Join Cheryl Ladd for an in-depth discussion in this video Role of market research in an organization, part of Marketing Research Fundamentals.
- How are you making important business decisions today?…Are you just going with your gut?…Maybe you're asking a trusted adviser.…Or maybe you're watching what your competition is doing.…Any of these methods might work,…but it's still a bit of a guessing game.…What market research does is take the guessing out of it.…Simply put, to make a good decision,…you need good information.…And market research is a key source of that information.…Let's say someone comes to you with a new product idea…and wants you to invest in it.…
But all they can tell you is how the product works.…Without any additional information,…that's a risky investment.…You would likely want to know things like…is there a need for the product?…Who are the competitors, and how does this product…stack up to them?…How big is the market?…What do potential customers think of the product?…Each piece of additional information, backed up by research,…makes the decision less risky.…Market research gives you the information you need…to help identify opportunities and problems…
The course also explores how marketing research evolves throughout a product lifecycle and identifies possible stumbling blocks and ethical considerations when performing market research.
- Understanding market search
- Determining the research approach
- Understanding the types of research: qualitative to quantitative
- Developing questions
- Collecting data
- Analyzing data
- Preparing reports
- Identifying potential issues in marketing research