Market research is the gathering and analysis of information on a market, required to make business decisions for a product.
It helps identify consumer wants, reduces the risk of failure, identifies new opportunities, monitors competitors, and aids in decision making.
A business can be product-oriented, focusing on the product itself, or market-oriented, conducting market research to create products based on findings.
Primary research is the collection of original data conducted by the business, also known as field research.
Methods include questionnaires, interviews, online surveys, and focus groups.
Secondary research is the usage of information already collected by others, also known as desk research.
Quantitative information, which is numerical data, and qualitative information, which includes consumer opinions.
A sample is a group of people representing a market who answer questions to collect data.
Random sample, where people are picked at random, and quota sample, where people from a certain demographic are chosen.
Factors include sample size, bias, and recency of information.
Product, Price, Place, and Promotion.
Promotional methods include advertising, personal selling, publicity, and sales promotions.
Brand loyalty is when consumers repeatedly choose to buy the same product from a certain brand.
Penetration pricing is when the price is set lower than competitors' prices when entering a market.
Factors include budget, target market, product type, and market conditions.
Factors include variety, quality, design, brand, and packaging.
Distribution channels are the processes through which a product is passed from the producer to the consumer.
Competitive pricing is when the price is set just below competitors' prices.
A marketing strategy is when a business combines the right elements of the marketing mix to achieve a marketing goal.
The product life cycle describes the stages of a product’s growth in a market: Development, Introduction, Growth, Maturity, Saturation, and Decline.
A unique selling point is a feature that distinguishes a product from competitors, allowing expansion into other markets.
Cost-plus pricing is when the manufacturing cost is added to a profit markup.
The marketing mix is the combination of all activities required for marketing that convinces a consumer to buy a product.
