Fulcrum are a leading recognition and incentive business based in the maharashtra. We provide solutions to businesses of all sizes all over the world to…
Increase sales, profitability, productivity, knowledge, referrals
Improve service, brand awareness, communication and motivation
Decrease costs, uncertainty, absenteeism and inefficiencies
In short, we can help you achieve all of your business goals simply by changing the behaviour of your best assets – your employees, customers and channel partners.
Fulcrum are perfectionists! We use imagination, creativity, strategy and action to create incentive programmes that inspire, challenge, excite, motivate and engage your audience.
We don’t just do it, as a growing independent company WE LIVE IT! We’re a group of problem solvers, designers, developers, critics and we work hard, around the clock if necessary, to make sure we deliver something special for our customers!
As an independently run company, we offer our customers the personal touch which we feel is not offered by larger organisations. As a team we take immense pride and ownership in everything we do and feel this is demonstrated in our professionalism and performance levels.
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Fulcrum is an btl and marketing agency and sales agency based in mumbai, pune. Inspire is a business comprised of three strands: Sales Promotions, Loyalty & Rewards and fieldwork.
Sales promotions are fulfilled around the local area for huge brands by our expert team. Employees enjoy travel rewards for loyalty and hard work within their business. The marketing arm of the business has a network of brilliant freelancher marketing agents supported by exclusive supplier deals and the unique Inspire.
Marketing | Brand Activation |
Retail Marketing Team | engagement marketing firm maharashtra
Marketing idea an tips , info , case study
The Market Research Process
Defining Objectives and Formulating Problems
Defining the problem and research objectives is the first step involved in the marketing research process.
LEARNING OBJECTIVES
Outline objectives and problems as part of the marketing research process
KEY TAKEAWAYS
Key Points
- The marketing research process involves six steps: 1: problem definition, 2: development of an approach to the problem, 3: research design formulation, 4: data collection, 5: data preparation and analysis, and 6: report preparation and presentation.
- The first step in any marketing research study is to define the problem, while taking into account the purpose of the study, the relevant background information, what information is needed, and how it will be used in decision making.
- This stage involves discussion with the decision makers, interviews with industry experts, analysis of secondary data, and, perhaps, some qualitative research, such as focus groups.
- There are three types of objectives that can be deployed in marketing research: exploratory research, descriptive research, and causal research.
Key Terms
- Marketing Research: The function that links the consumers, customers, and public to the marketer through information. This information is used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.
- Objective: Not influenced by irrational emotions or prejudices.
- Systematic: Carried out using a planned, ordered procedure.
- ethnographic research: information regarding cultural phenomena
Marketing Research Is Systematic and Objective:
- Systematic planning is required at all the stages of the marketing research process. The procedures followed at each stage are methodologically sound, well documented, and, as much as possible, planned in advance. Marketing research uses the scientific method in that data are collected and analyzed to test prior notions or hypotheses.
- Marketing research aims to provide accurate information that reflects a true state of affairs and, thus, should be conducted impartially. While research is always influenced by the researcher’s research philosophy, it should be free from the personal or political biases of the researcher or the management.
Overview of the Marketing Research Process:
- Step 1: Problem Definition
- Step 2: Development of an Approach to the Problem
- Step 3: Research Design Formulation
- Step 4: Field Work or Data Collection
- Step 5: Data Preparation and Analysis
- Step 6: Report Preparation and Presentation
Step 1: Problem Definition
Define the problem and research objectives. The first step in any marketing research study is to define the problem, while taking into account the purpose of the study, the relevant background information, what information is needed, and how it will be used in decision making. This stage involves discussion with the decision makers, interviews with industry experts, analysis of secondary data, and, perhaps, some qualitative research, such as focus groups. There are three types of objectives that can be deployed in marketing research:
What’s the Problem?: The first stage of the marketing research process involves defining the problem.
1. Exploratory research
- Used to better define a problem or scout opportunities.
- In-depth interviews and discussions groups are commonly used.
2. Descriptive research
- Used to assess a situation in the marketplace (i.e., potential for a specific product or consumer attitudes).
- Methods include personal interviews and surveys.
3. Causal research
- Used for testing cause and effect relationships.
- Typically through estimation.
Plan the Research Design
The research design is a framework or blueprint for conducting the marketing research project.
LEARNING OBJECTIVES
Describe the formulation of research design within the context of the marketing research process
KEY TAKEAWAYS
Key Points
- The marketing research process is comprised of six steps: 1: problem definition, 2: development of an approach to the problem, 3: research design formulation, 4: field work or data collection, 5: data preparation and analysis and, 6: report preparation and presentation.
- It details the procedures necessary for obtaining the required information, and its purpose is to design a study that will test the hypotheses of interest, determine possible answers to the research questions, and provide the information needed for decision making.
- Decisions also are made regarding what data should be obtained from the respondents (e.g., by conducting a survey or an experiment), and a questionnaire and sampling plan also are designed in order to select the most appropriate respondents for the study.
- Research design involves secondary data analysis; qualitative research; quantitative data methods (survey, observation, and experimentation); information needed; measurement and scaling procedures; questionnaire design; sampling process and sample size; and a plan of data analysis.
Key Terms
- Marketing Research: The function that links the consumers, customers, and public to the marketer through information. This information is used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.
- secondary data: information collected by someone other than the user of the data
- Qualitative research: A method of inquiry employed in many different academic disciplines, traditionally in the social sciences but also in market research and further contexts.
- Secondary Research: This process involves the summary, collation, and synthesis of existing research rather than primary research, where data is collected from subjects or experiments.
- survey research: information from a predetermined set of questions that is given to a sample and is used to assess thoughts, opinions, and feelings
The Marketing Research Process is comprised of the following steps:
- Step 1: Problem Definition
- Step 2: Development of an Approach to the Problem
- Step 3: Research Design Formulation
- Step 4: Field Work or Data Collection
- Step 5: Data Preparation and Analysis
- Step 6: Report Preparation and Presentation
Step 2: Development of an Approach to the Problem
Step two includes formulating an objective or theoretical framework, analytical models, research questions, hypotheses, and identifying characteristics or factors that can influence the research design. This process is guided by discussions with management and industry experts, case studies and simulations, analysis of secondary data, qualitative research, and pragmatic considerations.
Research Planning: Planning involves creating and maintaining a plan.
Step 3: Research Design Formulation
A research design is a framework or blueprint for conducting the marketing research project. It details the procedures necessary for obtaining the required information, and its purpose is to design a study that will test the hypotheses of interest, determine possible answers to the research questions, and provide the information needed for decision making. Decisions are also made regarding what data should be obtained from the respondents (e,g,, by conducting a survey or an experiment). A questionnaire and sampling plan also are designed in order to select the most appropriate respondents for the study. The following steps are involved in formulating a research design:
- Secondary data analysis (based on secondary research)
- Qualitative research
- Methods of collecting quantitative data (survey, observation, and experimentation)
- Definition of the information needed
- Measurement and scaling procedures
- Questionnaire design
- Sampling process and sample size
- Plan of data analysis
Conducting Secondary Research: Secondary data analysis is one of the steps involved in formulating a research design.
Developing the research plan for collecting information:
The research plan outlines sources of existing data and spells out the specific research approaches, contact methods, sampling plans, and instruments that researchers will use to gather data. This plan includes a written proposal that outlines the management problem, research objectives, information required, how the results will help management decisions, and the budget allocated for the research.
