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Chapter One: Introduction to Marketing Research

Apr 07, 2019

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Chapter One: Introduction to Marketing Research. Chapter One. Introduction to Marketing Research. Figure 1.1 Introduction to Marketing Research: An Overview . Figure 1.1 Introduction to Marketing Research: An Overview. Opening Vignette. Definition of Marketing Research. Fig 1.2.

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Chapter One: Introduction to Marketing Research Chapter One Introduction to Marketing Research

Figure 1.1 Introduction to Marketing Research: An Overview Figure 1.1 Introduction to Marketing Research: An Overview Opening Vignette Definition of Marketing Research Fig 1.2 A Classification of Marketing Research Focus on Elrick & Lavidge Table 1.1 Internet Applications Fig 1.3 Marketing Research Process Fig 1.4 The Role of Marketing Research in Decision Making Fig 1.5 Application to Contemporary Issues Ethics TQM International Technology

Figure 1.1 Introduction to Marketing Research: An Overview Continued Figure 1.1 Introduction to Marketing Research: An Overview(cont.) Opening Vignette Marketing Research Industry Fig 1.6 Table 1.2 Selecting a Research Supplier Focus on Elrick & Lavidge Internet Applications Careers in Marketing Research Fig 1.7 The Role of Marketing Research in MIS and DSS Figs 1.8 and 1.9 Application to Contemporary Issues TQM International Technology Ethics

Figure 1.2Defining Marketing Research Figure 1.2 Defining Marketing Research Identification of Information Needed Identifying and Solving Marketing Problems Collection of Data Analysis of Data Dissemination of Results

Figure 1.3 A Classification of Marketing Research Figure 1.3 A Classification of Marketing Research Marketing Research Problem Identification Research Problem Solving Research • Market Potential Research • Market Share Research • Image Research • Market Characteristics Research • Forecasting Research • Business Trends Research • Segmentation Research • Product Research • Pricing Research • Promotion Research • Distribution Research

Why Study Marketing Research? • Marketing Research: Systematic and objective planning, gathering, recording, and analyzing of information to enhance the decision making of marketing managers. • Marketing: Tool used by managers to satisfy consumer desires. The AMA defines marketing as “the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.” • Marketing Concept: Management philosophy stating that to satisfy organizational objectives, the wants and needs of target markets must be determined so that products can be created to satisfy those desires better than competitors do.

Who Does Marketing Research?Applied versus Basic Research • Research: Systematic and objective investigation of a subject or problem to discover relevant information or principles. • Basic research: Provides information about a phenomenon or tests a theory or hypothesis (does not solve a specific problem). • Applied research: Problem-specific research that focuses on helping managers resolve specific problems.

Top 10 Marketing Research Companies • ACNielsen Corp. - $1,577.0 million • IMS Health Inc. - $1,131.2 million • Information Resources Inc. - $531.9 million • VNU Inc. - $526.9 million • NFO WorldGroup Inc. - $470.5 million • The Kantar Group Ltd. - $270.0 million • Westat Inc. - $264.4 million • Arbitron Inc. - $206.8 million • Market Facts Inc. - $190.3 million • Martiz Marketing Research Inc. - $172.0 million

Personal Computer Capabilities • Computer-aided personal interviewing • Integrated survey packaging • Adaptive survey packages • Fast tabulations • Online panel/databases • Automated fieldwork administration • Online coding/data entry • Online surveying • User-friendly analysis software • Improved presentation of results

Marketing Research Companies • Syndicated Services: Full-service agencies which routinely collect information and report their findings to several clients or companies that subscribe to their service; data is not usually problem specific. • StandardizedResearch Services: Examines a particular aspect of the market in a unique way and uses a standard research method for different clients, allowing for comparisons between studies and across other evaluative standards. • Custom Houses: “Ad hoc services” that tailor their studies to the client’s needs.

