Transcript Market Research

Market Research
What Is Market Research?
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Involves the process and
methods used to gather
information, analyze it, and
report findings related to
marketing goods and services
How is it used?
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Determine consumers’ attitudes and
preferences
Test product features
Determine market size and growth
potential
Understand how the company is
perceived by the public
Why is it important?
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To help…
Identify marketing opportunities
 Solve marketing problems
 Implement marketing plans
 Monitor marketing performance
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Who uses market research?
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Small businesses
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Typically done informally by owners,
managers and employees
May hire an outside service provider
Large companies
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Typically have in-house research
departments
What is Database Marketing
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A process of designing, creating and
managing customer lists
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Collected from…
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Face-to-face sales
Direct mailing responses
Telephone or email contact
Website visits
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Marketing lists can be
purchased from third-party
companies that specialize in
selling consumer databases!
How has your data been
collected?
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Bonus/Customer cards
Checkout questionnaire
Cold calling
Mailing surveys
Types of Market Research
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Attitude and Opinion
Market Intelligence
Media Research
Product Research
The Market Research Process
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Define the problem
Obtain data
Analyze data
Recommend solutions
Apply the results