Problem Identification and Analyzing Data Throughout a Marketing Research - Annotated Bibliography Example

Titus Manickam Order No. 172504 31 May 2007 Marketing Research Marketing Research is an ongoing and continuous process. It is a pooling and evaluation of every piece of information and data which results in an activity. It is the crystallization of the final product after assiduous cleaning and crafting the basic raw material. Following are five examples of problem-identification research and five examples of problem-solving research: Five examples of problem-identification research. 1. Newspaper industry needs to be upgraded Paper industry in India is reeling under shortage of raw material and technological gap, as compared to its counterparts in other countries like Brazil, Chile and Indonesia, and urgently needs funds for upgradation, according to a study by Federation of the Indian Chambers of Commerce and Industry (FICCI). (Mumbai Mirror, Business Briefs, 28 May 2007). 2. Cyber criminals are getting more organized. Data theft, leakage and creation of targeted, malicious code for stealing confidential information, spam zombies, pornography, to name a few. These malfeasant activities vitiate the tremendous potential of the internet for genuine marketing purposes. And with the rising volumes of online trading, the menace is only threatening to grow further unchecked. (Times of India, Times Business section, 25 May 2007). 3. Pace of Modern Retailing too fast. Small retailers and street vendors have protested, and in some cases, even ransacked outlets operated by modern retailers. This in part has been provoked by an unprecedented rush in the last two years mostly by Indian corporate houses who have said they want to invest billions of dollars to roll out thousands of stores selling everything from fruits to furniture. (Mint, p4, 31 May 2007, www.livemint.com). 4. Palm oil futures fall on demand concern. Higher prices may reduce the attraction of palm oil as a substitute for soya bean oil, especially in China and India, the biggest importers of both oils. It may also make palm oil less attractive in its use in new applications such as bio-fuels. (Mint, Money Matters, p17, 31 May 2007, www.livemint.com). 5. Top Retailers feeling the heat. Although revenue jumped 37%, India's leading retailer, Shoppers' Stop, reported a fourth quarter loss of Rs. 22 million ( US$ 543,210), for the year 2006-07. This in spite of competition from other majors like Reliance Retail and Bharti-Wal-Mart, yet to begin. While management has blamed competition, other factors like soaring employee and operating costs including bludgeoning depreciation also have a decisive role in the loss. (Business Today, It's beginning to hurt, p46, 03 June 2007M, www.business-today.com). Five examples of problem-solving research 1. Smart Accounting helps Dunlop turn around. After 12 years in the red, Dunlop India reported a positive net worth in April for 2006-07. Compared to a negative net worth of Rs. 2611.50 million (US$ 64.5 million) in 2005-06, Dunlop reported Rs 1518.20 million (US$ 37.5 million) in the positive net worth last year. Evaluating its real estate, the company transferred part of it to its associate companies, including Dunlop Properties and Bharatiya Hotels. Instead of paying cash, these companies have issued shares of equal worth to Dunlop, which has booked them as other income, thereby shoring up its balance sheet. (Business Today, Dunlop's Paper Trick, p52, 03 June 2007, www.business-today.com). 2. Handloom industry to get a new lease of life. The handloom industry is the second largest economic activity in the country after agriculture. India is perhaps the only country to produce handlooms on large, commercial scale. However, overpowered by the presence of power loom and mill sectors, the industry is going through a lean phase. However, officials are pinning their hopes on the recent initiatives of the textile ministry to boost the dwindling prospects of the handloom industry. The ministry has initiated the development of Handloom Export Zones (HEZ) at various handloom clusters in India to create supply hubs for the export market with an upgraded infrastructure and trained weavers. These export zones would benefit the weavers by increasing their income scale from the present Rs. 50 to Rs. 100-150 per day. An interesting export trend observed in the industry is that home furnishing rather than fabrics have become more popular in recent years. (The Economic Times, Commodities, p23, 31 May 2007). 3. Spread of literacy with mid-day meals. The challenge to raise the literacy level in poverty-ridden third world countries is being met by raising awareness in far-flung rural and tribal areas and attracting the children in these regions with nutritious midday meals to boost attendance. (www.propoor.org, newsletter, 17 May 2007). 