![Market Research Defined ,[object Object],[object Object],[object Object],[object Object],[object Object],Market research is the systematic approach to segmenting customers by needs, values, characteristics, demographics and/or product use. The principal barrier to building customer satisfaction and value is an inability to recognize that different customer segments have different needs and priorities therefore, must be serviced differently.](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Market Research Objective2
- 1. Understand Market Research d i r e c t i o n
- 4. Market Research Qualitative/Quantitative? % Great % Great % Great Good Poor Good Good Public Opinion OK Poor Good % Great % Great % Great % Great Behavior Good Poor % Great Good OK Good Good Pricing OK OK Poor OK Good % Great % Great Packaging OK Poor OK OK OK % Great % Great Media Good Good Good Good Good % Great Good Customer Retention Good OK % Great Good Poor Good Poor Customer Loyalty % Great % Great % Great Poor Poor % Great Poor Customer Satisfaction % Great % Great % Great Good Poor Poor Poor Demographics OK OK Poor OK Poor Good % Great Copy Testing % Great % Great % Great % Great Poor OK Poor Advertising Effectiveness % Great % Great % Great OK Good OK Good Brand Awareness Good Poor Poor % Great Good % Great % Great Features & Benefits % Great Good OK Poor Good Poor Poor % Great % Great % Great % Great New Product Concept Key On-line Mail Phone On-line Panels In-depth Interview On-site Focus Group Market Research Project Quantitative Survey — Census Qualitative
- 5. Market Research Process A systematic progression beginning with questions, curiosity, or speculation * combining cognitive thought and objective analysis, facilitated ^ by activities which, conclude with reasoning ** and understanding. ^ to make easier or less difficult, help forward *Reasoning based on inconclusive evidence; conjecture or supposition **the mental power concerned with conclusions, judgments or inferences. © Market Directions– All Rights Reserved Who will Buy? How much will they buy? How much should we charge? Where should we sell? How will the product be used? How do customers perceive value? How do we reach customers? What are the market threats? What are the market opportunities? Speculate Inquire Observe Understand Interpret Analyze Measure Examine Probe Explore Debate Investigate Reason