1/21/2015

1

Business Research Method

InstructorProf. Ravi Shekhar Kumar

XLRI- Xavier School of Management, Jamshedpurravishekhar@xlri.ac.in

Contact No. 3186Session-1

Being ignorant is not so much a shame as being unwilling to learn.

. Benjamin Franklin

1/21/2015

2

Agendaofthesession IntroductionofResearch ResearchClassification StagesinvolvedinResearch ProblemDefinition

31/21/2015

What are different examples of research?

1/21/2015

3

Why should we conduct research?

Research Reducesriskindecisionmaking

Letsmoveawayfrommakingdecisionsbasedonanecdotalevidence(i.e.,informationorcasualobservationthatisnotbasedonfactsorcarefulstudy)

61/21/2015

1/21/2015

4

Expectations Yourexpectations?

.essentiallyanappreciationofresearch

Myexpectations Beagroup&gothroughexperientiallearningnotadefensiveorcompetingindividual!

GenuineinterestfromanapplicabilityperspectivenotjustanothercourseIhadtotake!

Internalizethethoughtprocessnotmemorize! Queryingnotdissociatedacceptance! NODISTURBANCEtoCLASS

71/21/2015

BusinessResearch

Toprovidethoroughunderstandingoftheresearchprocess

Toprovideawellstructuredmethodincarryingoutresearchinvestigation

Tofamiliarizewithmajortechnique

Objectiveofcourse

81/21/2015

1/21/2015

5

91/21/2015

DefiningResearchThefunctionwhichlinkstheconsumer,thecustomer,andpublictothemarketerthroughINFORMATION.

Used to identify & define market opportunities and problems

Generate, refine, & evaluate performance

Monitor performance

Improve understanding of process

Information

101/21/2015

1/21/2015

6

DefiningResearchResearchisthesystematicandobjective

identification collection analysis dissemination anduseofinformation

Forimprovingdecisionmakingrelatedto: identification& solutionofproblemsandopportunitiesinmarketing

111/21/2015

Research

ProblemIdentificationResearch

Tohelpidentifyproblemswhicharenotnecessarilyapparentonthesurface

&yetexistorarelikelytoariseinthefuture

MarketPotentialResearchMarketShareResearchMarketCharacteristicsResearchSalesAnalysisResearchForecastingResearchBusinessTrendsResearch

SegmentationResearchProductResearchPromotionResearchDistributionResearch

AClassificationofResearch

ProblemSolvingResearch

Tohelpsolvespecificproblems.

121/21/2015

1/21/2015

7

ProblemSolvingResearch

131/21/2015

Determine the basis of segmentation Establish market potential &

responsiveness for varioussegments

Select target markets Create lifestyle profiles:

demography, media, & product image characteristics

SEGMENTATION RESEARCH

Test concept Determine optimal product design Package tests Product modification Brand positioning & repositioning Test marketing

PRODUCT RESEARCH

ProblemSolvingResearch

141/21/2015

PRICING RESEARCH Pricing policies Importance of price in brand selection Product line pricing Price elasticity of demand Initiating and responding to price changes $ALE

PROMOTIONAL RESEARCH Optimal promotional budget Sales promotion relationship Optimal promotional mix Ad Copy decisions Media decisions Creative advertising testing Evaluation of advertising effectiveness

0.00% APR

1/21/2015

8

ProblemSolvingResearch

151/21/2015

DISTRIBUTION RESEARCH

DetermineTypes of distributionAttitudes of channel members Intensity of wholesale & resale coverageChannel margins Location of retail and wholesale outlets

ResearchProcess

161/21/2015 16

Step 1: Defining the Problem

Step 2: Developing an Approach to the Problem

Step 3: Formulating a Research Design

Step 4: Doing Field Work or Collecting Data

Step 5: Preparing and Analyzing Data

Step 6: Preparing and Presenting the Report

1/21/2015

9

ChainRestaurantStudy

He was working for a restaurant chain in town and wanted help analyzing the data he had collected while conducting a marketing research study.

One day I received a phone call from a research analyst who introduced himself as one of our alumni

171/21/2015

ChainRestaurantStudy

When we met, he presented me with a copy of the questionnaire and asked how he should analyze the data. My first question to him was,

181/21/2015

1/21/2015

10

ChainRestaurantStudyWhen he looked perplexed, I explained that data analysis is not an independent exercise.

Rather, the goal of data analysis is to PROVIDE INFORMATION RELATED TO THE PROBLEM COMPONENTS.

191/21/2015

ChainRestaurantStudyI was surprised to learn that he did not have a clear understanding of the marketing research problem and that a written definition did not exist. So before going any further, I had to define the marketing research problem.

Once that was done, I found that much of the data collected was not relevant to the problem. In this sense, the whole study was a waste of resources. A new study had to be designed and implemented to address the problem defined.

201/21/2015

1/21/2015

11

ProblemDefinition Themostimportantstepinmarketingresearch

Thetrulyseriousmistakesaremadenotasaresultofwronganswersbutbecauseofaskingwrong

questionsPeterDrucker

211/21/2015

ProblemDefinition FailureDisneyLandEurope(Paris)in1992 CocaColalaunchofnewCokeinearly1980s SuccessofStarbuckinJapanin1996

221/21/2015

1/21/2015

12

FactorstobeConsideredintheEnvironmentalContextoftheProblem

231/21/2015

Past Information & Forcasts

Resources & Constraints

Objectives

Buyer Behavior

Legal Environment

Economic Environment

Marketing & Technological Skills

ManagementDecisionProblem(MDP)ManagementDecisionProblem(MDP):Astatementspecifyingthetypeofmanagerialactionrequiredtosolvetheproblem.

Itaskswhatadecisionmakerneedstodo. Itisactionoriented. Itfocusesonsymptoms.

241/21/2015

1/21/2015

13

ResearchProblem(RP)ResearchProblem(RP):Astatementspecifyingthetypeofinformationneededbythedecisionmakertohelpsolvethemanagementdecisionproblem andhowtheinformationcanbeobtainedefficientlyandeffectively.

Itaskswhatinformationisneededandhowitshouldbeobtained

Informationoriented Focusonunderlyingcause

251/21/2015

Interestgenerated?