ASSIGNMENT 3

APPLICATIONS OF MARKET RESEARCH

I.

Pricing Research:-

Market research provides pricing strategies consulting which is backed by firm pricing research capabilities. The main perspective of market research is broad when dealing with the concept of pricing research and its strategy decisions. Its main focus is on finding for your business some optimum price, product feature configurations with context to market positioning opportunities. There are generally two types of research that are both qualitative and quantitative research tools which are also can be called as pricing research tools. These are generally the two types of services which any company follows.

II.

Product Research:-

This is also a kind of application of market research which helps any organization in designing any product of the company and market validation research. It also helps in assessing existing product strength as well as line extension potential. The product research helps to define positioning well in terms of conducting any product research. Most of the organization follows the product development cycle or almost everyone follows it with creative positioning and technical product design efforts. Effective product market research for new products and existing products is well integrated with R&D and technical product design functions.

III.

Advertising Research:-

Generally the kind of advertising used by any company is determined by specific advertising goals and the stage of Ad development, or campaign. Advertising research studies cover both consumer and B2B business markets. Most of the company uses a broad range of advertising research techniques including Ad recall surveys, message and some impact measures. In advertising the concept of motivation, association and learning with the Ad message or in the theme of positioning is being included. It helps any business to find out what are the problems or errors, and also helps in fixing or rectify those problems. IV. Market Segmentation:-

Market segmentation generally means dividing the whole market into small segments. In simple context breaking bulk from the masses. It maintains focus and delivers needed marketing information in todays grooming economy where new markets and some new product categories emerge and traditional market segments fade away. Its a way to keep your eye on the ball. Often business start its segmentation process with some qualitative aspects of market research to the range and breadth of its customers. After this the company follows quantitative research by using some appropriate multivariate analysis i.e.: cluster, k-means factor etc. to define meaningful segments. V. Sales Analysis

It means analyzing the overall sales of any firm with the help of some research problems. Data-mining is finding gems of insight from sophisticated or basic analysis of your internal customer and sales as well as margin trend data. It is a key first step in product and brand analysis. Simply put, a marketing analysis data mining effort searches for meaning and insight among the stacks of sales data and marketing data already within a sales and marketing organization. Through these tools we can better target your best customers, find which advertising and promotion methods are most efficient and effective.

VI.

Customer Satisfaction Research:-

Market research gives some sort of satisfaction in terms of customer satisfaction. Customer satisfaction research sometimes deflates if the research design does not lead to actionable results. Also, customer expectations generally rise overtime as advances in technology in many categories boost the consumer consciousness of what to expect. We build into our customer satisfaction study design "action indicators" to point to immediate use of customer satisfaction results. Thus it is very much important for any business or firms to conduct some kind of survey related for its customer and clients. VII. Concept Testing:-

Concept testing research evaluates advertising concepts, ad theme concepts and appeals, new product concepts, pricing, brand concepts, brand names, and positioning strategy concepts. We select techniques -- qualitative and quantitative -- to both develop concepts, refine, and screen to assess market potential. Positioning Research We offer experienced market positioning and creative branding research capabilities to define and go-to-market with a high-impact positioning strategy. First, it requires understanding the market positioning concept, your current and potential markets, and the process needed to generate brand name impact. Marketing Due Diligence We support venture investment firms with primary and secondary marketing research in a stand alone or component marketing due diligence study. Information Insight Strategy:-

VIII.

We identify new market opportunities for companies seeking to expand brand coverage and brand reach. Our Opportunity Scanning market surveys include methods such as online surveys, phone surveys, focus groups, executive interviews, depth interviews, or photo-ethnography. Market research surveys are often designed for companies to assess buyer attitudes and behaviors for building or revising a marketing strategy, and creating a marketing plan. Market surveys can be either qualitative or quantitative. Hence

whatever the information which is being required by the researchers is being displayed. IX. Competitive Intelligence:-

Competitive intelligence (CI) is a core component of the data leg of the Intelligence Platform. Simply put, CI is any information about competitors that can be legally obtained for purposes of thoroughly understanding their strategies, their resources, strengths and weaknesses. Its a type of intelligence generally used by the business to known what is the actual scenario only in terms of information. The strategies which are used with context to the overall information of business are being reflected through competitive intelligence. Thus it is the core or main component of business for data interpretation and verification. X. Idea Generation:-

Idea generation feeds product concept and brand concept development, creating marketing strategy options, and creative advertising concepts. Idea generation can often be a neglected component of new product development and brand development efforts. Large enterprises invest heavily in R&D, yet the emphasis always seems to be pure research and process development that is confined to engineers. Ideation for marketing strategy building must come outside the walls of the lab and permeate the enterprise. Successful idea generation is part of the hunt for the vastly superior undiscovered idea, and it is a secret ingredient in the opportunity scanning process. We systematically mine scores of innovative ideas that lie within our experience, intelligence and natural creative abilities. In working with clients, we follow a set of fundamental principles that are important for generating a number of ideas in the opportunity scanning process.