Category: Marketing Research

Before embarking upon the topic, it would be appropriate to elaborate the terms marketing research, qualitative research and quantitative research. Marketing research is the process of planning, collecting and analysing data relevant to a marketing decision. (Lamb et al, 2005:219) Qualitative Research is collecting, analyzing, and interpreting data by observing what people do and say. Whereas, quantitative research refers to counts and measures of things, qualitative research refers to the meanings, concepts, definitions, characteristics, metaphors, symbols, and descriptions of things. (Quoted in geocities.com) In simple words, qualitative research concentrates upon the reasons of the individuals views regarding some specific product or services, while quantitative research is eager to collect and gather the data to find out the percentage and ratio of the individuals using the product.

The characteristics of a qualitative interviewer are quite different from those of a quantitative research interviewer. Since a qualitative interview schedule is not a structured one, and is based upon open ended questions, there is some flexibility while conducting the research process. A good qualitative researcher contains an ability to probe from the respondents regarding the subject under study according to the situation; on the other hand a good quantitative researcher has command over submitting requests for the starting interview before the respondents.

A good qualitative researcher can skillfully start the topic of his own choice, which he has to sum up within the limited time prescribed in the instructions table, while a good quantitative interviewer maintains the interest of the respondent till the end of questions prepared in the interview schedule. A good qualitative research has capability of shaping the questions keeping in view the aptitude of the respondents; on the other hand, a good quantitative researcher bounds the respondents to stay with him until the interview schedule is over.

In a qualitative research process, a good researcher has dexterity to assess and judge the view point of the respondent; it is therefore, he avoids enquiring anything that may create uneven and unpleasant situation during the research process. On the contrary, a good quantitative researcher displays his proficiency in asking even obnoxious questions in a sugar-quoted way from the respondents. Similarly, a good qualitative researcher can estimate the biased ness and prejudiced by examining the expressions as well as body language of the respondent; while a quantitative researcher knows how to measure the level of prejudice.

A good qualitative researcher maintains command over examining latent and hidden information from the respondents; on the other hand, a quantitative researcher has learned how to quantify the same. A qualitative researcher has dexterity on maintaining the central position in a focus group discussion without losing his command in a population consists of respondents from different strata and age-groups; on the other hand, a quantitative researcher is well acquainted with handling of the situation while interviewing the new respondent regarding the same questions.

References

Lamb, Charles W. Jr., Hair, Joseph F. Jr. & McDaniel, Carl. (2005) Essentials of Marketing. Web.

The marketing research links the marketer to the consumer through information. In order to facilitate decision making process, marketing research should aim at collecting adequate information concerning consumers because marketing forms the basis of a companys strategy. The information may include the consumers medical condition, investments, income, phone calls, travel patterns e.t.c.Marketing research is necessary in new product execution, pricing , promotion as well as products distribution.

A firm basically survives by producing goods and services that meets the consumer needs in i.e. creating goods and services that the consumers are able and willing to buy. Thus ascertaining the demands of consumers before introducing a new product in the industry is necessary for the future viability of a firm.

The information that a firm may collect before launching a new product includes the information about the preference of the firms products as compared to those of competitors, the consumers average income, information as to whether the consumers are ready to appreciate the newly launched products, the spending culture of the consumers among others.

It is essential for a firm to access data concerning the consumers so as to compare the sales of a product with another similar product or sales in a given area as compared to another area and then take the necessary marketing actions such as pricing the products in a way that is affordable for the consumers. This will enable the firm to add value to their products and also to come up with alternative products that matches with the needs of the consumers so as to maintain the existing customers as well as attracting others

It is essential for a company to access as much information as possible from the consumers so as to be able to determine as to whether the firm is up to date with the latest innovations .Innovations nowadays is the key to the organizational growth and those organizations that are lagging behind the latest technology e.g. failure to use internet e.t.c.are finding it difficult to maintain their market share because the competitors are discovering new ideas and concepts each and every day.

Therefore, the information that a firm could collect with regards to innovation includes the age of the consumers, information regarding the access to computers, phones e.t.c. so as to develop products that suits the needs of various needs.

For instance, entertainment gadgets such as iPods are mainly used by the youth as compared to old people and therefore a firm that produces i Pods needs to target the youths mostly in its advertising. There is a need for a firm to conduct market research so as to take advantage of the dynamic market place

Marketing research information enables a firm to determine the attitude that the consumers have towards a certain product or its advertising. Consumers may be consuming a certain product due to lack of alternative and so they will tend to shy away from buying the same products once another product with different features is introduced into the market and so rendering the firm to loss a portion of its market niche.

Another important reason as to why an organization needs to collect as much data as possible concerning consumers is to be able to know the trends in the market place and determine as to whether the firm will continue to offer the product at a given area or not.

If customers reveal a high level of satisfaction, then the organization may continue to offer the products with the existing features and if a certain product does not satisfy the consumers, the firm may decide to diversify the product or abolish it all together and focus on those products that are readily available.

HP Company vs. Its Competitors

The products that HP Computer Company in the United Arab Emirates deals in include laptops, toners, calculators, all in one printers, notebooks, digital cameras desk tops, all in one pcs, fax machines, scanners and media storage devices, accessories and services, and all consumer products.

HP remains to be the leading technology and solutions provider in the region. Dubai internet city has attracted other key players in this sector that are competing with HP. These are Oracle and Microsoft computer based companies (Rehman, 2007, p. 157). Besides, Hp being a US based company has other competitors that include Dell, Sony Ericsson, PeopleSoft Computer Associates and Cisco systems. However, Hp has managed to occupy about 60% of the server market.

HP has very unique and quality products that make it very outstanding in the Dubai market. For example, it developed the HP Envy laptop which is among the globals lightest and smallest laptop. It is protected with an advanced protectsmart that prevents data loss from the laptop incase it is dropped by accident.

In 2010, HP liaised with Jackys electronics in Dubai to come up with a Facebook competition that required fans to win the HP envy. This did not only improve the marketability of the companys products, but also penetrated the market and received customer feedback on its products. In the last few years, HP managed to outdo Dell in the sale of PCs.

Hp markets most of its products such as low cost computers to Africa, and South and Central Asia. In addition, the government provides between 40% and 45 % market of the IT sector in Dubai. Besides doing this, the company encourages both businesses and consumers to utilize the products from HP and other companies (Oxford Business Group, 2007, p. 183).

Hp is a first mover company in the UAE market. Given that it could not compete with Dell in its direct sale approach, it devised and invented its own strategies in the market aimed at reaching at the retailers. Consequently, Dell imitated this as a second mover.

The competitors of HP have devised certain strategies. For example, Dell invented a marketing strategy to sell directly to customers at friendly prices. On the other hand, Oracle has liaised with Amazon Company. Oracles software runs on Amazon EC2 without allowing the customer to use an extra license.

Through this, its marketability is widened. The market share of HP and IBM has been rising while that of Dell and CAN has been declining. The reason for this is Dells strategy to sell directly to its customers at low costs. On the other hand, HP and IBM are performing well due to access to a greater market and research and extension.

SWOT Analysis

The strengths for HP are that first, it leads not only in the provision of imaging and printing, but also in the provision of personal computers. Second, it offers diverse customer based services such as support services, infra structure technology, business process outsourcing and maintenance. Moreover, it has a strong financial capability, global presence and a work force that is highly talented and seven organized business units which arte effective.

The companys weaknesses include first, the dependence of its financial position on the nations economy. Second, the investments of research and development are less compared to the companys expenditure. Third, employees have been demoralized due to pay cuts. Moreover, theres inability to manage third party suppliers.

HPs opportunities include, first, increased market growth and use of IT. Second, the internal IT structure is being restructured and this may provide more opportunities. Additionally, its digital printing portfolio is being expanded. The threats include stiff competition from other providers in the sector, competition in printing and imaging is increasing, and changes in foreign exchange of currency.

Database Segmentation and Targeting

HP is an IT based industry that has about 670 employees. Its the leading provider in both technology and service. It has several outlets in numerous Middle East countries. It has occupied at least 60% of the market. The company has a long list of potential buyers and distributors of its products. Examples are Atlantix Global Systems, Web IT, West Coast ltd and Jap Tech Inc, among many others.

Market segmentation

Demographically, HP has a greater market share compared to its competitors. It is about 60% within the Middle East. Other markets include Africa and some Asia (South and Central). To access a greater number of consumers, HP provides the market with highly competitive products that suit the user needs. The products marketed by the company are need  based such that they are environmental friendly and enable customers to use IT in sustaining the environment.

Through HP, consumer based enterprises area able to get resources and tools to help in minimizing environmental effect of IT. Globally, the company ensures that consumers are provided with information on labor laws, environmental impact, social investment, privacy and human rights. Thus, this segmentation gives a clear picture of the target.

