RM Case study

2. If information generated or data collected and analyzed are to be accurate, researcher must have an objective, without engaging in a biased attempt to prove preconceived ideas.

3. Objective is to facilitate the managerial decision making process for all aspect of business: Finance, Marketing, Personal and so on. 1 suresh

5. Targeting

7. Price

8. Promotion

9. PlaceMarketing Plan LEVEL 2 (Tactical) 2 suresh

10. RELEVANCE & SCOPE OF RESEARCH IN MANAGEMENT …contd Who constitutes the buyers ? Why do some people buy and some don’t? What are the market share of the respective brands? Market & Sales Research From which outlet are the product bought ? What drives a consumer to buy a brand ? Which alternative packaging is most preferred ? What features /attributes of product is important Product Research 3 suresh

11. RELEVANCE & SCOPE OF RESEARCH IN MANAGEMENT …contd What are the responses to various price levels ? To what extent is sales affected by price? What pricing policy should be adopted for new product introduction ? Price Research Which is the most effective advertising mix ? How successful are discounts coupons, lucky draws ? What advertising theme, appeal, slogan to use ? Promotion(Advertising) Research What product features should be emphasized ? 4 suresh

12. RELEVANCE & SCOPE OF RESEARCH IN MANAGEMENT …contd What channels should be used ? What type of stores display the product and in what quantity? Where and what volumes should the product be stocked ? Place (Distribution) Research

13. RELEVANCE & SCOPE OF RESEARCH IN MANAGEMENT …contd Four stages of decision making process: Identifying problems or Opportunities: Organization must determine where it wants to go and how it will get there. E.g.: Develop package for a new brand Increase the amount of repeat purchasing Allocate advertising budget geographically. Diagnosing and assessing problems or opportunities: Manager need to gain insights about the underlying factors causing the situation Selecting and implementing a course of action: Research is often conducted to obtain specific information that will aid in evaluating the alternatives and in selecting the best course of action 6 suresh

14. RELEVANCE & SCOPE OF RESEARCH IN MANAGEMENT …contd Evaluating the course of action: Objective measurement and the appraisal of extent to which a given activity, project or program has achieved its objective 7 suresh

15. RELEVANCE & SCOPE OF RESEARCH IN MANAGEMENT …contd Determining when Research should be conducted: Time Constraint Availability of Data Nature of decision Benefit v/s cost Is sufficient time available before managerial decision must be made ? Is the information already on hand, inadequate for making the decision ? Is the decision of considerable strategic or tactical importance ? Does the value of the research information exceed the cost of conducting Research ? YES YES YES YES NO NO NO NO Research should not be conducted Conduct Research 8 suresh

17. Research may not be needed at all.

18. Information about alternatives is incomplete

19. Research has to be done.

20. Business problem is unclear

21. Research may be a waste of time, however can be attractive for decision makers9 suresh

22. STEPS INVOLVED IN THE RESEARCH PROCESS …contd Problem discovery Problem discovery and definition Selection of exploratory research technique Experience survey Case study Secondary (historical data) Pilot study Problem definition (statement of research objective) Planning the research design Selection of basic research method Secondary data study Observation Survey Experiment 10 suresh

23. STEPS INVOLVED IN THE RESEARCH PROCESS …contd Sampling Selection of sample design Nonprobability sampling Probability sampling Collection of data (fieldwork) Data gathering Editing and coding data Data processing and analysis Data processing and analysis Interpretation of findings Drawing conclusion and preparing report Report 11 suresh

24. Problem discovery Problem definition (statement of research objective) “The formulation of a problem is often more essential than its solution” - Albert Einstein Introduce new product Design a test market to assess the likely acceptance of the new product Adopt pricing strategy for a new product Assess the potential levels of demand associated with various price levels General statement Specifically identified Develop package for a new product Evaluate effectiveness of alternate package design Allocate advertising budget geographically Determine current level of market penetration in the respective areas 12 suresh

27. Exploratory and Descriptive research normally precede Causal research

28. Eg. Will buyer purchase TV if a variable/feature incorporated in it? (COMPLETE CERTAINTY)

29. Describes characteristics a population

30. Determines the answers to who, what, when, where and how kind of questions

31. Helps in segment and target the market.

32. Eg. What are the ratings given to variables? Who gave the ratings? Where (which zone/state) rating was given? (UNCERTAINTY)

