Discuss the process of marketing research.

Describe the whole working of marketing research process in detail.

Ans.

Marketing Research Process

Process of marketing research is a scientific and systematic exercise. The marketing researcher has to go through several steps or stages and each stage has a decisive role in total marketing research process. Various stages in marketing research process are:

(1) Defining Marketing Problems: The first step in the process of marketing research is to understand the objectives of research and to identify, conceptualise and then define the marketing problem. The purpose of marketing research is to find out the current or probable marketing problem and also to find out the opportunities available to marketing. The research helps in understanding the nature and gravity of marketing problem and suitability of the possible solutions of problems can known and decided. When the objectives of research are determined the wastage of time, efforts and money can be checked. The underlying importance of problems can be understood and collection of irrelevant information can be avoided. The knowledge of identified problem and the objectives of market research makes the research work easier. For example there may be various reasons for decrease in sale of a firm like high cost, defective distribution system, inefficiency of the seller, strong strategies of competitors, defects in product, non-cooperation of distributors etc. In case any unrealistic reason is regarded as the cause for fall in sale, the purpose of marketing research is defeated. The real cause of downfall of sale may be different. For identification and classification of any marketing problem the basis of problem, strategies of the firm, interrelationship of various functions, past efforts and other factors have to considered.

(2) Informal Investigation: Informal investigation aims at interaction with individual or groups affected by the problem. It includes debates and discussions with outside people and organisation as competitors, agencies expert in consumer matters, intermediaries, advertising agencies and others. These interactions determine whether the problems are real or unreal. On the basis of informal investigation realistic and suitable propositions can be framed. This informal investigation is based on personal interviews. In this connection it is said that the purpose of informal investigation is the compilation of such information which helps in identifying the problem.

(3) Situation Analysis: It means to gather knowledge about the firm and its business atmosphere. It helps the research to identify the problem and to provide solution to redress the problem.

Situation analysis is the review and appraisal of firm’s products, distribution, strategies, advertising polices, competitors, products, consumers etc. and it helps in understanding what investigation is required. The sources of problem are also identified by this analysis and so the solution of problem can be found out.

(4) Formulating Formal Research Design or Plan: A plan is made find out the genuiness of the problem.

to In this part of research the researcher has to consider different aspects and makes a plan. These aspects are: 1. To develop the research design, 2. To determine the objectives and scope of research, 3. To determine the sources of information, 4. To prepare a questionnaire for collection of information, 5. To determine method for data collection, 6. To shape and plan the research, 7. The method to contact and interact with the resources.

(5) Data Collection: When the plan of research has been made, it has to be put in action. The research has to be made with vigilence and efficiency. The marketing researchers should be properly trained for their respective job to have full knowledge of meaning and purpose of research. Data collection is the heart of marketing research. It is an elaborate process through which the researcher gathers the entire data required for the assignment. Data collection is done by personal interviewing and through questionnaires. The questionnaires are very carefully framed. When the questionnaires are sent they are followed by reminders and their return is made definite.

The data collection is also done by interviewing the businessmen and consumers. By personal interviews their requirements, tastes and preferences fashion etc. are known.

(6) Analysis and Interpretation of Data: Analysis of data includes interpretation of information collected and also finding out the relationship between the cause and the result of happening which resulted into a marketing problem. The sources are searched. When the inferences are made it is to be ensured that these are made on the basis of actual facts and not on false reporting. It is also ensured that the inferences are made taking the problem as whole and not some part of it.

(7) Presentation of Data: For correct analysis of information it is essential that the data is presented in proper and organised form. The information collected on the basis of interviews and questionnaire are usually not categorically listed and it is necessary to classify, summarise, compile them. The classification of information makes their comparative study easier. After the classification and summarisation, the problem are serialised. In compiliation of information the gathered information is scrutinised and irrelevant portions are removed. All this makes the information rational and meaningful.

(8) Preparation of Research Report: In this step of marketing the findings are presented in the form of a report. The research report is divided into several parts. First part of the research report exhibits the objective, scope, methods applied, observations, study etc. Its second part is based on various factors leading to the problem/ problems. The third part comprises of recommendation for solution of problem.

(9) Follow up: This step consists of follow up action. It is a study how the recommendations made are implemented and if the recommendation have succeeded in solving the problem. In marketing field effective decisions are taken to solve the problem by following up whether recommendation made after market research have been properly implemented or not.