Marketing Research Companies – cont’d • Independent Consultants: Offer expert knowledge and skills in specialized subjects. • Field Services: Collect data via interviews in the field. (A “field” is a place where information is collected.) • Coding and Data Entry Services: Edit collected surveys from respondents and code the responses. • Tabulation Houses: Quantitative specialists which perform statistical analyses and turn raw data into information that managers can use.

Who Uses Marketing Research? • Company lacking information about its markets. • AMA study revealed the average marketing research budget was $1.9 million for marketing research departments. • Consumer and industrial manufacturers, advertising agencies, and retailers/wholesalers spend about 1.2% of sales on marketing research. Financial services, publishers/broadcasters, health services, and utilities spend about 0.6%.

Percentage of Companies with Formal Marketing Research Department • Retailing/Wholesaling - 91 • Manufacturers of Consumer Products - 89 • Publishing and Broadcasting - 86 • Nonprofit Institutions - 85 • Advertising Agencies - 79 • Utilities - 79 • Financial Services - 76 • Manufacturers of Industrial Products - 66 • Health Services - 43

The Marketing Manager • Marketing Manager: Responsible for making the decisions that will help the company achieve its objectives in its target markets. • Marketing Management: The analysis, planning, implementation, and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives. • The Decision-Making Process: Recognize the problem or opportunity, define the problem or opportunity, search for feasible courses of action, evaluate the options and select the optimal course, implement the plan, and evaluate the results.

Do Marketing Researchers Havean Ethical Responsibility? • Ethics: General nature of morals and of specific moral choices: moral philosophy and the rules or standards governing the conduct of the members of a profession. • Business ethics:“Moral principles and standards that guide behavior in the world of business.” • Social responsibility: Obligation a business assumes toward society. • Economic responsibilities: Produce goods and services society needs and wants at a price that can perpetuate the business and satisfy its obligations to investors.

Do Marketing Researchers Havean Ethical Responsibility? – cont’d • Legal responsibilities: Laws that businesses must obey. • Ethical responsibilities: Behaviors or activities expected of business by society. • Voluntary responsibilities: Behaviors and activities society desires and business values dictate. • CASRO:Council of American Survey Research Organizations – based in the United States. National trade association for commercial research firms. 170 member firms from United States. • ESOMAR:European Society for Opinion and Marketing Research - based in Amsterdam, Netherlands. Society of over 4,000 individual members in 100 countries.

DECISION TIME! How vital do you think business ethics and social responsibility are to companies today? What responsibilities do you believe marketing providers have to be ethical and socially responsible? What if such behavior hurts company profits?

Training for Jobs in Marketing Research • Marketing research courses at universities and training institutes • Internships with research organizations • Cooperative education with research organizations • Working in some capacity with marketing departments within businesses

What Job Opportunities Exist in Marketing Research? • Vice President: Senior position, responsible for all marketing research activities and establishing goals for the research group. • Director: Following the vice president, the senior position within the research organization. Has overall responsibility for the creation and implementation of all marketing research projects. • Assistant Director: Person directly behind the director in the chain of command within the research organization. Supervises specific research projects. • Senior Analyst: Works closely with others in planning and executing research projects. Also writes the final report covering the research effort.

What Job Opportunities Exist in Marketing Research? – cont’d • Statistician: Expert in statistical procedures and works on questionnaire design, sampling, and statistical analyses. • Analyst: Closely supervised by the senior analyst and often does much of the work associated with designing and supervising the research studies. • Junior Analyst: Works closely with analysts, doing routine tasks such as editing and coding questionnaires, running simple statistical calculations, and performing basic library research. • Field Work Director: Responsible for training, supervising, and hiring interviewers “in the field.”

What Job Opportunities Exist in Marketing Research? – cont’d • Librarian: Responsible for building and maintaining a reference library for use by research department staff. • Clerical Supervisor: Oversees the handling and processing of statistical information and prepares work schedules. • Full-Time Interviewers: Although very few companies employ them, full-time interviewers tend to spend the bulk of their time conducting personal interviews. • Tabulators and Clerical Help: Keep the office running by handling the daily routine work of the department, such as tabulating, filing, and keying.