33. Conducted during initial stage of research process

34. Clarifies the thought about research problem

35. Eg. What are the10 most important variable consumers use to decide while buying TV? (ABSOLUTE AMBIGUITY)* Degree of uncertainty of a research problem determines the research methodology 13 suresh

39. Internal and Proprietary data: E.g.. Purchase/sales volume of products for a Shopping Mall

40. Books and Periodicals: E.g.. Journal of Marketing research, Business week, Financial Analyst journal

41. Government Sources: E.g.. Census Data (No. of members in family, gender, age etc). Economic data series like GDP, balance of Payment

42. Regional Publications: E.g.. Publications generated by different banks Metro political planning agencies of the city provides about population, economies, transportation

44. Media Sources: E.g.. TV channel viewership data

45. Market Share data: Retail sales volume data based on product movement.

46. Consumer attitude and public opinion research: Syndicated service for report findings from attitude research and opinion poll

48. Moderator (interviewer) and 6-10 participants.

49. Participants meet at a central location.

50. Moderator introduces the topic and encourages the group members to discuss.

51. Often used for concept and refinement . (E.g.. New name or attribute for a product)

52. Videoconferenced focus group allows managers to send messages to moderator

54. Word Association: Frequently used in testing potential brand names.

55. Sentence Completion: Respondents are required to complete a number of partial statements. E.g.:High salary will help me purchasing ___________________ Brand A is better than B because_____________________

57. Respondents are asked why a third person (e.g. a neighbor) does what he does or thinks what he thinks about a brand, company or a concept. (Providing a mask is a basic idea)

59. Selection of exploratory research technique Pilot study 22 suresh …contd Or respondent to construct a story looking at series of pictures with continuity

61. Interview is extensive, unstructured and undisguised (not direct questions).

62. Most of the questions are open ended

63. Respondent is free to respond the way he/she likes

65. Interview is done with small no. of knowledgeable people.

66. The purpose is to help formulate the problem and clarify the concept.

68. Mall Intercept Personal Interview: Personal interview conducted in shopping malls

69. Telephone Interviews: Contacting respondents by telephone to gather responses to survey questions.

70. Mail Survey: A self-administered questionnaire sent through the mail to respondent.

73. Various segments of population are sampled.

74. Relationship among variables are investigated by cross tabulation (Profiling).

76. Similar group of people are expected to be in each sample.

77. Done usually through a panel

78. Eg. Consumer panel study, Retail panel study

79. Selection of descriptive/ causal research Observation 29 suresh Business Researchers can observe people, objects, events or other phenomena by assigning the task to human observer or by using machines designed for specific observation tasks.

80. Selection of descriptive/ causal research Observation 30 suresh Human behavior or action Selection of products from a shelf Verbal behavior Communication of an employee with subordinates and boss Expressive behavior Facial expression, tone of voice while seeing demo of a consumer durable Temporal patterns Time taken to complete a task Physical patterns Footfall recorded in a shopping mall on weekend Verbal and pectoral record Number of illustrations in a text book

82. Television Monitoring: Eg. ‘PeopleMeter’ used to obtain ratings of television program.

83. Monitoring website traffic: Recording no. of people visiting a particular website

84. Measuring physiological reactions: Eg:

85. Eye tracking monitor: Measures unconscious eye movement, used in recording the pattern of a hoarding or print ad being noticed

86. Voice Pitch analysis: Measures emotional reaction as reflected in physiological changes in persons voice

88. Judgment/purposive

89. Convenience

91. Systematic

92. Stratified

95. Cluster: Population is divided into groups or cluster. Eg. Survey to be conducted in North and West.*In Stratified, each group has small variation within itself but wide variation between groups. There is considerable variation within each group but the groups are similar to each other.

103. CASE 42 suresh Background Rockledge Corporation shows its presence in various sectors: Steel, Telecom, Banking, and Automobile. The company has decided to diversify its portfolio by getting in Consumer durable sector, beginning with manufacturing of TV. Need Entering in TV industry

105. Finding media sources used before buying TV

106. Determining appropriate price levels for sizes of TV intended to launch: 21inches and 29 inches.

107. Analyzing competition on various parameters

109. Survey Research

110. Research instrument:

111. Questionnaire, to collect primary data

112. Sampling plan:

113. Sampling unit (Target Population): Male and Female Above 27 years Household income not lesser than 2,00,000 Rs. Owning TV at home Location: Mumbai, Delhi, Kolkata, Chennai and Bangalore

115. Sample size : 3500 (700 in each Metro)

118. Sampling procedure: Non Probability (Judgment/purposive)