4. Ranxaby Laboratories Ltd - Number One for now. Analysts say that the good performance of the company which brought it to the top position for the current year will be tough to repeat in the next year. For instance, the company saw 24% of its revenues come from authorized generics like simvastatin, the drug in Merck's cholesterol reducer Zocor in the US. However, with the advent of other copycats this business will take a hit. But with more product launches and faster growth in Germany the company expects revenues to grow 20% in dollar terms. Faster growth is expected in Europe as a whole where the company acquired Romanian generics producer Terapia in early 2006. (Businessworld, p9, 04 June 2007). 5. HCL Technologies - Transformation through Re-invention The margins of this company were shrinking even as others like Infosys, Wipro and Satyam Computer were growing from strength to strength. The grown was lower than the industry average. Positioning itself as a technology company, rather than as an IT corporate, Chairman Shiv Nadar, changed the model from a volume-centric deals to a value-centric one, refusing any deal that came at less than $ 1 million. The move made HCL lose business worth $ 80 million. But the upside was that the company started bagging big business deals. The average new deal size has swelled from $ 1 million to $ 100-200 million. (Outlook Business, Feature, Id: Loner Code: RE-enter, p60, 05 June 2007). Tactical marketing decisions list 1. Product design. Managers need information in order to introduce products and services that create value in the minds of the customer. But the perception of value is a subjective one, and what customers value this year may be quite different from what they value next year. The goal of marketing research is to provide facts and direction that managers need to make their their more important decision making. (http://www.quickmba.com). 2. Service options. Service plays a large and important role in goods sector companies and the public sector (Quinn, Doorley and Paquette 1990). The reason for the importance of service in these sectors is the positive relationship between market orientation and better firm performance. (e.g., Jaworski and Kohli 1993; Narver and Slater 1990), and the related concept of customer orientation (Deshpande, Farley and Webster 1993). Firms are increasingly turning to service as the most promising means of differentiation. (Sawhney, Balasubramanian and Krishnan 2004). (http://bear.cba.ulf.edu)1 . 3. Branding. Customers like brands because they offer identification and affect buying decisions. The purchasing process is faster and purchasing risks are lowered. Customers get additional functional and emotional value from branding attributes for which they are willing to pay a price premium. Branding Research can be performed for products, services, brands, or people. Branding Research first determines attributes and benefits for a product in a specific target market. This information is obtained through qualitative research such as primary interviews or ethnographic research. (http://www.steinermarketing.com - Branding Research, 28 May 2007). 4. Product quality There are two components of quality,which customer is looking for in the product during its post purchase usage. One is resolvable attribute i.e any product defect which can be resolved during the product warranty period. The other one is unresolvable quality, which is beyond warranty period. The resolvable attributes are those attributes that can be repaired and that are covered under the product's warranty (e.g. TV tube) and irresolvable attributes are those attributes that cannot be fixed or changed, regardless of warranty coverage, without the purchase of a new product (e.g. Size of TV screen). All attributes encounter a normal wear and tear over time, which can lead to a general decline in satisfaction. However, when owners are dissatisfied with something that can be fixed, they are likely to blame the manufacturer for not doing the better job, but when owners are dissatisfied with irresolvable attributes, they are likely to attribute their dissatisfaction to the inherent nature of the product and to learn to cope with the source of the frustration. (http://www.itm.edu)2 . 5. Advertising The objective of any firm is to market its products or services profitably. In small firms, the owner or chief executive officer might assume all advertising, promotions, marketing, sales, and public relations responsibilities. In large firms, which may offer numerous products and services nationally or even worldwide, an executive vice president directs overall advertising, promotions, marketing, sales, and public relations policies. Advertising, marketing, and public relations managers coordinate the market research, marketing strategy, sales, advertising, promotion, pricing, product development, and public relations activities. The creative services department develops the subject matter and presentation of advertising. The creative director oversees the copy chief, art director, and their respective staffs. The media director oversees planning groups that select the communication media-for example, radio, television, newspapers, magazines, Internet, or outdoor signs-to disseminate the advertising. (http://www.infomat.com)3 . End Notes 1 (http://bear.cba.ulf.edu/CENTERS/MKS/invited/Marketing, 28 May 2007). 2 (http://www.itm.edu - ITM :: The Institute for Technology and Management, 28 May 2007). 3 (http://www.infomat.com - Marketing Research Report, 28 May 2007). Read More