Figure 1.4 The Marketing Research Process Figure 1.4 The Marketing Research Process Step 1: Defining the Problem Step 2: Developing an Approach to the Problem Step 3: Formulating a Research Design Step 4: Doing Field Work or Collecting Data Step 5: Preparing and Analyzing Data Step 6: Preparing and Presenting the Report

Figure 1.5 The Role of Marketing Research in Marketing Decision Making Figure 1.5 The Role of Marketing Research in Marketing Decision Making • Uncontrollable Environmental Factors • Economy • Technology • Competition • Laws and Regulation • Social and Cultural Factors • Political Factors • Customer Groups • Consumers • Employees • Channel Members • Suppliers • Controllable Marketing Variables • Product • Pricing • Promotion • Distribution Marketing Research Providing Information Assessing Information Needs • Marketing Decision • Making • Marketing Managers • Market Segmentation •Marketing Programs • Target Market Selection •Performance and Control

Figure 1.6 Marketing Research Industry: Supplier and Services Figure 1.6 Marketing Research Industry: Supplier and Services Research Suppliers External Internal Full Service Limited Service Syndicated Services Internet Services Field Services Other Services Customized Services

Figure 1.7 A Sample of Marketing Research Jobs Figure 1.7 A Sample of Marketing Research Jobs

Figure 1.8 The Development of MIS and DSS Figure 1.8 The Development of MIS and DSS Internal Billing, Production, and Other Records External Market Information Marketing Information Systems + = Decision Support Systems Expert Systems

Figure 1.9 Marketing Information Systems (MIS) vs. Decision Support Systems (DSS) Figure 1.9 Marketing Information Systems (MIS) vs. Decision Support Systems (DSS) • MIS • Structured problems • Use of reports • Information displaying restricted • Can improve decision making by clarifying new data • DSS • Unstructured problems • Use of models • Adaptability • Can improve decision making by using “what if” analysis

Figure 1.10 Stakeholders in Marketing Research: An Ethical Perspective Figure 1.10 Stakeholders in Marketing Research: An Ethical Perspective Client Marketing Researcher Public Respondents

Table 1.1 Problem Solving Research

Table 1.1 Problem Solving Research (Cont.)

Table 1.2 Top 25 Global Research Organizations

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Market research presentation: A comprehensive guide

This comprehensive guide covers everything from choosing the right topic to delivering with confidence.

Raja Bothra

Building presentations

Ever wondered what goes into creating a killer market research presentation that not only impresses your stakeholders but also provides valuable insights?

You're in the right place.

In this comprehensive guide, we'll dive deep into the world of market research presentations, dissecting everything from what they are to how to create one that stands out.

How do you explain market research?

Before we jump into the nitty-gritty of market research presentations, let's start with the basics – what is market research?

Market research is the process of gathering, analyzing, and interpreting data about a particular market, industry, or consumer group. It's the compass that guides businesses in making informed decisions.

Market research comes in various forms: quantitative and qualitative. Quantitative research involves collecting numerical data, while qualitative research focuses on understanding the why and how behind consumer behavior. Both are crucial components of effective market research.

What is a market research presentation?

Now that we have a clear understanding of market research, let's move on to market research presentations. A market research presentation is the culmination of your research efforts, a visual and data-driven representation of your findings. It's the bridge that connects your research to your stakeholders, making it easier for them to grasp the insights you've gathered.

A well-crafted market research presentation is not just a collection of slides; it's a storytelling platform. It should engage your audience, present data in an understandable manner, and ultimately guide your stakeholders towards informed decision-making.

What to include in a market research presentation?

Creating a market research presentation involves more than just inserting a few charts and graphs. To ensure your presentation hits the mark, here are some essential elements to include:

1. Market research overview

• Define the purpose and objectives of your research.
• Provide a brief overview of the market you've studied.

