Copyright Virtual University of Pakistan 132 Introduction to Business MGT 211

Copyright virtual university of pakistan 132

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Introduction to Business MGT 211 VU Lecture 26 CONSUMER BEHAVIOR & MARKETING RESEARCH Marketing Research is the process of gathering data about marketing issues and transforming that raw data into meaningful information that can improve decisions and reduce risks. Market research can help with nearly every phase of marketing from setting goals for market sh are of developing new products for monitoring the program’s effectiveness. It is also important to monitor the competition, track industry trends, and measure customer satisfaction. Marketing Research can occur at any point in the product's existence. The Research Process Study the current situation Select a research method Collect data Secondary data are already available from previous research. Primary data is newly performed research. Analyze the data Prepare a report Research Methods Observation: Market Research technique that involves simply watching and recording consumer behavior. Probably the oldest form of market research, it has been brought up to date with such tools as electronic supermarket scanners that allow managers to see what is selling without having to check shelves or inventory. Survey ‐Market Research: technique using a questionnaire that is either mailed to individuals or used as the basis of interviews. Surveys can be expensive and may vary widely in accuracy; it is also difficult to find representative groups of respondents. Focus Group Market Research: technique in which a small group of people is gathered, presented with an issue, and asked to discuss it in depth. At its best, it allows exploration of complex issues and can produce creative solutions. Its small size (6 to 15 people is best) means it may not represent the larger market well. Focus groups are often used as a first step, leading to some other form of research. Experimentation : market research technique that attempts to compare the responses of the same or similar people under different circumstances. This method is very expensive but © Copyright Virtual University of Pakistan 133
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Introduction to Business MGT 211 VU can supply answers to questions that surveys cannot address, by allowing customers to sample new products, for instance. UNDERSTANDING CONSUMER BEHAVIOR Marketers study consumer buying behavior to learn what makes individuals buy one product instead of another. Consumer markets consist of individuals or households that purchase goods and services for personal use. Issues to be considered are the differences between organizational and consumer markets, the buyer’s decision process, and the factors that affect that decision process. Influences on Consumer Behavior Consumer behavior is essentially the study of why consumers purchase and consume products. Four key factors influence consumer behavior: I.
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