HUEC 3042 - Test 2

HUEC 3042 - Test 2 - Chapter 4 17:54 Marketing Research •...

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Unformatted text preview: Chapter 4 17:54 Marketing Research • What is marketing research? Marketing research • Systematic Process • Collecting Data • Analyzing and interpreting data What is the purpose of conducting marketing research? • To increase the company sales and to further service your customer Marketing Research • Locate information that describers current economic and market conditions that would help understand the environment • Profile customers know and understand market segmentation and target marketing elements Market • A group of people or companies that have a demand for a product or service and are willing and able to buy it Target Market • The particular group that you are interested in reaching o You simply identify who are primary customer will be for your store The market segment should be measurable The segment should be large enough to be profitable The segment should be reachable Finding your customers involves 3 steps: • Identify why a customer would want to buy your product or service • Segment Your Overall Market o Market Segmentation Involves using specific characteristics to analyze your market by breaking down Competition Research • Studying the competition can provide you a wealth of information about your customer, the market, and the profit potential o This research might give the business owner knowledge of how a market might be better served. Market research • A process designed to identify solutions to a specific marketing problem by systematically gathering and analyzing data o Research should be conducted to minimize risk and enhance changes of success o Research does not require any special skills, only the ability to ask questions, record data, and take time to understand what it means o A great deal can be learned about customer buying habits by watching and talking to current customers Two types of data that can be collected • Primary data o Information collected for the frist time to analyze a specific situation Subjective data Cannot be statistically analyzed • Example : a group interview which provides instant feedback Measurable data More reliable b/c statistical analysis can be conducted • Asking individual cusotemrs what their preferences might be • Primary Research Methods o Surverys Personal, telephone, and mail interviews o Observation Watch and record actions of people o Experimental Method Observe the results of changing one or more marketing variables • Secondary Data o Infomraion that already has been collected for purposes other than your current research This data is quicker, easier, and less expensive to collect You should check secondary data dfirst •...
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HUEC 3042 - Test 2 - Chapter 4 17:54 Marketing Research •...

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