This post was updated on 17-July 2017
Earlier (in 2007), this subject’s name was Marketing Research. When 2007 MBA syllabus was upgraded in 2010, the subject’s name was changed to Research for Marketing Decisions (RMD). Some content of unit III and II was merged into other units. Apart from that there was no substantial change in the syllabus.
According to new syllabus of MBA 2016 (CBCS) this subject’s name was changed to Business Research Methods (BRM). BRM is mixture of SFM & RMD subjects respectively(MBA I & II Sem (2010 Syllabus) . SFM stands for Statistics for Management and RMD is for Research for Marketing Decisions.
By closely examining the contents of syllabus, it could be found that the subject covers 70% of SFM topics and 30% of RMD. Around 3 units of RMD were fully replaced by SFM content.
I remember very well that very few practical questions were asked from this subject (Marketing Research 2002 & 2007 Syllabus). According to students, this was completely theory paper. Only one or very rarely two practical questions were asked from this subject. Since implementation of 2010 syllabus, I noticed that Osmania University is asking more practical problems in external examination from this subject. But in International Finance paper (III Semester) which was completely practical is made theory paper due to unknown reasons.
In following Paragraphs, I wrote about significance of Business Research or Marketing Research.
Marketing research is very essential for every organisation. Through marketing research only the organisations can know the needs, wants and preferences of the customers. Today, when various products are conveniently available at the customers’ door step, the ways and means to satisfy them becomes very difficult. The companies are constantly striving to acquire competitor’s customers. In this cut throat competition, marketing research provides vital information to the organisation that enables them to retain and satisfy their customers. It even helps them in acquiring new customers.
Unless the needs of customers are ascertained, no product can be sold. For instance, Steve Jobs of Apple had foreseen the rising trend of downloading and listening to music. What people needed then was a small device that can take some 500 to 1000 music files. Which was handy with good battery back. By identifying this need, Apple started developing iPod. When the first sample of iPod was shown to Steve Jobs, he asked his engineering and design department to reduce the number of keys on the device and bring all functions under one key so that the device becomes more user friendly and attractive. This change was not easy for the engineering and design department, still with the help of its R&D dept. they made the required changes. Immediately after launch, the product gained huge popularity and owning a iPod in those days became cult.
Understanding consumer behavior is a complex process. Many times, the customer himself has no idea as to why he purchased the product. For instance, in Hyderabad, when few male friends meet, they prefer taking tea together. The purpose of drinking tea in many instances is not because they really wanted to drink tea. Rather, what they actually wanted was a place to sit and talk, smoke cigarette, and pass time. In this case, the tea is just a token given to the hotel/cafe owner to occupy the seat for few minutes and in some cases even hours.
Same applies to ladies too. Many ladies go to coffee shop and fast food joints just to sit and chit chat, and not because they really wanted to drink coffee. They will order one coffee for each with some limited snacks and they kill time.
Contrary to above, we also find few individuals who are die hard fans of certain products such as Tea of Blue sea/Victoria/Royal Sea, Hot wings of KFC, Kachche Goshth Ki Biryani, Anokhi Kheer, Royal ambiance & Luxury dining of Jewel of Nizam – The Golkonda Hotel, Laham Mandi & Kabsah of Barkas, Burger of McD, Cold Coffee of Cafe Coffee Day, Biryani of Ohri’s Silver Metro/Shadab/Paradise/Bawarchi/Victoria/Prince/Iqbal, Pizaa and Garlic bread of Pizza Hut, Kebabs at Barbeque Nation, Methi Chaman Bahar & Tandoori Roti of Our Place, American Chopseuy of Bow ‘O China & Aroma of China, North Indian at Ohris Guffa, Vegetarian at Santosh Bhaba Jashan, Haleem of Pista House, Dosa at Govind’s bandi,/Pragathi College/ Gowliguda/Begum Bazar/Old City, Ice Cream of CreamStone, BR, Havmore, Softy Den, Meethi Haleem (Sweet Haleem) of Salalah, Barkas, etc,.
