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Market Research. What Is Market Research? Involves the process and methods used to gather information, analyze it, and report findings related to marketing.

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Presentation on theme: "Market Research. What Is Market Research? Involves the process and methods used to gather information, analyze it, and report findings related to marketing."— Presentation transcript:

1 Market Research

2 What Is Market Research? Involves the process and methods used to gather information, analyze it, and report findings related to marketing goods and services

3 How is it used? Determine consumers’ attitudes and preferences Test product features Determine market size and growth potential Understand how the company is perceived by the public

4 Why is it important? To help… Identify marketing opportunities Solve marketing problems Implement marketing plans Monitor marketing performance

5 Who uses market research? Small businesses Typically done informally by owners, managers and employees May hire an outside service provider Large companies Typically have in-house research departments

6 What is Database Marketing A process of designing, creating and managing customer lists Collected from… Face-to-face sales Direct mailing responses Telephone or email contact Website visits

7 Marketing lists can be purchased from third-party companies that specialize in selling consumer databases!

8 How has your data been collected? Bonus/Customer cards Checkout questionnaire Cold calling Mailing surveys

9 Types of Market Research Attitude and Opinion Market Intelligence Media Research Product Research

10 The Market Research Process 1. Define the problem 2. Obtain data 3. Analyze data 4. Recommend solutions 5. Apply the results


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