Market Research Practices and Target Market Attributes

Market Research Practices and Target Market Attributes

Market Research Process

• By collecting and assessing information about the needs and wants of consumers, a more accurate and responsive marketing plan can be designed and, therefore, the risk of market failure can be reduced.

• Market research attempts to identify and outline both marketing opportunities and problems,

Open Ended

Why do you think it is important that businesses determine relevant data and market research?

Collecting data tools and techniques

• Primary Data (Survey, Observe and Experiment)

• Secondary Data (Information that someone else has collected)

• This can be internal or external

• Conclusions and statistics are then drawn

Multiple Select

Which of the following are primary sources of data?

• Surveys

• Experiments

• Internally collected data from a management report conducted by someone else in the business

• Statistics from the ABS

Market Segmentations and Attributes

• In order to target our product to a specific target market, we may have to determine what attributes and characteristics we want to focus on for our customers

• This is known as market segmentation

Open Ended

What attributes/characteristics do you think businesses should focus on when trying to determine a target market?

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Open Ended

Why do you think it is important for businesses to determine relevant market needs data?