Market Research – What is it?

Market Research

Market research is collecting and analysing data about a market in reference to a brand, product or idea and about potential consumers, their preferences and characteristics.

This can sculpt the way a product is marketed and the strategies used to overcome the competition.

Product Market

This is how the product will be marketed towards a target audience.  Interviews, surveys and focus groups would provide information on how to successfully do that.  Interacting with the target market will allow you to understand what they want from the product and what would tempt them to purchase it.

Competition

In order to sell your own product you need a good knowledge of the products already available, then if and why they appeal to a market.  Television, magazines and online viewings.  Television and magazines will give you an indicator as to what is already out there and then by looking at the online viewings and sales figures you can see if the product sells and if it is a likely competitor to your product.

Competitor Analysis

This is identifying the marketing strategy and performance of a competitor’s product.  This is done so you can determine the areas they are excelling in and those they are not, from this you can design a more effective way to market the product.  Television, magazines, online viewings, sales figures and surveys are ways to find out the information necessary.  Television, magazines and online viewings will show how the product is being marketed, sales figures will then determine whether their strategy is successful and then from this a survey should show why people are either purchasing it and if not why.

Advertising Placement

This is when a product or brand is placed in to a feature film, television show or similar mediums usually for a fee depending on how involved it is.  In the music video by Loick Essien  ‘How We Roll’ the Yamaha R6 motorbike was featured and deliberate shots of the badge and model were shown.  Companies will approach production companies and then a contract can be made, although for some films the budget may not allow them to hire a sports car for a week and so a negotiation of product placement will be made.

Advertising Effects

Certain symbols or ideas may represent different things to different people and so when advertising the right message needs to come across as so not to discourage people from the product.  Focus groups are a good way to understand if the right message is perceived and improve upon it from several different mindsets.


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