Marketing & Market Research

What is a niche Market

• limited and clearly defined range of products is sold to a specific group of customers.

• creating a product which appeals to all types of consumers

• Markets that has interest or concern in a business

• It is a brand name

Disadvantage of market segmentation include:

• possible to deal with competition more effectively

• Can modify product/service and marketing appeals to suit the target segment.

• Segmentation increases costs.

• Appropriate service packages can be developed for each market segment.

Psychographic / Life style segmentation means

• ‘by type of needs’.

• ‘by type of lifestyle’.

• ‘by type of wants’.

• ‘by type of desire’.

Demographic segmentation includes

• Values

• Attitudes

• Interest

• Age

Market Analysis tools include

• SWOT

• PORTFOLIO ANALYSIS

• COMPETITOR ANALYSIS

• ALL of the above

Types of market research INCLUDES

• Primary research

• Secondary research

• Tertiary Research

• All of the above

Primary Research ..

• it is also known as field research,

• of research requires organisations to go out into the market to find out about customers’ experience and expectations.

• Method can include observations

• All of the above

Main types of secondary research may include

• Survey

• Observation

• Focus group

• Existing customer data base

Stages of Market Research process are

• 1. Set Objectives

• 2. Select Message

• 3. Design the research

• 4. Data collection

objectives of market research are

• To study needs, wants and expectations of the customers

• To study current marketing problems and opportunities for suitable follow up.

• To study marketing competition, channel of distribution and

  pricing for suitable changes if necessary.

• To find methods for making the product popular and raising its goodwill and marketing reputation.