Types of Marketing Research Section 4.4 Part 2 Competitive Research.

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Presentation transcript:

Types of Marketing Research Section 4.4 Part 2 Competitive Research

Types…  The type of research a company uses depends on the market it needs to study: Competitive Research Competitive Research Competitive Market AnalysisCompetitive Market Analysis Competitive IntelligenceCompetitive Intelligence Pricing ResearchPricing Research Conjoint (Trade-off Analysis)Conjoint (Trade-off Analysis)

Competitive Market Analysis  Uses a variety of tools to compare all of the products available in a particular market category such as: Product Mapping Product Mapping Market Opportunity Analysis Market Opportunity Analysis Competitive Shopping Reports Competitive Shopping Reports Ex: A company looking to penetrate into the organic pre-made soup market would analyze what companies/products were already in that market.

Competitive Intelligence Corporate Espionage  Businesses may often conduct (or hire another company to conduct) an intelligence profile on the competitor. Data gathered would include: Advertising Samples Advertising Samples PR Materials PR Materials Sales Promotions Sales Promotions Publicity News Publicity News This information would be gathered from the internet, business trade magazines, annual corporate reports, etc.

Pricing Research  Looks at what a company can charge consumers for a product.  Helps marketers if the company can sell the product for a competitive price and still make a profit. Also looks at the effect of prices on demand Also looks at the effect of prices on demand How would an increase or decrease in price affect demand....How would an increase or decrease in price affect demand....

Conjoint (Trade-off) Analysis  Helps marketers identify the individual features of a product that make up the value equation.  It identifies which features of a product are most beneficial/liked by consumers.