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What is marketing?

Simply put, marketing is the way a company or an organization producing goods or services communicates with the public, especially consumers.

All companies and organizations market in some way, because if they do not, we wouldn't know they exist.

Marketing is a broad category for this type of communication, and under the umbrella of "Marketing," some subcategories fall.

The key subcategories of marketing are public relations, sales, and advertising.

It is important to understand that each of these subcategories helps with marketing as a whole, and each subcategory has unique characteristics that impact the way the company or organization communicates with the audience.

Public relations is a one-sided and indirect form of communication.

The company or organization provides information that it feels is important and valuable to the community and consumers and to various media outlets, such as magazines, newspapers, and television stations, in an attempt to have the media run a story or share that information.

Companies and organizations do not pay the media outlets to run the stories, and they have no control over whether or not a story will run; all they can do is be persuasive and provide information.

Sales is a two-sided form of communication as the salesperson and the consumer interact directly.

This allows for the salesperson to market directly to the consumer, share important information, answer questions, negotiate, and be persuasive while speaking with the consumer.

While sales can be a very effective marketing tool, it has a very short reach, which means it can only inform and communicate with a small number of consumers due to the one-on-one delivery format.

Advertising is similar to public relations in that it allows a company or an organization to reach out and communicate with a large number of people at once.

Advertising also includes the media, but unlike public relations, advertising is paid for by the company or organization.

Companies can choose where their ads will run, who will see the ads, how often the ads will run, and exactly what the ads will look like.

This differs from the uncertainty of public relations as the company or organization has 100% control over the message and advertising has a cost.

So ... what then is a marketing plan?

A marketing plan is a document that companies and organizations use to manage their marketing efforts.

The first section of a marketing plan outlines the key information about the company, its business, its products or services, and the type of industry the company is in. This information would remain the same for all marketing plans that the company or organization develops.

The second section of the marketing plan explains the goals of the marketing plan.

All goals should say what the marketing plan will accomplish, how much of a change will be made, and how long it will take.

These goals can only be related to things that can be changed through marketing, such as increasing sales or launching a new product.

If a goal cannot be met through marketing, such as opening new locations of a store, it is not part of the marketing plan and this type of a goal would be called a “corporate” or “organizational” goal.

The only goals included in a marketing plan are marketing goals.

Once the objective or goal of the marketing plan is determined, the marketing team needs to figure out who they are marketing to so that they can research the target market and the characteristics of those consumers.

They also research the kind of media the target uses: Does the target market read certain magazines? Watch certain television shows?

Finally, the marketing team figures out how to communicate with the target market and develops the advertisements, public relations, and sales techniques that will be used.

The last stage of the marketing plan is review and evaluation. In this stage, the marketing team goes back and looks over what they have developed; what research they have conducted; what marketing elements they have used, such as ads and press releases; and the team then evaluates how the plan worked. They use this information while developing the next marketing plan.

One interesting fact about marketing plans is that many companies have multiple marketing plans running at one time. If you look at the advertisements for a large fast food restaurant such as McDonald's, you might see a TV ad that seems to target busy mom's, a web ad targeting teenagers, and a billboard targeting hungry commuters. Each of these ads has a different goal or objective and a different target market. The ads were developed using a different marketing plan.

      
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Internal Influencers on Consumer Behavior

It is evident that many reactions of consumers are driven by their interpretations of social pressures and trends, but how do these external factors develop the internal influences that cause a decision to be made?

The question here is really, why does a consumer act at all?

Motivation is usually thought to be this driving force to action; it is a state of tension that leads to a demand to reduce the feeling.

This tension develops around the need to sustain, protect, satisfy, or enhance an individual.

As these behaviors become more consistent, they develop a consumer’s personality and finally his or her buying habits.

Motivation is often defined as the process that causes people to behave as they do.

When a need originates, most individuals try to satisfy that need.

The desire to reduce or eliminate the tension created by this need drives the consumer to act.

Needs are separated into two major categories—utilitarian and hedonistic.

Utilitarian is a need that has a practical function, such as a need to eat a low-sodium diet to diminish complications and improve health after a heart attack.

Utilitarian needs may also be seen as physiological in nature and are usually met first, although not necessarily with the same effectiveness.

Consider hunger in the United States. This need is met for the most part, but a poor person may eat a diet that does not include the proper vitamins even though the need created by the hunger has been eliminated.

