Market research
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Contents |
[edit] History
Market research was an offshoot of the advertising boom of the 1950s in the USA. Advertisers began to realise the significance of demographics revealed by Radio and television sponsorship, and to seek more direct feedback about their markets.
[edit] Market research for business/planning
Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is completed, it can be used to determine how to market your product.
Questionnaires and focus group discussion surveys are some of the instruments for market research.
For starting up a business, there are some important things:
- Market information
Through Market information you can know the prices of the different commodities in the market, the supply and the demand situation. Information about the markets can be obtained from different sources and varieties and formats.
- Market segmentation
Market segmentation is the division of the market or population into subgroups with similar motivations. it is a widely used for segmenting on geographic differences, personality differences, demographic differences, technographic differences, use of product differences, and psychographic differences and also gender differences.
The upward or downward movements of a market, during a period of time. The market size is more difficult to estimate if you are starting with something completely new. In this case, you will have to derive the figures from the number of potential customers or customer segments. [Ilar 1998]
But besides information about the target market, you also need information about your competitor, your customers, products etc. Lastly, you need to measure marketing effectiveness. A few techniques are:
- Customer analysis
- Choice Modelling
- Competitor analysis
- Risk analysis
- Product research
- Advertising the research
- Marketing mix modeling
[edit] Financial performance
[edit] Top ten of the market research sector 2006
| Rank | Company | Sales in 2006 (million USD) |
Growth in % |
|---|---|---|---|
| 1 | Nielsen Company | 3,696.0 | 2.6 |
| 2 | IMS Health Inc. | 1,958.6 | 8.9 |
| 3 | Taylor Nelson Sofres | 1,851.1 | 2.5 |
| 4 | Kantar Group | 1,401.4 | 4.1 |
| 5 | GfK AG | 1,397.3 | 5.4 |
| 6 | Ipsos | 1,077.0 | 6.5 |
| 7 | Synovate | 739.6 | 9.5 |
| 8 | IRI | 665.0 | 6.6 |
| 9 | Westat | 425.8 | 0.8 |
| 10 | Arbitron | 329.3 | 5.9 |
[edit] See also
- Ad Tracking
- selling process
- A/B testing
- Advertising Research
- Commercial eye tracking
- Copy testing
- Council of American Survey Research Organizations
- experimental techniques
- Global Marketing
- Industry or market research
- Integrated Marketing Communications
- Marketing effectiveness
- Return on marketing investment
[edit] References
- Bradley, Nigel Marketing Research. Tools and Techniques.Oxford University Press, Oxford, 2007 ISBN 0-19-928196-3 ISBN 978-0-19-928196-1
- Marder, Eric The Laws of Choice—Predicting Customer Behavior (The Free Press division of Simon and Schuster, 1997. ISBN 0-684-83545-2
- Visha Consultants (nd)Market Research, Marketing Research. Tools and Techniques.
- Young, Charles E, The Advertising Handbook, Ideas in Flight, Seattle, WA, April 2005. ISBN 0-9765574-0-1
- Kotler, Philip and Armstrong, Gary Principles of Marketing Pearson, Prentice Hall, New Jersey, 2007 ISBN 978-0-13-239002-6, ISBN 0-13-239002-7
[edit] External links
- Honomichil Top 50 - 2007 business report covers the top players in the U.S. marketing research industry. Each company profile reviews the organization’s leadership, revenues and continuing and new business interests. A chart detailing the top 50 organizations is also included for easy reference.
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