Marketing Research

An overview of Market Research Tools, Methodology and Process

Lecture 1: Overview of Marketing Research

Market Research Definitions

The function that links the consumer, customer, and public to the marketer through information. (Marketresearchcareers.com)

The systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company. (Kotler and Keller)

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Importance of Market Research

Helps businesses make informed decision, rather than just based on gut

1. Choose better markets

2. Develop better offerings

3. Execute a better marketing plan

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Overview of Market Research in Pakistan

In Pakistan, the market research is limited more or less to the following tools that are being used in both quantitative and qualitative areas. A simple rule for understanding qualitative and quantitative research is that quantitative provides the trend however qualitative provides the insights from the target market.

Market Research Techniques

Quantitative Tools
Retail Trackers Surveys Central Location Test Home Usage Test

Qualitative Tools
Focus Groups IHVs/IDIs/Connects Shopalong Retailer Study

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Market Research Process

1. Project Design 2. Secondary Sources 3. Sample Design

4. Instrument Design
5. Data Collection
4.1 Recruitment is an important step in practical market research as asking the right people the right questions is important for results.

6. Data Analysis 7. Reporting Results

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Quantitative and Qualitative Research

Quantitative The quantitative research is all about numbers. Example: 56% of 18 year old belonging to SEC A drink energy drink at least 4 times a day. (Tells you the figures does not tell you the reasons. Why? When? How?)

Qualitative The qualitative research is all about the consumer insight. Example: Most of the younger adults (ages 18-20 years) from SEC A like to have energy drinks when they are with their friends, just because it makes them look cool. (More details are covered here. Answers why, when and how.)

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Informs Marketing Plan

Product
Generate Ideas Tests Concepts Optimize Features Measure Satisfaction

Price
Evaluating pricing options Assess demand/profit maximization

Promotion
Segmentation/Positioning Testing Copy Testing

Placement
Evaluate distribution use or effectiveness

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