Page 63 - DMGT408DMGT203_Marketing Management

Marketing Management/Essentials of Marketing

Notes cases quite unlikely – that research will furnish everything needed to solve the defined marketing
problem. It is perhaps necessary to point out the lack of completeness and the reasons for it.
The research report presenting the results and recommendations is usually a formal, written
document. To start with, the research report has an executive summary, as senior managers may
not be in a position to go through the entire detailed report. The summary presents the main
research findings and recommendations. The decision-makers can refer to the relevant details
concerning issues of interest. When marketing decision-makers have a firm grasp of research
methodology and procedures, they are in a much better position to integrate research findings
and their personal experience.

Besides executive summary, ideally the report should also include marketing problem and
objectives, sampling procedure and sample size, tools for data collection, sources of data, analytical
tools used, research findings and their interpretation, recommendations. It is not uncommon for
marketing decision-makers to want the researcher to make a presentation using computer or
transparencies. It is important for the researcher to be aware of the background and research
abilities of decision-makers. There should be clear explanations in plain language without
using complex research or statistical terminology so as to make it easier for research users. It can
be helpful to talk with research users before writing the report.

Self Assessment

Multiple Choice Questions:

18. Which of these is not one of the 3` of marketing in relation to market research?
(a) Recruiting New Customers (b) Retaining Current Customers
(c) Regaining Lost Customers (d) Replacing unprofitable customers
19. The ......................... defines what information is needed to solve the problem.
(a) Research plan (b) Research objective

(c) Sample design (d) Data analysis
20. Which of these is not a non-probability sampling techniques?
(a) Stratified sampling (b) Quota sampling

(c) Convenience sampling (d) Judgemental sampling
2.8 Summary

The ultimate purpose of the environmental analysis is to facilitate the firm’s strategic
response to the environmental changes. The firm can attain its objective with strategic
planning in order to cash in on environmental opportunities.
There are two types of environmental forces, which influence an organisation’s marketing
activities. Some of these forces are external to the firm and the organisation has little
control over them. Economic environment determines the strength and size of the market.
The purchasing power in an economy depends on current income, prices, savings,
circulation of money, debt and credit availability. Income distribution pattern determines
the marketing possibilities.

Technology has changed the way people communicate with the advent of Internet and
telecommunication system, and with the revolution in communications have come new
ways of doing business.

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