Marketing Research & Analytics Definition Importance Purpose limitations Applications of MR Types of research Scope of MR Benefits of MR MR is a Management tool Marketing Intelligence (MI) Importance of MI Need for MI Types of MI Difference between MI and MR Conjoint analysis in marketing

1. Marketing research & analytics
20MBAMM304
Marketing Research- An Applied Orientation Naresh K Malhotra & Satya
Bhushan Dash
Marketing Analytics Using Excel .Ajithab Dash

2. • Marketing is a dynamic, restless, ever changing business activity.
• Marketing changes because of crises like recessions, inflation, material &
energy shortages, high unemployment, dying industries, terrorism, war,
rapid technological changes etc.
• These changes have forced marketing people to adopt strategic decision-
making, be market-driven, and requires to do continuous market research.
• Marketing people need a formal system to provide them timely and accurate
information about customers, products, market place & overall
environment.

3. Marketing and research = two words
• Marketing means creating, communicating & delivering value to
customers & managing customer relationships.
• Research means doing systematic, objective & complete study of a
problem using scientific methods usually done by experts.
• So, marketing research is ……

4. Green & Tull define
• Marketing research is a systematic & objective search for information
and analysis of that information to identify and find solutions to
problems in the field of marketing.

6. When not to do marketing research.
• When you don’t know what information to collect.
• When the research study is more costly than the benefits it offers.
• You are looking for information which is already there
• You may risk your competitive advantage
• Resources are not there

7. Why to do marketing
research?
• Why marketers need up-to-date
and accurate information?
To market effectively
Change in technology
Change in customer tastes
Market demand
Change in competitors product
range
Change in economic conditions
Distribution channels

8. Purpose of
Marketing research
• Get a more detailed
understanding of customer
needs
• Reduce the risk of
product/business failure
• To forecast future trends

9. Importance of MR
• MR is fast growing in importance because of increased competition, rapid
changes in technology, and because of changing customer needs,
expectations and attitudes.
• The importance of MR in business management is the same as the
importance of brain in a human body.
Helps to plan & execute the marketing plan
Helps in quick and correct decision making
Provides effective solutions to business problems
Huge spending on MR

10. Limitations of MR
• Only provides suggestions and not decisions
• Fails to predict accurately
• Cannot study all marketing problems
• Marketing executives resist research
• Time-consuming activity
• Costly/expensive activity
• Lack of experienced staff
• MR subject is complex
• Data available is limited
• MR results have limited practical utility

14. MR in the 21st century in the Indian Context
• Role of marketing is changing rapidly.
• Consumer behaviour is constantly developing and changing.
• Technological innovations and change in management skills.
• Biggest change – emergence of Big Data
• New methods to analyse and understand data.
• To remain relevant, marketing research must also change and adapt to these developments.
• Data quantity will increase, data quality will improve and analytics will become more powerful
• Analytics will become easier to use and it will be more widely used
• Management and customer decisions will be more knowledge-based.
• Privacy issues and challenges will be both a problem and opportunity for organisations to develop
their analytical skills.
• Data analytics will become a competitive advantage.
• And in the near future, demand for highly trained Data scientists will become more than the
supply.

23. Scope of
Marketing
Research
• Customer Marker Research (market segment)
• Promotion Market Research (communication
method)
• Market and Marketing Environment (macro,
micro, meso)
• Product Research (new product development)
• Distribution (channels to use)
• Sales Research (sales method)
• Business/economic and corporate research
(industry)
• Pricing (cost analysis)
• Performance (current sales)
• Internal Marketing

24. Broader
Role of
Marketing
Research
Marketing
analysis
Marketing
planning and
Control
Specific
problem-
Solving
Environment
Monitoring

25. Marketing research is a tool for management
• To better understand Company-Customer-Competition.
• Surveys are conducted to
Monitor customers and markets
Measure attitude, awareness and image
Track product usage behaviour
Diagnose immediate business problems
Support strategy development

26. • Purpose of MR is to provide management with up-to-date relevant, valid,
and accurate market information.
• ADVANTAGES:
• Tells you about current market trends
• Helps you to make corrections in marketing policies
• Explains about customer resistance and behaviour
• Suggests sales promotion techniques
• Provides guidance about the market to marketing executives
• Helps in selection and training of sales force
• Facilitates business expansion
• Helps to appraise marketing policies
• Tells about new marketing opportunities

27. • Helps to manage inventory
• Provides useful marketing information
• Suggests new distribution channels
• Provides social significance

28. Ethics in Marketing Research
• In business, ethics plays a very important role. Ethics helps to establish
trust between business and its customers and other stakeholders.
• In marketing research also ethical practices should be implemented.
• In marketing research, ethics means the moral principles that guide
researchers on how to conduct the research responsibly and to do analysis
without any kind of dishonesty.
• A market research company, when it does marketing research should treat
all its participants and clients fairly with respect.
• Company should consider the following:

29. • Ethics of Participants:-
• When conducting research, researcher should understand participant’s right
when doing in-depth interviews, focus group discussions and surveys.
• Participants form a major group in the marketing research.
• Researcher should follow the following ethical practices for respondents.
Responses from participants should be kept confidential. It is researcher’s
duty to keep the responses confidential and respect the right to
confidentiality of participants. Their privacy should be protected at all times.

