Twelve Steps in Marketing Research Process

Steps in marketing research process
Following image depicts the steps in a marketing research process.Image credits © Prof. Mudit Katyani.The twelve stages or steps in a marketing research process are:Problem identification,
Problem definition,
Research design,
Determining data needs,
Determining data sources,
Sampling design,
Designing questionnaire,
Field staff selection,
Collection and

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Difference Between Market Research vs Marketing Research

Difference Between Market Research vs Marketing Research
Following image shows five important points of comparison used to find out the difference between Market Research vs Marketing Research (MR).Image credits © Prof. Mudit Katyani.Distinguish between market research and marketing research is based on following five points:Meaning of market research and marketing research (MR).
Their prime or

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Is Marketing Research Scientific or Not? Explain

Is marketing research scientific or not?
Marketing research is not a pure science like physics and chemistry. It is a social science. It uses scientific methods for solving marketing problems. It uses an observational and experimental method for collecting data. These methods are very scientific. MR is very practical and systematic. It doesn't use trial or error method or guess work.We can find

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Departments and Organizational Structure of Advertising Agency

Organizational structure of advertising agency
Advertising agency must have a suitable internal organizational structure to keep functioning properly with a smooth workflow.When an advertising agency decides to establish its organizational structure, it must ask itself important questions like:What is the suitability and/or requirement of a department?
How the span of control should be within an

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Disable Primary, Social and Promotions Tabs in Gmail

Disable Primary, Social and Promotions Tabs in Gmail
Recently, it came to my notice that the interface of my Gmail account has changed a bit. Earlier, I enjoyed the simplicity of accessing my emails by just logging in and quickly reading every new message with a single-click. However, now, it takes me few more clicks (also few more seconds of my life) to read recent emails in my mailbox.This has

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Explain the Client Agency Relationship in Advertising

Client agency relationship in advertising
The client agency relationship starts when the client appoints the advertising agency for making an ad. It continues as long as the agency provides services to the client. Such a relation should always be cordial. There should be mutual trust, confidence and understanding between the two parties. This is because the basic objective of both parties is the

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Eleven Major Functions of Advertising Agency

Functions of advertising agency
Advertising agency is an independent service-rendering organization. It delivers various services and performs many functions for its clients, who are advertisers. It is mainly involved in activities like planning, preparing and placing of ads in media. It also performs non-advertising functions for them. It offers them advisory and creative services. It does so to

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Discuss the Scope of Social Responsibility of Business

Scope of social responsibility of business
Earlier, we discussed the introduction of the social responsibility of business. In this starting article, we tried to grasp the basic understanding of its concept. Now as a continuation to this series let's discuss further.The scope of social responsibility of business mainly covers its obligations or duties towards four social groups.These are as

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Explain the Social Responsibility of Business

Social responsibility of business
The social responsibility of business means various obligations or responsibilities or duties that a business-organization has towards the society within which it exists and operates from.Generally, the social responsibility of business comprises of certain duties towards entities, which are depicted and listed below.Shareholders or investors who contribute funds

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What is Product Quality? Definition Meaning Importance

Definition of Product Quality
Before we proceed to understand, “what is product quality?” First, let's focus on the definition of quality.It is not easy to define the word Quality since it is perceived differently by the different set of individuals. If experts are asked to define quality, they may give varied responses depending on their individual preferences. These may be similar to following

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Ten Main Factors Affecting Plant Location

Factors Affecting Plant Location
Plant location must be selected properly by entrepreneurs while planning to set up their business units. While taking such a decision, they must consider some important factors.The following image depicts important factors affecting a plant location.Image credits © Prof. Mudit Katyani.The ten main factors that affect a plant location are as follows:Law and order

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Internal and External Factors Affecting Scheduling

Factors Affecting Scheduling
The following chart depicts various factors affecting scheduling.The factors that affect scheduling are grouped into two categories viz;Internal factors : Affect an entity (e.g. a company) from within.
External factors : Influence an entity (e.g. an organisation) from outside.
Factors affecting scheduling internally are:Stock of finished goods kept by company.