HP sells most of its products through numerous purchasing firms who help it distribute them to customers in different parts of the world. Their products are not only environmental friendly, but also enable consumers to save. Through its clear mechanisms in marketing its products to the customers, HP can influence the decision maker. The company also understands how the products should be used.

Reference list

Oxford Business Group (2007). The Report: Dubai 2007. Web.

Rehman, A. A. (2007). Dubai & Co: global strategies for doing business in the Gulf States. NY: McGraw-Hill Professional. Web.

Abstract

This report entails an illustration of the concept of marketing research and perceptual mapping. The report is organized into a number of sections. In the first section, the report introduces the purpose of the study. The background section gives the definition of perceptual maps together with their benefits to organisations. The report focuses on a number of attributes associated with wrist watches. These include price and style.

In order to develop a comprehensive understanding on the consumers variation in their perception, the report focuses on various brands of wrist watches. These include Rado, Guess, Swatch, Omega, Rolex, Puma, DKNY, Armani, and Sieko. To gain a real market opinion regarding the consumers perception regarding these brands, the report has taken into consideration a market survey on 64 respondents. Primary method of data collection was used in conducting the survey.

To ensure ease in the process of data collection, the report has illustrated the tool of data collection used. This entailed use of freeonlinesurveys.com. The data analysis section outlines how the data collected was analyzed and presented. Finally, the report gives a conclusion and a number of recommendations.

Introduction

To develop a comprehensive understanding on how the consumers perceive the various brands of wrist watches, I undertook a marketing research that focused on various brands of wrist watches.

The study also integrated the concept of perceptual mapping so as to understand the consumers perception regarding the various brands of wrist watches. The purpose of this research is to evaluate the consumers perception regarding various brands wrist watches. This is attained by considering a number of attributes associated with the wrist watches.

Background to the study

Perceptual maps are important tools in firms effort to develop effective marketing strategies. Developing perceptual maps entail charting the various attributes that consumers associate particular brands with (Lamb, Hair & McDaniel, 2011, p. 280). Perceptual maps enable firms management teams to understand the most important attributes that consumers consider in their decision making process.

Perceptual maps are also beneficial in that they enable a firms management team to understand the position of its brand on the consumers minds. This means that firms management teams gain knowledge regarding the competitive strength of their brands and who their core competitors are. Additionally, perceptual maps also enable firms to identify opportunities which they can exploit to increase their competitiveness.

Data collection

In the process of collecting the data two surveys were conducted. The 1^st survey was aiamed at generating a general overview of the entire market regarding the various attributes. A total of 64 respondents were interviewed. Of these respondents, 59.4% of them were male while 40.3% were female.

The 2^nd survey was aimed at developing an understanding of the consumers perception regarding the 9 brands selected with regard to price and style. The group selected these two attributes because most of the respondents focused on them. A total of 67 respondents were interviewed where 59.7% of them were male and 40.3% female. The opinions of the respondents in the 2nd survey were used to develop the perceptual map.

Figure 1: Respondents for the 1^st survey.

Figure 2: Respondents for the 2^nd survey

To aid in the process of data collection, an open-ended questionnaire was developed. The questionnaire was composed of three questions. The first question requested the customers to outline their gender while the second question required the respondents to rank the attributes of the wrist watches based on the level of importance attached when they first purchased their wrist watch. A number of attributes associated with wrist watches were considered.

These included the brands price, style, and material used to make it, country of manufacture, length of warranty and whether it has a second hand or digit. On the other hand, the third question requested the customers to list the various brands of wrist watches that they are familiar with. These questionnaires were also used to collect data on the 9 brands on the basis of the two attributes (price and style).

Data analysis

The data collected from the field was analyzed in so as to ensure ease of interpretation. This was achieved by using a number of data analysis techniques. Through data analysis, it was possible to illustrate the perception of the various brands of wrist watch in the consumers minds.

The study evaluated 9 of the most mentioned brands of wrist watches. Considering the fact that the data collected was qualitative in nature, quantitative method of data analysis was integrated. This entailed representing the respondents opinion on the 9 brands with regard to price and style on bar graphs.

Integration of quantitative method of data analysis resulted into ease of interpretation of the research findings. The graph below illustrate the respondents opinion regarding the price, style, material used to make the product, country of manufacture, length of warranty and whether it has a second hand or digit. The attributes are ranked on a scale of 5 points.

Figure 3: Chart showing the respondents opinion regarding the brands attributes

The responses of 67online respondents in the 2^nd survey were considered in developing the perceptual map. From the data collection process, a list of various brands of wrist watches was developed. However, to illustrate the concept of perceptual mapping, we focused at only two attributes which included price and style. As a result, the developed a list of the most mentioned brands of wrist watches on the basis of price and style.

The main brands selected included Rado, Guess, Swatch, Omega, Rolex, Puma, DKNY, Armani and Seiko. In addition, a five point scale was developed to rank the selected brands on the basis of the two attributes. With regard to price, a scale of 5 points was developed where 1 represented affordable price while 5 represented excessive price. Similarly, a scale of 5 points was used to measure the brands style where 1 represented sport brand while 5 represented a luxury brand.

The average of the respondents opinion regarding each brand on the basis of the two attributes was calculated and is illustrated in the attachment labeled Research For Marketing Research and Perceptual Maps. The averages were then ranked on a 5 point scale and then used to develop the perceptual map. The price attribute was plotted on the vertical axis and style on the horizontal axis. The figure below illustrates the resulting perceptual map.

Figure 4: Perceptual map of various brands of wrist watch

The perceptual map above illustrates the position of the 9 brands of wrist watches on the basis of price and style. From the perceptual map above, Rolex, Rado and Guess brands are positioned highest in the quadrant. This means that they are perceived as the most luxurious and highly priced wrist watch.

Therefore, their competitiveness within the wrist watch market is relatively high. Omega is considered to be relatively luxurious and affordable as indicated by its position in the perceptual map. On the other hand, Puma and Swatch brands are considered to be the most affordable and sporty while Armani and Sieko are relatively sporty and affordable.

Conclusion and recommendations

The above market research has revealed that consumers have different perceptions regarding brands of wrist watches. The perception formed regarding a particular product influences the consumers in their decision making process. From the analysis, one can conclude that consumers are likely to select their preferred wrist watch on the basis of their social status and lifestyle. For example, consumers who have a high social status and lifestyle are likely to select Rolex, Rado and Guess brands.

In order for firms to position their products and services more effectively in the market, it is paramount that they incorporate the concept of perceptual mapping. This will enhance their effectiveness with which they implement product develop and improvement processes.

Additionally, the firms should also incorporate the concept of perceptual mapping in the process of developing their marketing strategies such as advertising. This arises from the fact that the firm will be able to identify the consumers perception regarding its products. The resultant effect is that the firm will enhance its competitiveness in the market.

Reference

Lamb, C., Hair, J., & McDaniel, C. (2011). Essentials of marketing. Mason, Ohio: South-Western Cengage Learning.

Name of Company-Roots Canada

Contact Information

• Physical address: 1400 Castlefield Avenue, Toronto, Ontario M6B 4C4, Canada.
• Telephone Number: 416-781-3574.
• Toll-Free Number: 888-307-6687.

Executives including HR and Apparel VPs

• Michael Budman- Co-Founder and President.
• Don Green- Co-Founder.
• Robert Sarner- Director of Communication & Public Affairs.
• James Connell  Apparel vice president.
• Laura Clark  HR and payroll director (Roots Canada: Company Fact Sheet par. 3).

Roots Canada Situation Analysis

Current organizational mission

• The companys mission is to respect the culture in all regions where it operates, comply with local laws and regulations, and respect its employees who are tasked with the responsibility of manufacturing the companys products. Under its code of conduct, the company is fully committed to protecting the environment, ensuring wellness, and health.

Current ownership and management alternatives

• The company is fully privately owned by two individuals: Michael Budman is the company president and a co-founder. The second co-owner is Don Green.
• Country of ownership- Canada.
• Main business activity- manufacturer/ producer/processor (Businessweek: Roots Canada Ltd. par.4).

Current goods/service category

• Designers.
• Apparel.
• Leather Goods.
• Roots Home Design.
• Business-to-Business/Wholesale.
• Licensed Products.

