Marketing Research

Marketing Research Definitions

1. Market Research – Market Research is to simply find out. There are four main categories, the C’s.

Customers – The people you’ll be selling products to.

Consumers – The people who’ll use your products.

Competitors – Alternative suppliers of your goods etc.

Costs – The amount you set on a product to start your business.

2. Market Segmentation – Market Segmentation is when businesses have to make a number of choices and decisions like, are the customers going to be young, old, rich or poor etc? But in order for this segmentation they have to take a process. The business will have to break down the market into various different groups or types of consumers as each group or segment will have its wants. It is also necessary for researchers to segment the market because there will be young and old customers so they have to give supply to all the customers’ needs.

3. The different methods available for market segmentation are:

Age

Gender

Income

Life-Cycle Stage

Socio-Economic Groupings

4. Secondary Research - Secondary Research is when you look more into detail for consumer research, which are available through reports at libraries, trade associations and university research bodies.

Other secondary research available includes:

Internet

Mintel Reports

Newspapers and lifestyle mags

Business ratio reports

Teelephone directories and the yellow pages

5. These are advantages and disadvantages of Secondary Research:

6. Primary research - Primary research is when you have found out all you can through internal and ...