Introduction to Marketing Research
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Introduction to Marketing Research

Welcome friends to the course of marketing
research analysis well this course as a great value in today’s term and everywhere you
see today there is a you know the topic of research and analysis data analysis which
as in fact become one of the most discussed topics in the world of business and around
right so I am dr. J.K Nayak Jogendra Kumar Nayak from the department
of management studies I have been teaching this course for a while now almost you can
say seven years right now and maybe I have conducted about a dozen of courses on this
same subject. So what is this course all about and what
I will be go to great the end of the day is what we are going to discuss so I will brief
you about the course my contents and all so for example If I start like this let us say
marketing research. Analysis
so there are two parts of this subject the first part includes the theoretical portions
which is where I say is most important because after all if you do not have a foundation
if you do not have a control over theory your understanding of your theory then one cannot
apply the tools and techniques in a proper manner and this is what happens in most of
the cases in the real world that there is a miss match. Students come to me and scholars come to me
and check and ask key how to solve the problem or how to come out with a solution and then
I ask them what is your problem all about and that’s I what some time I see people
do not understand okay so I will try to brief you in this 20 sections which I have so first
few parts I will cover the aspects of marketing research so covering what is marketing research
and introduction and then what are the different constituents of it what are the different
parts of the marketing research process what is the research design basically and how do
we formulate a problem. How do we move ahead in the research design
and what are the types of research design all these things we will see right and then
finally comes the data analysis part the next part of it the major part if it, so let us
start begin the class so let me start with the since the name marketing is there I think
everybody should know what marketing is all about right so as it say because marketing
research is part of marketing. We should understand three things what is
marketing, what are the concepts of marketing and what is marketing strategy all about right
because see the basic idea is why should you study this subject, this study this subject
is to be studied because the end result is that you are going to do something beneficial
for a form or a company or an organization in may be in terms of increase market state. May be in terms of increases in profitability
may be in terms of increasing the customer base whatever it is, so how would you do it
because one has to understand keep marketing is got some there is some difference between
marketing and others fields are the management right marketing is more connected with the
consumers at large so if you want to connect the consumer if you want to bring the consumer
to your side how what should do so that is what marketing research talks about okay. So let us go with what is the first definition
of marketing so marketing as been defined as a process of creating if you can see as
a process of creating communicating and delivering value to the customers and for managing the
customers relationships in fact in marketing in management it has been said that getting
a new customer is 5 times more costlier than retuning the costumer right. So in such a condition how to connect with
a costumer becomes a very important part of marketing right okay what are the marketing
concepts in fact when I say the word concept we have to understand since the you know the
time the firms evolved the time when you know the theory of the nature of the firm was published
by course and Reynolds course and things like transition cost economic scheme into place
at one point of time there was the production was called to be at the helm of the affair
right. So the most important thing was the production
and the customers where at the receiving end okay but today it has changed it has changed
drastically let see what is happened so if you look at it. Now it is a business philosophy that that
holds the key to achieve the organizational goals and consist of the companies being more
effective than competitors in creating delivering the customer value, now what are the concepts
there are five concepts of you can see this okay, these are the five concepts production
concept as I said started with it, then we moved on to the product people said in the
production that whatever you produce it will sold in the market, so the manufacture was
the king right. Then can the product concept where there is
every good product would sell on it is own, so nothing is required then they thought maybe
it is not working so we have to push our ideas it will sell our products, so maybe you know
sales teams where organized and things turned up the way and companies started pushing that
products right, but that also has it is own disadvantage so then companies started realizing
what to do, how to move ahead how to bring the customer to our side now. So that came marketing concept where this
head you have to understand and identify the customer’s needs and wants and accordingly
then produce the product or service so that then custom you do not have to push the product
to the consumer but rather the consumer the consumer will come towards the company or
the product, so if I draw it, it is something like if you see in this let say if this is
that the firm is initially the firm was selling to the consumer right but now. We are trying to reverse this direction okay
finally came the societal marketing now marketing also had it is own flowers, so what are the
flows that we did not taken to account we did not taken to account the societal part
what kind of damage or we doing to the society the nature at large are we doing it in a sustainable
manner so these are things been discussed what if we are exploiting nature to useful