Roots SWOT Analysis  Current and Long Term

• Strengths- enjoys the Canadian heritage and strong linkage with the Canadian society offers good and high-quality products, has a code of conduct, attractive store appearances and layout, a privately owned company, online presence, and clothed Canadian Olympic team from 1998 to 2004
• Weakness- the company is not publicly traded and cannot get capital from the financial markets, its products are relatively expensive, many product lines under the same brand name, and excessive diversification of its product lines
• Opportunities- Opportunities for expansion into foreign markets such as Europe, outsourcing to reduce costs, opportunities for research and development, be listed in the Canadian Stock Exchange, and differentiating its products from those of the competitors
• Threats- stiff competition from major players such as Hudsons Bay and the Gap.

Objectives

Profit  latest results and projections

• The gets USD $257,000,000 in annual sales.

Positioning

The companys logo-the beaver- is its main positioning tool. The logo makes its customers identify with its brand as a typical Canadian brand. The company equally has Canadian value which further strengthens its position as a homegrown brand.

Identification of Consumers

Target market

• Boys.
• Girls.
• Men.
• women.

Roots Canada Marketing Strategy Overview

Goods/services strategy

The companys overall strategy is to deliver a consistent brand experience to both its online and in-store customers. The company is committed to enhancing its customers shopping experience. Owing to their extensive marketing, customers can get information on products, their prices, and quality of experience even before visiting the stores. This is done through emails, website displays, and print advertisements. The company is in the process of integrating its inventory, customer service, and other systems to deliver exceptional service to its customers (Globelink: VP of eCommerce and Marketing, Roots par. 5).

Location strategy

• Online sales.
• Retail outlets.

Pricing strategy

• The company uniformly prices its products regardless of whether they are sold online or in retail outlets.
• The companys pricing strategy is determined by the type of product. Products for the mass market are priced cheaply compared to products for the affluent. Product prices equally vary depending on size and target market.

Promotion strategy

• Youtube videos, making use of social media (Facebook, Twitter, Roots website and a blog), making calls, celebrity advertisements, encouraging current customers to refer their friends and family.
• Website advertisements, print media, emails, and calls from company agents.

Specific Activities

Social responsibility

• Sponsored kayaker Adam van Koeverden a renowned world champion
• Environmental initiatives- the company uses recycled materials and non-toxic materials to build its stores
• The companys president Michael Budman is an executive member of Waterkeeper Alliance, an agency that works with other stakeholders in both Canada and the United States to preserve and protect rivers.
• For many years, Roots has collaborated with various environmental groups, for example, Friends of the Earth, Canadian Wildlife Federation, Environmental Defense, the World Wildlife Fund, the David Suzuki Foundation, and the Toronto Green Awards to protect the environment (Prezi: Roots Canada BOH4M par. 10).

Works Cited

Businessweek: Roots Canada Ltd. 2013. Web.

Globelink: VP of eCommerce and Marketing, Roots. 2013. Web.

Prezi: Roots Canada BOH4M. 2013. Web.

Roots Canada: Company Fact Sheet. 2013. Web.

Research is generally about finding or searching out something that can aid in the solution of any problem. It is a systematic inquiry aimed at providing information to solve managerial problems (Anyanwu, 2016). The primary purpose of research is to inform action, to prove a theory, and contribute to developing knowledge in a field or study. It remains a tool for building knowledge and for facilitating learning. Other significance of research according to Anyanwu (2016) portrays research as a means to understand various issues and increase public awareness. Marketing research remains an aid to business success, since every decision is guess work without research. Research can shed light on’ issues the business did not even know existed, and can raise questions the business hadn’t realized even needed answers.

Marketing Research (MR) is the function that links the consumers, customers, and the publics of the organization to the marketer through information, and this information is used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. The biggest advantage of undertaking MR is getting consumer feedback, to understand the consumer, to know whether the business idea envisioned is already existent in the market probably in the form of another product or service. MR is what helps marketing decision makers’ shift from intuitive information gathering to systematic and objective marketing investigation (Ekerete, 2003). MR means the systematic design, collection, analysis, and reporting of marketing data and findings relevant to a specific marketing situation. It is the process of examining the buyers, the product these buyers want, and where they are currently interested in getting it. This remains that this is an effective way to learn more about the customers, competitors and the entire marketing publics. Marketing research strengthens the business research in product development, pricing strategies, promotional strategies, and distribution strategies, understanding the target market and their characteristics to serve them better. According to Ibekwe (2008), MR needs not be underestimated and remains the simplest way for a business to keep up with market trends and maintain a competitive edge by sizing up business opportunity. Moreover, MR can be carried out at various stages of a business life cycle, from pre-launch and beyond. Having a greater understanding of the market from the very start will enable the marketer to create a sound business strategy, and to establish and grow a business brand into one better than the competition. Marketers should be able to understand what their market is able to do, and what they prefer to do. It is therefore fundamental for a business through marketing research to understand the target market, pondering to know: What is the total addressable market? What are all of your targets’ demographics? What are their psychographics? What do they need or want? Do they want to buy your product? Where do they spend their time and why? Very importantly, marketing research is conducted to known: What organizations or businesses really want to find out? What are the processes that need to be followed to chase the idea? What are the arguments that need to be built around a concept? What is the evidence that will be required for people to believe in the idea or concept?

Marketing Research and Digital Era

Online marketing research is an electronic transaction and has similar features of a new innovation because, it is a shift from the traditional face to an online mediated research transaction. It means performance information gathering acts over the internet through an online research website (Sekaran and Rogers, 2013). An online MR means that the researcher is willing to send and retrieve information through the internet (Klomsiri, 2010).

Online researches are research transaction that are controlled and coordinated via the internet. It is an internet mediated research activity. It is a branch of electronic transaction that allows the target audience to access, evaluate and respond to questions online without physically being present or interfacing between the researcher and the respondent. In the advanced countries, the number of online research are increasing in geometric progression. The experience and prospect of online research in Nigeria are not the same considering their positive apt of being the internet aspirers in the world (World Internet Statistic Report, 2012). Even with the online research industry still at the nascent stage and facing logistics issues, bad network, high cost of data, poor power provision, poor access to technology, this is a potential channel for the marketing researcher to actively engage the customers and consumers (respondents).

The world according to Heraclitus is in a continuous flux that is, Omni Flux in all things. These changes could also affect the nature of business data collection. Information technological changes have manifested since the last decade of the 20th century. The significant ones include the internet information (Internet Research). Also the influences of technology have led to changes in the technology adoption model which manifested in the changes in the researchers habit in the developing nations like Nigeria. According to AAB Nigeria (2013), the question is therefore whether the marketing researchers are ready for this. Can marketing researchers embrace online data collection or online research like citizens of developed countries? Can an online research deliver appropriate decisions? Nigeria being a developing country has numerous issues affecting the growth of existing industries let alone the acceptance and success of a relatively new industry such as online research.

In spite of this, Nigeria still occupy the position of the most populous black nation in the world with a big market potential for online MR. However, amidst all these difficulties, some Nigerian online researchers are assumed to be doing well. They have been able to convince their target audiences to trust them and embrace online research (Philip Consulting, 2015).

Role of Marketing Research (MR)

MR consists of systematically gathering information about people or companies and then analyzing it to better understand a target group of people. The results of this marketing research, help businesses make more informed decisions about the company’s strategies, operations, and potential customer base. Understanding industry shifts, changing consumer needs and preferences, and legislative trends, among other things, can shape where a business chooses to focus its efforts and resources.

The purpose of MR is to provide management with relevant, accurate, reliable, valid, and up to date market information. Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information. Sound decisions are not based on gut feeling, intuition, or even pure judgment. Managers make numerous strategic and tactical decisions in the process of identifying and satisfying customer needs. They make decisions about potential opportunities, target market selection, market segmentation, planning and implementing marketing programs, marketing performance, and control. These decisions are complicated by interactions between the controllable marketing variables of product, pricing, promotion, and distribution. Further complications are added by uncontrollable environmental factors such as general economic conditions, technology, public policies and laws, political environment, competition, social and cultural changes. Another factor in this mix is the complexity of consumers. Marketing research helps the marketing manager link the marketing variables with the environment and the consumers. It helps remove some of the uncertainty by providing relevant information about the marketing variables, environment, and consumers. In the absence of relevant information, consumers’ response to marketing programs cannot be predicted reliably or accurately. Ongoing marketing research programs provide information on controllable and non-controllable factors and consumers; this information enhances the effectiveness of decisions made by marketing managers.

Marketing Research is therefore very important with economy being competitive with each passing day. Conducting marketing research is one of the best ways of achieving customer satisfaction, reduce customer churn and elevate business. In summary therefore, marketing research:-

1. provides information and opportunities about the value of existing and new products, thus, helping the business to plan and strategize accordingly,
2. helps in determining what the customers need and want. Marketing is customer-centric and knowing the customers and their needs will help the business to design their product or services that best suit them,
3. By understanding the needs of the customers, the business can also forecast their production and sales. One of the most difficult aspects for a production manager is to keep inventory stacked. What is the requirement and how much should be produced to fulfill the needs of the customer? MR helps to determine that.

