Studied by 2 people
Identifying customer needs
Conducting focus groups and utilizing social listening to understand customers' preferences, pain points, and interests.
Anticipating customer needs
Focusing on the buyer's journey and predicting future customer requirements.
Purpose of market research
Market research aims to assess customer needs, analyze competition, and identify the target audience for tailored product development and effective marketing strategies.
Methods of market research
Questionnaires, surveys, interviews, focus groups, internet research, and printed press are tools used to gather insights into customer preferences and market trends.
Price
Involves pricing methods like price skimming, price penetration, competitive pricing, loss leader, and cost-plus pricing, influenced by costs, market nature, competition, and product life cycle.
Product
Understanding the benefits and risks of developing new products, product differentiation through unique selling propositions (USP), and brand image.
Extension Strategies
Updating packaging, adding features, changing target markets, advertising, and price reduction to extend product life cycles.
Boston box
A tool for analyzing a company's product portfolio based on market growth rate and relative market share.
Promotion
Involves advertising, public relations, sales promotions, sponsorship, and social media, influenced by factors like finance, competitors, product nature, market, and target audience.
Place
Channels of distribution used by businesses, e-commerce for online selling, and m-commerce for transactions via mobile devices.
Note
Flashcard