Content deleted Content added
Reverted 1 edit by Magnifysearch (talk): Rv WP:PROMO external link |
rmv someone's random schoolwork |
||
(11 intermediate revisions by 5 users not shown) | |||
Line 2:
{{see also|Market analysis}}
{{marketing}}
'''Market research''' is an organized effort to gather information about [[target markets]] and customers: know about them, starting with who they are.<ref name=MyResearchBway.NYT>{{cite news|newspaper=[[The New York Times]]|url=https://www.nytimes.com/2006/08/01/arts/01niel.html|title=Nielsen Brings a New Marketing Strategy to Broadway|author=Campbell Robertson|date=August 1, 2006|access-date=July 23, 2020|archive-date=July 24, 2020|archive-url=https://web.archive.org/web/20200724061652/https://www.nytimes.com/2006/08/01/arts/01niel.html|url-status=live}}</ref> It is an important component of [[business strategy]]<ref name="McQuarrie">{{cite book|last=McQuarrie|first=Edward|title=The market research toolbox: a concise guide for beginners|publisher=SAGE|year=2005|edition=2nd|url=https://books.google.com/books?id=qYW8vE0nx4gC|isbn=978-1-4129-1319-5|access-date=November 16, 2020
It 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.<ref>{{cite book |year=2008
|title=International Code on Market and Social Research|publisher=ICC/ESOMAR Amsterdam, the Netherlands|edition=4 |url=http://www.esomar.org/uploads/pdf/professional-standards/ICCESOMAR_Code_English_.pdf|archive-url=https://web.archive.org/web/20180903185324/https://www.esomar.org/uploads/public/knowledge-and-standards/codes-and-guidelines/ESOMAR_ICC-ESOMAR_Code_English.pdf|archive-date=
Market research, [[marketing research]], and [[marketing]] are a sequence of [[business process|business activities]];<ref>{{cite web|url=https://www.acq.osd.mil/dpap/Docs/cihandbooks.pdf|title=Commercial Item Handbook|quote=market research is a business operation|access-date=August 2, 2020
The field of ''marketing research'' is much older than that of ''market research''.<ref>{{Cite journal|url=https://www.jstor.org/stable/1246952|title=Notes on the History of Marketing Research|journal=Journal of Marketing|last=Lockley|first=Lawrence C.|volume=14|number=5|year=1950|pages=733–736|doi=10.2307/1246952|jstor=1246952|access-date=
==History==
Line 27:
*[[SWOT analysis]]: SWOT is a written analysis of the Strengths, Weaknesses, Opportunities and Threats to a business entity. A SWOT may also be written up for the competition to understand how to develop the marketing and product mixes. The SWOT method helps to determine and also reassess strategies and analyze a business's processes.
*[[PEST analysis]]: PEST is an analysis about external environment . It includes a complete examine of a firm's Political, Economical, Social and Technological external factors, which may impact firms' objectives or profitability. They may become a benefit for the firm or harm its productivity.
*Brand health tracker: Brand tracking is way of continuously measuring the health of a brand, both in terms of
Another factor that can be measured is [[marketing effectiveness]]. This includes:
Line 44:
==Data collection==
{{Main|Data collection}}
"Rigorous sampling methodologies combined with high-quality data collection" is what the magazine ''[[Ad Age|Advertising Age]]'' considers the backbone of market research.<ref>{{cite book|title=The Advertising Age Encyclopedia of Advertising|author1=John McDonough |author2=Karen Egolf |year=2015}}</ref> Data collection can be done by observing customer behavior through in-situ studies or by processing e.g. log files, by interviewing customers, potential customers, stakeholders, or a sample of the general population. The data can be quantitative in nature (counting sales, clicks, eye-tracking) or qualitative (surveys, questionnaires, interviews, feedback). Aggregating, visualizing, and turning data into actionable insights is one of the major challenges of market research and today, [[text analytics]] affords market researches methods to process large amounts of qualitative information and turn it into quantitative data, which is easier to visualize and use for formalized decision making.<ref name="openanswers">{{cite book |last1=Espinoza |first1=Fredrik |last2=Hamfors |first2=Ola |last3=Karlgren |first3=Jussi |last4=Olsson |first4=Fredrik |last5=Hamberg |first5=Lars |last6=Sahlgren |first6=Magnus |title=Proceedings of the 2018 Conference on Human Information Interaction&Retrieval - CHIIR '18 |chapter=Analysis of Open Answers to Survey Questions through Interactive Clustering and Theme Extraction |author-link3=Jussi Karlgren |author-link6=Magnus Sahlgren |date=2018 |pages=317–320 |chapter-url=http://kth.diva-portal.org/smash/record.jsf?pid=diva2%3A1185949&dswid=-9597 |doi=10.1145/3176349.3176892 |isbn=9781450349253 |s2cid=3619476 |url=http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-223645 |access-date=
