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Market Research and Analysis Terms to Know
Market research is an invaluable tool for running any business, from a large international firm to a small mom and pop store. The information gleaned through research and analysis helps companies of any size remain competitive. Knowing terminology related to market research can be very helpful in creating a plan for collection and analysis of data.
The Four P's - Product, price, placement and promotion. These factors dictate how a company advertises and sells its products or services. Each company will have a different distribution between these four considerations.
Primary Research - Research conducted exclusively for a particular business. These reports are tailored for the market and customers, and can be very focused. International studies or studies for a niche industry must often be conducted as primary research.
Secondary Research - Information taken from previous studies, or other available resources. Companies of a smaller size, or otherwise without the infrastructure to design and implement a tailored study often rely upon secondary research.
Ad Tracking - A type of primary research designed to study brand recognition and effectiveness of advertising over time.
Commercial Eye Tracking - Research to survey the eye movements of consumers looking at advertising or packaging. This primary research can be useful for designing and modifying advertising and logos.
Viral Marketing Research - Studies related to social networking and the likelihood that an advertisement will be shared by consumers with their friends. These reports can be used to predict whether a viral marketing campaign will spread successfully.
Coolhunting - The process of predicting future trends in pop culture, and how these trends will influence different markets.
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Market research and analysis is very important for companies and businesses all over the world. Specialists and management teams in many commercial industry settings conduct surveys and research annually in order to see what consumers want, and what they will likely spend money on. Ample data is gathered and recorded regarding various products and services. The purpose of this is to better understand the current market, how consumers are spending, and what custom behaviors are changing.
Businesses and professionals in practically every industry conduct market research and analysis processes all the time. It is prudent to consult consumers and get them to communicate what they are interested in. This is a good way to predict consumer behavior habits, as well as what products and services will bring in the most money. This way the proper application of clever campaigns and advertising techniques is possible. In this market research and analysis process, there are lists of names made, online databases created, and commercial ideas explored. Depending on the company, business, or management team, specific surveys are often conducted that involve the general public. Many of these surveys can take place online to save time and money.
For those who wish to learn more about market research and analysis processes, job positions, studies, and surveys, you should go online for further information. There is plenty of data provided online on various websites, and it is free to access. Keep in mind that different companies and commercial businesses use different techniques when it comes to conducting research.