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Welcome To decisiondatabases

Learn about the systematic and objective process of marketing research, including problem definition, research design, data analysis, and reporting. Discover how marketing research helps in identifying opportunities, analyzing market segments, and planning marketing strategies. Understand the importance of competitive analysis and defining industry boundaries.

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Welcome To decisiondatabases

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  1. Welcome Towww.decisiondatabases.com

  2. Introduction toMarket Research

  3. Marketing Research Defined The systematic and objective process of generating information for aid in making marketing decisions.

  4. The Marketing Research Process • Define the Problem • Develop an Approach to the Problem • Type of Study? Exploratory, Descriptive, Causal? • Mgmt & Research Questions, Hypotheses • Formulate a Research Design • Methodology • Questionnaire Design • Fieldwork • Prepare & Analyze the Data • Prepare & Present the Report

  5. Marketing Research Types Basic research Applied research

  6. Basic Research • Attempts to expand the limits of knowledge • Not directly involved in the solution to a pragmatic problem

  7. Applied Research • Conducted when a decision must be made about a specific real-life problem

  8. Using Marketing Research • We can use Marketing Research to: • Identify & Evaluate Opportunities • Analyze Market Segments • Select Target Markets • Plan & Implement Marketing Mixes • Analyze Marketing Performance • Performance Monitoring Research

  9. Determining When to Conduct Marketing Research Time Constraints Availability of Data Nature of the Decision Benefits vs. Costs Is sufficient time available? Information already on hand inadequate? Is the decision of strategic or tactical importance? Does the information value exceed the research cost? Conduct Marketing Research Yes Yes Yes Yes No No No No Do Not Conduct Marketing Research

  10. ALWAYS Remember • Marketing Research is a tool. • It assists marketing managers in their decision making. • IT IS NOT A REPLACEMENT FOR MANAGERIAL JUDGEMENT!!

  11. Competitive Analysis

  12. Industry and Competitive Analysis • What are the boundaries of the industry? 2. What is the structure of the industry? Questions involved 3. Which firms are our competitors? 4. What are the major determinants of competition?

  13. Why a Definition of Industry Boundaries is Important? • Helps executives determine arena in which their firm competes • Focuses attention on firm’s competitors • Helps executives determine key factors for success • Gives executives another basis on which to evaluate their firm’s goals

  14. Sources of Difficulty in DefiningIndustry Boundaries Evolution of industries over time creates new opportunities and threats Industry evolution creates industries within industries Industries are becoming global in scope

  15. Issues in Defining an Industry • What part of the industry corresponds to our firm’s goals? • What are the key ingredients of success in that part of the industry? • Does our firm have the skills needed to compete in that part of the industry? • Will the skills enable us to seize emerging opportunities and deal with future threats? • Is our definition of the industry flexible enough to allow necessary adjustments to our business concept as the industry grows?

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