Data collection can use larger audience samples than the few hundred or thousand typically used in market research.<ref>{{cite web|url=https://marketcast.com/when-data-science-and-traditional-market-research-collide/|title=When Data Science and Traditional Market Research Collide|publisher=MarketCast|date= Some data collection is incentivized: a simple form is when those on the road contribute to [[traffic reporting]] of which they are consumers. More complex is the relationship of [[consumer-to-business]] (C2B), which sometimes introduces reliability problems.<ref>{{cite news|newspaper=[[The New York Times]]|url=https://www.nytimes.com/2019/11/28/business/online-reviews-fake.html|quote=Customer reviews are incredibly important in e-commerce, but they can be unreliable or downright dishonest.|title=When Is a Star Not Always a Star? When It's an Online Review|author=Sapna Maheshwari|date=November 28, 2019|access-date=July 26, 2020|archive-date=July 17, 2020|archive-url=https://web.archive.org/web/20200717014019/https://www.nytimes.com/2019/11/28/business/online-reviews-fake.html|url-status=live}}</ref> Other data collection is to know more about the market,<ref>{{cite news|newspaper=[[The New York Times]]|url=https://www.nytimes.com/interactive/2017/04/02/technology/uber-drivers-psychological-tricks.html|quote=Faster pickup times mean more idle drivers ... armies of underemployed people looking for extra hours|title=How Uber Uses Psychological Tricks to Push Its Drivers' Buttons|date=April 2, 2017|access-date=July 26, 2020|archive-date=August 9, 2020|archive-url=https://web.archive.org/web/20200809224305/https://www.nytimes.com/interactive/2017/04/02/technology/uber-drivers-psychological-tricks.html|url-status=live}}</ref> which is the purpose of market research.<ref>{{cite news|newspaper=[[The New York Times]]|url=https://www.nytimes.com/2019/12/19/technology/amazon-sellers.html|title=Prime Power: How Amazon Squeezes the Businesses Behind Its Store|author=Karen Weise|date=December 19, 2019|access-date=July 26, 2020|archive-date=December 19, 2019|archive-url=https://archive.today/20191219195205/https://www.nytimes.com/2019/12/19/technology/amazon-sellers.html|url-status=live}}</ref>
Line 56 ⟶ 58:
==Research and market sectors==
Regarding details for worldwide corporate market research, "most of them are never written about because they are the consumer research done by the country's manufacturers."<ref name=MaResearchUnpublished.NYT>{{cite news|newspaper=[[The New York Times]]|url=https://www.nytimes.com/1975/11/16/archives/market-research-is-now-a-national-pastime.html|title=Market Research Is Now a National Pastime|author=Philip H. Dougherty|date=November 16, 1975|access-date=July 23, 2020|archive-date=July 23, 2020|archive-url=https://web.archive.org/web/20200723150811/https://www.nytimes.com/1975/11/16/archives/market-research-is-now-a-national-pastime.html|url-status=live}}</ref> Also less written about is tailored translation approaches based on the expertise or resources available in the local country.<ref name=":0">{{Cite journal |last=Sha |first=Mandy |last2=Lai |first2=Jennie |date=April 7, 2016
Market research data has loss prevention aspects; that less than 60 percent of all proposed modifications and new products are deemed failures.<ref name=MaResearchUnpublished.NYT/> When information about the market is difficult to acquire, and the cost of "going ahead with the decision" to offer the product or service is affordable, the research cost may be more profitably used "to ensure that the new line got the advertising send-off it needed to have the best chances of succeeding."<ref name=MaResearchCostCon.HBR>{{cite magazine|magazine=[[Harvard Business Review]]|url=https://hbr.org/1983/07/cost-conscious-marketing-research|title=Cost-Conscious Marketing Research|author=Alan R. Andreasen |date=July 1983}}</ref>
As measured in revenue,
===Market research for the film industry===
Line 75 ⟶ 77:
==Insights industry==
Market research is an industry that overlaps with and is often referred to as the "
Market research aims to produce so-called "actionable knowledge" that firms find useful in their operations:<ref>{{Cite journal|url=https://www.sciencedirect.com/science/article/pii/S0019850117306156|title=Actionable marketing knowledge: A close reading of representation, knowledge and action in market research|first1=Carlos|last1=Diaz Ruiz|first2=Maria|last2=Holmlund|date=October 1, 2017|journal=Industrial Marketing Management|volume=66|pages=172–180|via=ScienceDirect|doi=10.1016/j.indmarman.2017.08.005}}</ref>
Line 83 ⟶ 85:
==Small businesses and nonprofits==
Small organizations and non-profits can derive needed information by observing the environment of their location. Small scale surveys and focus groups are low cost ways to gather information from potential and existing customers and donors. While secondary data (statistics, demographics, etc.) is available to the public in libraries or on the internet, primary sources, done well, can be quite valuable: talking for an hour each, to twelve people, two apiece from six potential clients, can "get inside their minds.. get a feel for their needs, wants and pain. You
|magazine=[[Harvard Business Review]]|url=https://hbr.org/2019/01/customers-surveys-are-no-substitute-for-actually-talking-to-customers|title=Customer Surveys Are No Substitute for Actually Talking to Customers|author=Graham Kenny |date=January 17, 2019}}</ref>
|