2. Methodology

• Explain how you conducted your research, whether through surveys, data analysis, or other methods.
• Discuss any challenges you faced and how you overcame them.

3. Key findings

• Highlight the most significant discoveries from your research.
• Use charts, graphs, and infographics to visualize data.

4. Market analysis

• Dive deep into your market analysis, discussing trends, competition, and market share.
• Share insights that can impact the business.

5. Recommendations

• Based on your findings, provide actionable recommendations.
• Discuss the pros and cons of each recommendation.

6. Conclusion

• Summarize the core points of your presentation.
• Emphasize the key takeaways for your audience.

How to structure a market research presentation

Structuring a market research presentation effectively is essential to convey your findings and insights clearly to your audience. Whether you're presenting to stakeholders, colleagues, or clients, a well-structured presentation can make your data more understandable and impactful. Here's a suggested structure for a market research presentation:

1. Title slide

• Title of the Presentation
• Your Name and Affiliation
• Date of the Presentation
• Briefly outline what you will cover in the presentation. This gives your audience a roadmap of what to expect.

3. Introduction

• Provide a brief overview of the purpose and context of your market research.
• Explain why the research was conducted and its relevance.

4. Background and objectives

• Describe the background information, including any relevant industry trends or developments.
• Clearly state the research objectives and what you aimed to achieve.

5. Methodology

• Explain the research methods and techniques used.
• Discuss the data collection process, sample size, and any limitations.

6. Data collection

• Present the findings from your research.
• Use charts, graphs, and visuals to make data more accessible.
• Highlight key insights and trends.

7. Analysis and interpretation

• Explain the significance of the findings.
• Interpret the data and provide insights.
• Address any unexpected or interesting observations.

8. Competitor analysis

• Analyze the competitive landscape in your market.
• Highlight strengths, weaknesses, opportunities, and threats (SWOT analysis) for your company and competitors.

9. Consumer insights

• Share any insights into customer preferences, needs, and behaviors.
• Explain how these insights impact your business.

10. Recommendations

• Based on your research, provide actionable recommendations.
• Highlight strategies or changes that should be implemented.

11. Implementation plan

• If applicable, outline a plan for implementing the recommendations.
• Include timelines, responsibilities, and resources needed.

12. Conclusion

• Summarize the key points of your presentation.
• Reiterate the importance of the research.

13. Q&A session

• Open the floor for questions and discussion.

14. Appendix

• Include any supplementary information, detailed data, or additional charts and graphs.
• Ensure that this information is easily accessible but not essential for understanding the main presentation.

15. Contact information

• Provide your contact information in case the audience has further questions or needs clarification.

16. Thank you slide

• Express your gratitude for the audience's time and attention.

Remember to keep your presentation clear, concise, and visually engaging. Use visuals sparingly but effectively to support your points. Practice your delivery to ensure that you can explain the findings and recommendations confidently. Tailor the presentation to the needs and interests of your specific audience.

Do’s and don'ts on a market research presentation

To ensure your market research presentation hits the mark, here are some do's and don'ts to keep in mind:

• Do your research: Know your subject matter inside out.
• Do use visuals: Incorporate charts, graphs, and infographics.
• Do engage your audience: Encourage questions and discussions.
• Do practice: Rehearse your presentation until you're confident.

Don'ts:

• Don't overwhelm with data: Keep it concise and focused.
• Don't read slides: Speak naturally and use slides as visual aids.
• Don't rush: Take your time; clarity is key.
• Don't ignore questions: Address all queries from your audience.

Summarizing key takeaways

In this comprehensive guide, we've covered the ins and outs of creating and presenting a market research presentation. From understanding the basics of market research to crafting engaging presentations, you now have the knowledge to excel in this essential aspect of business strategy.

