Market Research

What Is Market Research?

Involves the process and methods used to gather information, analyze it, and report findings related to marketing goods and services

How is it used?

Determine consumers’ attitudes and preferences

Test product features Determine market size and growth

potential Understand how the company is

perceived by the public

Why is it important?

To help… Identify marketing opportunities Solve marketing problems Implement marketing plans Monitor marketing performance

Who uses market research?

Small businesses Typically done informally by owners,

managers and employees May hire an outside service provider

Large companies Typically have in-house research

departments

What is Database Marketing

A process of designing, creating and managing customer lists Collected from…

Face-to-face sales Direct mailing responses Telephone or email contact Website visits

Marketing lists can be purchased from third-party companies that specialize in selling consumer databases!

How has your data been collected?

Bonus/Customer cards Checkout questionnaire Cold calling Mailing surveys

Types of Market Research

Attitude and Opinion Market Intelligence Media Research Product Research

The Market Research Process

1. Define the problem2. Obtain data3. Analyze data4. Recommend solutions5. Apply the results