Marketing and Market Research

Suman Sahota

Marketing: the process of communicating the value of a product to customers

Market research: is any organized effort to gather information about target markets or customers

Marketing Mix: Production, Place, Promotion and Price. To balance out evenly what a product should have

Primary Research (Field): Information that is newly created as your own

Secondary Research (Desk): Involving data that already exists

What customers want?

Customers want good quality products and customer service which they can rely on. If they have a reasonable price too and nice design, customers will become more loyal to the brand

What is the market like?

Pros

  • Knowing what the customers want
  • Accurate answers
  • Aim direct questions
  • Up to date information

Cons

  • Expensive
  • Bias answers
  • Wrong unreliable answers
  • The design may not be liked

Pros for Primary & Secondary Research

Doesn't cost money

Effortless

Cons for Primary and Secondary Research

Easy and quick

Reliable

Outdated

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