• Market research essentials: Market research is the process of gathering, analyzing, and interpreting data about a specific market, industry, or consumer group. It provides the foundation for informed decision-making in business.
• The role of market research presentations: A market research presentation is a visual and data-driven representation of research findings. It serves as a bridge between your research and stakeholders, helping them understand and act upon the insights you've gathered.
• Elements of a great presentation: A well-crafted market research presentation includes an overview, methodology, key findings, market analysis, recommendations, and a concise conclusion. These elements help structure your presentation effectively.
• Presentation delivery matters: Knowing your audience, practicing your presentation, engaging your audience, using visuals effectively, and being concise are all crucial for a successful presentation.
• Do's and don'ts: Do your research thoroughly, use visuals to enhance understanding, engage with your audience, and practice your delivery. Avoid overwhelming with data, reading slides, rushing through your presentation, and ignoring audience questions.

Remember, an effective market research presentation isn't just about showcasing data; it's about telling a compelling story that guides decision-making. So, use the power of visuals, engage your audience, and deliver insights that make a real impact.

1. Why is using a market research presentation template important?

Using a market research presentation template can streamline your research process. It provides a structured framework in powerpoint ppt with graphs and charts that help you present the results effectively. You can easily download a market research presentation template to make your presentation look professional and save time in creating a presentation design.

2. How can I effectively communicate market trends in my presentation?

To effectively communicate market trends in your presentation, start your presentation by explaining the research process and how you conducted market research. Use market research powerpoint (ppt) slides with graphs and charts to show key pieces of information. Connect the dots between the data and present the results using the market research PowerPoint template. This will make your presentation more engaging for your audience.

3. Why is market research essential for launching a new product or service?

Market research is essential when you want to present a new product or service idea to your core business audience. By conducting market research, you gather valuable insights about your target market, which can be used to create your presentation. A well-designed research ppt can make the best case for your business idea by showcasing the market trends and data you've collected.

4. How do I use market research to make my presentation more impactful?

To make your presentation more impactful, start by using a market research presentation template. Incorporate graphs and charts to present the research data effectively. Make sure your presenter skills are polished when presenting your research to stakeholders or investors. Use market research PowerPoint slides to show key findings and connect the dots between the research process and the business objectives you want to achieve.

5. Can you provide tips on how to present the results of my market research effectively?

Certainly! When presenting your research, use a market research PowerPoint template to organize your content. Download a template that suits your needs. Focus on the research design and how you conducted market research, talking to customers and gathering data. Use the template to create your presentation and ensure it flows smoothly. This will help you present the results in a way that engages your audience and conveys the importance of the research in supporting your business goals.

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Lecture 2 - The Marketing Research Process

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As firms grow more and more in global markets, the role of reliable, verifiable, timely and high quality marketing research information to support decision-making becomes increasingly indispensable. The effectiveness and usefulness of decision-making is directly connected to the broad condition of the preferred sector(s) of the global market. To obtain complete information regarding the market entails designing and completing a significant number of activities arranged in logical sequence. Marketing research is the principal means by which firms comprehend existing and potential customers. Thus, this conceptual paper proposes a framework for accomplishing global market research ventures. In addition, the paper outlines a number of factors that should be taken into consideration by scholars who engage in global market research ventures. The factors represent the diversity of challenges that should be focussed on in conducting research globally. Specific attention is given to the nuances linked to data collection and analysis. Taking cognisance of the above, the informational core in the management of global firms should be assessed according to its value and role in worldwide marketing management. Lastly, technological advances should be integrated into the market research process in order to ease and accelerate research performed across national borders. Introduction In today's global marketplace, the access to relevant information is the key competitive advantage in business operations. Also, the right understanding of relevant information calls for relevant competence among the workforce, whose ability in evaluating the current and making future projections based on global market conditions will result in managing the business in the most profitable and cost-effective way (Grubor, 2010).

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9 Applications of Marketing Research

Meaning of marketing research.

