← Lessons 07-Marketing Strategies and Principles
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1. INTRODUCTION 2. SWOT ANALYSIS 3. THE MARKETING MIX 4. PRODUCT LIFE CYCLES 5. MARKET SEGMENTATION 6. MARKETING RESEARCH – INTRODUCTION 7. SECONDARY DATA 8. PRIMARY DATA 9. PUBLIC RELATIONS 10. SALES 11. CONCLUSION 12. QUICK EXAM FACTS – MEMORISE THESE 13. FINAL MEMORY CHECKLIST

6. MARKETING RESEARCH – INTRODUCTION

  • Marketing research helps ensure marketing decisions are based on as much fact and as little guesswork as possible.
  • Research should be objective.
  • Information is useful only when it is used in decision-making.
  • Collecting more information than necessary can be expensive and may not improve a straightforward marketing decision.
  • Questions marketing research may answer include:
  • What is the size of the market?
  • Is the market expanding or contracting?
  • What is our market share?
  • Who are our competitors and what are their market shares?
  • What economic, seasonal or social factors affect the market?
  • How do competitors sell their products/services?
  • What do customers think of our products?
  • What may customers think of proposed new products?
  • What publications do potential customers read?
  • How effective is current advertising?
  • What factors influence customers’ buying decisions?

6.1 MARKET SHARE

  • Market share is the percentage of the total market for a particular product/service currently held by the business.