Scope of Marketing Research

Identifying Target Market Identifying Market Characteristics Measurement of Marketing Potential Competitors Analysis Sales Analysis Identify and forecast Business Trends Sales Forecasting New Product/Service Acceptance and Potential Long Range Forecasting of Marketing Mix Variables Pricing Strategies and Studies

 How to collect certain information about your customers, market and competitors. This information tells you about your potential market, prices, trends, competition, target customer, its preferences, income, habits, accessibility, convenient time and plans. This information should be accurate, and reliable to help you make the right business decision.

Market Research

Market Research
Step One : Defining the Purpose or Objectives
Ask people what they think of the product or service and collect some background demographics & attitudes of these individuals. How much potential customers would be willing to pay for the product or service. Where potential customers would prefer to purchase the product or service. Where the customer would expect to hear about or learn about such a product or service.

Market Research
Step Two: Gathering Data from Secondary Sources
Data that already exists i.e information from
Trade magazines Libraries Government Agencies Universities Internet

The entrepreneur should exhaust all possible secondary data sources, observation, and networking before beginning any more costly primary data research.

Market Research
Step Three: Gathering Information from Primary Sources
Information that is new is Primary data and involves data collection procedures like
Observation Networking Interviewing Focus Groups Experimentation

Data collection is done with the help of Data Instruments like Questionnaire.

 FOCUS Groups: They are more informal method of gathering in-depth

information. A focus group is a sample of 10-12 potential customers who are invited to participate in a discussion relating to the Entrepreneurs research objectives.

Step Four: Analyzing & Interpreting the results

The results should be evaluated and interpreted in response to the research objectives. The data can then be cross tabulated to give better insights and interpretations regarding the segmentation of the market.

Marketing Research Analyse Complexity of Buying Behaviour

SOCIOLOGICAL CULTURAL
BELIEFS & VALUES, LIFE STYLES
SOCIAL CLASS, STRUCTURE FAMILY/GROUP INFLUENCE,LIFE CYCLE, OPINION LEADERSHIP

ECONOMIC
PRICE, DELIVERY, PAYMENT TERMS, SALES SERVICE

INDIVIDUAL PSYCHOLOGICALFACTORS
COGNITION, LEARNING PROCESSES, INTERPERSONAL RESPONSE, ATTITUDES MOTIVATION, PERSONALITY THEORIES

BUYING PROPOSITION PRODUCT OR SERVICE

Understanding Consumer Characteristics

CHARACTERISTICS Innovators 2-3% Early Adopters 12-15% Early Majority 33% Late Majority 34% Laggards 12-15% PERSONAL Social, Income, Occupation, Education, Housing, Family Influence, Time orientation PSYCHOLOGICAL Nature of needs, Perceptions, Self-concept, Aspiration Groups, Reference Groups

Stage

Changing Priorities
Priorities Self,Socialising, Education

Major Purchases

Fledging : Teens & early 20s

Appearance Products, Clothing, Automobiles, Recreation, Hobbies, Travel Furniture & Furnishing, Entertainment, Savings Home, Garden,,Baby Care products, insurnce

Courting :20s

Self & Other, Pair bonding,Career Babies & Career

Nest Building:20s &early 30s

Full Nest 30-50s

Children, Career, Midlife crisis

Children Food, clothing, education, transportation, life counseling Furniture, Entertainment, Travel, Hobbies, Luxury Automobiles, Investments
Health care , Diet, Security, Comfort, TV, Books, Long distance telephone services

Empty Nest 50-70

Self & others, relaxation

Sole survivor 70-90

Self, health,loneliness

Analyse Target Market

OCCUPANTS SERVICES OCCASION ORGANISATION OBJECTIVES OPERATIO

WHO WHAT WHEN WHO IS INVOLVED WHY HOW