Marketing research is a process of analyzing and conducting research about the market to understand market trends. It involves the proper collection, analysis, and interpretation of information regarding market conditions.

Marketing research is mainly conducted to identify the changes in preferences and behavior of customers arising from change in market mix elements viz. promotion, place, price, and product. It may be defined as the mechanism which helps in linking the customers, producers and several other end users to the marketer and helps in finding and communicating all required information.

Marketing research plays an important role in studying the consumer behavior. It is a very efficient tool for marketers to understand the trends of the market that mainly consists of information relating to new product launch in the market, trends in consumer demand, pricing strategy of the competitor and available close substitutes of the product. Through marketing research companies easily identify what their customers want which helps them in developing products of their use so that competitive advantage over other competitors can be maintained in the market.

Application of Marketing Research

Demand Forecasting

Marketing research helps business in estimating the demands of customers. It through various forecasting techniques help business in predicting the right quantity of goods needed and then accordingly producing it.

Sales Analysis

Marketing research enables business in analyzing their sales through examining the sales report. It tells which goods are sold well, whether the sales force is working effectively or not, which inventory should be stock more and what should be the production capacity.

Advertising Research

Marketing research has an efficient role in determining an effective and appropriate advertising medium. It analyses various aspects of advertising like themes, appeals, headlines, communication clarity, attention value etc. according to the advertising goals of business.

Positioning Research

Marketing research enables in developing the optimal position of a brand or service in the market. It collects and supplies all relevant information about potential customers to business and this way helps in positioning the products among customers in better way.

Market Segmentation

This process collects and communicates all facts about market to companies. It is the medium through which business is able to acquire key attributes about their potential customers which helps them in creating different target market groups.

Product Research

Marketing research is a significant tool for planning and developing of products . It enables business in designing the right product by providing all information regarding new ideas in market, testing the new product and evaluating the current product mix to find out the changes that need to be brought in it.

Pricing Research

It helps business in framing proper price strategies for setting right price of its products. Marketing research collects all information regarding competitors pricing strategies, customer’s price expectations and various factors affecting the pricing decisions.

Distribution Research

This research aims at choosing the most appropriate distribution channel to deliver the products to customers in less time. Marketing research analyses and identifies the potential distribution channel, chooses efficient market intermediaries, reduces the distribution cost and evaluates the performance of the distribution channels.

Customer Satisfaction Research

It means interacting with customers and taking information about their shopping experience with brand. Marketing research takes customers feedback and focuses on their perception regarding the company products.

Related posts:

• Nature and Scope of Marketing Management
• Aims and Objectives of Advertising
• Functions of Distribution Channels
• Marketing Research – Meaning, Scope, Objectives & Process
• Market Research: Need, Advantages and Disadvantages
• Characteristics of Research Methodology

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Application of Marketing Research

Application of marketing research can be divided into two broad areas

Among the strategic areas, marketing research applications would be demand forecasting, sales forecasting, segmentation studies, identification of target markets for a given product, and positioning strategies identification.

In tactical application, we would have applications such as product testing, pricing research, advertising research, promotional research, distribution and logistics related research. In other words, it would be include research related to all the P’s of marketing: how much to price the product, how to distribute it, whether to package it in one way or another, what time to offer a service, consumer satisfaction with respect to the different element of the marketing mix (product, price, promotion, distribution), and so on. In general, we would find more tactical application than strategic applications because these areas can be fine-tuned more easily based on the marketing research findings. Obviously, strategic changes are likely to be fewer than tactical changes. Therefore, the need for information would be in proportion to the frequency of changes

The following list is a snapshot of the kind of studies that have actually been done in India.

• A study of consumer buying habits for detergents-frequency, pack size, effect of promotion, brand loyalty and so forth.
• To find out the potential demand for ready-to-eat chapattis in Mumbai City.
• To determine which of the three proposed ingredients- tulsi, coconut oil or neem, the consumer would like to have in toilet soap.
• To find the effectiveness of the advertising campaign for a car brand.
• To determine brand awareness and brand loyalty for a branded PC.
• To find the customer satisfaction level among consumers in choosing a brand cellular phone handset.

