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MARKET RESERCH

Marketing research focuses on understanding the customer, the company, and the competition. These relationships are at the core of marketing research. Companies must understand and respond to what customers want from their products. However, this relationship is always influenced by competitors and how their products are received by your market. Thus, you must clearly identify the customer, company, and competition before developing a research project. We have identified twenty different types of applied research surveys that are fundamental to marketing research. Each focuses on a different aspect of marketing research and your business activities, and provides deep insights into your company’s market position, your products, your competition, and the market in general.

1 – Market Description Surveys:

Determine the size and relative market share of the market. Provide key information about market growth, competitive positioning and share of market.

2 – Market Profiling-Segmentation Surveys:

Identify customers and non-customers, and why they are or are not your customers. Often a descriptive market segmentation and market share analysis.

3 – Stage in the Purchase Process / Tracking Surveys:

Where is the customer in the adoption process? Shows market Awareness – Knowledge – Intention – Trial – Purchase – Repurchase of the product.

4 – Customer Intention – Purchase Analysis Surveys:

Customer motivation to move from interest in the product to actual purchase. Key to understanding customer conversion, commitment and loyalty.

5 – Customer Attitudes and Expectations Surveys:

Does the product meet customer expectations? Attitudes formed about the product and/or company. Improve ads, customer conversion, commitment and loyalty.

6 – Customer Trust – Loyalty – Retention Analysis Surveys:

Depth of consumer attitudes formed about the product and/or company. Especially for high priced consumer goods with long decision and purchase processes.

7 – New Product Concept Analysis Surveys:

Appropriate in the initial screening of new product concepts. Likes and dislikes, acceptability and likelihood of purchase are especially useful measures.

8 – New Product Acceptance and Demand Surveys (Conjoint Analysis):

Estimating demand for new product descriptions, graphics, or prototypes. Yields market share estimates for alternative concept configurations.

9 – Competitive Product and Market Positioning:

“Best Practices” study of “How does the market view us relative to the competition?” Compares attributes and benefits of the product.