• In conducting market research, gather two types of information, primary and secondary. o Primary is information that comes directly from the source, i.e. interviews, surveys, questionnaires, focus groups. o Secondary involves gathering information like statistics, reports, and studies. This is where the majority of one’s research will come from.
• Utilize government guidance. For example, the U.S. Census Bureau offers a wealth of free or inexpensive business information.
• Trade maps show major areas of commerce and can aid in identifying the limits of one’s market.
• Online information provides a large amount of valuable and up to date information on one’s target market.
I also found it interesting that some articles listed common marketing research mistakes, which I think is also a helpful technique. These mistakes include: using only secondary research, using only web resources, and surveying only people who you know.
2. Market Segmentation involves dividing a large market into subgroups of customers with similar needs and requests for goods and services. These subgroups are identified by many demographic situations, depending on what it is that the marketer is segmenting them for. Marketing campaigns can then be developed around the needs and wants of the subgroups. The main and basic reason for market segmentation is to help a company understand what the needs are of its customer base. Often by segregating consumers by specific criteria a company can identify other functions for their products that may or may not have been recognizable before. Identifying these other ideas for use of goods and services may help the company target a larger segmentation in that same demographic classification and thus increase market share among a specific sub market