Sources of data collection

Chapter 3
Sources and Collection of Market Information

Chapter 3 Sources and Collection of Market Information Marketing Research

Learning Objectives
1. The importance of collecting
accurate information
2. Define the type of information sought
and understand the sources of
gathering it
3. Understand the importance of
research in international marketing
4. The role of business ethics in global
marketing research
Chapter 3 Sources and Collection of Market Information Marketing
Research

Prerequisites of Collecting
Accurate Data
For making decisions to be effective, it
is necessary that the research be
more focused and restricted to the
crucial information which is being
sought.
To survive in the competitive
environment, companies and
marketers have to conceive a brand
idea and communicate that brand so
as to capture the consumer attention

Range of Research Data and
Sources of Collecting Them
The most sought out information can
be categorized into quantitative and
qualitative type of information (range
of research data).
Quantitative research is concerned
with the measurement of a market in
terms of market size, the size of
market segments, market size in
terms of brand, purchase frequency,
distribution network size etc.

So as to ensure that a certain level of
accuracy is achieved, the quantitative
information is almost always based on
extrapolating from a sample to the
general population
Quantitative and qualitative
information is complementary and a
particular marketing decision may
require both types of information


The Main Options Available
While Planning a Suitable
Research Design


Secondary Information
Sources
Secondary information is usually
collected by persons(before) and very
often for purposes other than the
problem at hand.
If a fan manufacturer is, for example,
requiring information on the potential
market
Generally secondary information is
sought for prior to the decision taken
to organize collection of information
from primary sources

Few of the reasons cited for going for
a secondary information search are:
◦ At times sufficient information is available
to solve the problem
◦ Secondary information search involves
less time and cost as compared to
primary data collection
◦ Provides the base (defining problem and
developing hypothesis or defining
population) before the onset of primary
research

Communicating or Observing
Respondents
In the literal sense, Respondent refers
to a person who responds and
answers. While using respondent as a
part of research, it will be useful to
include both verbal and behavioral
response of the person under study.
Survey is one of the
Survey is one of the widely used
methods for obtaining Marketing
Information, by communicating with
respondents.

Sources From Where Marketing
Information is Collected


Experiments
The experiments can be carried out in
natural conditions or controlled
surroundings
Under a natural experiment, the
researcher will intervene only to the
extent required for measurement
The researcher uses the same
methodology as if a control group is
desired. For instance, say the researcher
is trying to understand the attitude of TV
viewers to an advertisement of Coco-
cola

Simulation
Simulation is defined as a set of
techniques for manipulating a model of
some real-world process for the purpose
of finding numerical solutions that are
useful in the real process that is being
modeled.
Simulation provides information from the
imitation of the particular marketing
situation. This method involves less
money and time as a source of
information compared to field

Likely Errors to Affect the
Research Process
1. Inappropriate population
specification
2. Sampling errors
3. Inappropriate sample selection
4. Sample frame
5. Non-response
6. Substitute information
7. Measure mental error
8. Experimental error

Role of Research in Global
Marketing
Legal and political environment
Cultural differences or cultural diversity
Economic environment
Linguistic barriers
Nature and availability of marketing
infrastructure
Trade restrictions and differences in
trade practices
High distribution costs due to long
distances

Some of The Important
International Marketing Research
Issues


International Marketing Research
and Business Ethics
Most of the MNCs in the world have
developed systematic, sophisticated
ongoing methods and systems for
gathering Marketing Information
related to the products, markets and
competition
Ethical issues in business also may
create problems in international
business
There is no ‘ready material’ to identify
the do’s and don’ts of business
violations in the various countries

Summary
It is vital to have accurate market
information
Marketing information are categorized
into quantitative and qualitative
research data
There is a need to understand various
problems of international marekting.


“Like” us on Facebook:
p // /
http://www.facebook.com/welearnindia

“Follow” us on Twitter:
http://twitter.com/WeLearnIndia
http://twitter com/WeLearnIndia

Watch informative videos on Youtube:
http://www.youtube.com/WelingkarDLP

Sources of data collection

More Related Content

Sources of data collection