MARKET RESEARCH APPROACHES

Why New Research Approaches Should Be Used To Understand Consumer Markets In Addition To the Consumer Survey Approaches



Table of Contents

Introduction1

Importance of understanding customer market1

Adoption of other research techniques: Friend or Foe?2

Use of Different Market Research Techniques2

Advertisement Tracking2

Advertising Research3

Brand Equity Research3

Brand Name Research4

Commercial Eye Tracking Research4

Concept Testing Research5

Cool Hunting Research5

Buyer Decision Process Research6

Copy Testing Research6

Customer Satisfaction Research7

Audits of Distribution Channels7

Segmentation Research8

Sales Forecasting Research8

Price Elasticity Research9

Potential Hazards of Ignoring Market Research Techniques9

Conclusion10

References12

Why New Research Approaches Should Be Used To Understand Consumer Markets In Addition To the Consumer Survey Approaches

Introduction

In this assignment, I am going to discuss the importance and types of innovative research methods to understand the needs, wants and desires of the customer markets. I will use evidence-based research to persuade my boss to conduct extensive market research to foresee the changes in the customer market and consumer behaviour. On the whole, I will focus on different types of researches and how they help to foresee the opportunities and overcome the threats of the external environment. I will also give examples, which will highlight the importance of market research, and will highlight blunders caused due to ignorance of market research. This use of practical and real business examples will make my research evidence based.

Importance of understanding customer market

Identification of the needs, wants and desires of customers is the first step of marketing. Marketing is a diverse field which deals with identification of the needs, wants and desires of customers and providing them the solution of their needs in a way that the customer is satisfied and delighted. In order to accomplish this purpose, different strategies, models and theories that aim to meet the needs of the target market have been developed.

However, in order to meet the needs of the target market, it is essential to conduct extensive market research. Customer survey approach is only one form of market research. However, there are various other creative marketing researches, which highlight important characteristics of the target market. The companies which spend its resources on market research are able to use their strengths to foresee the opportunities that are existing in the external environment. Moreover, they can identify the potential threats existing in the external environment, and overcome their weaknesses.

Adoption of other research techniques: Friend or Foe?

To understand the consideration regarding consumer survery approach, although the phenomenon can help us understand and comprehend the whereabouts of how far and wide can the individual pave way for understanding the mindset of the consumer, it is still unappropriate for the purpose and objective of effective and thorough comprehension. Other appropriate techniques, such as qualitative research, analysis of the target market, psychological surveys and analysis, etc., must be undertaken for deciphering the true colors of both current and potential customers.

Use of Different Market Research Techniques

In this section, I am going to give emphasis on different types of research methods and their importance. I will also give examples of different companies who use these approaches, in order to support the practical application of these research ...