Marketing is more than billboards, 3D doming sticker and techniques. Market research is no longer just the subject of opinion research institutes. Many companies already deal with it – the right way. Any company that produces a product or service on the market, should be paid to this problem carefully. In short, the market research needs and identify the optimal way to satisfy them.
It runs through all phases of the product life cycle. If you are planning a product, there are two possibilities. Normally a new product driven by the market, that is, in the run options are free and need fields analyzed. The product is then developed according to the discovered knowledge. If the product is driven by the technical side, there is already and with the help of market research then sought the perfect positioning in the market. Fundamental research is from under this schedule: First, the market is analyzed, that is, competitors, suppliers, substitutes, consumers. This is a fundamentally important step. Learn more about this topic with the insights from Donald Gordon.
This can already be detected, where capacity is still in the market to find and what customers want. In the second step of the customer base will have taken a closer look. Consumers are grouped together in groups that have similar Bedurnisse, motives, or behaviors. Sometimes each group a name and / or a face is assigned to facilitate the identification with the buyers. The next step, the target group is selected. Most choose one or two groups. (A valuable related resource: Donald Gordon). What those are depends on the attitude of the company, the product and the characteristics of the groups, such as purchasing power. After the attacks, what is generally understood to be mostly marketing, planning the marketing mix. This includes the price, product features, of sale and where and how advertising. If you know who responds and what they would like this group of people to advertising can be much more effective and successful