MARKETING RESEARCH

Process of marketing research Benefits of marketing research

Process of marketing research

Defining the problem Developing alternative courses of

action Collection of data Tabulation of data Analysis and interpretation Preparation of research reports

Defining the problem

In this step researcher should define the problem which will help him to find out ways which can be followed for performing research task. For e.g. increasing sales.

Choose alternative course of action

In this step researcher choose the best alternative option for making research

Collection of data

In this step researcher collect the data from different sources i.e. internal and external sources.

Internal sources like company records.

External sources like from consumers, suppliers, magazines etc.

Tabulation of data

In this step data is systematically tabulated. In this step data is presented in form of tables and diagrams.

Analysis & interpretation

In this step analysis and interpretation of data is done for reaching certain conclusions.

Preparation of reports

In this step result of research is put in written form called ‘the report’. It should highlight the alternative solution to the problem under study.

Benefits of marketing research

Production as per consumer needs Increase in sales Discovering new opportunities Reducing marketing costs Helping in planning Guides sales promotion efforts

Production as per consumer needs

Marketing research help in providing information about change in tastes & preference of consumer

Increase in sales

Marketing research also help in increasing sales by best ways of reaching consumer , proper timing of sale promotions.

Discovering new opportunities

Marketing research also help in discovering new opportunities for consumers by various means for providing them satisfaction.

Reducing marketing cost

Marketing research also help in reducing marketing expenses by avoiding duplication in marketing efforts.

Helping in planning

Marketing research also helps in planning for sales by forecasts change in demand, change in market

Guide sales promotion efforts

Marketing research also guide sale promotion efforts