119672: Manage marketing and selling processes of a new venture

Core 119672 Manage marketing and selling processes of a new venture Level 2 7

Marketing – The Market Research Process

1. People have needs and it is the task of the marketing function of a firm to define these needs and relate them to the products and services the firm produces or advise the firm to change a product or service to better meet the needs of a given target market.
2. Since consumers differ in many ways it is also possible to group a given population into different categories related to these differences – this process is called market segmentation. This helps to adapt the marketing message to a specific segment or target market.
3. Two similar words are used: marketing research (US English) and market research (British English) – Market Research is a form of applied sociology that concentrates on understanding the behaviours and preferences of consumers in a market-based economy. It tries to define key characteristics of a particular market or market segment.
4. Through market research one might want to establish the size of a particular market for a certain product, to position a product in the market, to attempt to uncover special needs in the market, to reveal opportunities for new products and to evaluate the marketing strategies being used.
5. Market research also reduces the risk of having a product fail in the market, it helps to fine-tune features of a product and to adapt the advertising and PR message.
6. CONDUCTING MARKET RESEARCH

Define the problem or opportunity
Define the research objectives
Develop the research design
Decide on the type of data to be used
Design the questionnaire
Gather the data
Analyse the data
Interpret the data
Write the research report