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Brief description of Market Research - Analysis of target markets, consumer insights and competitors through a methodological procedure in gathering, analyzing and interpreting information. Peter Drucker quote “Business has only two functions: marketing and innovation.” Market research is heavy in numbers and data Market research builds a company ‘s voice, creativity, ads, design and more importance of market research saves money, time and resources (depending) validates your hypothesis discover of unexplored market or revenue positioning for customer perception and competition Primary (qualitative (people faces) vs quantitative (data)) and Secondary research Types of market research are: SWOT analysis, market segmentation, pricing, competitor analysis, customer analysis, customer acquisition cost, marketing mix modeling Tip: 40 - 70 rule: 70% of your decisions are based on the 40% of information you have collected. Regardless of how much data you can collect, time doesn’t play around. All the info gathered doesn’t mean jack if you don’t know how to interpret or analyze the data Value map framework
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WHAT IS MARKET RESEARCH
Market Research
Market research is heavy in numbers and data
Market research builds a company ‘s voice, creativity, ads, design and more
Market research can
save money, time and resources
validate a hypothesis
discover unexplored market or revenue
position for customer and competition perception
2 Types of Market Research
Primary Research
Primary Research Subdivision
Tip #1: 40-70 Rule
Tip #2: Proper Interpretation
Tip #3: Learn Value Map