To stay ahead of competitors, marketing research is a vital tool to carry out comparative studies. Businesses can device business strategies that can help them stay ahead of their competitors Abadom and Chukundah (2013) further considered the following benefits of marketing research:

1. Make well-informed decisions: The growth of an organization is dependent on the way decisions are made by the management. Using MR techniques, the management can make business decisions on the basis of obtained results that back their knowledge and experience. MR helps to know market trends, hence to carry it out frequently to get to know the customers thoroughly.
2. Gain accurate information: Marketing research provides real and accurate information that will prepare the organization for any mishaps that may happen in the future. By properly investigating the market, a business will undoubtedly be taking a step forward, and therefore it will be taking advantage of its existing competitors.
3. Determine the market size: A researcher can evaluate the size of the market that must be covered in case of selling a product or service in order to make profits.
4. Choose an appropriate sales system: Select a precise sales system according to what the market is asking for, and according to this, the product/service can be positioned in the market.
5. Learn about customer preferences: It helps to know how the preferences (and tastes) of the clients change so that the company can satisfy preferences, purchasing habits, and income level. Researchers can determine the type of product that must be manufactured or sold based on the specific needs of consumers.
6. Gather details about customer perception about the brand: In addition to generating information, MR helps a researcher in understanding how the customers perceive the organization or brand.
7. Analyze customer communication methods: MR serves as a guide for communication with current and potential clients.

Types of Marketing Research

Two main types of MR could be identified: pure and applied MR. These are further divided into three types of research bearing some characteristic features: Quantitative research, Qualitative research, and Mixed research. Other types of marketing research include: Descriptive, explorative, causal, Longitudinal, Cross-sectional and Action research.

Pure (Basic) research aims to develop knowledge, theories and predictions. The main motivation here is to expand man’s knowledge, not to create or invent something. According to Travers, ‘Basic Research is designed to add to an organized body of scientific knowledge and does not necessarily produce results of immediate practical value.’ Such research is time and cost intensive. It is used to solve a problem by adding to the field of application of discipline.

Applied research aims to develop techniques, products and procedures, designed to solve practical problems of the modern world, rather than to acquire knowledge for knowledge’s sake. The goal of applied research is to improve the human condition. It focuses on analysis and solving social and real-life problems. This research is generally conducted on a large scale basis and is expensive. As such, it is often conducted with the support of some financing agency like the federal government, public corporation, World Bank, UNICEF, and others. According to Hunt, ‘applied research is an investigation for ways of using scientific knowledge to solve practical problems’ for example:- improve agriculture crop production, treat or cure a specific disease, improve the energy efficiency of homes, offices, how can communication among workers in large companies be improved. This type of research can also be called Action Research, interested in the workability of ideas.

Exploratory Research: is used in obtaining preliminary information that will help identify and formulate the problem and hypothesis. It is done to understand what is happening and why something is happening. Some of the most common methods of exploratory research are focus groups, interviews, literature research (library, newspaper, magazines, trade publication and online), and ease analyses. Exploratory research is systematic and flexible and allows the researcher to investigate whatever sources he or she desires. Such research may consist of going to the library and reading published secondary data: of asking questions, salespersons acquaintances for their opinions about a company, its products and services, and prices; or of simply observing everyday company practices. Exploratory research allows the researcher to define the problem more precisely and generates hypotheses for the upcoming studies. It is a type of research design whose primary objective is the provision of insights into and comprehension of the problem situation confronting the researcher.

Descriptive Research: is used to identify the marketing problem and or the potential for a market. This type of research is used to identify the characteristics of the target group or the average user of the product or service. Descriptive research allows for specific predictions and different levels of correlations among variables. Descriptive research provides answers to questions such as who, what, when, where and how, as they are related to the research problem. Who- may be defined as firms (competitors) customers. What- defined as brands, or sizes that are being purchased. Where-places where customers are purchasing products. Why-descriptive research cannot conclusively answer the question of why using descriptive research, but via causal research designs. When and how do the buy?

There are two types of descriptive studies, and they are: cross-sectional study and a longitudinal study. A cross-sectional study involves a sample of the market, population at a certain point in time while Longitudinal designs: is a type of research design involving a fixed sample of population elements that is measured repeatedly on the same variables. The sample remains the same over time, thus providing a series of pictures which, when viewed together, portray a vivid illustration of the situation and the changes that are taking place over time. A longitudinal study involves a panel or fixed sample of element at a certain point in time. An example of a longitudinal study involves the manufacturer, distributor, individual stores, and consumers. Any one of these elements can be replaced with another. In other words, the distributor can be of new management or the department store or a competitor.

In a longitudinal study, there are two types of panels, and they are: continuous panels and discontinuous panels. In most scenarios, panel members are compensated in one fashion or another for their efforts. In a continuous panel, the study relies on a fixed sample of respondents who are measured repeatedly over time under the same conditions. In a discontinuous panel, the study relies on a fixed sample of respondents who are measured, under various conditions over time.

Panel: A sample of respondents who have agreed to provide information at specified intervals over an extended period

• Casual Research: is marketing research done to test a hypothesis; the cause and impact of a hypothesis. For example, causal research may be used in a business setting to quantify the effect that a change will have on its current operations, and what it will have on future production levels to assist in the business planning process.
• Conclusive Research: Research designed to assist the decision maker in determining, evaluating and selecting the best course of action to take in a given situation.
• Cross-sectional Research (Design): A type of research design involving the collection of information from any given sample of population elements only once.
• Single cross-sectional Research (Design): A cross-sectional design in which one sample of respondents is drawn from the target population and information is obtained from this sample once.
• Multiple cross-sectional Research(Designs): is a design in which there are two or more samples of respondents and information from each sample is obtained only once.

Introduction

The subject of marketing research is the result of consumer oriented marketing. Today, it has become necessary to study systematically the different aspects relating to marketing process with regard to fulfilling the expectations and needs of the consumer by the right thing (product), at the right time and at the right place. In the simple words, marketing research is concerned with all those factors, which have a direct impact upon the marketing of products and services. It links the organisation with its marketing environment. It involves gathering, analysing, processing and interpreting the information to help the management to understand the environment, identify problem(s) and opportunities and develop the courses of action to achieve the marketing objectives. Marketing research is directly interested in offering sound alternative solutions to all marketing problems relating to exchange of goods and services from marketer to buyer.

Definitions of marketing research

“Marketing research is the systematic problem analysis, model building and fact finding for the purpose of improved decision making and control in. the marketing of goods and services.” -Philip Kotler

“Marketing research is the systematic gathering, recording and analysis of the data about marketing problem towards the end of providing information useful in marketing decision making” -Cundiff and still

Objectives/need of marketing research

According to Still and Cundiff, marketing research is needed the following circumstances:

1. Knowing the consumer’s taste for the new products.
2. Accelerating the demand of the present product and finding out the reasons of lesser sales.
3. Finding out the public interest, habits and changes in them.
4. Finding out the quantum of sales, trends and reasons for them.
5. Knowing about the pricing policy.
6. Finding out the effect of packaging on the psychology of the customers.

Scope of marketing research

Marketing research can be successfully applied to do the research under the following areas:

1. Analysis of the market size according to age, sex, income, and standard of living of the customers.
2. To know about prospective customers.
3. To get a knowledge of competitors’ share in the market.
4. Estimating the territorial demand of different markets.
5. Studying the market changes and market conditions affecting the market changes.
6. Knowing about the profitability of different markets and the market segments.
7. Analysing the working of various channels of distribution.
8. To know all about competitors and their products.

Importance/Benefits 0f Marketing Research

P. White has pointed out the following benefits of marketing research:

1. Marketing conditions and their potential may be known through marketing research.
2. Information about customers is obtained.
3. Test and improvement of present selling activities is possible through data collection.
4. Sales territories can be distributed more efficiently after conducting marketing research which gives the potential of each territory.
5. Determination of sales quota is possible.
6. Study of old commercial policies and test of new policies may be conducted easily.
7. Efficiency of promotion can be determined by the promotional analysis.
8. Power and weaknesses of competitors may be studied and fair policies may be determined.
9. Knowledge of this fact may be obtained by customers like one product in comparison to others.
10. Knowledge about habits of customers and retailers may be obtained.

Types of marketing research

1. Exploratory Research

As the name implies, the objective of exploratory research is to explore or search through a problem to provide insights and understanding. Exploratory research could be used for any of the following purposes:

1. Formulate a problem or define a problem more precisely.
2. Identify alternative courses of action.
3. Develop hypotheses
4. Isolate key variables and relationships for further examination.
5. Gain insights for developing an approach to the problem.
6. Establish priorities for further research.