as extent and tomorrow there is nothing left for a next generation, so societal marketing
talks about how to include all these things right and move in a positive manner okay finally
comes the marketing strategy. Is says that it consists of a selecting a
segment of the market so you have to understand what is the segment, now look at this board. This suppose this is my board let say or this
is let say my market okay, now the point is this whole market I cannot you know get it
to this whole market so what I do will I will only cater to this may be this piece of the
market or maybe this piece okay, or let say this piece or maybe B and C together or A
and B together or it could be anything like that right, so segmenting the market becomes
easier because you can divert their resources in a more in a much better manner okay. In a more effective way okay so and once you
have that you know you see, now if you have design the market if you have segmented the
market properly now then you do not have to put in your resources suppose this is the
market you are going to then you do not need put your resources for A and C so B is the
only market you are doing and to do that you can design your product you can design your
price right, you can design your promotion you can design your distribution. According to the needs of b okay so now look
at this so how does the successful marketing go it starts with the market analysis so you
analyses the market right look at your competitors your consumers your customers basically then
accordingly you move ahead to create your to launch your plan and that creates an ex-successful
marketing strategy all together, okay. now to practice marketing as I said. But we have seen in this world that means
several cases where compressive have come out with brilliant ideas organizations have
come as brilliant strategies but they have met with the disaster, they have failed miserably
and sometimes not so brilliant ideas have done wonderfully well, so let us look at a
few things so what happens, what is the whole process behind it okay, so when you see this
if you look at this line many decisions require additional information and marketing research
is needed in order to supply that information. So that means you require information to know
okay, how can one do better in a particular market or one can do better for a particular
kind of customers right. For example, let us take the halide Edwin’s
case okay, very famous this company was had started you know the profits where coming
down later was not doing well but then the company thought what to do, how could they
involve so they started the peer to peer markets, marketing techniques they wanted they a mali
club like a dimension club, holiday Edwin’s club and slowly they started promoting in
there and it worked wonderfully well for them, right. So one has to understand what is that information
that is we are missing or we needed from the market and that is where we research comes
because research after all does nothing but it helps you to search an information, research
searching again and again and again till you get into the right information, right, okay. So these are some classic cases I have brought
it for your benefit so you can enjoy and also learn at the same time if you look at the
first one. It is a very, very powerful, very important
case where because for wrong interpretation of the market and the consumers coco cola
burned his fingers, what happened here coco cola came of with the concept of the new cola
they thought that since taste was not a very important feature they could come up with
something new to for consumers, but it was a grave great mistake because the people of
US had a connection with the brand coco cola with the culture of coco cola, they reacted
very badly and coco cola had to come back again with the new promotion saying the old
cola is back again, okay. So sometimes things are connected with your
culture, your tradition and you do not want to give it away so easily right. This was another case where McDonalds is thought
the burgers were being very famous so they thought if my burgers are famous for with
the children’s it would also be famous with the adults because you know it happens that
parents also do consumer part of the burger with the child, right. So they thought that and they launched a premium
priced burger right, product of McDonalds which was coming up. But the adults did not like it, they were
not ready to pay higher price, they dislike the product they were treat, they thought
they were been treated like a child that is the discouraged it and in the whole way coco
cola lost 100 million dollars in the year 1996. Yoghurt shampoo was another case of portrait
gamble one of the most well researched well most popular company in the world you can
say easily. Yoghurt shampoo when it came it also made
a mistake the mistake was they did not research well to understand what do people like in
a shampoo, they thought that going back to your nature and natural products would be
a good way of increasing your market share. But to your dismay what happened is people
react, some people even consumed thinking it is yoghurt they consumed the shampoo and
they were hospitalized it gave a very bad remark and this product failed. Another product 3D television who would think
that 3D television would be over a failure, similarly Vizio Company established in the
2000 in early 2000 they never thought, they thought a 3D television would be a popular
thing but it failed what happened? The reason was the head again not researched
what they are not researched? They are not researched that the number of
the 3d movie is being made was very few and people where not ready to where those glasses
most of the time so why you would anybody watch a 3d television right and lastly this
is apple. I deliberately brought in apple here because
we all talk about apple apple apple because apple a doctor keeps the doctor away you know
apple you take a doctor away there is a statement and the same side apple as a company is the
most researched company and the most successful company in the world we say and put in terms
of market capitalization. So when apple cam with the Liza project the
project Liza they try to address it to the B2B consumer but they did not realize one
thing that the B2B consumer for that particular category was very price sensitive consumer. And the Liza project again failed so why I
am saying this is because such great companies also can make great mistakes and get in to
huge losses right, so because of it not a good proper you know research either research
or research design you have not made your research well so you could land up in to trouble,
so let us be very careful this is the successful case. Now you tube when people you know can see
the founders. The founders scared Hurley, Steve Chen, and
Jawad Karim they thought what is there to you know how to find out a way so that they
could give it to the public without any bugs without any problem it could you know show
the videos of you know it is very popular shoes and all, they saw that sharing was a
at that time was not very reliable thing it was unreliable and most sights failed to provide
dedicated video, so what happen? They saw it an opportunity, this research
help them to find an opportunity in the market right. And what came up was you tube which was brought
by Google for 1.65billon so who could think that such a small idea could become such a
large organization and such a large profitable venture okay. Similarly there are so many other examples
like the case of Instagram. I have put it here you can see that later
on and I also put the case of nano, nano is the very classic Indian case I do not want
to get in to the debate of whether it was successful or not but we can easily say that
nano was a classic case of new product being develop for a new range of consumer right. So how it happen? Ratan Tata finds that one day family was traveling
on a scoter. With four people and it was very uncomfortable
so he decided then and there that he would make a car of 1lakh, so this is how the nano
started right so we need marketing research too make the right decisions to implement
marketing practice the concept. And make the right decisions to the set the
right marketing strategy, so how this marketing research define now let us see that it says
it is the function that links the customer the consumer and the public through information. So which we discuss just before and so this
information is use to identify and defiant he marketing opportunities as you tube did? They found that there was an opportunity so
they explored it that opportunity and they did well right so this is all the marketing
research definitions says Now this is the classic question that comes
when we are into the subject of market research so what does this means let say if I break
it up into two parts let say market and then say again the next one marketing okay so what
is this market research and what is marketing research is there any difference between the
two what is the difference we have to think so market as the name suggest we feel it is
like geographical boundary is a large potential set of buyers and sellers. Today they may few if I say only geography
it might be wrong because we are playing on the virtual world so okay so marketing research
market research talks about specific group in a specific geographical area but that might
you can extend it to the virtual world which is much bigger okay. Marketing research what the purpose of market
on the other side the marketing research let see it helps to link the consumer to the marketer
by providing information that can be used on making marketing decisions for example
what is the right price what is the right product should be distributed through this
channel or should we distribute some other channel. What is the right promotional technique should
we promoted it on TV should we add it on the cable should we add it on the let us say internet
should we give it to some other kind of a you can let say sponsors a cricket match for
example anything right so how do you do it the basically the four P’s of marketing
that we talk about and it is connected to this four P’s of marketing right. Mostly so let see this what is the uses of
marketing research identifying the marketing opportunities and problems as I said again
let us go back to examples generate refine and evaluate potential marketing actions right
so what is the right marketing action to be taken monitor the marketing performance checking
that we are able to achieve our objectives or not is very important improve it as a process
altogether. Now this is the case of twitter as an example
which you like is twitter wanted to launch that product right but initially they have
found they were computing the one of the greatest players in the market Apple so the third podcast
which was apple had launched with support for iTunes would obviously not do well because
they were computing they were small player and they are computing directly again because
they joined Apple right. So the third they conclude that they are no
real chance of computing against apple so what they did was they did a survey to find
out they realized after the survey that the platform they had build the tremendous scalability
and potential right suppose that they double down on the simplicity and just made a portal
were people could share what they were up to then it will be wonderful right. After researching they found new venture twitter
now which would provide a basic feed of information with a focus on news and celebrity so it simple
proceed but they pull it off initially with the every new idea people start rising and
the think it will not work but they done the research they saw there was a gap in the market
which was existing and they could take advantage of it right. Classification of marketing research, so basically
we will classify into the problem identification research and problem solving research, identifying
the problem is itself the successful thing, for example market potential, what is my potential,
am I not working to my potential, can I do something more? What is my market shell? What is imaging the market? I will tell this case of you Parle. When Parle changes it packaging, just to make
