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Showing posts with label Market research. Show all posts
Showing posts with label Market research. Show all posts

Wednesday, October 23, 2013

Market Research Tools: Concept Testing Advertisng, Brands, Products, Pricing, Positioning

Concept testing research evaluates advertising concepts, ad theme concepts and appeals, new product concepts, pricing, brand concepts, brand names, and positioning strategy concepts.

The concept testing market research design approach for your company will develop precise and specific concept statements for development, testing, screening and segmentation.

                        Online Marketing Research

Wednesday, October 16, 2013

Market Research - Where to Find the Market Information Good data sources

According to the American Marketing Association, market research is conducted to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; and improve understanding of marketing as a process. Essentially, this information helps you to identify your target customer, assess your competition, and decide on a marketing plan.

Market Research Overview

Saturday, October 12, 2013

Primary Market Research Techniques

This info-guide provides a summary of primary research techniques - primary, being research that is generated first-hand by you and your business.
                              

Friday, October 11, 2013

New Techniques for Market research

The purpose of market research is to validate and inform a company’s planning assumptions regarding their strategy, target customer, product, and marketing communications. Technology start-ups have unique research needs. They differ from more established companies in that their market, product category, technology and competition are difficult to define. This means that the relevant market research techniques for start-ups vary from those used by bigger companies.

Thursday, October 10, 2013

Methods for Market research methods - an overview

There are several ways to categorize the various market research methods.  The vast majority of techniques fit into one of six categories: (1) secondary research, (2) surveys, (3) focus groups, (4) interviews, (5) observation, or (6) experiments/field trials.
Market Research Methods
Market Research Methods: An Overview

Tuesday, October 8, 2013

Simple Market Research Techniques

                                                                                 
Do you know the techniques you can use for doing market research? What differences are involved in doing qualitative research as opposed to collecting quantitative data?

Monday, October 7, 2013

Guide to Market Research and Analysis

Successful businesses have extensive knowledge about their customers and their competitors. Getting accurate and specific information about your customers and competitors is a critical first step in market investigation and development of a marketing plan. Accurate market assessment and development of an effective plan is critical to the success of both new and existing businesses. The market impacts and directs all aspects of the company's activities and ultimately will lead to success or failure of the business. In developing a market plan, your primary functions are to understand the needs and desires of your customer, select or develop a product or service that will meet customer needs, develop promotional material that will make the customer aware, and ensure product or service delivery.

Market Analysis

Who is your customer?

Knowledge of the customer enables you to determine the market size and what determines their buying decision. It provides information that will help you choose a location, determine the product or services to offer, establish pricing, and plan a selling strategy.
Key issues to consider are:
  • Who will buy your product? Primary and secondary target groups.
  • Where do the buyers live and what is their profile?
  • What factors influence the decision to buy?
  • Who is involved in the purchase decision?
  • How often will buyers buy?
  • Where do they buy, when and how much do they buy?
  • What are the buyers' preferences and needs?
  • Are customers loyal? Can long-term relationships be built?

What product or service are you selling?

An important aspect of market analysis is to ensure that the product or service meets the market (customer) needs. Product or service focus must be the customer.
Issues to address are:
  • Specifications of all your products and/or services and key features relative to what prospective buyers in your target market say they need.
  • Comparison with competitors and how customers perceive your product relative to others available.
  • What are the current trends, what stage of maturity is the product life cycle at?
  • What regulations apply to your product or service?
  • What packaging is required?

Who is your competition?

Are there competitors that exist now and what new competitors are likely to enter the market? How will your product or service compare and what is the probable reaction of your competitors once you enter the market?
Issues to consider are:
  • Who are your major competitors?
  • What share of the market do they have?
  • What are their strengths and weaknesses (i.e. quality, price, service, payment terms, location, reputation, finances, etc.)?
  • How do you compare to your competitors and how will they react to your entry into the market?
  • What factors could increase or reduce your competition?

What is your target market?

Accurate identification and analysis of the target market enables you to develop an effective overall marketing strategy. The information will assist in determining business size (output requirements), distribution channels, pricing, promotion strategy, and other marketing decisions.
Target market issues include:
  • What is the overall market size? Number of potential customers and physical boundaries?
  • Which segment of the market is the most attractive in terms of future growth potential, ease of entry, competition, profit potential, and overall risk?
  • How do products generally get to the customer?
  • What is the current dollar value or quantity of product/service being sold into each segment of the market?
  • What social, technical, environmental or economic changes are taking place within the market and how will they impact sales?

What are your distribution channels?

There may be many options for moving your product to the customer such as direct retail, wholesale, consignment, broker etc. The method of distribution has important implications affecting your pricing structure, advertising message, cash flow, etc. You will want to choose the distribution method best suited for your product and where you want to be positioned in the marketplace.
Key issues are:
  • What methods of distribution are best suited for your product?
  • What methods of distribution do your competitors use?
  • What are the costs relative to market coverage?
  • Does your level of available capital or production capacities restrict your choice of distribution methods?
  • Are there ownership opportunities in the supply chain?

Pricing

The goal is to maximize profits while remaining competitive in the marketplace. Pricing can be based on either the cost price or market price (What will the market pay?). Regardless of the pricing method used, it is critical to know all of your costs involved in the delivery of your product or service to avoid possible under pricing and operating losses. If the market will not support a price level sufficient to cover cost, you will have to investigate whether costs can be lowered or alternatively, it may be necessary to abandon your plans to proceed.
Issues to consider are:
  • What control do you have over the product price (i.e. exclusive product, no competition, high market demand, etc.)?
  • What are competitor prices and how do they price their products?
  • What price and sales volume are needed to achieve profit objectives?
  • Can you sell your product at different prices into different markets?
  • Can you maintain your prices over time and what do you expect to happen to competitors' prices?
  • Are your prices quantity sensitive?

