Marketing budget: Is like a financial plan which specifies how much money they can spend in the market to promote their products.
Why is market research needed?
- What feature of my product do people like or dislike?
- Would they be willing to buy my product?
- How much are they willing to pay?
- Where would they be most likely to buy my product?
- What type of customer would buy my product?
- What type of promotion would be suitable with these types of customer?
- What is the competition like?
Types of information
- quantitative: answers the questions about the quantity of something.
- qualitative: answers questions where opinion or judgement is necessary.
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Market research is the process of analyzing and gathering information about a market.
Primary Research is where we go out by ourselves and gather information from other people.
-There are many types of primary research method:
-There are many types of primary research method:
- questionnaires
- interviews
- focus groups
- observation
Questionnaires is a set of questions which aimed for collecting data from other people.
-Advantages:
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Interviews is when one person is asking some questions and another person answer those questions.
-Advantages:
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Sample is a group of people who is responsible for researching the market.
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Random sample is when people are selected randomly for market research.
![Picture](/uploads/5/8/5/9/58596443/5926133.jpg?250)
Quota sample is when people are selected based on their characteristics.
Ex: age, gender, income, etc
Ex: age, gender, income, etc
Secondary research
-Internal sources of information:
-Internal sources of information:
- Sales department sales records, pricing data, customer records, sales report
- Opinions of distribution and public relations personnel
- Finance department
- Customer service department
- Government statistics: are information such as the population and age.
- Newspapers: useful articles and information
- trade association
- Market research agencies
- internet
Who carries out market research?