In general, exploratory research is meaningful in any situation where the researcher does not have enough understanding to proceed with the research project. Exploratory research is characterized by flexibility and versatility with respect to the methods because formal research protocols and procedures are not employed. It rarely involves structured questionnaires, large samples, and probability sampling plans. Rather, researchers are alert to new ideas and insights as they proceed. Once a new idea or insight is discovered, they may redirect their exploration in that direction. That new direction is pursued until its possibilities are exhausted or another direction is found. For this reason, the focus of the investigation may shift constantly as new insights are discovered. Thus, the creativity and ingenuity of the researcher play a major role in exploratory research.

Further, the researcher are not the sole determinants of good exploratory research. Exploratory research can greatly benefit from use of the following methods

• a) Survey of experts
• b) Pilot surveys
• c) Case studies secondary data analysed in a qualitative way
• d) Qualitative research

2. Descriptive Research

As the name implies, the major objective of descriptive research is to describe something Usually market characteristics or functions. Descriptive research is conducted for the following reasons:

1. To describe the characteristics of relevant groups, such as consumers, salespeople, organizations, or market areas.
2. To estimate the percentage of units in a specified population exhibiting a certain behaviour. For example, we might be interested in estimating the percentage of heavy users of prestigious department stores who also patronize discount department stores.
3. To determine the perceptions of product characteristics. For example, how do households perceive the various department stores in terms of salient factors of the choice criteria?
4. To determine the degree to which marketing variables are associated. For example, to what extent is shopping at department stores related to eating out?
5. To make specific predictions

3. Causal Research

Causal research is used to obtain evidence of cause-and-effect (causal). Marketing managers continually make decisions based on assumed causal relationships. These assumptions may not be justifiable, and the validity of the causal relationships should be examined via formal research. For example, the common assumption that a decrease in price will lead to increased sales and market share does not hold in certain competitive environments. Causal research is appropriate for the following purposes:

1. To understand which variables are the cause (independent variables) and which variables are the effect (dependent variables) of a phenomenon
2. To determine the nature of the relationship between the causal variables and the effect to be predicted

Like descriptive research, causal research requires a planned and structured design. Although descriptive research can determine the degree of association between variables, it is not appropriate for examining causal relationships. Such an examination requires a causal design, in which the causal or independent variables are manipulated in a relatively controlled environment. A relatively controlled environment is one in which the other variables that may affect the dependent variable are controlled or checked as much as possible. The effect of this manipulation on one or more dependent variables is then measured to infer causality. The main method of causal research is experimentation.

As for example, In the context of the department store patronage project, a researcher wishes to determine whether the presence and helpfulness of salespeople (causal variable) will influence the sales of housewares (effect variable). A causal design could be formulated in which two groups of otherwise comparable housewares departments of a particular chain are selected. For four weeks, trained salespeople are stationed in one group of housewares departments but not in the other. Sales are monitored for both groups, while controlling for other variables. A comparison of sales for the two groups will reveal the effect of salespeople on housewares sales in department stores. Alternatively, instead of selecting two groups of stores, the researcher could select only one set of department stores and carry out this manipulation for two comparable time periods. Salespeople are present in one-time period and absent in the other.

Relationships among exploratory, descriptive, and causal research

Descriptive, and causal research are major classifications of research designs, but the distinctions among these classifications are not absolute. A given marketing research project may involve more than one type of research design and thus serve several purposes. Which combination of research designs should be employed depends on the nature of the problem. Here are the following general guidelines for choosing research types:

1. When little is known about the problem situation, it is desirable to begin with exploratory research. Exploratory research is appropriate when the problem needs to be defined more precisely, alternative courses of action identified, research questions or hypotheses developed, and key variables isolated and classified as dependent or independent.
2. Exploratory research is the initial step in the overall research design framework. It should, in most instances, be followed by descriptive or causal research. For example, hypotheses developed via exploratory research should be statistically tested using descriptive or causal research.
3. It is not necessary to begin every research design with exploratory research. It depends upon the precision with which the problem has been defined and the researcher’s degree of certainty about the approach to the problem. A research design could well begin with descriptive or causal.
4. Although exploratory research is generally the initial step, it need not be. Exploratory research may follow descriptive or causal research.

Role of marketing research

Marketing research and its role can be discussed under the following heads

I. Manufacturers and Marketing Research:

Every agile manufacturer is expected to design the most matching policies and marketing strategies. A policy is the guiding principle established by the firm to govern the actions usually under repetitive conditions.

Strategy, on the other hand, is a kind of plan formulated basically to meet the challenges of special circumstances. It is a counter plan to kill the plans of competitors.

II. Distributors and Marketing Research:

Though production has the pride of place in any economic system, distribution becomes still more important because, production has no meaning unless it is made to absorb by markets through marketing efforts.

III. Advertising Agencies and Marketing Research:

Advertising agency does the work of planning and placing of ads created, copy-testing, media selection, assessment of ad effectiveness and so on. They do render a valuable service like consultation, research, planning of incentive campaign plans for salesmen and dealers, merchandising and the like. As marketing research is one of the major services rendered by advertising agencies, each such agency has an independent marketing department.

IV. Government and the Marketing Research:

Today’s states are no more ‘police’ states but ‘welfare’ states. That is why; modern governments have turned commercial to prove their worth in protecting the legitimate interests of consumers at large.

Marketing research process

Marketing research process involves the following steps:

• STEP 1: DEFINING THE PROBLEM AND SETTING THE OBJECTIVE
• STEP 2: CONDUCTING SITUATION ANALYSIS
• STEP 3: CONDUCTING AN INFORMAL INVESTIGATION
• STEP 4: PLANNING AND CONDUCTING A FORMAL INVESTIGATION
• STEP 5: ANALYSING AND INTERPRETING DATA
• STEP 6: PREPARING A WRITTEN REPORT

STEP-I-Defining the problem and setting the objectives:

The precise definition of the problem helps in determining the techniques to be used, the extent of information to be collected. It is said that a problem well defined is half solved. If the problem is clearly defined, it will help the researcher to handle the problem effectively. After defining the basic problem, the researcher must specify the objectives of the study. It is essential for the researcher to have a clear picture of the purpose of the research, because this will guide the rest of the research process.

STEP-II-Conducting situation analysis:

Situation analysis means collecting information about the business. The researcher tries to make himself familiar with the situation surrounding the problem, business environment, its market, its competitor(s) and industry in general.

STEP-III-Conducting an informal investigation:

After obtaining the information about the business environment, the researcher must conduct an informal investigation (investigation with people outside. The researcher may talk to outside people like wholesaler, competitors, advertising agencies, consumers etc. This step will determine whether a detailed study is necessary and feasible or not.

STEP-IV-Planning and conducting a formal investigation:

If the informal investigation shows that the detailed enquiry is necessary, then the researcher plans the enquiry i.e., to decide where and how to obtain desired information. The planning of enquiry includes the following steps:

• (a) Selecting the sources of information.
• (b) Deciding methods of data collection.
• (c) Preparing frames and forms.
• (d) Pre-testing the forms
• (e) Planning the sample
• (f)Collecting the data

STEP-V-Analysing and interpreting data:

Data are analyse to draw conclusion in the light of which policies can be framed. The various statistical techniques are being used. The analysis of data enables the researcher to interpret the data and draw conclusion and to make recommendations. The real value of research lies in giving specific recommendations to the company.

STEP-VI-Preparing a written report:

The last step is making the written report clearly presented and highlighting the findings. The presentation should be such that the decision maker should be able to take decisions effectively after going through the findings and recommendations.

Conclusion

Marketing Research also known as Market Research is a field of study mainly concerned with the identification and study of markets. But in deeper sense it indeed has a wider implication. The main objective of marketing research is to increase the efficiency and effectiveness of marketing activities. A well carried out marketing research contributes to the prosperity of the enterprise at the micro as well as on the macro level. Each and every stakeholder in business be it the producers, distributors and advertisers derives benefits from marketing research.

1 Literature Review

Social Media Marketing

Social Media has been established as an important medium to reach an audience and researchers have written on how Social Media can be integrated with traditional marketing tools.

(Bansal & Bharti, 2014) A shift in trends was detected with Social Networking Sites (SNS) emerging as a marketing tool for brands. One of the important applications discovered was how brands can facilitate the creation of online communities using SNS. Online communities provide a wealth of information and are great sources to gather feedback. Response to products and services can be useful for improvement for same.

