2.2 Market Research

Market research

the backbone of a marketing plan. It helps businesses know what customers need, what competitors are doing, and what opportunities or threats exist in the market

systematic process

Market research is a ______ of gathering, analyzing, and interpreting information about a market

understand customer needs and preferences

purpose of market research 1 UIES

identify opportunities and minimize risks

importance of marketing research UIEP 2

Evaluate competitors

Importance of marketing research UIES 3

Support decision making

Importance of marketing research UIES 4

primary, secondary

types of marketing research

primary research

gathering new, firsthand data (surveys, interviews, observations)

secondary research

using existing data (reports, articles, government statistics)

surveys, interviews, observations, focus groups

4 methods of data collection

demographics, psychographics, geography, behavior

businesses segment the market by..

market trends

patterns in how customers buy and what they prefer.

consumer behavior

how and why people make buying decisions

competitor analysis

Identify competitors’ strengths and

weaknesses, analyze pricing, products,

promotions, and market share

interpret the collected data, identify patterns and insights, use findings to guide decisions

applying research findings

summarize key insights, connevt research to business goals, incorporate findings into the marketing plan

drawing conclusions and using evidence