Lecture 3
Research and insight
What is market research?
- ‘The systematic gathering, recording and analysis of data about problems related to
the marketing of goods and services’
(American Marketing Association)
Market v marketing research.
- Market research = understanding how the environment works
Clients
Customers
Consumers
Competitors
Supply chains
- Marketing research = how best to connect with the environment with the marketing
mix
Product
Price
Place
Promotion
People
Processes
Physical evidence
Partnerships
What actions d we need to take to succeed
Wants VS needs
- Wants = aspirational – no urgency
- Motivator
- Luxuries
- Needs = required to function normally
- Clear and immediate
- Hygiene
- Staples
Customers VS Consumers
- Customers = pay for the product
- Have to consider value for money
- Consumers = use the product
- Directly affected by quality
- Indirectly affect by cost
Research and insight
What is market research?
- ‘The systematic gathering, recording and analysis of data about problems related to
the marketing of goods and services’
(American Marketing Association)
Market v marketing research.
- Market research = understanding how the environment works
Clients
Customers
Consumers
Competitors
Supply chains
- Marketing research = how best to connect with the environment with the marketing
mix
Product
Price
Place
Promotion
People
Processes
Physical evidence
Partnerships
What actions d we need to take to succeed
Wants VS needs
- Wants = aspirational – no urgency
- Motivator
- Luxuries
- Needs = required to function normally
- Clear and immediate
- Hygiene
- Staples
Customers VS Consumers
- Customers = pay for the product
- Have to consider value for money
- Consumers = use the product
- Directly affected by quality
- Indirectly affect by cost