(Si, 2016) The author in this paper titled “Social Media and its role in Marketing” presents his viewpoint on the shift brands and companies have taken from traditional media to social media. In the paper, he discusses about what social media is and how it is useful as a marketing tool. He emphasizes on two points in the favor of social media marketing: Economical and Higher Reach. One of the major roles of Social Media, as perceived by the author, is to have a way to connect with the target group that seems genuine and authentic to the customers as if they were talking to a person and not a company. The paper also discusses the use of social media promotion in Bangladesh, which according to a Regus International Survey tops the list of countries where companies use social media. As compared to USA’s 35%, 52% of companies in Bangladesh reported an increase in sales after using social media.

(Ismail, 2017) This paper titled “The influence of perceived social media marketing activities on brand loyalty” discusses whether social media marketing is helpful in building brand loyalty. The author begins with the hypothesis that social media marketing has a positive effect on brand loyalty. To test the hypothesis data is collected via a structured questionnaire from 346 students of the University of Northern Malaysia between the ages of 19 and 25. The results of the study were helpful in proving the hypotheses correct. The author concludes that those who follow certain brands on social media tend to be loyal to that brand and its products and hence social media marketing proves to be an effective tool for brands to build that connection with the customers.

(Felix, Rauschnabel, & Hinsch, 2016) Co-authored the research article titled “Elements of strategic social media marketing: A holistic framework” where they present the four main pillars of social media marketing. The paper identifies the following four dimensions for a social media strategy:

• Scope: The brands can be defenders or explorers meaning they use social media as a one-way communication tool or for communication with a variety of stakeholders.
• Culture: This is further divided into the conservatism and modernism approaches taken by the brands.
• Structure: Whether the companies follow a centralized approach where one person is responsible or where all the employees are accountable for social media marketing.
• Governance: Whether the company has autocracy or anarchy when it comes to designing the rules for the social media marketing strategy.

The author concludes that a proper mix of all four elements is imperative for an effective social media marketing strategy.

Social Media Marketing Applications

Since companies figured out that social media can be utilized as a marketing tool, various authors have put forward how different organizations and industries are using Social Media Marketing. They have also examined how social media helps these firms as well.

(Ramsaran-Fowdar & Fowdar, 2013) In the article titled “The Implications of Facebook Marketing for Organizations,” the authors have discussed the widely used tools for Facebook marketing and its perceived benefits for organizations. According to the authors, organizations can utilize Facebook to create a strong profile of their target audience that allows them to connect with the customers. Firms make use of Brand fan pages and Advertisements to capture their attention. One of the main advantages identified by the authors is the possibility of sending tailored messages for an individual. Facebook and other social networking sites offer economic alternatives for marketing and are considered to be a better replacement for telemarketing. Social networking sites are a great tool for Interactive Marketing.

(Banerjee, 2015) Banerjee wrote an article comparing the traditional v/s social media marketing efforts in the FMCG sector in India. Banerjee interviewed key personnel from seven different companies in the FMCG sector and 70 customers to get their opinion. One of the important conclusions drawn was that social media provides an opportunity for two-way communication. This leads to the higher brand association and brand advocacy.

Social Media Marketing is increasingly being utilized in the retail industry as well. A paper on the Impact of Social Media Marketing in the Retail Industry (Sharma, Mathur, Chadha, & Shandilya, 2014) discussed that Facebook is one of the top most utilized platforms in Social Media Marketing in industries like Footwear, F&B, Toys, and Electronics. Word of Mouth marketing is found to be one of the major advantages here.

For luxury brands, social media is found to have a great impact on consumers. (Godey, et al., 2016) In their research, they discussed that social media marketing is not just important for building brand awareness but also for creating a distinct brand image. One of the important findings of their study was that social media marketing had a higher impact on brand image than on awareness. They found a positive impact on brand loyalty and preference as well.

Social Media Marketing is important not just for B2C brands but for B2B brands as well. (Vasudevan & Kumar, 2018) Research on Social Media and B2B brands from an Indian perspective revealed that on social media the lines between B2B and B2c get blurred. Social Media is used to promote more informational content. While analyzing these brands on platforms like Facebook, Twitter, and LinkedIn it was found that more than 50% of posts were brand related and 67% of posts were of a B2B nature.

Branding content on social media platforms

(Lozan, 2019) A website published an article that conducted a study of 101,421,493 posts to analyze what kind of content worked best for which platform. Posts with emojis in caption lead to an increase in engagement while questions in caption lead to a decrease in engagement. Captions with less than 10 words are found to be more engaging. Instagram was found to be the platform that generated the highest engagement as compared to Facebook and Twitter.

(Parsons, 2013) An analysis of official Facebook pages of 70 global brands revealed that polls provide an effective way to engage with consumers. Content such as contests or sweepstakes sees the active participation of consumers as well. Hence Interactive content would ultimately help increase sales for the brand.

(Gutiérrez-Cillán, Camarero-Izquierdo, & José-Cabezudo, 2017) For Facebook brand pages there were three types of post categories identified either for entertainment purposes or utility purposes. The three categories were: Information posts, Interactive posts, and Image posts. Research findings indicated that Information posts and Interactive posts were found to have more impact on consumer engagement than image posts.

(Pletikosa & Michahelles, 2011) A content analysis of Facebook brand posts identified three categories to distinguish between different posts. Post Type included status, photo, video, and links. Post Category included descriptive questions, Announcements, promotional advertisements, Questions, and Competitions. The day of the week on which the post was put up was also taken into account.

Social media content and consumer engagement

With social media emerging as an important platform for marketing activities researchers have tried to understand what kind of content works for social media platforms.

(Barger, Peltier, & Schultz, 2016) Authors Barger, Peltier, and Schultz did an extensive literature review of papers that focused on consumer engagement through social media. Their research paper offered FIVE categories of precursors that affect consumer engagement on social media.

• Brand Factors: Attitude, warmth, word of mouth, traditional v/s social media marketing spends, etc. are factors that affect consumer engagement.
• Product Factors: Product quality, experience, and type of product has an effect on levels of engagement.
• Consumer Factors: The authors elaborate on reasons why consumers engage with brands which could include entertainment, information gathering, bond with the brand, etc.
• Content Factors: The format of the message and the purpose of the message of branded content affect consumer engagement.
• Social Media Factors: Perceived characteristics and usefulness of platforms.

(Vries, Gensler, & Leeflang, 2012) There are two variables that define the popularity of a brand post: Likes and Comments. The factors such as interactivity and vividness of the message as well as the use of informative or entertaining content determine the number of likes and comments on posts. The extent to which a particular post has received positive comments also affects the level of engagement.

(Ashley & Tuten, 2015) In the research article titled “Creative Strategies in Social Media Marketing: An Exploratory Study of Branded Social Content and Consumer Engagement” take a content analysis approach to analyze the content strategy of the top 28 brands across various social channels. The content was taken from Facebook, Twitter, and blogs of the brands and was collected for a period of one week. The content categories were further divided into message strategies, sales promotion and user-generated content. The number of likes and comments for the posts was also analyzed. The research led to the conclusion that brands use functional appeal more in the message content than emotional appeal. Emotional and entertaining content on the contrary has been proved to be a better source of engagement and hence the authors recommend a change in the strategy to appeal to a larger audience.

(Lee, Hosanagar, & Nair, 2018) One of the interesting observations was that content that has an emotional angle to it or brings out the personality of the brand has a higher rate of brand engagement than informational content. Researchers identified 8 variables each for both informative and personality-related content and the metrics to study engagement include likes, comments, shares, and click-through rates.

(Ordenes, Grewal, Ludwig, Ruyter, Mahr, & Wetzels, 2019) Research has shown that speech, i. e., the actual text message, and images have a considerable effect on consumers. Message sharing by consumers is higher if brands use repetitions and alliterations in the composition of messages. If coupled with images message sharing is higher.

