2. Marketing research is the research that
companies do to study consumers and
other companies. It seeks to understand
the best ways to connect a consumer and
a product, with the hopes that the
consumer will buy it.
What is Marketing Research
3. Guides your communication with
current and potential customers
Minimizes risk
Helps you plan ahead
Helps you establish trends
Why we need to research
8. #1
Recommendation
Find store busy hour
Let People try it out
Get feedback
Provide knowledge
Find your target audience
Go to Local Stores
9. #2
Recommendation
Twitter – to provide
knowledge of product
Facebook- get friends, family,
talking about it.
YouTube- post short video.
Instagram – post cool pics.
with new MP3 player
Use Social Media
10. #3
Recommendation
Starbucks
Bowling alley
Movie theater
Get as much feedback, and
expose to the community.
Go to local hangouts
Editor's Notes
Marketing research is the research that companies do to study consumers and other companies. It seeks to understand the best ways to connect a consumer and a product, with the hopes that the consumer will buy it. This involves evaluating the current marketing already being done for that product, or similar products that are created by the same company, and determining how well the campaigns are working. It also involves studying the marketing techniques of other companies.
Market research is aimed at determining the needs and expectations of consumers/ purchasers in different marketplaces. Market research is meant to guide what business develops and how they market their products. There are two different types of market research: primary and secondary research. Primary research consists of organizations conducting first-hand research to solve specific problems, determine consumer/purchaser needs, or discover specific opportunities. Secondary research consists of an organization reviewing pre-existing data and/or information which may help the organization understand specific problems, determine consumer needs, or discover specific opportunities. Remember market research requires both business and basic research skills it all depends on what you want to research. Its unnecessary when you know the product, and its demographic, or it’s a new product (unique one of a kind) and not sure what consumers it will attract. When you conduct marketing research, you can use the results either to create a business and marketing plan to measure our success in promoting our MP3 player.
Basic research is basically the purpose of research is to reveal or discover what is true when researching. This type of research involves exploring what is not known or understood. For example, why are people purchasing an MP3 player over a radio? Why are certain brands being bought more than others? Applied research is taking what is already known and looking for ways to use it, such as to solve problems. By researching the answers to specific questions, we as a small business can learn whether we need to change their package design or tweak our delivery methods and even wheatear we should consider offering additional services.
There are many different types of research that can be done. Research, done poorly, can put us in a wrong direction, and we can think it’s the product, but really is the research. We need to conduct primary research-which is to gather data from current sales and the effectiveness of current practices. We need to consider competitor’s plans into account. We will start with the basic and conduct interviews by phone or face-to-face contact, .Questionnaires, online or mail. Observational research is the collection of information without interference or input from the researcher. It is the examination of things as they naturally or inherently are. The researcher simply observes, measures or records what occurs. That information is then analyzed and used to draw conclusions.
This is in contrast with experimental research, in which the researcher sets the parameters or conditions and is able to change them to determine their effects. Experimental research often occurs in laboratories but can occur anywhere. It merely requires the researcher to be able to control one or more conditions of the experiment. This method helps researchers understand how certain variables — the different aspects or conditions that can change — can affect whatever it is they are studying.
Getting direct feedback from people who own an MP3 player will help us assist us in developing our MP3 player. We need to consider what features, color, if any affects the buyer/consumer. We can then start our secondary research, which is identifying our competitors, our target, and our demographic –people who live in a certain area, certain age group. Then we can analyze our collective data, and this will help us determine many things, such as where leads are coming from, how long customers keeps an MP3 plyer, or how often do they purchase one or plan to get one. We need to consider the weight, if it fits in the palm of a hand, or does that matter. Marketing plays a hug factor determining how we need to package the MP3 Player and make it to what people what.
We need to consult with local stores, and see if they will allow us to place our new product to test customer response under real-life selling conditions. This will help us make adjustments to the product, adjust prices, or improve packaging. Maybe give to small business employees and go back a week later to see what they think of the product. (Yes, it will be a gift for them to keep.) Ask them specific questions. For example, what do you like or dislike about product /, what factors do you consider when purchasing a product like this?
You have a new MP3 to promote, Write about it—on a blog, on Twitter, on Facebook or on whatever. You took a new great photo of it Post it. You are reading articles about what new songs are hot, post it with a cool? Recommend them to others on the Internet. Have you found out something new and surprising for you and for your potential customers? Write about it and post it publicly. Make it fun, post someone jogging listening to music, waiting in line at a store listening to music.
