What Is Market Research

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Brief description of Market Research - Analysis of target markets, consumer insights and competitors through a methodological procedure in gathering, analyzing and interpreting information. Peter Drucker quote “Business has only two functions: marketing and innovation.” Market research is heavy in numbers and data Market research builds a company ‘s voice, creativity, ads, design and more importance of market research saves money, time and resources (depending) validates your hypothesis discover of unexplored market or revenue positioning for customer perception and competition Primary (qualitative (people faces) vs quantitative (data)) and Secondary research Types of market research are: SWOT analysis, market segmentation, pricing, competitor analysis, customer analysis, customer acquisition cost, marketing mix modeling Tip: 40 - 70 rule: 70% of your decisions are based on the 40% of information you have collected. Regardless of how much data you can collect, time doesn’t play around. All the info gathered doesn’t mean jack if you don’t know how to interpret or analyze the data Value map framework

Transcript of What Is Market Research

WHAT IS MARKET RESEARCH

Market Research

Market research is heavy in numbers and data

Market research builds a company ‘s voice, creativity, ads, design and more

Market research can

save money, time and resources

validate a hypothesis

discover unexplored market or revenue

position for customer and competition perception

2 Types of Market Research

Primary Research

Primary Research Subdivision

Tip #1: 40-70 Rule

Tip #2: Proper Interpretation

Tip #3: Learn Value Map

What Is Market Research

Marketing

Transcript of What Is Market Research

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