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What is Scheduling? Definition Meaning

What is Scheduling? Definition
The definition of scheduling as quoted by eminent scholars are as follows:Image credits © Prof. Mudit Katyani.1. According to Richard Lansburgh and William Spriegel,“Scheduling involves establishing the amount, of work to be done and the time each element of the work will start, or the order of work. This includes allocating the quality and rate of output of the

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Difficulties or Problems in Measuring Productivity

Problems in measuring productivity
Following image lists main difficulties or problems in measuring productivity.Image credits © Prof. Mudit Katyani.Important challenges or difficulties in measuring productivity:Difficulty in measuring output,
Difficulty in measuring inputs,
Factorial productivity,
Changing prices of inputs and outputs,
Intangible output of service sector,
Comparison of

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Nine Main Benefits of Higher Productivity

Benefits of higher productivity
The following image depicts a list of nine benefits of higher productivity.Image credits © Prof. Mudit Katyani.The nine main benefits of higher productivity are:Higher profit,
Employees welfare,
Better return
Nice relations,
Customer satisfaction,
Good credit rating,
Goodwill,
Better credit terms, and
Low turnover.
Now let's discuss briefly these important benefits

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Explain Need or Importance of Location Planning

Importance of location planning
Location planning decisions are very important for all types of business units. This is because it affects the cost, selling price, and demand of the product. It is a non-recurring heavy expenditure. Large companies take the help of different professionals like lawyers, accountants, environmentalist, etc. for selecting the proper location of plant.Following image

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Eight Important Factors that Affect Productivity

Factors that affect productivity
The following chart shows eight factors that affect productivity.Image credits © Prof. Mudit Katyani.The eight main factors that affect productivity are:Technical factors,
Production factors,
Organizational factor,
Personnel factors,
Finance factors,
Management factors,
Government factors, and
Location factors.
Now let's discuss briefly above listed important

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Difference Between Intermittent & Continuous Production System

Difference between Intermittent and Continuous Production System
Difference between intermittent and continuous production system; based on 10 points.Image credits © Prof. Mudit Katyani.
Nature of product.
Flexibility of process.
Scale of production.
Per unit cost.
Range of products.
Instructions.
Staff.
Storage of final products.
Location change.
Capital invested.
Now let's distinguish

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Steps Procedure of Routing in Production

Steps or Procedure of Routing in Production
Following image depicts main steps or procedure of routing in production.Following important steps are involved in the procedure of routing:
Product analysis determines what to manufacture and purchase.
Product-analysis is done again to determine materials required for production.
Fix the manufacturing operations and their sequences.
Decide the number

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Stages Steps in Production Planning and Control

Steps in Production Planning and Control
According to the British Standards Institute, there are four stages, steps, techniques or essentials in the process of production planning and control.The four stages or steps in production planning and control are:
Routing,
Scheduling,
Dispatching, and
Follow-up.
Initial two steps i.e. Routing and Scheduling, relate to production planning.Last two steps

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Functions of Production Planning and Control - Importance

Functions of Production Planning and Control
Functions of production planning and control are listed and explained below.The importance or functions of production planning and control:
Utilizes resources effectively.
Makes flow of production steady.
Estimates production resources.
Maintains necessary stock levels.
Coordinates departmental activities.
Minimizes wastage of resources.
Improves

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Relationship Between Production Planning and Control

Relationship Between Production Planning and Control
Production planning and control are closely related to one another. They go hand in hand and are supplementary in character.Ten points explain the relationship between production planning and control:Image credits © Prof. Mudit Katyani.
Meaning.
Goals.
Course of action.
Work performance.
Operations.
Resources.
Directions.
Weaknesses.
Let's

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What is Productivity? Definition Meaning

What is Productivity? Definition
The definition of productivity according to management expert Peter Drucker."Productivity means the balance between all factors of production that will give the greatest output for the smallest effort."Productivity is expressed or measured as a mathematical division of two important parameters (functions) viz., output and input.This concept of productivity is

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Guidelines for Determining Performance Dimensions

