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
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Paid resources
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RECOMMENDED READING
đź“– Very quick overview
Marketing: A Very Short Introduction https://geni.us/ozSJF
đź“– 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
đź“– 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
â•ď¸Ź 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.
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Each video has two levels of MC CPD points. For this video:
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– If you also carried out the first of the recommended exercises, score a total of 7 MC CPD points
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#Marketing #ManagementCourses #MarketResearch
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