Marketing Research Assignment
Marketing research is "the process or set of processes that links the producers, customers, and end users to the marketer through information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.
Organizations engage in marketing research for two reasons: firstly, to identify and, secondly, to solve marketing problems. This distinction serves as a basis for classifying marketing research into problem identification research and problem solving research.
Problem identification research is undertaken to help identify problems which are, perhaps, not apparent on the surface and yet exist or are likely to arise in the future like company image, market characteristics, sales analysis, short-range forecasting, long range forecasting, and business trends research. Research of this type provides information about the marketing environment and helps diagnose a problem. For example, the findings of problem solving research are used in making decisions which will solve specific marketing problems.
How large is the market for a product, what is important for the target segment?
Targeting in marketing is a strategy that breaks a large market into smaller segments to concentrate on a specific group of customers within that audience. It defines a segment of customers based on their unique characteristics and focuses solely on serving them.
Instead of trying to reach an entire market, a brand uses target marketing to put their energy into connecting with a specific, defined group within that market.
The types of target markets are often segmented by characteristics such as:
- Demographics: age, gender, education, marital status, race, religion, etc.
- Psychographics: values, beliefs, interests, personality, lifestyle, etc.
- Business Industry: business industry or vertical
- Geographic Areas: neighborhood, area code, city, region, country, etc.
Market segmentation is the process of dividing amarket of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations