MGT301 ASSIGNMENT SOLUTION

*MGT301 Assignment#1





THE MARKETING
RESEARCH IS THE MAIN/MAJOR TOOL
-to feel the market sensitivity/ market reactions to the product/ price etc
which helps in the decision to provide the market the right product/ right
price/right promotion/
and at the right place.





IN OTHER WORDS FROM
THE MARKET



-researched information on various aspects of the product/market.
-to shape the future requirements of the product/market.
AND PUT THE PRODUCT BACK INTO THE
MARKET.


THE MARKET RESEARCH
PROVIDES



*Ad Tracking *– periodic or
continuous in-market research to monitor a
brand’s performance using measures such as brand awareness, brand
preference, and product usage.



*Advertising Research* – used to
predict copy testing or track the efficacy
of advertisements for any medium, measured by the ad’s ability to get
attention, communicate the message, build the brand’s image, and motivate
the consumer to purchase the product or service.



*Brand equity research* - how
favorably do consumers view the brand?
Brand name testing - what do consumers feel about the names of the products?





*Commercial eye
tracking research* - examine advertisements, package
designs, websites, etc by analyzing visual behavior of the consumer



*Concept testing* - to test the
acceptance of a concept by target consumers



*Coolhunting *- to make observations
and predictions in changes of new or
existing cultural trends in areas such as fashion, music, films, television,
youth culture and lifestyle



*consumer decision process research*
- to determine what motivates people to
buy and what decision-making process they use



*Copy testing* – predicts in-market
performance of an ad before it airs by
analyzing audience levels of attention, brand linkage, motivation,
entertainment, and communication, as well as breaking down the ad’s flow of
attention and flow of emotion.



· *Customer satisfaction studies *-
exit interviews or surveys that
determine a customer's level of satisfaction with the quality of the
transaction



*Demand estimation *- to determine
the approximate level of demand for the
product
Distribution channel audits - to assess distributors’ and retailers’
attitudes toward a product, brand, or company



· *Internet strategic intelligence*
- searching for customer opinions in the
Internet: chats, forums, web pages, blogs... where people express freely
about their experiences with products, becoming strong "opinion
formers"
Marketing effectiveness and analytics - Building models and measuring
results to determine the effectiveness of individual marketing activities.



*mystery shopping* - An employee or
representative of the market research
firm anonymously contacts a salesperson and indicates he or she is shopping
for a product. The shopper then records the entire experience. This method
is often used for quality control or for researching competitors' products.



*Positioning research *- how does
the target market see the brand relative
to competitors? - what does the brand stand for?



*Price elasticity testing *- to
determine how sensitive customers are to
price changes



· *Sales forecasting *- to determine
the expected level of sales given the
level of demand. With respect to other factors like Advertising expenditure,
sales promotion etc.



*Segmentation research* - to
determine the demographic, psychographic, and
behavioural characteristics of potential buyers



*Online panel *- a of individual who
accepted to respond to marketing
research online
· Store audit - to measure the sales of a product or product line at a
statistically selected store sample in order to determine market share, or
to determine whether a retail store provides adequate service



*Test marketing *- a small-scale
product launch used to determine the likely
acceptance of the product when it is introduced into a wider market



*Viral Marketing Research* - refers
to marketing research designed to
estimate the probability that specific communications will be transmitted
throughout an individuals Social Network. Estimates of Social Networking
Potential (SNP) are combined with estimates of selling effectiveness to
estimate ROI on specific combinations of messages and media.
*All of these forms of marketing research can be classified as either
problem-identification research or as problem-solving research.*



*A company collects primary research by gathering original data. Secondary
research is conducted on data published previously and usually by someone
else*.





Secondary research
costs far less than primary research, but seldom
comes in a form that exactly meets the needs of the researcher.
A similar distinction exists between exploratory research and conclusive
research. Exploratory research provides insights into and comprehension of
an issue or situation. It should draw definitive conclusions only with
extreme caution. Conclusive research draws conclusions: the results of the
study can be generalized to the whole population.
Exploratory research is conducted to explore a problem to get some basic
idea about the solution at the preliminary stages of research. It may serve
as the input to conclusive research. Exploratory research information is
collected by focus ***** interviews, reviewing literature or books,
discussing with experts, etc. This is unstructured and qualitative in
nature. If a secondary source of data is unable to serve the purpose, a
convenience sample of small size can be collected. Conclusive research is
conducted to draw some conclusion about the problem. It is essentially,
structured and quantitative research, and the output of this research is the
input to MARKETING INFORMATION SYSTEM.
Exploratory research is also conducted to simplify the findings of the
conclusive or descriptive research, if the findings are very hard to
interpret for the marketing manager.