Please Help me Marketing Geeks?

[jVSj]

Why is market research important? Is marketing research done by the IT industry? Substantiate with examples.

[Rose .]

Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy. The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets.

Market research,as defined by the ICC/ESOMAR International Code on Market and Social Research, includes social and opinion research, [and] is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.

Market research for business/planning
Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is completed, it can be used to determine how to market your product.

Questionnaires and focus group discussion surveys are some of the instruments for market research.

For starting up a business, there are some important things:

Market information
Through Market information one can know the prices of the different commodities in the market, as well as the supply and demand situation. Information about the markets can be obtained from different sources, varieties and formats, as well as the sources and varieties that have to be obtained to make the business work.

Market segmentation
Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting on geographic differences, personality differences, demographic differences, technographic differences, use of product differences, psychographic differences and gender differences.

Market trends
Market trends are the upward or downward movements of a market, during a period of time. The market size is more difficult to estimate if one is starting with something completely new. In this case, you will have to derive the figures from the number of potential customers, or customer segments. [Ilar 1998]

Besides information about the target market, one also needs information about one's competitors, customers, products, etc. Lastly, you need to measure marketing effectiveness. A few techniques are:

Customer analysis
Choice Modelling
Competitor analysis
Risk analysis
Product research
Advertising the research
Marketing mix modeling


Example - http://www.prweb.com/releases/static_tra...481624.htm

:o)

[Jakester]

One lazy example, much internet advertisement is tailored to search engine keywords.

The google keyword tool shows product popularity in the form of keyword search counts.

Enter: ice cream cone and you will learn how many people a month are looking for them.

When setting up paid facebook ads you can specify demographic filters: gender, age, marriage status, location etc. and learn the percentage of the 100 million member pool match those demographics.

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[Mike]

Quirk's Marketing Research Review magazine writes articles about marketing research accross all industires. Here is a link to 9 articles that specifically detail how IT companies have used marketing research.

http://quirks.com/articles/search.aspx?s...D=62528051

And why is marketing research important? Because it involves the planning, collection, and analysis of data relevant to marketing decision making, and the communication of the results of this analysis to management. Without this data you may make poor marketing decisions.

[Thomson]

Various methods of market research are used to find out information about markets, target markets and their needs, competitors, market trends, customer satisfaction with products and services, etc. Businesses can learn a great deal about customers, their needs, how to meet those needs and how the business is doing to meet those needs. Businesses need not to be experts at methods of research either.

More information is available on the link below.Also you can give your advice,suggestions.

http://www.flowmonitorinc.com/