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Market Research Blue Paper

Market Research Blue Paper

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Published by 4imprint
The overall concept of market research has not changed much over the years, but the tools have. Research that was once reserved for big companies with deep pockets can be conducted on much smaller scales in shorter time frames, with equal rates of effectiveness. If your business or organization is looking to refine its marketing approaches, read on to see how research can be the key.
The overall concept of market research has not changed much over the years, but the tools have. Research that was once reserved for big companies with deep pockets can be conducted on much smaller scales in shorter time frames, with equal rates of effectiveness. If your business or organization is looking to refine its marketing approaches, read on to see how research can be the key.

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Published by: 4imprint on May 17, 2011
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05/17/2011

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Market Research
 
© 2011 4imprint, Inc. All rights reserved
Market research: Meet your customer
David Ogilvy, renowned advertising professional and purported “father ofadvertising,” once likened the marketer who ignores research to a generalwho ignores decodes of an enemy signal.While that may be a dramatic analogy, market research can very wellbe the single determining factor of success or failure in any businessobjective or marketing campaign. Like Ogilvy, savvy professionals haveknown this for years. They know that without market research—withoutunderstanding the wants, needs and behaviors of target audiences,effective messaging and engagement cannot occur. They see the following jarringstatistics as evidence for the need for adequate market research
1
:Over 25,000 new consumer products SKUs are introduced annuallyin North America with only half of these new product launchesconsidered successful at launch.For every seven product ideas that are created, typically only onesucceeds in the market.An estimated 46% of all resources allocated to productdevelopment and commercialization is spent on products that arecancelled or that fail to yield an adequate financial return.The overall concept of market research has not changed much over theyears, but the tools have. Research that was once reserved for bigcompanies with deep pockets can be conducted on muchsmaller scales in shorter time frames, with equal ratesof effectiveness.What’s more, the processes around market research haveshifted in the past 5-10 years and certain sub-sets ofmarket research are continuing to evolve. In this Blue Paper
®
,we’re going to review the basics of market research, touch on variousapproaches that are common today and explore the latest trends. If your businessor organization is looking to refine its marketing approaches, read on to see howresearch can be the key.
1 Strohmenger, Roxana. “A Cool Research Methodology That I Predict You Will Use | Forrester Blogs.” Forrester Blogs | Making Leaders Successful Every Day. 18 Jan. 2011. Web. 04 Feb. 2011. <http://blogs.forrester.com/ roxana_strohmenger/11-01-18-a_cool_research_methodology_that_i_predict_you_will_use>.
 
© 2011 4imprint, Inc. All rights reserved
A note on semantics
There is market research and there’s marketing research:
Market research
is specifically about the customer. It’s about finding out whatmakes them tick—who they are, what they care about, how they feel, whatthey perceive. The findings of market research can influence what products andservices a business offers, determine whether or not customer expectations arebeing met and pinpoint what drives purchase behavior.On the other hand,
marketing research
is about discovering howmessages are received and processed by target audiences. It determineshow changes to the marketing mix can impact customer behavior. Thefindings of marketing research can influence the marketing strategyand communications plan, determine how a business should allocate itsmarketing budget and pinpoint what messaging will resonate the mostamong target audiences.While slightly different, both kinds of research are crucial in revealingnot only who your customers are but how they want to engage with your brand.These terms are used interchangeably among many marketers, and this paperwill follow suit. It’s important, however, to know the difference in the event thatyour business seeks assistance from research firms or vendors who tend to draw aclearer line between the two.
Determining an objective
The planning stage of market research is all about objectives because objectiveshelp determine the scope of marketing research endeavors. What’s more, settingobjectives allows for more defined budgets and more effective measurement.Before embarking on the road to research, ask these questions:1. What is the purpose of this research?2. What information is being sought?3. How will the information be used?The most effective research objectives, like any objectives, are focused andspecific; they include both what it is that is to be done and how it is known that ithas been achieved. For instance,

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