Notesale: Turn your study into money

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16 Explain niche marketing
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The market niche defines the product features aimed at
satisfying specific market needs, as well as the price range, production
quality and the demographics that it is intended to target
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Marketing research is the systematic design, collection, analysis
and reporting of data and findings relevant to a specific
marketing situation facing the company
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18 Explain the objectives of marketing research
The main objective of Marketing Research (MR) is to provide information to the
marketing manager
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Solves marketing problem
Increase market efficiency
Facilitates sales forecasting
Authenticity of decision
Helpful in management
Useful to production
Link between producer and consumers
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20 What is the process of marketing research ?
Step 1
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At the core of this understands the root question that needs to be informed by market
research
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Examples of “business problems” might
be “How should we price this new widget?” or “Which features should we prioritize?”
By understanding the business problem clearly, you’ll be able to keep your research focused
and effective
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You might even go as far as to mock up a fake report, with hypothetical data, and
ask your audience: “If I produce a report that looks something like this, will you have the
information you need to make an informed choice?” If the answer is yes, now you just need to
get the real data
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Step 2
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Think of the “research design” as your detailed plan of
attack
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You will also think through specifics about how you will identify and
choose your sample (who are we going after? where will we find them? how will we
incentivize them?, etc
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Once again, remember to keep the end goal in
mind–what will your final report look like? Based on that, you’ll be able to identify the types
of data analysis you’ll be conducting (simple summaries, advanced regression analysis, etc
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Your choice of research instrument will be based on the nature of the data you are trying to
collect
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Exploratory research will help you gain broad insights, narrow your focus, and learn
the basics necessary to go deeper
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Exploratory research is a qualitative form of
research
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The goal of this form of market
research is to measure specific topics of interest, usually in a quantitative way
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Causal Research – The most specific type of research is causal research, which usually comes
in the form of a field test or experiment
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For example, does the music I play in my restaurant increase
dessert sales (i
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is there a causal relationship between music and sales?)
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Design & Prepare Your “Research Instrument”
In this step of the market research process, it’s time to design your research tool
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If a focus group is your instrument of choice, you’ll start
preparing questions and materials for the moderator
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This is the part of the
process where you start executing your plan
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5 should be to test your survey instrument with a small group prior to broad
deployment
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Step 4
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The
answers, choices, and observations are all being collected and recorded, usually in spreadsheet
form
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Step 5
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If it’s on scraps of paper, you’ll probably need to get it in spreadsheet form for further

analysis
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Once that’s all done, the fun begins
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), build tables and graphs, segment your
results by groups that make sense (i
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age, gender, etc
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Start to formulate the story you will tell
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Visualize Your Data and Communicate Results
You’ve spent hours pouring through your raw data, building useful summary tables, charts and
graphs
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A great way to present the data is to start with the research objectives and
business problem that were identified in step 1
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