The Importance of Market Segmentation Segmentation splits buyers into groups with similar needs and wants to best utilize a firm’s finite resources through buyer based marketing. LEARNING OBJECTIVES Examine the benefits of market segmentation KEY TAKEAWAYS Key Points The market segmentation and corresponding product differentiation strategy can give a firm a temporary commercial advantage. Most market segmentations are the techniques used to attract the right customer. Objectives of segmentation are:… Read More »The Importance of Market Segmentation

Market Segmentation What Are Markets Markets are a group of potential buyers with needs and wants and the purchasing power to satisfy them. LEARNING OBJECTIVES Diagram the different types of markets and their relationship to one another KEY TAKEAWAYS Key Points Markets can be more tightly defined as a people who have a true need or want for the company’s offering, the ability to pay for it, and the willingness… Read More »What Are Market Segmentation

Technology to Assist Market Research Marketing Information Systems A marketing information system (MIS) is a management information system designed to support marketing decision making. LEARNING OBJECTIVES Show the use of marketing information systems used in research and consumer marketing KEY TAKEAWAYS Key Points An MIS brings together many different kinds of data, people, equipment, and procedures to help an organization make better decisions. MIS not only indicates how things are… Read More »Technology to Assist Market Research

Developing Insights and an Action Plan A successful presentation provides conclusions (based on the insights gathered) that effectively meet the objectives of the research. LEARNING OBJECTIVES Identify the characteristics of preparing,presenting and documenting the results of marketing research KEY TAKEAWAYS Key Points Report Preparation & Presentation is the sixth step in the Marketing Research Process. The entire project should be documented in a written report that addresses the specific research… Read More »Developing Insights and an Action Plan

Collecting Data Data collection is a crucial step in the research process because it enables the generation of insights that will influence the marketing strategy. LEARNING OBJECTIVES Construct the rationale of field work or data collection from a marketing research process perspective KEY TAKEAWAYS Key Points The marketing research process is comprised of six steps: 1. problem definition, 2. development of an approach to the problem, 3. research design formulation,… Read More »Marketing Research Data Collection Process

The Market Research Process Defining Objectives and Formulating Problems Defining the problem and research objectives is the first step involved in the marketing research process. LEARNING OBJECTIVES Outline objectives and problems as part of the marketing research process KEY TAKEAWAYS Key Points The marketing research process involves six steps: 1: problem definition, 2: development of an approach to the problem, 3: research design formulation, 4: data collection, 5: data preparation… Read More »The Market Research Process

What is Qualitative Research? Qualitative Research is the examination, analysis and interpretation of observations for the purpose of discovering underlying meanings and patterns of relationships, including classifications of types of phenomena and entities, in a manner that does not involve mathematical models. For example, in the social sciences, qualitative research methods are often used to gain better understanding of such things as intentionality (from the speech response of the researchee)… Read More »What is Qualitative Research?

What is Quantitative Research? Quantitative Research is defined as the systematic empirical investigation of social phenomena via statistical, mathematical or computational techniques. Its objective is to develop and employ mathematical models, theories and/or hypotheses pertaining to phenomena. At its core, quantitative research is used to identify patterns and predict behavior. This type of research is used in business, marketing and in social sciences such as psychology, economics, sociology, and political… Read More »What is Quantitative Research?

Quantitative vs. Qualitative Research Both quantitative and qualitative models seek to explain patterns in behavior, but the former is mathematical and the latter is more descriptive. LEARNING OBJECTIVES Distinguish between quantitative and qualitative research methods KEY TAKEAWAYS Key Points Quantitative Research is defined as the systematic empirical investigation of social phenomena via statistical, mathematical or computational techniques, to develop and employ mathematical models, theories and/or hypotheses pertaining to phenomena. Quantitative… Read More »Quantitative vs. Qualitative Research

Goals of Consumer Market Research Consumer market research is the systematic collection of data regrading customers’ preferences for actual and potential products / services. LEARNING OBJECTIVES Discuss the various purposes of consumer market research KEY TAKEAWAYS Key Points The ultimate goal of consumer research is to serve as the voice of the consumer. Marketing research focuses on understanding the consumer as a person by focusing on exploring his or her… Read More »Goals of Consumer Market Research