These individuals are genuinely interested in the above mentioned products. This is because they just love these products. I have seen people travelling from one corner of the city to another just to eat Pizza at Pizza Hut, Banjara Hills. Further, I have also seen youngsters from Bowenpally, Alwal, Kukatpally, West Maredpally, Uppal, Gachibowli, Secunderabad going to Barkas (Airport Road, Srisilam Highway) just to eat Arabian food such as Laham Mandi & Kabsah.
All above mentioned products have made a name for themselves and they are successful only because the makers of these products understood the needs and taste preferences of their customers much better than their competitors. With changing tastes and preferences they are also offering variations in their products. Consistency is very important in keeping customer satisfied.
Knowing customer need is like finding treasure. This is the reason why the entrepreneurs give utmost importance to Market Research before they start working on their venture. They know that if there isn’t any need for their product then the venture will not take off. It is for this purpose that in business plan one complete chapter is dedicated to Market Research.
When you are starting a new business it is mandatory for you to understand the consumer needs, consumer behavior, consumer spending, consumer lifestyle and consumer expectations. Market research provides you with all relevant data. No entrepreneur starts a venture without performing strong market research. For instance, we see that many eating joints are started in Old city area though already old city is flooded with food joints. This is because the consumers there just love lip smacking food.
The food entrepreneur offers a product which is not sold in the existing market. Sometimes we see that the same product is already served in the same market, still a new entrant emerges. For instance, the food court at Yousuf Tekri (Mehdipatnam-Tolichowki strech) has various restaurants and eating joints. At frequent intervals we find new entrant entering the food market. Same product are served in almost all food joints with minor variations. Some eating joints at Yousuf Tekri follow differentiation strategy. They offer those products which are not served anywhere else within the radius of 5 kms.
These new food entrepreneurs have found the need and preference of customers with the help of market research and then only they ventured in the business. This is only possible through marketing research.
Basically, marketing research paper deals with introduction, need, and importance of MR. What research methodologies can be employed in the research? How the data is collected and from what sources? How the data is analysed? How the statistical tools especially non parametric test are employed in data analysis. How the findings and suggestions are made. Finally how the report is prepared about the whole research.
If you study this paper very well then doing live project becomes very easy for you. Even in your project viva voce in fourth semester, questions are asked from Marketing research.
When the research is over, it should be presented to superiors in the company. Research reports are made for this purpose and for further reference. So that the superiors can easily understand the findings and suggestions given in the report. Making research presentable is very important. We cannot make spelling and grammatical errors in the report. We need to be very accurate and careful in representing the statistical numbers. If the findings of research are not right then the decisions taken based on report will go wrong.
This is the reason why the last unit of syllabus emphasizes on reports and report making.
ALL THE BEST
BOOKS FOR RMD
1. Zikmund, “Essentials of Marketing Research”, 2009, CENGAGE Publishers. – Excellent book. It is available online at http://books.google.co.in/books?id=veM4gQPnWHgC&printsec=frontcover&dq=business+research+methods&hl=en&sa=X&ei=797aUdCFBM-HrAfK7YG4Bg&sqi=2&redir_esc=y#v=onepage&q=business%20research%20methods&f=false
3. Alan Bryman and Emma Bell, “Business Research Methods”, 2009, 2nd Ed. Oxford Press.
4. Green E. Paul, Tull S.Donald & Albaum, Gerald: “Research for Marketing Decisions”, 2006, 6th Ed, PHI.
5. G.C. Beri, “Marketing Research”, 2008, 8th Ed, Tata McGraw Hill.
6. Tull and Hawckins, “Marketing Research”, 2000, 4th Ed. Tata McGraw Hill.
Few books available online at google books
New Syllabus CBCS-2016
Important Questions for Business Research Methods- MBA II Sem CBCS 2016 Password is 78692RmDMrb22017
Important Questions for Research for Marketing Decisions Password is 78692RmDMrb22016