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Market Research: The systematic design, collection, analysis and reporting…
Market Research: The systematic design, collection, analysis and reporting of data and findings relavant to a specific marketing situation facing the organisation
Purpose
- Identify target markets, segments and competitors
- Identify consumer needs, expectations and enable fine-tuning of products to meet those needs
- Create excitement- appeal to consumer
- Evaluate effectiveness of advertising and promotion.
What is it?
Focused on gaining insights related to our customers - enables the voice of the customer to be built into the development process.
Process
- Define problems and objectives
- Develop research plan
- Collect info
- Analyse data
- Present cases
Market segmentation: subdividing large homogeneous market into clearly segmented regions with similar characteristics
Geographic, Demographic, Psychographic, Behavioral
Types
By Method
Qualitative: semi-structured discussions with probing, open-ended questions to obtain thoughts, feelings and motivations
Quantitative: Structured questionnaire with mostly closed question. Number output you can apply stats to.
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By Objective
Exploratory: Preliminary data needed to develop an idea further
Outline concepts, gather insights, formulate hypotheses
Descriptive: Describe an element of an idea precisely
Who is in target market, how large is it, how will it develop
Causal: Test a cause and effect relationship.
Eg. price elasticity
Qualitative Research
Open ended discussions, usually small sample size, learnings cannot be used to make a commercial decision.
To understand consumer market
Involves finding out what people think, how they feel and why they feel that way.
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Types:
1-1 interiews
Focus group - group discussion
Observations - naturally occurring behaviours in their usual contexts.
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