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Market study - Coggle Diagram
Market study
Need
Competitive pressure
Expansion markets
Cost of errors
Growing customer expectations
Getting an idea about commercial viability
Ideas of environment, marketing and prospects
Design
Defining the objective
Conducting a Situation Analysis
Conducting an Informal Investigation
Available from collaborators and outsiders: intermediaries, competitors, advertising agencies and customers.
Select The Sources of Information
Primary data
Project-specific
Interview with stakeholders
Secondary data
Already collected and available
Library, government, advertising media
Importance
Intervenes in all three phases of the marketing management process
Planning
Instrumentation
Evaluation
More than just obtaining data.
Useful information from researcher to executives
Market
Set of people with needs
to satisfy, money to spend and desire to spend it
Parts
Customers
Who buys the products or uses the services
Producers
Who offers the required products and services
Products
Articulated media or services that meet customers' needs
Planning and conducting a Formal Investigation
Primary data
Survey
Interviews
Observation
Experiments