Various techniques of Markets Survey

Planning the Survey >
Problem definition
Selection of the survey method
Questionnaire development
Pilot survey

Fieldwork >
Selection and training of investigators
Supervision/overseeing the fieldwork

Processing >
Processing of data (EDP/manual)

Analysis and interpretation >
Statistical analysis and interpretation

Report Making >
Summarizing findings and recommendations
Report writing

Advertising Audience Panels as the name indicates consists of persons getting exposed to advertising in the various media, such as readers of publications, TV viewers and radio listeners. The main purpose is to gather valuable information for media planning. The panel members keep recording the program viewed by them or heard by them, or the publications read by them. It is these panels that all the ratings of TV and radio programs are derived. In India, MR agencies like Indian Market Research Bureau (IMRB) and, Marketing Research and Advertising Services (MRAS) are operating advertising audience panels. Their Television Rating Points (TRP) system is derived from these panels.

Market survey:

Market survey is one of the most widely used Market Research (MR) techniques. Market is at times viewed as synonymous with marketing research. This is erroneous. It has to be understood clearly that market survey is just one of the techniques of MR and is not synonymous with MR. It is just one method of collecting marketing information required for a given marketing research assignment. It is used when the required data is not available with the company’s internal records as well as external published sources. It amounts to original research work/field research work for the purpose of collecting primary data. And there are two types of market survey – the census survey, and the sample survey.

Steps Involved in a Market Survey:

The steps involved in a market survey are explained above. It is worth mentioning that some of these steps are applicable to the marketing research task as a whole, as explained at the beginning.

Primary Research through the Internet:

The Internet is a great source of secondary data. The role of the Internet does not stop with providing secondary data. It can also be used for collecting primary data. In fact, one can carry out primary marketing research through the Internet. Online surveys can, in fact, be more efficient faster and less expensive. They have the ability to target a more geographically diverse audience than those found in offline surveys. Primary research on the Internet usually assumes the form of online surveys and interactive focus groups. Facilities on the net, such as E-mail, hyperlinks moderated chat sessions etc., can be used to make the research job easier and more productive. Useful, first-hand information can be generated tough this process.

Other MR Techniques:

In addition these techniques there are a number of mathematical techniques in the armory of the market researcher. For example, for the assessment of buyer needs, a variety of techniques psychometrics, econometrics and computer stimulations are available. Similarly, for market segmentation many types of multi-variate statistical methods are available. In the area of product positioning techniques like market structure analysis and multi dimensional scaling are available. Similarly a variety of time series and econometric methods are being used in developing product life cycle forecasts. In the area of marketing mix strategies, techniques like adaptive experimentation, market tracking systems, and optimization and simulation are used. For measuring consumer’s responses to alternative product concepts and for building up test combination of product features, techniques like conjoint analysis and trade off analysis are employed.

We are briefly explaining below multi-dimensional scaling (MDS) and conjoint analysis which are applied in a number of marketing research situations.

Conjoint Analysis is used to measure consumer preferences for alternate product ideas and product attribute combinations. It measures the joint of two or more independent variables or strategy options like price, package, color, brand name etc, on a dependent variable like the preferences or purchase intention. In other words, a consumer ranks the different combinations of product attributes from the most preferred the least preferred combination. The findings of such analysis will help the researchers understand the most preferred combination, the relative importance of each attribute and also the implications of changing a particular attribute. The use of conjoint analysis is not confined to deciding the best product option. It is being widely used in almost all marketing situations, ranging from product design to positioning, market segmentation, promotion and distribution.

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