Ch. 6: Market Research A business must satisfy the __________of its customers to succeed To find out what customers need/want – Businesses conduct __________ Analysis

Ch. 6: Market Research What is a Market? – A group of __________or __________who have a demand for a product or service and willing and __________to buy it __________Market – A group of customer of interest to you/the business – Focus of your company’s efforts – Need to know as much as possible abut them

Ch. 6: Market Research Market __________ – Sub groups of buyers who have similar __________ Consumer Markets are segmented as: – Geographic's – Where consumers __________ – __________– Personal characteristics – Psychographics – __________/__________experiences

Ch. 6: Market Research How do we choose a Target Market? – Determine how many potential __________are in your segment Is the segment large enough to generate a profit? – Determine if the segment is reachable Can you physically reach your market? – Determine if the segment is responsive Are they __________in your product?

Ch. 6: Market Research How do we choose a Target Market? – Multiple Target Markets can be chosen…However, its often best to choose the market with the __________point of __________ Typically, these customers have a __________that __________be solved

Ch. 6: Market Research Market __________ – The collection and __________of information aimed at __________the behavior of consumers in a certain – Used to: Identify potential markets __________demand Forecast __________

Ch. 6: Market Research Research Process – Step 1: Identify Information Needs What kinds of information do you need? – Step 2: Obtain __________Resources Information already collected by someone else Ex. US Cencus, Web Sites, etc.

Ch. 6: Market Research Research Process – Step 2: Obtain Secondary Resources (cont.) Customer Demographics Customer Psychographics Market __________ Is the Market __________ Is the Market effect by geography How can the Market be reached How do competitors reach the market What market __________have been successful

Ch. 6: Market Research Research Process – Step 3: Collect __________Data Information you collect __________ Observations __________ Surveys – In person surveys produce the __________response rates

Ch. 6: Market Research Research Process – Step 3: Collect Primary Data (cont.) Customer demographics Would potential customers __________your product/service…why/why not How much would customers purchase When would customers purchase How would customer like to __________the product/service What do customers __________about __________

Ch. 6: Market Research Research Process – Step 4: Organize __________ Categorize data – By answer/demographic/etc. Create charts or graphs to depict results Data will help you __________your market analysis and serve as the basis for the __________plan

Ch. 6: Market Research Research Process – Step 5: Analyze Data Is there a __________for the product/service How big is the market Will the industry __________the business Do __________products reveal anything about the customer demand What do customers predict the demand will be