4.4 Market Research is important. why do market research? (this is kind of obvious but I want to use Obsidian content links!)
- market research is done to better understand customers and competitors and the market.
- difference between different markets can be affected by demographics (age, gender, income level, marital status, family size, religion, location)
REASONS TO DO MARKET RESEARCH
- gather information about your customers (what they want!)
- discover customer purchasing behaviour patterns
- estimate how likely a customer is to buy a certain product
- gauge customer reaction to price changes (i.e. iPhone X!)
- learn about emerging market trends
- explain budgetary variances
- reduce risk of new product failures
- see how effective a firm’s marketing strategies are
AD HOC MARKET RESEARCH: market research for ONE SPECIFIC problem Continuous market research: regular and ongoing
Primary research: gathering new data and info since they don’t exist. Also called field research
- surveys, interviews, focus groups Secondary research: use existing research from another source. Also called desk research.
- market analyses, academic journals, government publications, media articles