Other physiological needs have biological bases but also carry with them social values, morals, or attitudes that affect how they are met.

Hedonistic needs are more emotional and may involve fantasies like developing a craving for your favorite food or restaurant. “I am hungry for a steak” is a hedonistic craving compared to the utilitarian response, which would be “I am hungry.” Both satisfy the biological or physiological need, but hedonistic addresses the emotional component. This blending of the utilitarian and hedonistic purposes is the link between internal and external influences.

As external factors begin to drive the satisfaction of our internal needs, we see the prioritization of influences and how they affect our actions. What may be initiated by physiological tension is now affected by psychological factors. Later this week, you will learn how to create a pyramid showing how our needs and the priorities we assign them ultimately create the motivation or intensity of our drive to act.

Most have heard the theory, “You should never shop for groceries if you are hungry.” Believe it or not, many studies have been conducted to test this theory and have found that there is a direct correlation between the amount of time you spend shopping and your hunger factor. As you have probably guessed, the theory proves to be true. Our basic physiological needs take over even when we are not conscious of them. Nothing could be a more basic motivator that influences a consumer than this level of tension created by the body.

The challenge for the marketer is to determine the impact of the external factors created by society on these basic internal influences. These psychological concepts lead us to our creation of habits and practices. The goal of every marketer is to successfully determine the mix of internal and external influences and use them to make his or her products or services part of a consumer’s habit with respect to buying behavior. Our next focus is to examine how we may allow these influences to become habits.

Consumer Habits and Practices

When habits are examined in the consumer behavior arena, there are two ways to define a consumer’s approach. One involves the purchasing of a product or a service over and over again, which could also be defined as brand loyalty. From the advertising point of view, it might refer to the circulation of an ad or a message over and over until it becomes ineffective and may go unnoticed.

Low-Commitment Brand Loyalty

Many habit purchases are just as they sound—habits. There is a low commitment to the product on the part of the consumer. He or she purchases the product repeatedly only because it is easier to buy the same brand than really “shop” each time he or she needs to make the purchase. It is only out of habit that the item is sold. When this is true, it is easy for a competitor to steal the consumer away by offering something persuasive to get the consumer’s attention. You will learn more about the art of persuasion later in your program, in the course on persuasive techniques. It may be as simple as a price discount, a special promotion, or the physical positioning of the product in the store that makes it more visible to the prospective buyer.

High-Commitment Brand Loyalty

Other habit purchases are considered high commitment in nature and are often referred to as brand loyalty. Consumers research, shop, and experiment with products and then decide on one brand. They will continue to use or purchase this brand exclusively for an extended period of time. It would take a lot to get them to break their habit of this purchase. Convenience, price, promotion, and quality are normally effective in moving a consumer from one product to another. But in the case of brand loyalty, it is more difficult to change the purchasing habit.

Why does a person trade a car to purchase the same brand again? Have you ever heard anyone say he or she can cook only with a certain brand of flour or sugar? Have you ever wondered why some products have been number one in their categories for decades while others come and go almost overnight? Gold Medal Flour, Campbell’s Soup, and Ivory Soap have been at the top in their product categories for more than seventy years. What makes some products survive while others come and go with no real loyalty from consumers? A consumer’s level of commitment is directly related to the brand loyalty he or she exhibits for a product. These are classic examples of brand loyalty.

Consumer Needs and Wants

Now you see more clearly how habits are the actual act of purchasing. Let us examine what drives those purchases. Common sense suggests there is a learning process involved that dictates buyer behavior. The increasing volume of research and the addition of new products in the marketplace force the buyers to adapt their priorities and buying habits. These decisions influence the separation of a consumer’s needs and wants. Even when presented with products, changes in such dimensions as price, advertising, and availability require learning. Various behavior models are used to try to explain this learning process. A few are the learning model, the psychoanalytic model, the sociological model, the economic model, the stimulus-response model, and the hierarchy of needs model.

The learning model examines an individual’s behavior over time on the hypothesis that each action of an individual is influenced by his or her earlier actions. We generally consider all the past successes and failures of an individual to be a learning situation, as having some influence upon his or her subsequent response, recent events having a greater effect than older events.

