Page 31 - DMGT209_QUANTITATIVE_TECHNIQUES_II

Quantitative Techniques-II

Notes

Task An Indian company dealing in pesticides hires a qualified business management
graduate to expand its marketing activities. Most of the current employees of the company
are qualified chemists with science background. During their first review meeting the
management graduate says that the "company should be involved in market research to
get a better perspective of the problem on hand". On hearing this, one of the science
graduates laughs and says "There is no such thing as marketing or business research,
research is combined to science alone." What would be your response?

Self Assessment

Fill in the blanks:

5. The type of organisation selected for ……………….depends on how big an organisation is
and the varied type of products manufactured etc.
6. The goal of research is to find out answers to ……………….through the application of
systematic and scientific way.

2.6 Marketing Research – A Definition

Marketing research involves;
(a) Systematic problem analysis

(b) Model building and
(c) Fact finding method, used for the purpose of important decision-making and to regulate
the marketing of goods and services.

2.6.1 Explanation

From the above definition, it becomes clear that MR is the collection and interpretation of facts
that help in marketing management to provide products and services more efficiently into the
hands of consumers. It includes various types of research such as:
(a) Consumer research
(b) Sales research, etc.

2.7 Scientific Method in Research

Scientific research is one which yields the same results when repeated by different individuals.
Scientific method consists of the following steps:
1. Observation: The researcher wants to observe a set of important factors that is related to
his problem.
2. Formulates Hypothesis: The researcher formulates a hypothesis which will explain what
he has observed.

3. Future Prediction: The researcher draws a logical conclusion.
4. Testing the Hypothesis: The researcher will arrive at the conclusion based on data.

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