Page 9 - DMGT404 RESEARCH_METHODOLOGY

Unit 1: Introduction to Research

1. To identify and find solutions to the problems Notes
2. To help making decisions
3. To develop new concepts
4. To find alternate strategies

1. To Identify and Find Solutions to the Problem: To understand the problem in depth

Example: "Why is that demand for a product is falling"? "Why is there a business fluctuation
once in three years"? By identifying the problem as above, it is easy to collect the relevant data
to solve the problem.

2. To Help making Decisions:

Example: Should we maintain the advertising budget same as last year? Research will
answer this question.
3. To Find Alternative Strategies: Should we follow pull strategy or push strategy to promote
the product.
4. To Develop New Concepts:

Example: CRM, Horizontal Marketing, MLM, etc.

1.1.2 Marketing Research

Marketing research is an important part of overall business research. Systematic collection and
analysis of data relating to sale and distribution of financial products and services is called
marketing research. Market research is an early step in the marketing process, and includes an
analysis of market demand for a new product, or for existing products, as well as appropriate
methods of distributing those products. Techniques in market research include telephone polling
and focus group interviews to determine customer attitudes, pricing sensitivity, and willingness
to use delivery alternatives. Marketing research, or market research, is a form of business
research and is generally divided into two categories: consumer market research and business-
to-business (B2B) market research, which was previously known as industrial marketing research.
Consumer marketing research studies the buying habits of individual people while business-
to-business marketing research investigates the markets for products sold by one business to
another.

Did u know? Most large banks have their own market research departments that evaluate
not only products, but their Brick and Mortar branch banking networks through which
most banking products are sold.

Self Assessment

Fill in the blanks:
1. Business research comes within the purview of ...................... research.
2. ...................... Market research, which was previously known as industrial marketing
research.

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