Lesson notes, exercises, downloads, and recommended reading are below the video. On mobile, the video will rescale when you play it.


What is Market Research?

Market research is the process for understanding the customers’ responses to a new service or product, by working directly with potential customers.

Market research allows a company to discover who its ideal customers are and get opinions and other feedback from them.

Watching this video is worth 2 Management Courses CPD Points*.
🔎 See below for details

Marketing for Managers
This video is part of course module number 8.3.2
Program 8: Managing Customers & Clients
Course 3: Marketing for Managers
Section 2: Marketing Strategy

Other videos in this section include:
🎬 What is a Marketing Strategy? https://youtu.be/cpPjuKfswOo

🎬 What is Market Segmentation? https://youtu.be/7FtiPAlBdto
🎬 What is a Customer Persona? https://youtu.be/DJWftQwPtAk
🎬 What is Multi Level Marketing (MLM)? https://youtu.be/u7rRVM_eTo4

LESSON NOTES
Market research involves gathering information about your:
• Customers and their perceptions
• Competitors and their products and brands

There are two types of market research, namely:
1. Primary market research
Conducting direct tests with real customers
2. Secondary market research
Compiling an analysis from existing published research

Five Types of Primary Market Research

1. Opinion polls and surveys
2. Personal Interviews
3. Focus groups
4. Customer observation
5. Field trials

Simplified 5-step Process for a Market research Project
Step 1
Define Issues or Problems. And establish your research objectives.
Step 2
Design and Plan the Research Project. Broad approach. Detailed design. Sample definition
Step 3
Collect Data.
Step 4
Prepare, Analyze and Interpret Research Data.
Step 5
Report Research Findings.

RECOMMENDED EXERCISE
1. Consider a product or service with which you are familiar. Ideally, choose one offered by your employer. What would be the advantages and disadvantages of each type of primary market research for that product or service? (5 MC CPD Points)
2. To really get under the skin of this topic, conduct your own market research on a product or service of your choosing. Start with secondary research, using the web and any other sources you can access. Then, if you wish, conduct some primary research among friends or colleagues. (Secondary Research: 5 MC CPD Points, Primary Research: 5 MC CPD Points)

DOWNLOADS
Free Resources
🧰 CPD Tools – https://gum.co/MC-CPD
Paid resources
🧳 Management Courses Onboarding Kit – https://gum.co/MC-ObK ($3)

RECOMMENDED READING
📖 Very quick overview
Marketing: A Very Short Introduction https://geni.us/ozSJF
📖 Good general overviews
Kotler on Marketing https://geni.us/JNeVHy
Positioning: The Battle for Your Mind https://geni.us/kGj4KCA
The 22 Immutable Laws of Marketing https://geni.us/RVU1
Marketing For Dummies https://geni.us/sZXAw
📖 Small business marketing
The 1-Page Marketing Plan https://geni.us/Xb4wBk
📖 For a textbook, you can’t go wrong with Kotler’s name on it!
Marketing: An Introduction https://geni.us/q4gzVOw
Principles of Marketing https://geni.us/gsFeMT5
Marketing Management https://geni.us/i3FO

⭕️ Links to our book recommendations are affiliated through Amazon

Managers Need a Basic set of kit to do your job well. Here are my top recommendations: https://kit.co/MikeClayton/manager-s-work-kit (the links are affiliated)

MANAGEMENT COURSES CONTINUING PROFESSIONAL DEVELOPMENT (CPD) POINTS
You can record your Management Courses CPD points on our free, downloadable CPD record log.
📓 Download it at: https://gum.co/MC-CPD
Each video has two levels of MC CPD points. For this video:
– If you simply watched the video, record 2 MC CPD points
– If you also carried out the first of the recommended exercises, score a total of 7 MC CPD points
– Add 5 or 10 additional MC CPD points if you did part or all of the second exercise.

#Marketing #ManagementCourses #MarketResearch

source

Don Draper: In Mad Men, Advertising is Cool
Vance Packard – The Hidden Persuaders
David Ogilvy: The Father of Advertising
Seth Godin: Powerhouse of Marketing Ideas
Jean-Claude Larréché and Marketing Momentum
Theodore Levitt: Globalization of Marketing
Philip Kotler: The Father of Modern Marketing
Estée Lauder: The Mother of Modern Marketing
Advertising Campaign Monitoring & Evaluation
Media Buying: The Three Stages
All of the Advertising Media I Can Think of
Top 20 Strategies for Persuasive Ad Copy: Advertising Copy Strategies
The Creative Process: Developing, Writing, and Producing an Advert
Advertising Agencies: What They Offer and How to Select and Brief an Ad Agency
Planning an Advertising Campaign: Campaign Objective and Budget
What is Advertising? And What are its Benefits?
What is SEO? Search Engine Optimization
What is a USP? A Unique Selling Proposition
What is A/B Testing? …and Split Testing?
What is Remarketing? (or Retargeting)
What is Marketing Automation? And How to set it up.
What is Seth Godin’s Permission Marketing? And How to Build Your Campaign
What is Customer Relationship Management (CRM)? …And How to Use it.
What is the Customer Journey? And How to Visualize it
Seth Godin: What are Tribes?
Guy Kawasaki: What is Enchantment?
What is Public Relations (PR)?
What is the Marketing Channel Mix? Promotion Channel Strategy
Marketing Mix: The Fifth P – What is Positioning?
Marketing Mix: Crafting a Message – What is Promotion?
Marketing Mix: Place and Distribution Channels
Marketing Mix: Price and Pricing Strategy
Marketing Mix: Product – What is the Product Marketing?
What is the Marketing Mix – The 4Ps: Product, Price, Place, Promotion?
What is Multi-Level Marketing (MLM)?
What is a Customer Persona? …or Buyer Persona or Marketing Persona
What is Market Segmentation?
What is a Marketing Strategy?
What is a Brand Marketing Plan?
What is a Brand Strategy?
What is Brand Management?
What is a Brand? Brands and Branding

Mike Clayton

About Mike Clayton 

Dr Mike Clayton is a (former) Project Manager and now a management educator. Having trained thousands of people at live workshops, seminars, and conferences, he now delivers training mainly via video. He has 14 books with international publishers and runs two successful YouTube channels. He is also the founder of OnlinePMCourses.com

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