ICTworks

What is Marketing?
“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” – American Marketing Association

What is Market Research?
“Marketing research is the function that links the consumer, customer, and public to the marketer through information–information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.”
– American Marketing Association

Why do you want to do market research throughout the life of your business?

Because market research can help you:

1. Identify potential target markets
2. Recognize specific customer needs and wants
3. Determine if your products or services meet customer needs and wants
4. Decide the best way to advertise or promote your products or services
5. Examine your competition

Market research can answer these questions about:

• Your customers. Who are your customers? How many people are in your target market? Where do they live and work? What percentage is male or female?  What are their ages, races, income levels, and education levels? How many children do they have? What are their occupations, skills, interests and hobbies? Do they have pets?
• The buying habits of your target market. What is the average dollar amount spent on purchases or products or services similar to yours? How many people in your target market currently use services similar to what you plan to offer? When do they buy these products or services? Where do they shop? Why do they decide to buy? How often do they buy? How much do they buy at a time? How do they spend their extra income? How strong is their credit?
• What your target market thinks and how they feel. What does your target market think of your products or services? How do they compare your business to your competition? What features and benefits do your customers think are important? Who makes the decisions to buy, and why do they decide to buy? Do they only want the best? The least expensive? The most convenient? Are they looking for the best service? Are they concerned with appearances, and how do they think your product or service makes them look? What are their unmet needs? What confuses your customers and prospects?
• Your competition. Who are your competitors? How do they compete with you? What are their strengths and weaknesses? Are their opportunities based on their weaknesses? What is their market niche? What makes your business unique? How do your competitors communicate with the market? Who are their customers?  Where are they located? Are they profitable?