30. Marketing Intelligence
• Marketing intelligence (MI) means the practice of collecting everyday data,
analyse it to make informed decisions about the future.
• The decisions can be regarding competitor behaviours, products, consumer
trends and market opportunities.
• Useful for marketing managers to take decisions related to marketing.
• To be ahead in the market, an organisation should understand their
competitors, the industry its working in, their targeted customer’s tastes
and behaviour.
• All this information is known as marketing intelligence and marketers based
on this information can plan confidently their tactics and future campaigns.
So, that they can be always ahead of competition.

31. Importance of MI
• MI guides companies in their teams decisions.
• By collecting and analysing contextual information about their
customers, industry trends and behaviour, business people can clearly
understand what is working and not working in their businesses.
• This will give them more advantage over competitors, understand
their target customers better and get to know more about their
products.
• MI can be applied to future goal setting. By clearly defining their goals
organisations will become more efficient and increase the scope of MI
efforts too.

32. Need for MI
• MI makes the organisation more customer-centric.
• Understand the market demands and customer needs
• Boost the organisation’s upselling opportunities.
• Collect real-time relevant data
• Get more market share and reduce risks
• Makes organisation more competitive.
• MI services are required to boost trade, to increase the participation
of organisations that do importing and exporting and also increases
participation of countries that need the services of MI to facilitate
their trade.

33. • Marketing managers must be in constant touch with the changes that
happen in the market, with the latest books, newspapers and trade
publications.
• MI is very necessary when entering a foreign market.
• MI helps to orient the market and customers.
• Helps to identify market opportunities.
• Helps to identify new competitors and gives early warning about the
moves of the competitor.
• It helps to identify the threats in the market.
• Reduces the investment risks in the business.
• Gives an idea about the early trends in the market.

34. • Helps to have better interaction with customers.
• Helps in better selection of the market and positioning of products.
• Helps to uncover untapped potential of the markets.
• Gives more quicker, more efficient and cost-effective information in
order to avoid duplication and expensive consultant work.

35. Quantitative KPIs and Qualitative KPIs
• To know whether the efforts of the marketer are helping to achieve
the goals of marketing intelligence.
• Marketers should determine some KPIs- Key Performance Indicators
• Quantitative KPIs – are easiest to measure. For example – marketer
can analyse total number of products sold or the total revenue
earned in a particular period.
• Qualitative KPIs – are more difficult to measure. Marketers can have
indicators like customer surveys, quizzes, comment forums etc.

36. Types of MI
• Different methods to collect MI information.
• Surveys
• Focus groups
• Mail surveys
• Polls
• Field trials
• questionnaires

37. Difference between MI and MR
• Both terms are similar – helps to make informed data-driven
decisions about campaigns.
• Goals of both are different.
• MR is only about a specific organisation making efforts to collect data
on a particular problem or particular area. No information is collected
on external factors.
• MI collects information on all the business functions and processes.
So as to increase efficiency of the organisation’s departments.

38. Domains of MI
• Marketing research
• Customer relationship marketing/database marketing
• Organisations not only want to increase sales but also improve customer
experience in order to attract and retain customers.
• Companies can improve customer experience by combining design thinking
and marketing intelligence methods.
• Technology’s role is very important to improve customer satisfaction.
• Technology-based resources are very important to improve interactions
between companies and customers.

39. • To forecast future trends and needs
• To develop new products
• To select target segments
• To build brands
• To monitor stakeholders
• To do quantitative and qualitative analysis of market
• All require use of latest technology.

40. Design of experiments/ conjoint analysis in marketing
• Design of experiments (DOE) or conjoint analysis is a powerful
statistical tool that helps to connect how customers psychologically
make the purchase decisions to the features of the product/service
offered.
• It is a marketing research technique to measure what consumers
most value about their products and services.
• For example – a TV manufacturer will want to know if his customers
value picture quality or sound quality.
• Do they value low price more than they value sound quality or
picture quality?

41. Case study in marketing research dynamics
• What is marketing research dynamics – these are forces that affect prices
and affect the behaviours of producers and customers.
• When a product or service faces fluctuation in supply and demand, these
forces create pricing signals.
• These market forces can affect any industry or government policy.
• Since market dynamics affect supply and demand, policy makers have to
decide which financial tool to apply to stimulate the economy or cool down
the economy.
• Real life case studies in market dynamics will be helpful to both customers
and marketers.
•

42. Real world example of market dynamics
• As per 2019 NPD group (National Purchase Diary Panel Inc.) an
American Market Research company – stated that consumer spending
has increased for luxury fashion products.
• As demand has increased for luxury fashion items, manufacturers and
marketers can increase prices. This will increase growth in the
industry and boost overall economy.
• By listening to customers, companies came to know about this market
dynamic ‘demand’ which has given an opportunity for growth in the
luxury fashion industry.