Consumer
Behaviour and Market Research
Faculty: Dr.
S.M. Dhume
Dr. Ankush Sharma
Recap of Lecture
1(Introductory Session)
Part1: Dr.
S.M. Dhume
Consumer Behaviour (CB) and Market Research
(MR) together influence managerial marketing
decisions. MR gives quantitative insight on ‘How it happens?’ where as CB
provides qualitative insight on ‘Why it happens?’
The
subject focuses on the integration of the two, which will meet the knowing-
doing gap and thus, would enable us learn the subject from practical
perspective.
Decisions
are made to meet the gap the prevailing situation and the desired situation.
Steps in decision making:-
1.
Identify objective
2.
Compare and contrast different
alternatives
3.
Select the best alternative
4.
Take action which is directed towards
the desired state.
Success of decision making depends on:-
1.
Quality of Information received
2.
Capability of the decision maker in
taking decision and implementing it.
Marketing Research is about understanding the process of
marketing
vs
Market Research
Includes understanding consumer (consumer research). Thus, market researchers
should be thorough with CB.
Every
company wants
a) Growth and b) Survival.
Thus,
it has to i) Attract
customers and ii) Retain customers.
Earlier,
when Demand> Supply, the market was Seller’s market. However, post economic
reforms of 1991, Supply>Demand therefore market is dominated by Buyers.
Thus, attracting and retaining customers is a challenge in the present scenario.
Dealing with the Buyer’s market,
two types of principles are:-
1)
General
management principles- include vision, mission, objectives,
strategy, and goals.
2)
Marketing
principles-
a. Consumer perceived values(CPV)
CPV= Consumer Perceived Benefits(CPB)/ Consumer
Perceived Cost(CPC)
Where,
CPB includes:-
-functional benefits: associated with
products
-subjective benefits: associated with
Brand value (in customer’s mind)
CPC includes:-
-financial costs
-non-financial costs
The principle says:-
i)
CPB>CPC
ii)
Product/service should meet
competition by overall high CPV(improve CPB,CPC or both)
b. STP, Differentiation/USP
Mass marketing-
economies of scale, associated risk is that everyone thinks it’s for others
One to One marketing-
customer feels special, associated risk is high cost
Thus, Segmentation-Targeting- Positioning
is done to reap out the benefits of the two.
Segmentation-
divides the market-> do the profiling
Targeting-
evaluate the segments-> Choose the segments
Positioning-Identify
USP
i. It should be a distinguishing difference
ii. USP should be important to the customer
iii. Customer should be ready to pay for it
-Communicate USP
c. Branding- Building
name, design, symbol, or any other
feature that identifies one seller's good or service as distinct from those of
other sellers
d. Marketing Mix –
4P’s- Product, Place, Price, Promotion
7P’s- also include Packaging, Physical
Distribution and People
Marketing Information System
has three parts:-
a)
Internal- through historical data
b)
Market Intelligence System- through
published data/ blogs
c)
Market Research System
Part2: Dr. Ankush
Sharma
Following
assignments were discussed:-
a)
Each one needs to
join the blog
b)
All students have
to write the Recap of lecture in the class at least once.
c)
Blog will be used
for uploading articles, posts and discussions
2.
Consumer Journal(15marks)
a)
Each one has to
prepare a log of everything we buy (provided it’s worth keeping log) in a word
documents with the following fields:-
1)
Serial number
2)
Item purchased
3)
Rationale
b)
We need to
dissect only one purchase every week. This includes mentioning the need of the
item and the rationale behind the purchase.
c)
In the session, a
few of us will be called to read out the dissection done. So, we need to be
prepared with the laptop or pen drive in the session.
d)
The CJ will have
to be submitted in the end. It will be evaluated on the basis of presentation,
innovation and the number of behavioural parameters included.
3.
Positioning Study(15 marks)
a)
We need to form
groups of 10 each and select a category and get it register before session2.
b)
Templates of
questionnaire, coding sheet, data sheet will be sent by Sir.
c)
We need to send
the draft questionnaire(100 questions/group) before session2
d)
Questionnaire
will be discussed by sir in session2
e)
We’ll have to do
the market research and prepare perception map.
f)
Positioning Study
will be done using tools like XLSTAT, SPSS
g)
Presentation,
Viva will be in the end of course.
Note: Each member will have to work which will be
evaluated by peer review where each team member will have to evaluate all other
team members and ambiguities in marking will call for Viva.
