Ch 6 Market Research A business must satisfy
Ch. 6: Market Research • A business must satisfy the _____of its customers to succeed • To find out what customers need/want – Businesses conduct _____ Analysis
Ch. 6: Market Research • What is a Market? – A group of _____or _____who have a demand for a product or service and willing and _____to buy it • _____Market – A group of customer of interest to you/the business – Focus of your company’s efforts – Need to know as much as possible abut them
Ch. 6: Market Research • Market _____ – Sub groups of buyers who have similar _____ • Consumer Markets are segmented as: – Geographic's – Where consumers _____ – _____– Personal characteristics – Psychographics – _____/_____experiences
Ch. 6: Market Research • How do we choose a Target Market? – Determine how many potential _____are in your segment • Is the segment large enough to generate a profit? – Determine if the segment is reachable • Can you physically reach your market? – Determine if the segment is responsive • Are they _____in your product?
Ch. 6: Market Research • How do we choose a Target Market? – Multiple Target Markets can be chosen…However, its often best to choose the market with the _____point of _____ • Typically, these customers have a _____that _____be solved
Ch. 6: Market Research • Market _____ – The collection and _____of information aimed at _____the behavior of consumers in a certain – Used to: • Identify potential markets • _____demand • Forecast _____
Ch. 6: Market Research • Research Process – Step 1: Identify Information Needs • What kinds of information do you need? – Step 2: Obtain _____Resources • Information already collected by someone else • Ex. US Cencus, Web Sites, etc.
Ch. 6: Market Research • Research Process – Step 2: Obtain Secondary Resources (cont. ) • • Customer Demographics Customer Psychographics Market __________ Is the Market effect by geography How can the Market be reached How do competitors reach the market What market _____have been successful
Ch. 6: Market Research • Research Process – Step 3: Collect _____Data • • Information you collect _____ Observations _____ Surveys – In person surveys produce the _____response rates
Ch. 6: Market Research • Research Process – Step 3: Collect Primary Data (cont. ) • Customer demographics • Would potential customers _____your product/service…why/why not • How much would customers purchase • When would customers purchase • How would customer like to _____the product/service • What do customers _____about _____
Ch. 6: Market Research • Research Process – Step 4: Organize _____ • Categorize data – By answer/demographic/etc. • Create charts or graphs to depict results • Data will help you _____your market analysis and serve as the basis for the _____plan
Ch. 6: Market Research • Research Process – Step 5: Analyze Data Is there a _____for the product/service How big is the market Will the industry _____the business Do _____products reveal anything about the customer demand • What do customers predict the demand will be • •
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