Originated by Sigmund Freud, the psychoanalytic theory suggests that personality is derived from the interaction of three forces: the id, the ego, and the superego. The id is concerned with meeting the individual's hedonistic (or biological) needs. Inversely, the superego "acts as an ethical constraint on behavior," with the ego mediating between the two opposite forces. From the perspective of consumer behavior, Freud's psychoanalytic theory facilitates an understanding of the motives and reasoning behind consumer actions. The following examples illustrate this point:

    During a midlife crisis, a man buys a sports car to hold on to youth and desirability.
    Women want to bake a cake from scratch in order to prove their maternal instincts are adequate.

Social-psychological theorists assert that social factors ought to be considered the key determinants of personality. Karen Horney, a proponent of the social-psychological theory, further developed the theory through her taxonomy of personality orientation. Horney developed three orientations of individuals: compliant, detached, and aggressive.

    Compliant: Individuals who need love, acceptance, and appreciation
    Detached: Individuals who desire independence and value self-sufficiency
    Aggressive: Individuals who are competitive in nature and find strength and power appealing

The economic model may be the most obvious with respect to common sense. Assuming a low commitment to a given product or service and similar demographic factors, consumers are most affected by price and availability. It could be paralleled to the "supply and demand" thought process, the most basic law of economics. With no true loyalty to the product, a consumer will purchase the cheapest and most available product. Price, promotion, and place are usually more important than the product when this model is used to describe the buying habits of a target group.

Four basic concepts combine to form the stimulus-response model: Drive or need, response, cue, and reinforcement. Drives are strong stimuli that impel action and are of two kinds, innate and learned. Innate can be referred to as physical or primary, including drives as basic as hunger, thirst, pain, cold, and sex. They would be considered physiological. Learned drives are emphasized by the conditions of society, such as the drive for social status. They are built on the basis of innate drives but represent elaborations of them and serve as a façade. Hidden behind the façade are the functions of the underlying innate drives.

Drives lead to responses that lead to the stimuli or cues that determine when, where, and how the subject will respond. Cues can come in many forms. The product itself may be a cue; walking through a store may be a cue, or, more often, advertising is a cue. A response is an organism’s reaction to a cue. There are a number of ways in which the response to be connected to a given cue may first be elicited to develop a new habit. Eliciting this first response is the key element in many marketing problems. An example would be creating a new product or a new market for an existing product. New uses for a product have also been successful—baking soda is not just for baking but also for absorbing smells in your refrigerator. Responses are arranged in the order of their probability of occurrence, which will be examined later in this lecture.

Any event that strengthens the tendency for a response to be repeated is called reinforcement. In general terms, it is a reward. Reinforcement is a process in which the acquisition of a reward leads to drive reduction. What is reinforced is the tendency to make a particular response in the future to the cue or cues that immediately preceded it.
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A210: Writing Advertising Copy / 7 effective tips for writing short ad copy!
« Last post by sally crocker on September 28, 2016, 01:34:32 am »
https://blog.crazyegg.com/2014/02/18/writing-effective-short-copy/


7 Tips for Writing Effective Short Copy

by Christina Gillick
Feb 18, 2014 Copywriting   

Long copy versus short copy… which converts better?

The answer is often debated, but there’s only one truth when it comes to copy length.

It depends.
Short Copy

Depending on your product, target market, advertising medium, goals of your copy, and a million other factors, the length that’s most effective will vary.

Here are some examples:

    Price: A higher priced product requires more copy because you need more proof and copy to overcome objections.
    Medium: Some promotional strategies—like Google Adwords, Twitter, and author bios—can only accommodate short copy. In that case, knowing how to capture attention quickly with just a few words is enormously valuable.
    Goal: If the goal of your copy is to get someone’s email address your copy can be much shorter than if your goal were to sell something.

So, if you’re trying to determine which length of copy to use, just remember the old adage: Your copy should be as long as it needs to be and no longer.

This means, if you’re writing to sell a membership program and you wind up with a 10-page sales letter explaining all the benefits, showing proof, describing your guarantee, and more, 10 pages may be appropriate. (However, be sure to cut any “fluff.” The smoother and more compelling your sales letter is, the better it will convert—even if you cut a few pages.)

On the other hand, here are three instances where you may want to use shorter copy:

    If your product requires a smaller investment or less of a commitment, you may be able to write just a few paragraphs and still have a great conversion rate. Here’s an example of (very) short copy:Short CopySince entering your URL isn’t much of a commitment—if at all—this pop-up can be very effective and still be short. In fact, using more copy might be distracting and confusing.
    Writing a perfect 10-page sales letter is a big, long undertaking and it would delay your product launch by weeks (or more). In this case, it’s better to get something live—even if it’s shorter—and add more proof, testimonials, and details later.
    You don’t have an option. If you’re advertising on Twitter, you’re limited to a certain amount of characters. Same thing for Google AdWords. In other instances, maybe you need all your copy “above the fold.” Or you’re creating a postcard and there’s just not room for long copy. Any of these instances could require the use of short copy.

