3: Market Research Flashcards
refers to the design, collection, and analysis of relevant data arranged in a systematic way, and aimed at providing a solution to a specific marketing problem
Market research
vital step in business planning
Market Research
will significantly help the attainment of business success
(well-crafted) Market Research
Market research findings will give the entrepreneur a good perspective of the changes in consumer tastes on products and services.
Need for market research
3 Importance of Market Research
Understanding, Risk, Forecasts
- Provide understanding of customer needs
- Minimizes risk of business failure
- Gives a forecast of the trends
6 types of market research
● Advertising research ● Commercial Eye-tracking ● Customer satisfaction research ● Distribution channel audit ● Internet strategic intelligence ● Test marketing
an important approach in understanding the reasons behind the purchasing behavior and decisions of the customers
Qualitative Research Methods
performed through observation techniques and unstructured questioning
Qualitative Research Methods
gives answers to the whys and hows of the decision making processes of various customers
Qualitative Research Methods
Qualitative Research Methods
Interviews
Focus Groups
Observations
obtains information that can be easily and quickly counted and statistically analyzed
Quantitative research methods
enables the entrepreneur to test and validate the best course of action to be taken
Quantitative research methods
aim to ask the consumer for their opinions of feelings in a structured way
Quantitative research methods
Quantitative research methods
Survey research
Experiments or field trials
2 market research techniques to identify potential customers
- Analyze your competitors
2. Identify customers