As the list shows, marketing research tackles a wide variety of subjects. The list is only indicative, and the applications of marketing research in reality can be useful for almost any major decision related to marketing.

Some Other Application of Marketing Research

Concept Research: During a new product launch, there would be several stages-for example, concept development, concept testing, prototype development and testing, test marketing in a designated city or region, estimation of total market size based on the test marketing, and a national rollout or withdrawal of the product based on the results.

The first stage is the development of a concept and its testing. The concept for a new product may come from several sources

The idea may be from a brain-storming session consisting of company employees, a focus group conducted among consumers, so the brainwave of a top executive. Whatever may be its source; it is generally researched further through what is termed as concept testing.

A concept test takes the form of developing a description of the product, its benefits, how to use it, and so on, in about a paragraph, and then asking potential consumers to rate how much they like the concept, how much they would be wiling to pay for the product if introduced, and similar questions.

Product Research: Apart from product concept, research helps to identify which alternative packaging is most preferred, or what drives a consumer to buy a brand or product category itself, and specifics of satisfaction or dissatisfaction with elements of a product. These days, service elements are as important product features, because competition is bringing most products par with each other.

An example of product research would be to find out the reactions of consumers to manual cameras versus automatic cameras. In addition to specific likes or dislikes for each product category, brand preference within the category could form a part of the research. The objective may be to find out what type of camera to launch and how strong the brand salience for the sponsor’s brand is.

The scope of product research is immense, and includes products or brands at various stages of the product life cycle – introduction, growth, maturity and decline. One particularly interesting category of research is into the subject of brand positioning. The most commonly used technique for brand- positioning studies (though not the only one) is called Multidimensional Scaling.

Pricing Research: Pricing is an important part of the marketing plan. In the late nineties in India, some interesting changes have been tried by marketers of various goods and services. Newer varieties of discounting practices including buy-backs, exchange offers, and straight discounts have been offered by many consumer durable manufacturers. Most FMCG manufacturers/ marketers of toothpaste, toothbrush, toilet soap, and talcum powder have offered a variety of price-offs or premium-based offers which affect the effective consumer price of a product.

Price research can delve into questions such as appropriate pricing levels from the customers’ point of view, or the dealer’s point of view. It could try to find out how the current price of a product is perceived, whether it is a barrier for purchase, how a brand is perceived with respect to its price and relative to other brands’ prices (price positioning). An interesting area of research into pricing has been determining price elasticity at various price points for a given brand through experiments or simulations.

Distribution Research: Most marketing research focuses on consumers or buyers. Sometimes this extends to potential buyers or those who were buyers but have switched to other brands. But right now there is a renewed interest in the entire area of logistics, supply chain and customer service at dealer locations. There is also increasing standardization from the point of view of brand building, in displays at the retail level, promotions done at the distribution of products including service levels provided by current channels, Frequency of salespeople visits to distribution points, routing/ transport related issues for deliveries to and from distribution points throughout the channel, testing of new channels, channel displays, linkages between displays and sales performance.

Advertising Research

The two major categories of research in advertising are:

Copy Testing: It include research into all aspects of advertising-brand awareness, brand recall, copy recall (at various time periods such as say after recall, week after recall), recall of different parts of the advertisement such as the headline for prints ads, slogan for TV ads, the star in an endorsement and so on. Other application include testing alternative ad copies (copy is the name given to text or words used in the advertisement, and the person in the advertising agency responsible for writing the words is known as the copy writer) for a single ad, alternative layouts ( a layout is the way all the element of the advertisement are laid out in a print advertisement) with the same copy, testing of concepts or storyboards ( a storyboards is a scene-by-scene drawing of a TV commercial which is like a rough version before the ad is actually shot on film) of TV commercials to test for positive /negative reactions, and many others.

