Market Research Notes

Creating a New Product

  • Product creation begins with researching target market desires.

  • _____________________________:

    • Finding solutions to problems through carefully designed studies involving consumers.

    • Provides ___________________ for developing strategies that increase sales and profits.

    • Identifies consumer wants, needs, and preferences.

    • Evaluates marketing plan effectiveness.

    • Assesses customer ______________________________.

What is Marketing Research?

  • Involves the process and methods used to gather, ______________________, and report information related to goods and services.

  • Goals of marketing research include:

    • Determine consumer ____________________and preferences.

    • Test product ________________________.

    • Assess market size and growth potential.

    • Analyze ________________________________.

    • Understand buying cycles.

    • Gauge public perception of the company.

Types of Research

_______________________ Research

  • Conducted for specific purposes; researchers collect data themselves via:

    • ________________________

    • Interviews

    • Direct observations.

________________________Research

  • Relies on readily available data; less _______________ to obtain.

  • Allows for examination over a longer period.

Types of Research Methods

___________________________ Research

  • Addresses questions starting with “_______ ___________” or “how much.”

  • Usually done with surveys or questionnaires.

__________________________ Research

  • Focuses on questions of “why” or “how.”

  • Conducted through in-depth interviews.

  • Reflects attitudes, behaviors, brand awareness, and prices.

Types of Research Studies

  • Customer Focus: Surveys, group discussions, observation, experiments.

Customer _______________________

  • Most _________________________ type of research study.

  • Gather information using carefully planned questions (quantifiable).

  • Can be conducted:

    • In-person

    • Over the phone

    • Through mail

    • Over the internet.

____________________ Groups

  • Comprised of a small number of consumers engaging in group discussions.

  • Discussion topics may include:

    • Experiences with a product.

    • Reactions to new ideas.

    • Suggestions for product improvements.

______________________________

  • Information is collected by recording consumer actions.

  • Common questions:

    • How do customers interact with packaging?

    • What routes do customers take through the store?

_____________________________

  • Involve two carefully controlled alternatives.

  • Examples:

    • Compare sales of two products with different sizes or packaging.

    • Evaluate the effect of promotions such as coupons and customer “limits.”

Steps in Marketing Research

  1. _________________the Marketing Problem

  2. _____________________the Data

  3. Analyze ________________________

  4. Apply the Results

  5. Propose a __________________________