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MKTG Research 1
MKTG Research 1
Marke&ng Research
o is the systema*c gathering, recording and analyzing of data
about problems rela*ng to the marke*ng of goods and
services.
o focuses and organizes marke*ng informa*on. It permits
entrepreneurs to:
• Spot current and upcoming problems in the current
market
• Reduce business risks
• Iden*fy sales opportuni*es
• Develop plans of ac*on
Market Research
o It will give you the data you need to iden*fy and reach your
target market at a price customers are willing to pay.
o Successful marke*ng requires *mely and relevant market
informa*on.
o An inexpensive research program, based on ques*onnaires
given to current or prospec*ve customers, can uncover
dissa*sfac*on or possible new products or services.
o is not a perfect science. It deals with people and their
constantly changing feelings and behaviors, which are Market Research in the product/service life cycle
influenced by countless subjec*ve factors.
o To conduct market research, you must gather facts and
opinions in an orderly, objec*ve way to find out what
people want to buy, not just what you want to sell them.
o Market research will iden*fy trends that affect sales and
profitability.
-Popula*on shiMs
-Legal developments
-The local economic situa*on should be monitored to
quickly iden*fy problems and opportuni*es
• Keeping up with compe*tors' market strategies also is
important.