Complete Guide to Market Research: Understanding Consumers, Products & More
Complete Guide to Market Research
Product Research
Product research studies goods and services sold to consumers. This includes consumer and industrial products, and services.
- It studies individual product details.
- It examines product creation and marketing, including color, size, shape, quality, packaging, branding, and pricing.
- It also covers product modification, innovation, and lifecycle.
Products are modified to meet consumer needs and wants.
Examples
- Concept development and testing studies
- Brand name generation, testing, and registration
- Product testing
- Competitive product studies
- Packaging design studies
- Tests
Consumer Research
Consumer research studies consumer behavior, including needs, wants, preferences, attitudes, demographics (age, sex, income, location), buying motives, etc.
This data informs decisions about product, price, place, and promotion.
Examples
- Brand preferences
- Brand attitudes
- Brand awareness studies
- Purchase behavior studies
- Consumer segmentation studies
Packaging Research
Packaging research, a part of product research, studies product packaging to improve quality, attractiveness, consumer convenience, and reduce costs. It also selects suitable packaging methods and materials.
Pricing Research
Pricing research studies product pricing, selecting suitable methods, fixing prices, comparing prices with competitors, setting discounts and commissions, and studying current and future market price trends.
Examples
- Demand projection studies
- Currency and counter-trade studies (exchange rate impact on price)
- Inflation rate studies
- Direct and indirect competitor pricing
- Negotiation tactic studies
Advertising Research
Advertising research studies product advertising, including objectives, budget, message, layout, copy, slogan, headline, media selection, and evaluating advertising effectiveness and sales promotion techniques.
Sales Research
Sales research studies company selling activities, including sales outlets, territories, forecasting, trends, methods, and sales force effectiveness.
Distribution Research
Distribution research studies distribution channels, selecting suitable channels, setting objectives, identifying channel functions (storage, grading, etc.), and evaluating competitor channels.
Examples
- Import/export analyses
- Channel performance and coverage
- Plant/warehouse location studies
Policy Research
Policy research evaluates the effectiveness of marketing, sales, distribution, pricing, and inventory policies, making necessary changes.
International Marketing Research
International marketing research studies foreign markets, collecting data on consumers, economic and political situations, and foreign competitors.
Motivation Research
Motivation research studies consumer buying motives, identifying factors motivating purchases and understanding consumer behavior.
Market Research
Market research studies markets, competition, trends, sales forecasting, demand estimation for new products, and sales territories and quotas.
Media Research
Media research studies advertising media (TV, radio, newspapers, magazines, internet), evaluating their merits and demerits, selecting suitable media, planning media, studying media costs, and promoting sales while avoiding advertising waste.