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Market Research

Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy. Market research is a key factor to get advantage over competitors. It provides important information to identify and analyze the market need, market size and competition.

Market research includes social and opinion research, and is the systematic gathering and interpretation of information about individuals or organizations. It uses statistical and analytical methods and techniques of the applied social sciences to gain insight or support while decision making.

Market research began to be conceptualized and put into formal practice during the 1920s. Advertisers began to realize the significance of sponsorship of every type of mass media available, especially different radio programs. Later TV advertising became even more popular.

Market research is used for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is completed, it can be used to determine how to market your product. Peter Drucker, a classic of marketing, believed market research to be the quintessence of marketing.

For starting up a business, there are some important things:

· Market information

Through market information one can know the prices of different commodities in the market, as well as the supply and demand situation. Information about the markets can be obtained from different sources to make the business work.

· Market segmentation

Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting on geographic differences, personality differences, demographic differences, technographic differences, use of product differences, psychographic differences and gender differences.

There are some common terms to define market segments which marketing departments usually target. They are:

- Innovators, who create something new and start a new trend;

- Early adopters, who identify trends early and like to be associated with thw start of a trend;

- Early majority, who follow the trends set by early adopters;

- Late majority, who follow the trends that have been tested by the early majority;

- Laggards are the last group of people to buy a product or brand; indeed they may never buy it.

· Market trends

Market trends are the upward or downward movement of a market, during a period of time. The market size is more difficult to estimate if one is starting with something completely new. In this case, you will have to derive the figures from the number of potential customers, or customer segments.

Besides information about the target market, one also needs information about one's competitors, customers, products, etc. Lastly, you need to measure marketing effectiveness. A few techniques are:

· Customer analysis

Customer analysis is the process of determining customer segmentation, value, purchasing behavior and motivation in order to better target marketing and increase sales. Well, that sounds OK in theory but is perhaps a bit too abstract for practical use. Practically speaking, what is customer analysis, really?

The crux of customer analysis is that all customers are not created equal. Companies have some customers who are worth their weight in gold. They buy frequently and spend a lot. They are a pleasure to deal with: no returns, no complaints, no hassles. They also have customers who make life miserable. They inundate customer service centers with calls and constantly return merchandise. They buy infrequently and are happy to take their business to a competitor if it means they can save a dollar.

· Choice modeling

Choice modelling attempts to model the decision process of an individual or segment in a particular context. Choice modelling may be used to estimate non-market environmental benefits and costs.

· Competitor analysis

Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats

There exist some more techniques, such as:

- Product research

- Risk analysis

- Advertising research

- Marketing mix modeling,etc.

A distinction should be made between market research and marketing research. Market research pertains to research in a given market. As an example, a firm may conduct research in a target market, after selecting a suitable market segment. In contrast, marketing research involves conducting research to support marketing activities, and the statistical interpretation of data into information. This information is then used by managers to plan marketing activities, gauge the nature of a firm's marketing environment and obtain information from suppliers.

Notes: the crux of - трудність

2. Answer the following questions. Use your answers to write down the summary of the text. (Look at Appendix 1 on page 172 for the sample).

1. What is market research in general?

2. What does market research include?

3. What is the short history of market research?

4. What is market research used for?

5. How is market research subdivided?

6. What can a person know from market information?

7. What is market segmentation?

8. How can market size be estimated?

9. How can you measure marketing effectiveness?

10.Define customer analysis and its peculiarities.

11.Give definitions to other marketing techniques

12. What is the distinction between market and marketing research?

3. Translate the following word combinations into English.

1) отримати перевагу над конкурентами

2) визначити та проаналізувати потреби

3) обробка інформації

4) отримати розуміння та підтримку

5) товар

6) момент попиту і пропозиції

7) гендерні відмінності

8) ринкові тенденції

9) конкуренти

10) закидати скаргами центри обслуговування клієнтів

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