Marketing Research is the branch of knowledge which is concerned with fundamental concepts and stages of collecting relevant information essential to figure out the state of the market for any anticipated goods and services. The information collected from marketing research act as a guideline to entrepreneurs in order to achieve desired outputs through wise business decisions.
The course covers different topics of Marketing Information System (MIS) and Marketing Research (MR) which teaches students how to mix stages, carry out systematic and scientific research, understand and evaluate research reports, and apply appropriate research skills.
The course is designed to familiarize students about an overview of marketing research along with practical application of the course in management. Students would learn about steps involved in marketing research along with the use of various market research tools that will develop the ability in them to make effective plans and manage research schemes.
The main aim of this course is to develop understanding of concepts and tools of Marketing Research along with ability to demonstrate the knowledge to make effective and appropriate business decisions. Other than this, any individual who completes the course is expected to
- Understand fundamental concepts and techniques of marketing research.
- Be able to pick best marketing research tools from a wide array of choices.
- Have ability to identify different sources of marketing information and develop skills to gather such information.
- Develop ability to convert management problems into tangible research questions.
- Think more critically to assess marketing information to ensure the quality of the decisions made on the basis of such information.
- Have a general understanding of strengths and limitations of alternative research design.
- Develop a critically analyzed data which provides recommendation.
Marketing, Marketing Information System and Marketing Research
- Meaning, nature and interrelationship between Marketing, MIS and MR
- Applications and importance of MR
- Responsibility and involvement of marketing researcher and manager in decision-making and implementation
Marketing Research Design
- Research design: Meaning, nature and importance of research design
- MR design process: Steps in research design
- Errors affecting research design
- Strategies for handling potential research errors
- Data: Meaning, importance and applications of data
- Types of data: Primary and secondary data
- Sources of data
- Internal records
- Commercial and public surveys
- Methods of data collection
- Focus group observation
- Literature review
- Data collection instruments/tools
- Unstructured, semi-structured and structured mechanical instruments
Sampling Procedures in Marketing Research
- Meaning, significance and managerial objectives of sampling
- Sampling process: Census versus sample
- Steps in sampling process
- Determination of sample size
- Methods of determining sample size
- Sampling distribution
- Types of sampling
- Probability sampling
- Non-probability sampling
- Socio-economic classifications
Data Reduction and Analysis
- Data reduction
- Field controls
- Generating new variables
- Calculating and summarizing statistics
- Brief introduction to statistical estimation
- Factor analysis
- Cluster analysis
- Conjoint analysis
- Organization of the report
- Title page
- Signatory page
- Executive summary
- Table of contents
- Hypothesis/Research issues/Research problem statement
- Research methodology
- Research delimitation
- Oral presentation of the report
- Anticipation with charts and graphs
- Relevant data
- Use of audio visuals
- Flow of information
- Standard of language
- Time management
- Sitting arrangement
- Reading materials
- Reading out the reports
- Ethical issues in MR
- Identification of ethical issues related to research function
- Anticipating the social values and norms
- Understanding the impact of ethical issues over the study process and its implementation
- Preservation of social, ethical and historical heritages
Selected Applications of MR
- Product research
- Advertising and promotion research
- Sales and marketing analysis research
- Consumer behavior research