2 Bibliography

1. Ashley, C., & Tuten, T. (2015). Creative Strategies in Social Media Marketing: An Exploratory Study of Branded Social Content and Consumer Engagement. Psychology and Marketing, 32(1), 15-27.
2. Banerjee, B. (2015, January). TRADITIONAL vs. SOCIAL MEDIA AS A MARKETING COMMUNICATIONS TOOL IN FMCG SECTOR IN INDIA. Asia Pacific Journal of Research, 1, 154-162.
3. Bansal, H., & Bharti, C. (2014). A Study on the Emergence of Social Networking Sites as the Tool for Marketing. In G. Hegde, & G. Shainesh (Eds.), Social Media Marketing: Emerging Concepts and Applications (1st ed., pp. 175-1184). New Delhi: Excel Books.
4. Barger, V. A., Peltier, J. W., & Schultz, D. E. (2016). Social media and consumer engagement: A review and research agenda. Journal of Research in Interactive Marketing, 10(4), 268-287.
5. Felix, R., Rauschnabel, P. A., & Hinsch, C. (2016). Elements of strategic social media marketing: A holistic framework. Journal of Business Research.
6. Godey, B., Manthiou, A., Pederzoli, D., Rokka, J., Aiello, G., Donvito, R., et al. (2016). Social media marketing efforts of luxury brands: Influence on brand equity and consumer behavior. Journal of Business Research.
7. Gutiérrez-Cillán, J., Camarero-Izquierdo, C., & José-Cabezudo, R. S. (2017). How brand post content contributes to users’ Facebook brand-page engagement. The experiential route of active participation. Business Research Quarterly, 258-274.
8. Ismail, A. R. (2017). The influence of perceived social media marketing activities on Brand Loyalty. Asia Pacific Journal of Marketing and Logistics, 29(1), 129-144.
9. Lee, D., Hosanagar, K., & Nair, H. (2018). Advertising Content and Consumer Engagement on Social Media: Evidence from Facebook. Management Science.
10. Lozan, T. (2019, November 14). Social Media Content Research. Retrieved March 3, 2020, from SocialInsider: https://www.socialinsider.io/blog/social-media-content-research/
11. Ordenes, F. V., Grewal, D., Ludwig, S., Ruyter, K., Mahr, D., & Wetzels, M. (2019). Cutting through Content Clutter: How Speech and Image Acts Drive Consumer Sharing of Social Media Brand Messages. Journal of Consumer Research, 45, 988-1012.
12. Parsons, A. (2013). USING SOCIAL MEDIA TO REACH CONSUMERS: A CONTENT ANALYSIS OF OFFICIAL FACEBOOK PAGES. Academy of Marketing Studies Journal, 17(2), 27-36.
13. Pletikosa, I., & Michahelles, F. (2011). A Case Study of the Effects of Moderator Posts within a Facebook Brand Page. Social Informatics – Third International Conference, (pp. 161-170). Singapore.
14. Ramsaran-Fowdar, R. R., & Fowdar, S. (2013, March). The Implications of Facebook Marketing for Organizations. Contemporary Management Research, 9(1), 73-84.
15. Sharma, A., Mathur, R., Chadha, A., & Shandilya, K. (2014). Impact of Social Media Marketing in the Indian Retail Industry. In G. Hegde, & S. G (Eds.), Social Media Marketing: Emerging Concepts and Applications (1st ed., pp. 287-301). New Delhi: Excel Books.
16. Si, S. (2016). Social Media and Its Role in Marketing. Business and Economics Journal, 7(1).
17. Vasudevan, S., & Kumar, D. (2018, September). SOCIAL MEDIA AND B2B BRANDS: AN INDIAN PERSPECTIVE. International Journal of Mechanical Engineering and Technology, 9(9), 767-775.
18. Vries, L. D., Gensler, S., & Leeflang, P. S. (2012). The popularity of Brand Posts on Brand Fan Pages: An Investigation of the Effects of Social Media Marketing. Journal of Interactive Marketing, 83-91.

Market Information systems

MIS is an Info method which helps in providing the management of an group with Info which is used by management for decision making. A management info method (MIS) is a subset of the overall internal controls of a business covering the application of people, documents, technology, and procedures by management accountants to solving business problems such as costing a product, service or a business-wide strategy. Management Info methods are distinct from regular Info methods in that they are used to analyze other Info methods applied in operational activities in the group.

That area of study should not be confused with computer science. IT service management is a practitioner-focused discipline. MIS has also some differences with Enterprise Resource Planning (ERP) as ERP incorporates elements that are not necessarily focused on decision support. MIS has a major impact on the functions of any group. The group derives benefits from the methods in the following form(a) Speedy access to Info, (b) Interpretation of data,(c) Quick decisions,(d) Speedy actions,(e) Increased productivity and thereby increases in the profit(f) Reduced transaction cost.

Components of the MkIS system

A marketing information system (MIS) is intended to bring together disparate items of data into a coherent body of information. An MIS is, as will shortly be seen, more than raw data or information suitable for the purposes of decision making. An MIS also provides methods for interpreting the information the MIS provides. Moreover, as Kotler’s1 definition says, an MIS is more than a system of data collection or a set of information technologies:

‘A marketing information system is a continuing and interacting structure of people, equipment and procedures to gather, sort, analysis, evaluate, and distribute pertinent, timely and accurate information for use by marketing decision makers to improve their marketing planning, implementation, and control’.

Internal reporting systems: All enterprises which have been in operation for any period of time nave a wealth of information. However, this information often remains under-utilized because it is compartmentalized, either in the form of an individual entrepreneur or in the functional departments of larger businesses. That is, information is usually categorized according to its nature so that there are, for example, financial, production, manpower, marketing, stockholding and logistical data. Often the entrepreneur, or various personnel working in the functional departments holding these pieces of data, does not see how it could help decision makers in other functional areas. Similarly, decision makers can fail to appreciate how information from other functional areas might help them and therefore do not request it.

Marketing research systems: The general topic of marketing research has been the prime ‘ subject of the textbook and only a little more needs to be added here. Marketing research is a proactive search for information. That is, the enterprise which commissions these studies does so to solve a perceived marketing problem. In many cases, data is collected in a purposeful way to address a well-defined problem (or a problem which can be defined and solved within the course of the study). The other form of marketing research centers not on a specific marketing problem but is an attempt to continuously monitor the marketing environment. These monitoring or tracking exercises are continuous marketing research studies, often involving panels of farmers, consumers or distributors from which the same data is collected at regular intervals. Whilst the ad hoc study and continuous marketing research differs in the orientation, yet they are both proactive.

Marketing intelligence systems: Whereas marketing research is focused, market intelligence is not. A marketing intelligence system is a set of procedures and data sources used by marketing managers to sift information from the environment that they can use in their decision making. This scanning of the economic and business environment can be undertaken in a variety of ways, including.

Marketing intelligence is the province of entrepreneurs and senior managers within an agribusiness. It involves them in scanning newspaper trade magazines, business journals and reports, economic forecasts and other media. In addition it involves management in talking to producers, suppliers and customers, as well as to competitors. Nonetheless, it is a largely informal process of observing and conversing.

Marketing models: Within the MIS there has to be the means of interpreting information in order to give direction to decision. These models may be computerized or may not. Typical tools are:

• Time series sales modes
• Brand switching models
• Linear programming
• Elasticity models (price, incomes, demand, supply, etc.)
• Regression and correlation models
• Analysis of Variance (ANOVA) models
• Sensitivity analysis
• Discounted cash flow
• Spreadsheet ‘what if models

These and similar mathematical, statistical, econometric and financial models are the analytical subsystem of the MIS. A relatively modest investment in a desktop computer is enough to allow an enterprise to automate the analysis of its data. Some of the models used are stochastic, i.e. those containing a probabilistic element whereas others are deterministic models where chance plays no part. Brand switching models are stochastic since these express brand choices in probabilities whereas linear programming is deterministic in that the relationships between variables are expressed in exact mathematical terms.

The MIS process

Control what metrics to contain in your marketing information system.

This is a identical thoughtful stage in building an operational MIS. All statistics has a rate, together material and chance rates, so containing the exact metrics is serious.

• Quantity the incorrect things and you’ll create bad conclusions and unused cash. An illustration is computing followers to your Facebook page. Sure, there’s a minor improvement to taking extra followers, but their involvement to ROI is comparatively small. Creating results that emphasis on growing the number of followers prospective unused extra cash than necessary by the ROI you’ll understand.
• Quantity too various metrics and investigation converts problematic. It’s like annoying to discovery a indicator in a haystack. The huge quantity of hay (unusable statistics) pelts the beneficial statistics — the indicator. Just as you container extent approximately, doesn’t mean you would.
• Gathering metrics rates cash. Statistics is only wealth its rate after the worth it subsidizes to better executive overshadows the rate of assembly the statistics — & be certain to contain the social rate of assembly and investigating this statistics to extra budgets in getting the statistics

Gather Relevant Statistics

Certain statistics approaches from inside bases, such as sales records, accounting figures, website analytics, and intelligence from your sales-force. Other statistics approaches from outside bases, containing rival results, economic metrics, attending support metrics, and Facebook Insights. Your marketing research statistics container similarly form portion of your marketing information system, such as recurrent examinations of customer satisfaction.

Plot Statistics

It’s identical problematic to sort conclusions built on rare statistics because the statistics comprises imperceptible designs that strength then specify fitting activities. Plotting statistics consents managers to rapidly perceive alterations in serious metrics finished period. Certain, you can use the graphing role of Excel or other statistics database, but different statistics conception software styles the profession smooth calmer.