it more masculine people initially felt that it is okay to have a Parle but when the color
of the packaging changed. People started thinking that this is something
like more bigly the more energy into the Parle and it is really a fantastic product. So there was no change in the product but
only in the packaging right, so your images also changes the way you project yourself,
so what is the image that is acceptable in the market and market words it is very important,
so the characteristics of the market for casting and trends in the market. So what is the present trend? Once upon time the fashion trend if you see
change very moment, every 5 years, 10 years there is the change in the fashion again you
go back to the old times and all it so happens. So understanding the forecasting, for example
there is a very classic case way of you know sometimes happens, I will tell in my classroom
also. That if you’re forecasting is wrong, if
you go wrong go in forecasting, if you predict you are forecast well. You can predict your market well there is
the enormous loss that a company can make because the entire chain is getting effected. Let say your, if does not sell well right
then automatically there is a. Pile of inventory right, this entirely affects
the operation and production side of the company right. So and obviously when all these gets effected
the profitability does not remain the same, so profits go down. I think if you can see the profits will go
down. Similarly problem solving research talks about
examples like segmentation, which segment, there is a very nice example which I will
tell you. How to segment the market? How companies these thing for example Godrej
hair dye understood that there was a market beside the human beings right. In Maharashtra when they were selling their
dyes, they thought and surprised to see why this dyes are going up on Maharashtra where
states of hair dye had no clue, but they were surprised that this was been used for coloring
the buffaloes and you can understand how much the buffaloes consumes. So these are something like there was a important
market that was untapped, so how to what products to make what pricing, I can give you the double
the example of this, for distribution the famous Tata is chota hathi comes to mind. In the violence of the Lucknow if you have
to take your truck you cannot take it so difficult, so Tata came up with this different concept
chota hathi which Tata is and this vehicle manure could you know move into the any lane
of any place in India because India being very consisted place so and this product that
the reason became extremely successful right. So as I said these are the problem identification
in problem solving research so which side equally they both important. Okay I think we have gone through this for
example the test marketing for example I remember the time when nestle was doing its test marketing
for the magi right and when I was in school obliviously right so when they doing the test
marketing they were trying to influence they were trying to see whether the market would
be readily excepting the products are not sometimes if you do not do it you are surprised
because the market rejects your products because the market rejects your products right very
dangerous okay so all this you can see right product modification package test and all
very important okay. Similarly the pricing policies what is the
pricing policy if you underperform if you under price the product you are losing valuable
money if you over price you will miss out on the customers right so you will miss out
on the large number of potential customers who could have purchased your product but
now they are not but now they are not there with you right so that is also very dangerous
elasticity of price is extremely important in the market because again that happens consumers
in some cases depends on the type of product obviously in some products they are very sensitive
in some product they are less sensitive. So if you are in a sensitive product the firm
is working in sensitive product and they play with the price it could be either very positive
or it could be negative one can be very careful so all these needs research all these need
data all these needs to be you know one to see very detailed but any research will only
happen when you are very clear what is your objective right what is your objective and
how to move further into that right okay I think what I can do I this will be
my possibly lie last slide of today and then we will may be carried on to that class okay. So if you can see this is a whole in a holistic
way I have tried to show you this is marketing research and this is the factors that affect
uncontrollable factors that affect the marketing research for example you economic condition
that demonstration happened recently and that affected many components for example the Bajaj
says there is there were heavily affected because of demonstration people did not have
money right okay technology lose in regulation political factors controllable prices variables
are your because it is hands of the company right they can do a good research and find
out what is the optimum. Value for it the groups customer groups are
who are involved other consumers employees shareholders suppliers and all this marketing
managers have to look into the segmentation the target market the programs performs and
control so how do you at the end you have to monitor your performance and to have a
control over it right okay thank you so much thanks for the day we will meet in the next
class of marketing research analysis thank you so much.

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22 thoughts on “Introduction to Marketing Research

  1. easy way to understand

  2. Thank you Dr. Naik for the lectures, i have gone through all the lecture which are really helpful to foreign university students also i am one among them. Kindly include topics like Discrete Choice Analysis, Information Display Matrix and Methods of Prognosis.

  3. Thanks everyone. Kindly use the videos and in case you need any further clarification kindly post a question so that I can try to answer.

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