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January 29, 2014

Scope of Marketing Research

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Friends, in our marketing study materials series we have already covered the introduction of Marketing Research and the Importance of it. Today we shall discuss about the scope of marketing research and about the present situation of Marketing Research in India. 

Scope of Marketing Research :

  •  The emergence of specialists such as statisticians, psychologists and behavioral scientists in a fairly large number has also enhanced the importance of marketing . These specialists have helped in development of Marketing Research as a separate discipline and strengthened its techniques. 
  • The increase in computers has further contributed to the growth of marketing research.
  • Companies annually spend about $ 8 billion worldwide (one third in the US) for data gathered by Marketing Research firm. The top 25 research firms (nearly half of which are US based) account for more than $4 billion of that amount, with over 1000 firms responsible for the rest. These amounts are in addition to research sponsored by government and other institutions and to internal research efforts of firms themselves - which also run into billions each year.
  • According to the American Marketing Association's most recent survey of Marketing Research, these are the topical areas in which companies are most apt to engage in or sponsor research efforts. And, on an average, the surveyed companies spend 1% of their revenues on Marketing Research. 
  • Over last decade, significant technological innovations have been applied in marketing research settings, as these examples indicate :
    • Strategy Decision Systems' Quest Plus enables hospital patients to answer survey question by touching responses on a computer screen. Thus, they can easily "voice" opinions about the quality of care received.
    • Advanced Neuro Technologies has designed Mind Track to detect emotional responses to ads and other forms of communication. Mind track detects brain waves via sensors attached to a head band; people are exposed to an ad campaign or a TV show and quantitative digital results appear.
    • More companies are using Facsimile machine to get response to marketing surveys. In general, faced responses are obtained quicker; response rates are higher due to ease of return, and answer quality approximates that for other methods of transmission.

Marketing Research in India 

In India, Marketing Research is not as well developed as it is in the advanced countries of the world. This is on account of variety of reasons. 

One important reason is that sellers do not have much difficulty in selling their goods and services on account of scarce supply.

The most frequent use of Marketing Research in India in the area of new product decision with 58% of respondents indicating that they employ marketing research frequently / always in making such decisions. Other important applications of Marketing Research are found in the fields of estimating market shares (49%), gathering competitive information (47%) and demand estimation (46%).

Applications of Marketing Research :

Below are a few application areas of Marketing Research :
  • Measuring Customer Satisfaction
  • Estimation of Demand
  • New Product Decisions
  • Product Positioning Decision
  • Market Share Analysis
  • Advertising Theme / Message Decision
  • Evaluating Advertising effectiveness
  • Diversification Decision
  • Product Modification Decisions
  • Channel Modification Decision
  • Market Segmentation Decision
  • Pricing Decision
  • Gathering Competitive Information
  • Customer Service Decisions
Bhavya Vasudevan

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1 comment:

  1. Thanx......Pls upload the topic Bank Marketing....


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