So when you must use short copy, how can you ensure it’s as effective as possible? Here are 7 surefire ways for writing effective short copy that converts:
1. Know (and understand) your target audience.

Before starting on your short copy project, keep in mind that most of the real work to create effective short copy happens before you start writing!

First, make sure you know what’s important to your intended reader. Research the demographic your targeting well. Get to know them intimately before you write any copy. Here are some example questions:

    What makes my target audience really happy?
    What makes them mad?
    What is their biggest problem?
    What keeps them up at night?

I’ve found that short copy works best when your audience is specific, limited, and targeted. This is likely because it’s easier to talk to one specific person—and convince them—than it is to address everyone with one message…

For instance, if you want to target men from 18-65, that’s a big audience. The 19-year-old man doesn’t have the same concerns as the 30-year old man or the 60-year-old man. Trying to talk to that large of an age range requires a lot of copy.

Instead, drill down to one optimal customer and target them. Not sure where to start? Consider who is most likely to buy your product or service and talk directly to them.
2. Remember the power of one.

One of the biggest lessons I learned about effective copy is sticking to the power of one. This ensures your copy will be tight and compelling, regardless of the length.

In other words, have one main idea that weaves throughout the entire piece. This goes for both long and short copy. Don’t get off track. If you do, you’ll increase your length. But, don’t worry; you can always cut the extra copy later.

So, how do you determine your one main idea? To start, choose the biggest problem that you’re solving for your target audience and stick with it. No distractions.

And, keep stories to a minimum because you may not have enough room to develop a compelling story. For any stories you must use paraphrase and shorten them as much as possible.

If it fits and flows, keep it. If not, find another way to connect with the reader, such as a current event they’re likely familiar with or a compelling quote from someone your target market knows, likes, and trusts. Don’t forget; during editing cut anything that doesn’t directly support your claim to solve their biggest problem.
3. Be very clear on what your goal is.

Before you start writing, determine the goal or action you want your reader to take. Do you want them to…

    Click an “add-to-cart” button?
    Visit a landing page?
    Sign up for a newsletter?

Once you have your goal, consider what it would take to convince you—or someone in your target market—to take that action. If you’re asking for an email address, your copy can likely be shorter than if you’re asking for an order.

If you’re having trouble with this, try writing your call to action first—before you write the bulk of your copy. This will give you a clear ending and a direction to travel. Then, make sure the rest of your copy supports your one idea and your goal.

Anything that sidetracks the reader should be cut.

Of course, you may need to modify your call to action once you’ve written the rest of the copy. Who knows, something much better might come to you while writing. But, knowing your call to action up front will help you write concise and effective copy.
4. Find the deeper benefit to the promise.

With short copy, you likely won’t have room to address every feature and benefit of your product. In this case, it’s better to write all of the features and benefits and then select only the most compelling and most important (to your target audience).

We talked about this above in the “power of one” where I said, “Choose the biggest problem that you’re solving for your target audience and stick with it.”

Now take this one step deeper and determine the deeper benefit of your product or service. In other words, how will your product or service solve their biggest problem? And, why would they want that?

Here’s an example:

Let’s imagine that you sell a fitness product… it’s the hottest new home workout DVD program and it comes with super-sized rubber bands for resistance training…

The features might be:

    A 30-minute long DVD you can watch anywhere
    3 resistance rubber bands for building muscle

Try asking, “So what?” after each feature to uncover the emotions benefits:

    A DVD… So what? You can watch it anywhere. So what? You won’t need to leave the house… you won’t be embarrassed at the gym. You will lose weight in the privacy of your own home. You can use it to travel…
    3 resistance bands… so what? You’ll build muscle faster? So? Your workout will be shorter. You’ll see results sooner. You won’t have to work as hard…

Getting in shape quickly and easily is a benefit to nearly anyone… but the deeper benefit?

Well, that depends on your target market. A 19-year-old man might want to get in shape and have others find him desirable. A 50-year-old man might want to stay in shape to reduce the aches and pains of old age.

