Market Reasearch

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  • 1. Market research From Wikipedia, the free encyclopedia Jump to: navigation, search This article may require cleanup to meet Wikipedia's quality standards. Please standards improve this article if you can. (December 2008) This article's tone or style may not be appropriate for Wikipedia. Specific concerns Wikipedia. may be found on the talk page See Wikipedia's guide to writing better articles for page. suggestions. (October 2008) Marketing Key concepts Product / Pricing / Promotion Distribution / Service / Retail Brand management Account-based marketing Marketing effectiveness Market research Marketing strategy Marketing management Market dominance Promotional content Advertising / Branding Direct marketing / Personal Sales Product placement / Public relations Publicity / Sales promotion Sex in advertising / Underwriting Promotional media Printing / Publication / Broadcasting Out-of-home / Internet marketing Point of sale / Novelty items Digital marketing / In-game Word of mouth This box: view • talk • edit Market research often refers to either primary or secondary research.[1] Secondary research involves a company using information compiled from various sources, which is about a new or existing product. The advantages of secondary research are that it is relatively cheap and easily are accessible. Disadvantages of secondary research are that it is often not specific to your area of research and the data used can be biased and difficult to validate. Primary market research involves both qualitative research (such as focus groups or oneone-on-one interviews) and one quantitative research (such as surveys) as well as field tests or observations conducted for or tailored specifically to that product. Primary research, which is also called field research or original research, is useful for finding new information and getting customers' views on products. iginal
  • 2. Its advantages are that it provides up to date, relevant, and specific information about your product. The disadvantages are that it is expensive to collect, time consuming, and needs a large sample size to be accurate. A list of questions that can be answered through market research: What is happening in the market? What are the trends? Who are the competitors? • How do consumers talk about the products in the market? • Which needs are important? Are the needs being met by current products? • Contents [hide] 1 Market research for business/insurance planning • 2 See also • 3 References • 4 External links • [edit] Market research for business/insurance planning Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is completed, it can be used to determine how to market your product. Examples of market research would be in the form of questionnaires and surveys. For starting up a business, there are some important things: Market information • Market information is known as the prices of the different commodities in the market, the supply and the demand. Information about the markets can be obtained from several different varieties and formats. Examples of market information questions are: 1. Who are the customers? 2. Where are they located and how can they be contacted? 3. What quantity and quality do they want? 4. When is the best time to sell? Market segmentation •
  • 3. Market segmentation is the division of the market or population into subgroups with similar motivations. it is Widely used bases for segmenting include geographic differences, personality differences, demographic differences, technographic differences, use of product differences, and psychographic differences. Market trends • The upward or downward movements of a market, during a period of time. The market size is more difficult to estimate if you are starting with something completely new. In this case, you will have to derive the figures from the number of potential customers or customer segments. [Ilar 1998] But besides information about the target market you also need information about your competitor, your customers, products etc. Lastly, you need to measure marketing effectiveness. A few techniques are: Customer analysis • Choice Modelling • Competitor analysis • Risk analysis • Product research • Advertising the research • Marketing mix modeling •