Marketing Research The crystal ball of successful Marketing

Marketing Research The collection and analysis of information that is relevant to the marketing strategy of a product or service.

Consumer Research Discovers what type of product consumers want and predicts the overall sales potential of the product Discovers what type of product consumers want and predicts the overall sales potential of the product

Consumer Research cont’d A FOCUS GROUP is a company- arranged meeting of potential consumers to gain feedback on a product A FOCUS GROUP is a company- arranged meeting of potential consumers to gain feedback on a product The group provides their opinion on various aspects of the product and they are compensated for their participation The group provides their opinion on various aspects of the product and they are compensated for their participation

Market Research Identifies specific groups of consumers who would use a particular product or service Identifies specific groups of consumers who would use a particular product or service Profiles of the consumer are developed Profiles of the consumer are developed Advertising and promotion are created to ‘match’ the consumer Advertising and promotion are created to ‘match’ the consumer

Motivation Research Analyzes the psychology of consumer behaviour Analyzes the psychology of consumer behaviour The rational (thinking) and emotional (feeling) motives behind why we buy particular products The rational (thinking) and emotional (feeling) motives behind why we buy particular products Ford Windstar was the first minivan in the industry to receive the Quadruple 5-Star crash test rating.† All Ford Windstars include the Personal Safety System, an advance safety technology.

Pricing Research What price can the company sell the product for while still making a profit What price can the company sell the product for while still making a profit How will price affect demand?? How will price affect demand?? $2.99 vs. $3.00 $2.99 vs. $3.00

Competitive Research Studies similar products on the market Studies similar products on the market Avoid repeating the same mistakes Avoid repeating the same mistakes Opportunities for new products Opportunities for new products

Product Research Examines each detail of the product or service and analyzes what impact these details might have on the market Examines each detail of the product or service and analyzes what impact these details might have on the market Colour, packaging, flavour, size, texture, scent Colour, packaging, flavour, size, texture, scent

Advertising Research What are the most effective forms of advertising? What are the most effective forms of advertising? How should we design are ads to target the consumer? How should we design are ads to target the consumer?