Market research provides relevant, accurate and timely information about customer behavior by systematically segmenting customers and collecting both primary and secondary data. It involves both qualitative research that explores attitudes and feelings as well as quantitative research that deals with statistics. Market research benefits organizations by discovering customer wants and values, benchmarking performance against competitors, and avoiding costly mistakes by targeting the right messages. It is a learning process that includes questioning, analysis, understanding and reasoning to interpret customer data and make informed marketing decisions.

1. Understand Market Research d i r e c t i o n

4. Market Research Qualitative/Quantitative? % Great % Great % Great  Good  Poor  Good  Good Public Opinion  OK  Poor  Good % Great % Great % Great % Great Behavior  Good  Poor % Great  Good  OK  Good  Good Pricing  OK  OK  Poor  OK  Good % Great % Great Packaging  OK  Poor  OK  OK  OK % Great % Great Media  Good  Good  Good  Good  Good % Great  Good Customer Retention  Good  OK % Great  Good  Poor  Good  Poor Customer Loyalty % Great % Great % Great  Poor  Poor % Great  Poor Customer Satisfaction % Great % Great % Great  Good  Poor  Poor  Poor Demographics  OK  OK  Poor  OK  Poor  Good % Great Copy Testing % Great % Great % Great % Great  Poor  OK  Poor Advertising Effectiveness % Great % Great % Great  OK  Good  OK  Good Brand Awareness  Good  Poor  Poor % Great  Good % Great % Great Features & Benefits % Great  Good   OK   Poor  Good  Poor  Poor % Great % Great % Great % Great New Product Concept Key On-line Mail Phone On-line Panels In-depth Interview On-site Focus Group Market Research Project Quantitative Survey — Census Qualitative

5. Market Research Process A systematic progression beginning with questions, curiosity, or speculation * combining cognitive thought and objective analysis, facilitated ^ by activities which, conclude with reasoning ** and understanding. ^ to make easier or less difficult, help forward *Reasoning based on inconclusive evidence; conjecture or supposition **the mental power concerned with conclusions, judgments or inferences. © Market Directions– All Rights Reserved Who will Buy? How much will they buy? How much should we charge? Where should we sell? How will the product be used? How do customers perceive value? How do we reach customers? What are the market threats? What are the market opportunities? Speculate Inquire Observe Understand Interpret Analyze Measure Examine Probe Explore Debate Investigate Reason