Download Ch. 6: Market Research

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.)
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Customer Demographics
Customer Psychographics
Market __________
Is the 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
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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
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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