Guidelines for determining performance dimensions
Guidelines for determining performance dimensions are depicted below.The dimensions of performance must be as follows:Performance dimensions (Quantity & Quality) must be fixed in advance.
Dimensions must be clearly defined and easily understood by employees.
They must be consistent with the image or goodwill of the company.
Quality standards must

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Classification of Performance Dimensions - Quantity Quality

Classification of Performance Dimensions
A dimension is a measurable extent of any kind. It is usually measured in terms of various extends like shape, size, quality and quantity.The performance dimensions can be classified into following:Quantity - which is the primary dimension of performance.
Quality - which is the secondary dimension of performance.Image below depicts this classification of

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Advantages and Disadvantages of Work Sampling Method

Advantages of Work Sampling
The benefits or advantages of work sampling method are as follows:Image credits © Prof. Mudit Katyani.Work sampling gives an unbiased result since workmen are not under close observation.
A work sampling study may be interrupted at any time without affecting the results.
Work sampling can be conducted by anyone with limited training. There is no need to have experts.

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Work Measurement Techniques Methods Types

Work Measurement Techniques
Image depicts different work measurement techniques, methods or types.Work measurement techniques are listed below:Historical data method - It uses the past performance data to set performance standards.
Time study - It uses stop watch and is best suited for short-cycle repetitive jobs.
Work sampling - Here, workers are observed many times at random.
Synthesis method

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Work Measurement - Definition Meaning Purpose Objectives

Definition of Work Measurement
According to International Labour Organization“Work measurement is the application of techniques designed to establish the time taken for a qualified worker to carry out a specified job (task) at a defined level (rate) of performance.”International Labour Organization (ILO) stated this important definition of work measurement in its publication.Now let's proceed to

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Standards Required at Various Levels of Production

Standards Required at Various Levels of Production
Standards are fixed at various levels of production. This is done to ensure some minimum expected output in the production process. Standards are established to maintain a production efficiency. These help to optimally utilizing various factors of production and achieve some fixed amount of output in terms of both; quality and quantity.Important

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Methods of Conducting a Marketing Audit

Methods of Conducting a Marketing Audit
Marketing audit is an examination of the marketing activities of company. It must be conducted by impartial persons.Auditors must be properly qualified, trained and experienced enough to do the audit. They must have a complete knowledge and exposure of marketing.Image below depicts the methods of conducting a marketing audit.Following methods are used to

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Scope, Areas or Types of Marketing Audit

Scope, Areas or Types of Marketing Audit
There are no fixed guidelines regarding the scope, areas or types of marketing audit. In other words, the scope of marketing audit is not fixed. It changes from company to company. Each company can make its own marketing audit plan. However, the scope of marketing audit must include the following areas or types:The six important types of marketing audit

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Explain the Characteristics of Marketing Audit

Explain the Characteristics of Marketing Audit
The eight important characteristics of marketing audit are depicted below.The salient features or characteristics of marketing audit are as follows:Marketing audit is a comprehensive study of all marketing activities.
It is a systematic-process that follows a step-by-step procedure.
It is a periodic activity and must be conducted regularly.
It is

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Production Standards Meaning Definition Advantages Demerits

Meaning of Production Standards
Production standard is a criterion or yardstick or benchmark. It is used for measuring the production of the company.Production standards are fixed for raw materials, production process, tools and equipment, workers, conditions of work, speed of work, quantity of output, quality of output, etc.Production standards are mostly expressed in quantitative terms. That

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What is Marketing Audit? Definition Meaning

Definition of Marketing Audit
The definition of marketing audit as stated by Abe Schuchman is as follows:“Marketing audit is a systematic, critical and impartial review and appraisal of the total marketing operation: of the basic objectives and polices and the assumptions which underlie them as well as the methods, procedures, personnel and organization employed to implement the policies and

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Distinguish Between MIS and Marketing Research (MR)

Distinguish Between MIS and Marketing Research (MR)
Following image depicts the ten main points which are used to make a comparison or distinction between MIS and Marketing Research (MR).Image credits © Prof. Mudit Katyani.Difference between MIS vs MR is based on the following ten points:Meaning of MIS and MR.
Their basic or main purpose.
Wide or narrow scope.
General or specific nature.
Number