Communicate Result

Additional persons have the info from your MIS, the improved. However, not everybody is successful to appreciate boards of rare statistics or smooth conceptions similar in the console overhead. That’s for your MIS necessitates explanation complete the lens of marketing awareness.

Make Marketing Decision

The last stage in the procedure is expending metrics after your marketing information system to variety conclusions that improve your presentation results. (Hausman, 2012)

Summary

Marketing information systems are intended to support management decision making. Management has five distinct functions and each requires support from an MIS. These are: planning, organizing, coordinating, decisions and controlling.

Information systems have to be designed to meet the way in which managers tend to work. Research suggests that a manager continually addresses a large variety of tasks and is able to spend relatively brief periods on each of these. Given the nature of the work, managers tend to rely upon information that is timely and verbal (because this can be assimilated quickly), even if this is likely to be less accurate then more formal and complex information systems.

Managers play at least three separate roles: interpersonal, informational and decisional. MIS, in electronic form or otherwise, can support these roles in varying degrees. MIS has less to contribute in the case of a manager’s informational role than for the other two.

Three levels of decision making can be distinguished from one another: strategic, control (or tactical) and operational. Again, MIS has to support each level. Strategic decisions are characteristically one-off situations. Strategic decisions have implications for changing the structure of an organization and therefore the MIS must provide information which is precise and accurate. Control decisions deal with broad policy issues and operational decisions concern the management of the organization’s marketing mix.

A marketing information system has four components: the internal reporting system, the marketing research systems, the marketing intelligence system and marketing models. Internal reports include orders received, inventory records and sales invoices. Marketing research takes the form of purposeful studies either ad hoc or continuous. By contrast, marketing intelligence is less specific in its purposes, is chiefly carried out in an informal manner and by managers themselves rather than by professional marketing researchers.

Reference:

1. Kotler, P., (1988) Marketing Management: Analysis Planning and Control, Prentice-Hall p. 102.
2. Agnilar, F.. (1967) Scanning The Business Environment, Macmillan, New York, p.47.
3. Business directory, (n.d). Retrieved from Marketing Information System: http://www.businessdirectory.com/definitaion/marketing-information-system.html

Marketing Research: Definition

The way toward social affair, examining and deciphering data about a market, about an item or administration to be offered available to be purchased in that market, and about the past, present and potential customers for the item or administration; investigation into the attributes, ways of managing money, area and requirements of your business’ objective market, the industry overall, and the specific contenders you face.

Precise and intensive data is the establishment of all fruitful business adventures since it gives an abundance of data about planned and existing customers, the opposition, and the business by and large. It permits business owners to decide the possibility of a business before submitting generous assets to the endeavor.

Market research gives pertinent information to help explain marketing difficulties that a business will in all likelihood face- – a basic piece of the business arranging process. Truth be told, techniques, for example, market division (recognizing explicit gatherings inside a market) and item separation (making a character for an item or administration that isolates it from those of the contenders) are difficult to create without market research.

Types of Data

There are two types of data in any Research Method:

I. Primary Data

Primary information is information that is gathered by a researcher from direct sources, utilizing techniques like surveys, interviews, or experiments. It is gathered in light of the examination venture, straightforwardly from primary sources. When leading primary research, you can assemble two fundamental kinds of data: exploratory or specific. Exploratory research is open-ended, encourages you characterize a specific issue, and typically includes detailed, unstructured meetings in which long answers are requested from a little gathering of respondents. Specific research, then again, is exact in scope and is utilized to take care of an issue that exploratory research has distinguished. Meetings are organized and formal in approach. Of the two, specific research is the more costly. When leading primary research utilizing your own assets, first choose how you’ll scrutinize you’re focused on gathering: by direct mail, telephone, or personal interviews.

II. Secondary Data

The term is utilized conversely with the term secondary information. Secondary information is information accumulated from studies, surveys, or experiments that have been controlled by others or for other research. Secondary research uses outside information assembled by government agencies, industry and trade associations, worker’s organizations, media sources, chambers of business, and so on. It’s usually published in pamphlets, newsletters, trade publications, magazines, and newspapers.

Research Method

There are two types of research methods:

I. Qualitative Research

Qualitative research is tied in with discovering what individuals think, however why they think it. It’s tied in with hearing individuals to discuss their thoughts so you can comprehend their motivations and sentiments. Face-to-face interviews and group discussions are the most ideal approach to get this sort of top to bottom criticism. With focus groups, you work with little examples of your objective market, commonly with four to eight individuals. Or on the other hand you could conduct one-on-one interviews. Qualitative statistical surveying can be important when you are growing new items or thinking of new marketing activities and you need to test reactions and refine your methodology. Qualitative research is tied in with getting individuals to develop their answers so you can get more understanding into their perspectives and conduct. It’s everything about getting underneath individuals’ responses to discover what is driving their decisions.

II. Quantitative Research

Quantitative market research ordinarily incorporates customer surveys and questionnaires. These can be led face-to-face with a clipboard and pen, via phone, by means of post or email, on the web or by means of your site. Survey questions must be deliberately thought of with the goal that the outcomes give significant information. Don’t simply inquire as to whether individuals think about your business – ask how regularly they visit, what items they purchase and what other place they go to purchase similar items and why. Answers on an organized questionnaire are generally closed-ended, at the end of the day, they expect respondents to look over a particular determination of answers and don’t take into account the respondent to qualify their answer or elaborate. So a nursery place proprietor may ask, “How regularly do you purchase plants and cultivating supplies?” and respondents would need to pick between five alternatives:

• never
• once a year
• two to three times a year
• once a month

By posing loads of individual’s similar inquiries, it’s conceivable to develop a clearer image of how customers act.

Research Design

There are three types of research designs:

I. Exploratory

It is a great deal like exploration or investigator work energized by interest. Researchers should utilize their senses to discover hints and adventure into new domains looking for data. Adaptability is significant in exploratory research and it will undoubtedly bring about new thoughts, disclosures and experiences.

II. Descriptive

Descriptive research as the name proposes is utilized for depiction or to portray phenomenon or idea. Compared to exploratory research, descriptive research follows an unbending methodology. Its information assortment strategies are profoundly inflexible when contrasted with the unstructured and adaptable methodology utilized in exploratory research.

III. Causal

Casual research is successful regarding recognizing co-variation between variables however with regards to distinguishing causality. Causal research recognizes if there is a causal connection between at least two variables. It is profoundly organized like descriptive research and is additionally known for utilization of control systems utilized during experimental designs

Sampling Techniques

Sampling helps a ton in research. It is one of the most significant elements which decide the exactness of your research/survey result. On the off chance that anything turns out badly with your sample, at that point it will be straightforwardly reflected in the conclusive outcome. There are two type of sampling techniques:

I. Random Sampling

Random sampling alludes to an assortment of determination techniques where sample individuals are chosen by some coincidence, however with a known probability of choice. There are four types of random sampling:

a. Simple Random

Simple random testing is the fundamental examining technique where we select a gathering of subjects for concentrate from a bigger gathering. Every individual is picked totally by some coincidence and every individual from the population has an equivalent possibility of being chosen for the sample.

b. Systematic Random

Systematic sampling is a sort of probability sampling technique in which sample individuals from a bigger population are chosen by an arbitrary beginning stage however with a fixed, occasional interim.

c. Stratified Random

Stratified random sampling is a method of sampling that includes the division of a population into littler sub-bunches known as strata. In stratified random sampling or stratification, the strata are shaped dependent on individuals’ shared traits or attributes, for example, salary or education.

d. Cluster Random

In cluster sampling, the scientist partitions the population into independent gatherings, called clusters. At that point, a simple random sample of clusters is chosen from the population. The scientist leads his investigation on information from the sampled clusters.

II. Non-random Sampling

Non-random sampling is a technique in which samples are selected on the basis of some factors rather than randomly. This technique is used when it is not possible to use random sampling due to time or cost constrains

a. Convenience Sample

As name suggests, convenience sampling is about collecting information from a group of people who are conveniently available for example schools, malls or references maybe used to select a sample

b. Judgmental Sample

Judgmental sampling selects a population on the basis of existing knowledge, or professional judgment of the sample. Judgment sampling is best when just a set number of people have the attribute that a researcher is keen on.

c. Quota Sample

Quota sampling intends to take a custom fitted sample that is with respect to some trademark or attribute of a population. The population is separated into gatherings (likewise called strata) and samples are taken from each gathering to meet a quota.

d. Snow Ball

Snowball sampling or chain-referral sampling is characterized as a non-random sampling technique in which the samples have characteristics that are uncommon to find. This is a sampling technique, wherein existing subjects give referrals to enroll samples required for an examination study.