Market Research and Analysis: Strategies for Success

Posted on Nov 22, 2024 in Economy

Market Structures and Research

Market Rates

Perfect Competition

  • Product homogeneity
  • Large number of suppliers and customers
  • Total market knowledge
  • Freedom of market entry and exit

Imperfect Competition

  • Monopoly: A single company controls the market, setting prices without competition.
  • Oligopoly: Few companies with similar products engage in strong competition.
  • Monopolistic Competition: Many companies offer similar but differentiated products, leading to strong competition and differentiation strategies.

Phases of Market Research

  1. Define Research Objective: Identify consumer needs for new product development or increased market share.
  2. Design Research Model: Determine research methods using internal company information, published data, and external research.
  3. Collect Data: Gather primary data (unstructured, specifically collected) and secondary data (structured, pre-existing).
  4. Classify and Structure Data: Organize data using statistical procedures.
  5. Analyze and Interpret Data: Analyze data to inform market intervention decisions.
  6. Present Results: Compile a report including problem analysis, methodology, results, and conclusions.

Consumer and Market Analysis

Customer Roles

  • Prescriber: A professional who recommends the product (e.g., doctor).
  • Buyer: The person who purchases the product.
  • Consumer: The person who uses the product to satisfy their needs.

Analysis of the Overall Environment

  • Legal Environment: Laws regulating economic activity.
  • Technological Environment: Technological advancements affecting production.
  • Social Environment: Changes in consumer behavior.
  • Economic Environment: Economic cycles (expansion, recession, crisis).

Primary Data Collection Techniques

Surveys

Surveys collect data from a representative sample of the population. Types of surveys include:

  • Personal interviews
  • Online surveys
  • Telephone surveys
  • Email surveys (quick and inexpensive, but may not be representative)

Market Segmentation and Marketing Strategies

Market Segmentation Criteria

  1. Sex: Product characteristics vary based on consumer gender.
  2. Age: Product presentation differs based on consumer age.
  3. Income Level: Product characteristics target consumers based on income.
  4. Family Type: Product differentiation based on family size and needs.
  5. Education Level: Consumer differences based on education level.

Definition of Marketing

Marketing encompasses activities aimed at meeting consumer needs and desires for mutual benefit.

Elements of Marketing (Marketing Mix)

  • Product: Goods or services that satisfy consumer needs, including aspects like branding and packaging.
  • Price: Pricing strategies to attract consumers.
  • Promotion: Marketing activities to raise product awareness.
  • Distribution: Making the product available to consumers.

Product Life Cycle

  1. Introduction: Product launch into the market.
  2. Growth: Increasing sales and product awareness.
  3. Maturity: Stable sales growth.
  4. Decline/Saturation: Decreasing sales, requiring product relaunch, new uses, or discontinuation.