Lesson 2 Flashcards
It is the process of determining the viability of a new service or product through research conducted directly with potential customers
market research
It allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service
Market research
This research includes surveys product testing and focus groups
Market research
It is a systematic process of collecting recording and analyzing the information relevant to finding solutions to a problem in the field of marketing
Market research
Market research include information gathering for the purpose of
Market segmentation and product differentiation
It is a critical tool in helping companies understand what consumers want develop products that those consumers will use and maintain a competitive advantage over other companies in their industry
Market research
It consists of a combination of primary information and secondary information
Market research
It is the information of what has been gathered by the company or by a person hired by the company
Primary information
It is the information of what has been gathered by an outside source
Secondary information
It is the data that the company has collected directly or that has been collected by a person or business hired to conduct the research
Primary information
This type of information generally falls into two categories
Exploratory and specific research
It is a less structured action and functions via more open-ended questions and it results in questions or issues being presented that the company may need to address
Exploratory research
It is the data that an outside entity has already gathered
Secondary information
These include population information from government census data trade association research reports or presented research from another business operating within the same market sector
Secondary information
Data collected from these interviews were compared to the circulation of the publication and order to see how effective those ads were
Face-to-face interviews
Data collection then shifted to the telephone making face-to-face contact a necessary
Phone research
This method improve the market research model greatly
Phone research
With people spending more time online many market research activities have shifted online as well
Online market research
In this people can choose the sign up and take surveys and offer opinions when they have time
Online market research
Types of marketing research
Descriptive research
causal research
predictive research
exploratory research
The researcher then uses this kind of research because he has very little knowledge about the topic of research and wants to gain insight into it before seeking solutions
Exploratory research
This can be achieved utilizing secondary data like information available both within and outside the company performing qualitative test interviewing experts and processing marketplace feedback
Exploratory market analysis
This requires checking the hypothesis to determine the exact answers to the research issue
Descriptive market analysis
Example questions of this are who are prospective product buyers? how are goods consumed? which population fraction uses the product?
Descriptive market analysis
