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Marketing research class lectures_17057244-Market-Research-System

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Marketing Management Module-2 Lesson# 10 Market research system Marketing Research Marketing Research is the systematic designing, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company. Companies normally budget marketing research at 1% to 2% of company sales. A large percentage of that is spent on the services of outside firms. Marketing Research Firms • • • • Marketing Research Firms fall into three categories; Syndicated-service research firms—These firms gather consumer and trade information, which they sell for a fee. E.g.,NCAER, ORG-MARG and IMRB International. Custom Marketing research Firms—They design and carry out research studies for various clients based on specific briefs. Speciality-line marketing research firms—These firms provide specialized research services, such as developing a research brief (they may hire academics and freelancers), collecting field data, and preparing data analyses and reports for other firms. Marketing Research Process Six Steps in Marketing Research Process: • Define the Problem, the decision alternatives, and the Research Objectives. • Develop the research plan. • Collect the information. • Analyze the information. • Present the findings. • Make the decision. 1. Define the Problem, the decision alternatives, and the Research Objectives. • Problems should not be defined either too broadly or too narrowly. There should be clarity on th ...
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