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What is the objective of the research?

The type of information sought from market research will determine how much time and effort a business should invest in it. The objectives of market research may include:

  1. Market Attractiveness Evaluation:
    • Market sizing - estimating the size of a total market, how much is accessible by the business, and/or what market share ambitions would be realistic.
    • Competitive presence and customer preference.
    • Customer spending patterns, budget cycles, and intent.
    • Channel trends, preferences, and allegiances.

  2. Customer Insight: Specific customer needs, aspirations, buying behaviors, usage patterns, decision models, preferences, favourability, intentions, etc

  3. Competitive Forces: Current and potential basis of competition in a market.

  4. Communications Planning: What information sources do prospective customers pay attention to, how to reach them, opportunities / vehicles for influencing target customers and which are most effective.

  5. Product Testing: Evaluation of product improvements, alternatives, packaging etc.

  6. Concept Testing: Evaluation of potential products and solutions, clarification of needs, wants, and preferences.

  7. Advert Testing: Evaluation of alternative brand promises, impact / cut through ability, persuasiveness, strength of call to action, out-take versus intent, etc.

  8. Customer Satisfaction: Measurement of quality of customer experience, perceptions, reaction, loyalty, intent, etc.

  9. Pricing: Testing of price / feature / quality / packaging / positioning combinations, price points, promotions, loyalty schemes, terms and conditions, etc.

  10. List Building: Compilation of information about prospective customers for direct marketing purposes (NB may not be compatible with ethical guidelines followed by many market research practitioners).

 

 

 

 

 

 

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