Marketing Research: Types & Trends #2 Objectives: Identify types of marketing research Understand trends and limitations of marketing research

Marketing Research: Types & Trends #2 Objectives: Identify types of marketing research Understand trends and limitations of marketing research

Types of Market Research The type of research conducted depends on the problem trying to be solved Quantitative – answers the question “how many” or “how much” Targets large groups with predetermined questions (measurable) Examples: Surveys – written, phone, internet Qualitative – answers the questions “why” or “how” Surveys a smaller group, usually less than 100 Typically analyzes what people say (not measureable) Examples: individual interviews or focus groups

Types of Market Research, cont. Attitude Research – determines how people feel about a product, service, company or idea Example: Satisfaction surveys Market Intelligence – determines the size & location of a market, the competition and the segmentation within a market Goal: To develop true target market and market segmentation

Types of Market Research, cont. Media Research – focuses on media effectiveness, selection, frequency and ratings Goal: Help select the correct advertising medium and know if what is being used is working Product Research – evaluates product design, package design, product usage and consumer acceptance of new and existing products Goal: Product/Service Management (one of our 7 original functions of marketing)

Trends in Marketing Research Global marketplace International competition Results in frequent changes in product quality and features. Companies must be able to respond proactively

Questions - What advantages do . . . Small companies have over large companies Smaller companies are more focused and can make decisions quickly to adapt to changes that come quickly. Large companies have over small companies Larger companies must utilize market research focusing on customer satisfaction and product quality. They have financial resources to make this happen.

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