2 Market Research
3 Market Research For Business Planning & Growth
4 Tanishq – An Introduction
5 Locating Tanishq
6 Product Line & The Collections
7 Tanishq For You
8 Tanishq Retailing
10 Tanishq Marketing Strategy
11 The Jewellery Market
12 Some of Tanishqs Competitors
13 Tanishq – Market Research
14 Tanishq – The Turnaround Story
15 Promotion, Advertising & Public Relation
16 Tanishq In The News
As we see it, research in advertising and marketing is very crucial in understanding, speculating on, and ultimately determining the position of the product in the consumer's mind.
It is like a homework task that a good advertising/marketing/sales person would always carry out before (and after) implementing the said product's advertising/marketing strategy.
By collecting data with the help of research methods, the researcher can manage to understand the consumer, what he wants, when he wants it, and how he wants it.
Research methodologies, more or less, aim to reveal consumers’ different perceptions of the product, in large part about the way it is advertised.
The researcher wants to know how effective the advertisement is on his listeners, where the strategy falls short, and where it can improve.
Ultimately, it can be said that the most important task of advertising/marketing research is to increase the sales of the product. This requires a well developed marketing plan, a good know-how of the prospective consumer, and most of all an effective and rational research methodology.
Market research is the process of systematically gathering, recording and analyzing data and information about customers, competitors and the market. Its uses include to help create a business plan, launch a new product or service, fine tune existing products and services, and expand into new markets. Market research can be used to determine which portion of the population will purchase a product/service, based on variables like age, gender, location and income level.
Market research is generally either primary or secondary.In secondary research, the company uses information compiled from other sources that appears applicable to a new or existing product. The advantages of secondary research are that it is relatively cheap and easily accessible. Disadvantages of secondary research are that it is often not specific to your area of research and the data used can be biased and is difficult to validate. Primary market research involves testing such as focus groups, surveys, field tests, interviews or observation, conducted or tailored specifically to that product.
A list of questions that can be answered through market research:
• What is happening in the market? What are the trends? Who are the competitors?
• How do consumers talk about the products in the market?
• Which needs are important? Are the needs being met by current products? .
MARKET RESEARCH FOR BUSINESS PLANNING & GROWTH
Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is complete it can be used to determine how to market your specific product.
For the growth and plannning of a business there are a few things that are important:
Market information is making known the prices of the different commodities in the market, the supply and the demand. Information about the markets can be obtained in several different varieties and formats.
Examples of market information questions are:
• Who are the customers?
• Where are they located and how can they be contacted?
• What quantity and quality do they want?
• When is the best time to sell?
Market segmentation is the division of the market or population into subgroups with similar motivations. Widely used bases for segmenting include geographic...
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