Promotion and Selling

Promotion of your product or service and development of a promotion strategy is part of the market analysis. It is important to analyze what are the best methods of making your customers aware and what message will motivate them to buy. From the promotion strategy, the advertising budget and overall sales plan are then developed.
Items to consider are:
  • What media of advertising and sales do your competitors use?
  • What media of advertising is best suited to reach your customer? Primary and secondary media. (i.e. Primary - newspaper and radio; Secondary - flyers and trade shows).
  • What sales tools and training will be required for staff?
  • What image are you attempting to build through your promotion?
  • Packaging?
  • Are you going to use professional marketing services?
Note: While customer service, in-store display and merchandising are not part of the market analysis; they are an important part of the business image and promotion package. Ongoing attention should be given to these areas to assure maximum promotional benefit is achieved and so that the desired image is portrayed.

Primary / Secondary Data Sources

Primary data is the information you will obtain through your own efforts or by hiring someone, and can include observation, surveying, and experimentation.
Secondary data consists of information which has been gathered by someone else and is relevant to the venture you want to establish. Examples of sources and types include:
  • Canada Business service centre in your region
  • Statistics Canada 1-800-263-1136
  • Canada Post - 1-800-267-1177
  • Local, municipal, provincial, and federal government departments and agencies
  • Business and industry associations / trade publications / periodicals
  • Business and industry trade shows and exhibitions
  • Local public, business, and educational institution libraries
  • Business and popular press
  • Business professional services, i.e. accountants, lawyers, consultants, insurance brokers, financial institutions
  • Business and educational seminars / courses, etc.
  • Other business people / known acquaintances / competition / internet
When researching your business idea, it is important to do as thorough a search for information as possible. It is also recommended to do as much of it as you can on your own. This will help you to know the market for your idea better, and can help to keep the costs down at the start. Once this initial research has been completed, you may then feel the need to contract professional services to collect additional information for you, or to verify the information you have collected so far. The information you have gathered yourself can form an important base of information from which a consultant can work. It will allow you to identify more specifically what you want him/her to do for you, particularly when there will be costs associated with his/her services.

Basic Methods for Quality Market Research

While there are many ways to perform market research, most businesses use one or more of five basic methods: surveys, focus groups, personal interviews, observation, and field trials. The type of data you need and how much money you’re willing to spend will determine which techniques you choose for your business.                      
                                            

Sunday, October 6, 2013

Marketing Research Kit - Good Marketing Research Terms and Ethics


Marketing can increase your sales and profits. To optimize your sales and target the best customers, you need to conduct research to pinpoint the best approach for your marketing communications and strategies. Ensure that you’re conducting the best research possible, recognize and question standard marketing research terms so you understand every step of the process, and practice good research ethics to protect your business and guarantee its success.

Friday, October 4, 2013

How to Survey your Market – Thinking outside the Online Survey Tools Box

I am always going on about how much small businesses need to do market research, even those who are just starting up.   Market Research will tell you everything you need to know about your customers, such as how they buy your products, and what needs they have that can be fulfilled by your products.
Many soloist and small businesses rush out into the market with their new product idea without first answering these questions, and then wonder why nobody buys their product.
One of the main reasons that research is skipped is due to lack of funds to hire a research agency, however there are a number of tools and resources available to help you run your own research studies right here on this site.

Thursday, October 3, 2013

Market Research - For Launch a New Product

Do you have a new product that you want to add to your existing range?  Or perhaps you are thinking about starting up in business and you want to know if there is a market for a particular product you are thinking of selling. It doesn’t matter if you have invented the product yourself or if you are selling other people’s products you are more likely to succeed if you have done some market research the among potential customers first to ensure there is a market for it.
rocket

Wednesday, October 2, 2013

Guide to Market Research - For Beginner's

Research is formalized curiosity. It is poking and prying with a purpose.” -Zora Neale Hurston
 What if tomorrow your best customers were in charge of your business? That’s right: you’re out, they’re in. Your CEO is now the customer whose loyalty card whizzes like a finely oiled European sports car. And your management team has been replaced by a cadre of heavy users, students of every nuance of your business.

Saturday, August 24, 2013

The Marketing Concept

The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition. Today most firms have adopted the marketing concept, but this has not always been the case.

In 1776 in The Wealth of Nations, Adam Smith wrote that the needs of producers should be considered only with regard to meeting the needs of consumers. While this philosophy is consistent with the marketing concept, it would not be adopted widely until nearly 200 years later.

Tuesday, July 30, 2013

How to Negotiating with Your Salary

When you think back to your last job offer, were you happy with the result? I'm not proud to admit the number of jobs I accepted without attempting to negotiate anything, only to be discouraged about the outcome later (thankfully, I've learned my lesson).

Which is why I'm grateful there are people in the world like negotiation expert Victoria Pynchon who help people — especially women — learn how to navigate the world of money and power. If only I had discovered her sooner.


Monday, July 8, 2013

Market Research Methods - Primary & Secondary means



There are several ways to categorize the various market research methods.  The vast majority of techniques fit into one of six categories:
(1) secondary research,
(2) surveys,
(3) focus groups,
(4) interviews,
(5) observation, or
(6) experiments/field trials.

                       
Market Research Methods: An Overview