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Market Research Methods and Strategies for Effective Planning

Learn how to carry out market research using various methods such as market size observation, document analysis, questionnaires, and more. Discover how to identify market segments, evaluate marketing mix, and analyze competition to decrease risks and increase profit potential.

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Market Research Methods and Strategies for Effective Planning

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  1. How to Carry out Market Research Market Size Observation Market Trends Document Analysis Prediction Questionnaires Planning User Groups Assessment of Strategies/Promotion Preliminary Research Postal Surveys Purpose Evaluating Marketing Mix Telephone Surveys Identifying Market Segments Customer Interviews Identifying Consumer Needs Market Research Test Markets Identifying Competition Online feedback Identifying Opportunities/Gaps Main Idea Decrease Risks and Threats Company Accounts Internal Reports and Analysis Random Samples Internal Resources Stock Analysis Stratified/Segment Random Sampling Retail Data - Membership Card etc. Quota Sampling Secondary Research Methods Government Statistics Cluster Sampling Trade Publications Contact or 'Snowball' Sampling External Resources Commercial Data Multi-Stage Sampling Media Reports Household Expenditure Survey

  2. Marketing Plan Background Profit Potential Objectives Plan Direct Vision Indirect Competitors A skimming strategy Potential Competition Pricing A market penetration strategy Performance A comparable pricing strategy Reaction Customers Promotion Number Advertising Type Direct Marketing Value drivers Personal Selling Decision process Sell online

  3. This deals with the firm's rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation. In this scheme, firms are classified based on their market share or dominance of an industry. Typically there are three types of market dominance strategies. Pioneers Leader Market Dominance Strategies Innovation Strategies Close followers Challenger Late followers Follower Marketing Strategy Product Differentiation Horizontal Integration Generic Strategy Framework Market Segmentation Vertical Integration Growth Strategies Miscellaneous Diversification Intensification Strategy on the dimensions of strategic scope and strategic strength. Strategic scope refers to the market penetration while strategic strength refers to the firm's sustainable competitive advantage. In this scheme we ask the question, "How should the firm grow?". There are a number of different ways of answering that question, but the most common gives four answers.

  4. Market Trends Report Country A Market Trends (Thousand million) 82 36.5 25.6 48.2 192.3 166.7 148.9 Emulsion skin care products 120.2 Agent class skin care 75.6 Gels skin care Skin care cream 2009 2010 2011 2012 2013 Brand A 60% Brand A 20% Brand A 42% Brand A 18% 18 42 60 8 2 6 36 6 8 30 10 15 18 15 12 48 12 10 28 20 Brand A Brand B Brand A Brand A Brand B Brand A Brand B Brand B Brand C Brand C Brand D Brand C Brand D Brand D Brand E Brand D Others Others Others Others

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