Market research and segmentation
- 2. People tend to confuse themselves between the target market and the target audience. The target market is the set of consumers, the company tries to reach them to buy the product. Whereas target audience is the group that is targeted through various appeals of advertising. Different types of market research and surveys are conducted to study market segmentation. Brand research helps in creating, designing, and producing the right kind of products and services for the consumers. It also gives accuracy, the most valid representation, and the most reliable form of measurement.
- 3. DIFFRENT TYPES OF MARKET RESEARCH Primary Market Research Secondary Market Research
- 4. Primary Research is the research which you conduct yourself or maybe hire someone to do. This includes raw information collected from various sources such as interviews, surveys, and questionaries. This basically involves Q & A round which a company asks from its customers or target groups. Market research is the process to gather information about target market or consumers of the product or service. There are 2 types of market research: 1. WHAT IS MARKET RESEARCH?
- 5. DIFFRENT TYPES OF PRIMARY MARKET RESEARCH
- 6. The main purpose of exploratory market research is to investigate a problem which is clearly not defined. This provides a better understanding of the market and consumers, and it even provides the information about the existing problem. But it is not conclusive in nature. For Example: Changing fashion trends in today’s world. The research can provide the changes in the fashion trends but probably you won’t be able to get a proper information regarding the cloth material which your consumers would like to wear. (A) EXPLOTARY MARKET RESEARCH
- 7. It is designed in a formal format, and it is supposed to provide solutions with conclusion to a problem. For example: Whereas such type of research can provide solutions to a problem regarding changing trends in fashion industry. (B) CONCLUSIVE MARKET RESEARCH
- 8. 2. Secondary Market Research: It is that type of reserach which is complied, gathered, organised and published in the journals by others. It includes reports and studies by government agencies and trade association.
- 9. 1. What products do customers buy? This can include points like: -) What kind of products do your consumers prefer? -) Understanding a basic level of need of a person 2. Which customers buy the most products? This can include following points which are relevant to your research: -) time to time purchasing -) Why a customer is being bored from regular product -) repeat purchases which generally people make nowadays -) religious factors -) social and economic condition of a person -) usage or gap between buying is reduced HERE IS THE LIST OF FEW SUITABLE QUESTIONS WHICH YOU CAN IN YOUR MARKET RESEARCH ARE:
- 10. 3.Which type of customers are more active when there are special offers available? Such questions are likely to include pointers such as: -) Diwali special offers -) Questions related to low prices of goods and services -) Different class of people with different preferences -) Cash back offers -) Reaction of the customers 4. Where are your customers located? This should include their region, cities, country And is the company’s product or service being available at that particular region? If you are preparing a set of questions for an organisation to answer, then you can ask such kinds of questions
- 11. 5. Which customers are most loyal? -) Unchanging behaviour pattern of the customers 6. Which customers are most profitable? -) You can also cover the role of genders in this section -) Seasonal patterns of purchasing behaviour by product types and customer types
- 13. Market segmentation is the process of dividing consumers in the groups according to their demographics, psychographics, geographic and behavioural characteristics. Demographics include the age, gender and family size as these factors can differ the purchasing behaviour of the consumer. For example: A kid tend to buy toys whereas an adult will focus on buying his/her necessity items. Psychographics includes the social class and lifestyle, basically how an individual wants to live his/her life, it also includes religious, cultural, and social factors. Geographics includes the place where an individual can buy the products and services from. Behavioural talks about how a consumer perceives the product before buying and after using the product. WHAT IS MARKET SEGMENTATION?