Why Market Research?: Uses for Market Research
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Use Market Research for:
Any of the following marketing activities listed will benefit from in-depth market research, as long as you don't ignore the data or the evidence.
Advertising Effectiveness
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Segmentation
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Industry Analysis
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Brand Awareness
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Price Elasticity
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Demand
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Interviewing
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Product Development
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Lead Generation
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Tracking Trends
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Benchmarks
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Forecasting
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Demographics
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Cross Tabs
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Data Collection
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Census Data |
Surveys
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Focus Groups
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Qualitative
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Quantitative
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Employee Surveys
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Reporting
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| Customer Satisfaction |
Analysis
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Wow! That's a long list. By listing the individual components of market research you can clearly see the multitude of steps and variety of approaches. Market Directions can help you make sense of all of this and focus in on what will get you the most reliable results.
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| Research Findings Indicate:
Three reasons why most marketers neglect to harness vast amounts of customer data to create a real impact on their marketing strategies and programs:
1. Many marketing managers ignore evidence--- relying instead on ideology. The result? Poor-quality decisions that waste time, money and, risks your company's and your career's future.
2. Data arrogance of leading marketing analysts. Most statistically driven marketers appear unwilling to translate their data findings into understandable insights.
3. Ugliness of data insights. Many CMOs and most marketers still believe spreadsheets, rather than intuitive and graphically appealing visuals, are the natural environment of numbers.
"Big bad data.(CMO Strategy)(marketers negligence in tackling customer data)(Brief article)", Advertising Age, February 19, 2007.
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Often market research is left out of the marketing process--- Marketing research should be done as if you were researching an investment portfolio---find out everything you can about your market, your customers ---- become externally (customer) focused rather than internally focused--- If you don't have a marketing research department, its time to get some help. Market Directions provides you with affordable research that provides the knowledge for confident marketing investments.
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