprises defining and redefining problems
Formulating hypothesis or suggested solutions
Collecting, organizing, and evaluating data
Making deductions and reaching conclusions
And at last carefully testing the conclusion to determine whether they fit the formulation
Nature:
Systematic
Objective
Involves the identification, collection, analysis, and dissemination of information
Scope: The scope of marketing research could cover the business problems relating to the following:
Types of consumers that comprise present and potential markets. Buying habits and pattern of consumption. Size and location of different markets, not only in India but also overseas.
Scope:
The prospects for growth or construction for the current markets being served.
New mantras of emerging segments.
Marketing and manufacturing capabilities of competitors.
Most suitable entry timing.
The current and prospective competitive position.
Chances of improvement of current channels.
Optimum use of promo- tools.
Applications of Marketing Research
Pricing Research Product Research Concept Testing Positioning Research Customer Satisfaction Research Branding Research Advertising Research Market Segmentation Sales Analysis
Obstacles: Due to globalization, liberalization and privatization Narrow conception Improper orientation of the investigator Late results Conditional findings Biasness Improper research technique Inadequate skill of investigator Research inclined towards predetermined research