Marketing research: an introduction (MR, unit 1)

Marketing research – any info. gathering & analysis that aids marketing process as a whole.

Market research – research into the characteristics of a market (studying under 30s, as opposed to 65+). Acquisition of primary data about customers and customer attitudes.

Scope of marketing research (5 elements MPPSD):

1. Market research - Forecasting demand, sales forecast by segment, analysis of market shares, market trends, industry trends, acquisition studies
2. Product research - Likely acceptance of new products, analysis of substitutes, comparison of competitors’ products, test marketing, brand name generation & testing, packaging design studies, testing existing products
3. Price research - Competitor price analysis, cost analysis, profit analysis, market potential, sales potential, volume sale forecast, customer perception, elasticity of demand, credit terms
4. Sales promotion research - Effects of campaigns, analyse advertising media choice, evaluate sales force performance, decide on sales territories, copy research, public image studies, own & competitor advertising studies
5. Distribution research - Planning channel decisions, design & location of distribution centres, in-house v. outsourced, export/international studies, channel coverage studies