Research Paper (12-UY)

Mona C.
Beralde
12- UY ( ABM )
o What is Market Research?
 Market research refers to evaluating the viability of a new service or

product through research conducted directly with potential customers.
It allows a company to define its target market and get opinions and
other feedback from consumers about their interest in a product or
service. Research may be conducted in-house or by a third party that
specializes in market research. It can be done through surveys and
focus groups, among other ways. Test subjects are usually
compensated with product samples or a small stipend for their time.
o How Market Research Works
 Market research is used to determine the viability of a new product or

service. The results may be used to revise the product design and
fine-tune the strategy for introducing it to the public. This can include
information gathered to determine market segmentation. It also
informs product differentiation, which is used to tailor advertising. A
business engages in various tasks to complete the market research
process. It gathers information based on the market sector being
targeted by the product. This information is then analyzed and
relevant data points are interpreted to conclude how the product may
be optimally designed and marketed to the market segment for which
it is intended.
 Primary Market Research

Primary research generally falls into two categories: exploratory and
specific research. Exploratory research is less structured and functions via
open-ended questions. The questions may be posed in a focus group
setting, telephone interviews, or questionnaires. It results in questions or
issues that the company needs to address about a product that it has under
development. Specific research delves more deeply into the problems or
issues identified in exploratory research.
 Secondary Market Research

All market research is informed by the findings of other researchers
about the needs and wants of consumers. Today, much of this research
can be found online. Secondary research can include population
information from government census data, trade association research
reports, polling results, and research from other businesses operating in
the same market sector.
 History of Market Research

Formal market research began in Germany during the 1920s. 1 In
the United States, it soon took off with the advent of the Golden Age of
Radio. Companies that created advertisements for this new entertainment
medium began to look at the demographics of the audiences who listened
to each of the radio plays, music programs, and comedy skits that were
presented. They had once tried to reach the widest possible audience by
placing their messages on billboards or in the most popular magazines.
With radio programming, they had the chance to target rural or urban
consumers, teenagers or families, and judge the results by the sales
numbers that followed.
Types of Market Research

Face-to-Face Interviews From their earliest days, market research
companies would interview people on the street about the newspapers and
magazines that they read regularly and ask whether they recalled any of
the ads or brands that were published in them. Data collected from these
interviews were compared to the circulation of the publication to determine
the effectiveness of those ads. Market research and surveys were adapted
from these early techniques.
Focus Groups
A focus group is a small number of representative consumers chosen
to try a product or watch an advertisement. Afterward, the group is asked
for feedback on their perceptions of the product, the company’s brand, or
competing products. The company then takes that information and makes
decisions about what to do with the product or service, whether that's
releasing it, making changes, or abandoning it altogether.
Phone Research
The man-on-the-street interview technique soon gave way to the
telephone interview. A telephone interviewer could collect information more
efficiently and cost-effectively. Telephone research was a preferred tactic of
market researchers for many years. It has become much more difficult in
recent years as landline phone service dwindles and is replaced by less
accessible mobile phones.
Survey Research
As an alternative to focus groups, surveys represent a cost-effective

way to determine consumer attitudes without having to interview anyone in
person. Consumers are sent surveys in the mail, usually with a coupon or
voucher to incentivize participation. These surveys help determine how
consumers feel about the product, brand, and price point.
Online Market Research

With people spending more time online, market research activities
have shifted online as well. Data collection still uses a survey-style form.
But instead of companies actively seeking participants by finding them on
the street or cold calling them on the phone, people can choose to sign up
and take surveys and offer opinions when they have time.

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Mona C.

o What is Market Research?

 Market research refers to evaluating the viability of a new service or

o How Market Research Works

 Market research is used to determine the viability of a new product or

 Primary Market Research

 Secondary Market Research

 History of Market Research

Types of Market Research

As an alternative to focus groups, surveys represent a cost-effective

Online Market Research

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