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Research + Insight (Reasons for Research (Not just something you do when…
Research + Insight
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Reasons for Research
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Where are we now: could relate to competing products, a brand customers prefer more etc. Finding out the company's relative competitive position
Where do we want to be: helps identify where opportunities might be - finding new products + markets
Segment, target, position: helps group customers into common needs
How could we get there: ask a series of questions to identify what needs customers have that haven't been met yet
Forecasting risk + reward: marketers are unrelentlessly positive ppl, but they can be too optimistic. Need a balanced view of what the potential is. Research helps to quantify what an opportunity might mean to your organisation
Focus
Wants: Aspirational, Luxuries. No Urgency
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Consumers: Use the product. Directly affected by quality, but indirectly affected by costs
Needs are more compelling bc they're more urgent. When needs are satisfied we move onto our wants, so marketers should prioritise consumer/customer needs
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