Electronically Sign Market Research Proposal Template Made Easy

Electronically sign market research proposal template

[Music] hello and welcome to another can Indian channel feature in this video we will be looking at conducting marketing research this video is a part of series of MBA 101 course intro to marketing please feel free to watch other sections on intro to marketing course during the make of the video the reference textbook is marketing management and Asian perspective by philip kotler and it's a sixth edition marketing research is a systematic design collection analysis and reporting of data and finding relevant information to a specific marketing situation facing the company if you have watched my other videos I always use a real-world example to explain a topic in this way your mind grasps the topic in a much better way the example I would like to use is my company I happy novelties and gifts I've talked about this company in the product lifecycle video when our company I happy novelty was basking in success we decided to launch new product lines for this we needed to conduct market research there are different ways of conducting market research such as using the internet accessing publication data word of advice don't rely too much on Google ensure that the information is from a credible source tapping into marketing partner expertise marketing research firms such as agencies distributors and other marketing partners may be able to share relevant market knowledge that they have accumulated check out competitors researching information about your competitors in the same category or closely related category most companies use a combination of marketing research resources to study their industry's competitors customers and channel strategies marketing research firms fall into three categories number one syndicated service research firm these firms gather consumer and trade information which they sell for example Nielsen company Millward Brown and Tina's global number-two custom marketing research firms these firms are hired to carry out specific projects they design the study and report the findings number three speciality line marketing research firms these firms provide specialized research services the best example is a field service firm which sells field interviewing services to other firms when my business partners embarked on addition of new products to a happy novelties we did not have a huge marketing budget to conduct the above search we ended up using a small marketing research company overseas who were specialized in Google Analytics and could provide us marketing insights on effectively placing our company on the path we envisioned steps to marketing research process number one define the problem and research objective a happy example would be to add an additional product line these are the decision alternatives and research objectives decision about the existing business problems and outcomes of the research objectives number two number two develop the research plan decision on data sources primary or secondary research approaches research instruments sampling plan who should take part in the research how big should the sample be and contact methods how should the data be collected number three collect the information this phase is the most expensive and most prone to error but this is the only process to ensure data is generated for the company number four analyze the information extract pertinent findings from the collected data using suitable data analysis techniques number five present the findings in a way pertinent to the major marketing decision facing management deliver meaningful insights to the specified research objectives number six make the decision what is the next step for the company given insight is it here the research implications are wait and decisions are made to incorporate the preferences and attitudes of buyers onto the product development price setting distribution decision advertising programs service requirements and other key areas of the marketing plan the researcher can gather secondary or primary data or both typically researchers and managers start the investigation by analyzing secondary data data that have been already collected internally or have been made available by the government as this approach will be the most cost effective when secondary data do not adequately address business problems or provide answers to only one aspect of the business problem primary data are generated through marketing research to assist the management I've also listed the comparison of primary and secondary data source this always shows up on quizzes or exams if you're undertaking a MBA course for the primary data source the male surveys have wide reach relatively inexpensive yield low response and unable to obtain detailed info questions are short and direct for telephone surveys it's targeted for a much more complex survey if needed allows for clarification relatively inexpensive for personal interview detail information can be obtained it has a small reach it's expensive and there could be possible interviewer errors for email polling there is a quick response it's inexpensive it's limited it's got limited respondents it has low response rates and it has quick results to recap this video we looked at marketing research steps and conducting marketing research and different research sources thank you for watching this video if you have any questions or queries please do not hesitate to contact me if you need the script of this video for your exam or for a reference notes please drop me a comment and I will email it to you this is can indeed channel signing off