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Essential Requisites of a Good MIS

Essential Requisites of a Good MIS
The following image depicts the eight essential requisites of a good MIS.Image credits © Prof. Mudit Katyani.The essentials of a good Marketing Information System (MIS) is listed below:MIS must be unified and centralized.
It must facilitate decision making.
It must provide quick and accurate information.
It must be economical.
It must be selective.
It must be

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4 Main Components of Marketing Information System (MIS)

Components of Marketing Information System MIS
Marketing Information System (MIS) collects, analyses, and supplies a lot of relevant information to the marketing managers. It is a valuable tool for planning, implementing and controlling the marketing activities.The role of MIS is to identify (find out) what sort of information is required by the marketing managers. It then collects and analyzes

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Features of Marketing Information System MIS

Features of Marketing Information System MIS
The main characteristics or features of Marketing Information System (MIS):Image credits © Prof. Mudit Katyani.Continuous system : MIS is a permanent and continuous system of collecting information. It collects information continuously.
Basic objective : The basic objective of MIS is to provide the right-information at the right-time to the

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Marketing Information System (MIS) Definition Meaning Diagram

Marketing Information System MIS Definition
1. According to Donald Cox and Robert Good,“An MIS may be defined as a set of procedures and methods for the regular, planned collection, analysis, and presentation of information for use in making marketing decisions. This of course is a step beyond logistics systems, which handle inventory control, orders, and so forth.”This definition of Marketing

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Objectives of Marketing Research - Purposes

Objectives of Marketing Research
The main objective of marketing research (MR) is to provide information to the marketing manager. The marketing manager uses this information to make marketing decision and to solve marketing problems.The purposes or objectives of marketing research are listed below.Identify the consumer response to the company’s product.
Know the consumers’ needs and

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Need For Marketing Research - Why is MR Needed?

Need For Marketing Research
In recent years, the scope of business has expanded from local to global level. The size of the production has greatly increased. The production is now centralized, and the consumption centers are widespread. This has created a wide gap between the manufacturer and consumer. This has caused basic problems like what to produce and what to sell.There is a need for

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Distinguish Marketing Problem Vs Marketing Research Problem

Difference Between Marketing Problem Vs Marketing Research Problem
Following image highlights eight important points used to distinguish between marketing problem vs marketing research (MR) problem.Image credits © Prof. Mudit Katyani.Difference between marketing problem and marketing research problem is based on the following eight points:Meaning of marketing problem and marketing research

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Five Basic Functions of Marketing Research MR

Functions of marketing research
The following image depicts five basic functions of marketing research.Image credits © Prof. Mudit Katyani.The five main functions of marketing research (MR) are:Description,
Evaluation,
Explanation,
Prediction, and
Aid in decision making.
Now let's discuss these prominent functions of marketing research.Description : Marketing research gives full description about

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Explain Need and Importance of Marketing Research (MR)

Need and Importance of Marketing Research (MR)
A business faces many types of marketing problems. It faces problems about its product, price, place and promotion. It also faces problems about product design, packaging, branding, marketing channels, advertising, etc. Some marketing problems are very serious. Therefore, in the marketing, managers use marketing research as an important tool to

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Limitations of Marketing Research - Demerits of MR

Limitations of Marketing Research
Though marketing research (MR) has many advantages, it also has many limitations or disadvantages.Marketing research studies consumer behavior and marketing environment. Since these factors keep on changing, it cannot give exact information.
MR is also a social science. So, it cannot give exact solutions.
It cannot be an alternative to decision making. In other

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Importance of Advertising - Why Advertising is Important?

Importance of Advertising
The importance of advertising is depicted in the following image.The significance or importance of advertising in business is as follows:Crucial for a launch or announcement.
Source of revenue for publishers.
Promotes goods, services, ideas and events.
Helps in increasing the sales.
Maximizes the profit of an advertiser.
Creates consumer awareness.
Educate society.
Art,

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