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Marketing Research and Market Segmentation

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Marketing Research and Market Segmentation
MARKETING RESEARCH AND MARKET SEGMENTATION
1. 2. 3. 4. 5. Objectives: Market research, product research, price research, sales promotion research and distribution research A wide variety of procedures used in marketing research The requirements for and benefits of market segmentation Geographic, demographic and psychographics segmentation The value of marketing information system
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MARKETING RESEARCH AND MARKET SEGMENTATION
• Marketing research is defined as the investigation of factors related to the marketing activities of a company. Marketing research aims to reduce risk by providing information about the factors involved and possible outcomes of particular actions. Market research involves gathering information about the market for particular product or service (consumer attitudes, existing product usage etc.) Marketing research is systematic gathering, recording and analysing of data about problems relating to the marketing of goods and services (effects of pricing, advertising and other marketing activities)

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TYPES OF MARKETING RESEARCH
1. 2. Market research (market potential, demand and sales forecasting, market trends, market characteristics, market shares) Product research (customer acceptance, comparison between competitive products, package, design, new users, development of product range) Price research (elasticities of demand, cost analysis, credit policy, customer perception of price) Sales promotion research (effectiveness of advertising, sales people) Distribution research (location and design of distribution centres, packaging for transportation and shelving, dealer supply/advertising requirements, cost of different methods of transportation and warehousing)
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3. 4. 5.

PRODUCT AND MARKET RESEARCH
• Product research is concerned with assessing and analysing the product itself, whether new, improved or already on the market, and customer reactions to it. New ideas are accepted/rejected according to the: profit
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