A particular class of advertising research is known as Tracking Studies. When advertising campaign is running, periodic sample surveys known as tracking studies can be conducted to evaluate the effect of the campaign over a long period of time such as six month or one year, or even longer. This may allow marketers to alter the advertising theme, content, media selection or even longer. This may allow marketers to alter the advertising theme, content, media selection or frequency of siring /releasing advertisement and evaluate the effects. As opposed to a snapshot provided by a one-time survey, tracking studies may provide a continuous or near continuous mechanism. But here, one should be careful in assessing the impact of the advertising on sales, because other factors could change along with time.

Media Research: The major category under this category is research into viewership of specific television programmes on various TV channels. There are specialize agencies like A.C. Nielsen worldwide which offer viewer ship data on a syndicated basis (i.e., to anyone who wants to buy the data). In India, both ORG-MARG and IMRB offer this service. Research could also focus on print media and their readership. Here again, readership surveys such as the National Readership Survey (NRS) and Indian Readership survey (IRS) provided syndicated readership data.

Media research can also focus on demographic details of people reached by each medium, and also attempt to correlate consumption habits of these groups with their media preference. Advertising research is used at all stages of advertising, from conception to release of ads, and thereafter to measure advertising effectiveness based on various parameters.

Limitation of Marketing Research

Now let’s have a look on the limitation of marketing research. You would be surprised that how a helping hand has limitations. As marketing research can be extremely rewarding to a firm, it is wise to know that it is subject to certain limitations. One must be aware of these limitations in advance so that one is clear about what marketing research can and cannot do.

• Marketing research tends to be fragmentary in its approach as a result of which it becomes difficult to have an overall perspective in which a marketing problem is to be viewed and studied.
• Marketing research is criticized on the ground that it becomes too superficial and faculty in industry. While the principles of marketing research are good and based on scientific lines, in industry, marketing research is very often used by those who have had no formal training in the subject. Such person avoids using detailed investigations and sophisticated techniques which require both time and patience on the part of marketing researchers.
• There is an absence of a meaningful dialogue between the marketing management and the marketing research team. As a result, marketing researchers get divorced form the main stream of marketing. This denies them any opportunity to test their finding in the practical marketing situation.
• Marketing research is not an exact science. There are several imponderables which come in the way of getting accurate results. For example, consumer behaviour is an area which is rather elusive and the theory does not go very far in disclosing it very precisely. Analytical tools of marketing research are still deficient and cannot give us a precise idea, especially on the behavioural aspects.

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Global and China Automotive RISC-V Chips Research Report 2024: Market Gains Momentum as Industry Trends Toward Customization and High-Performance Applications – ResearchAndMarkets.com

DUBLIN–( BUSINESS WIRE )–The  “Global and China Automotive RISC-V Chip Industry Research Report, 2024”  report has been added to  ResearchAndMarkets.com’s  offering.

The automotive industry is witnessing a significant shift towards the adoption of RISC-V chips, as evidenced by the innovation and rapid development within the chip architecture sector. This movement is characterized by the versatility and open-source nature of RISC-V, which is now challenging established players such as ARM and X86 in the global market.

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Identification of the Educational Clusters in the Regional Economy: Theory, Methodology and Research Results (in Example of Perm Krai)

Kovaleva T.Yu. 1 and Baleevskih V.G. 1 ,

1 Department of Worldand Regional Economics, Economic Theory, Perm State University, Perm, Russia

Cite this paper: Kovaleva T.Yu. and Baleevskih V.G.. Identification of the Educational Clusters in the Regional Economy: Theory, Methodology and Research Results (in Example of Perm Krai). International Journal of Econometrics and Financial Management . 2014; 2(4):153-162. doi: 10.12691/ijefm-2-4-7

Keywords: educational cluster Shift-Share analysis localization expert interviews regional economy cluster policy

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