Paint a picture of them enjoying these deeper benefits and your copy will be much more effective. Here’s an example from Duluth Trading:
Short-Copy

Duluth Trading is one of my husband’s favorite companies—and mine too—because their copy is so fun and effective. Just check out some of the phrases above:

    “Dressier details like single-stitching look better for heading into town.”
    “Easy-moving Crouch Gusset™ doesn’t infringe on a guy’s space.”
    “In case you need to spring into action or cut a rug.”

See how the copy is short, but it gets across the deeper benefit: good-looking comfort, for any occasion!
5. Include a user-friendly rock-solid guarantee.

To help your short copy perform better, include a rock-solid guarantee. This helps reduce any risk, makes your target customer more comfortable trying your product or service, and increases conversions. For help writing your guarantee, go here.

Here’s another example from Duluth Trading—short, simple, and a no-brainer:
Short-Copy
6. Remove the fluff. Cut the excess.

Once you’ve finished, go back through your copy and remove or replace any words that are over an 8th-grade reading level.

It’s not that your readers are dumb (or 8th graders); they just have a lot of distractions. Making your copy as smooth as possible—and easy to read—is key for short copy to convert effectively.

Also, remove any wordiness. For examples, check out this article on tight copywriting.

Then look for anything that can be cut that isn’t essential to your message. Often words like “that,” “very,” and “really” can be cut completely and the sentence will still make sense. Keep in mind that multiple revisions may be necessary to get your copy as short—and compelling—as possible.
7. Test your copy.

As with everything, testing your copy is essential. Testing will allow you to see what works best for your target audience and help you create shorter copy faster next time.

Another one of the advantages of short copy is that it’s easier to edit and test. Plus, small changes—like altering your headline or changing the size of your font—can make a big difference.
The rest is up to you.

I wish I could tell you whether short copy or long copy will work best for your product or service, but there’s no clear-cut answer. But, by following the tips above you can start writing effective short copy that converts better.

How about you? Have you been using short copy effectively? What results have you had?

Article written by Christina Gillick, a direct-response copywriter.
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ADVA302-Introduction to Ad Campaigns / What is an ad campaign?
« Last post by sally crocker on September 21, 2016, 04:39:42 pm »

A coordinated series of linked advertisements with a single idea or theme.

An advertising campaign is typically broadcast through several media channels. It may focus on a common theme and one or few brands or products, or be directed at a particular segment of the population. Successful advertising campaigns achieve far more than the sporadic advertising, and may last from a few weeks and months to years.

Read more: http://www.businessdictionary.com/definition/advertising-campaign.html
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ADVA204-Consumer Behavior & Persuasive Techniques / Consumer Behavior and Marketing
« Last post by sally crocker on September 14, 2016, 05:38:08 pm »
Consumer Behavior (Working Definition)

“Is the study of the process involved when consumers select, purchase, use or dispose of products, services, ideas or experiences to satisfy needs and desires” (Solomon).

The Discipline of Marketing

Marketing can be thought of as the way in which products are "brought" to market—it's the process of letting people know what's available to them.

So where does consumer behavior fit in the marketing process? It touches every facet of the process! Successful marketing is based on knowing the psychological, sociological, and economic drivers of consumer behavior, anticipating consumer actions given certain conditions, and crafting advertisements that focus on targeted consumer groups.

Consumer behavior is not static; it changes as individuals and societies evolve.

Once our subsistence needs are met, we turn to higher-level needs, like recreation and personal growth. The messages we are exposed to every day change how we think about material ownership.

Our desires change as more and better products are developed. Product and service introductions can even shift consumer values and views.

Take Starbucks as an example. Ten years ago, who would have considered paying $3.50 for a cup of coffee on a daily basis? Starbucks entered the picture and created a whole new product and service category.

Starbucks was introduced as a trendy spot that had many features of European coffee houses.

The specialty coffee drinks combined with pastries offered consumers affordable little luxuries, and the comfortable environment provided an appealing place for coworkers, entrepreneurs, and friends to gather.

Starbucks does not sell products alone; it sells a lifestyle.

Starbucks leaders are aware of this.

Its founder and chief executive officer (CEO), Howard Shultz, says he wants Starbucks to be the “third place between home and work.”

With Starbucks, we see how coffee has woven itself into the fabric of people's lives, and that presents a great opportunity for emotional leverage.
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ADVA201-Fundamentals of Marketing / Simple marketing tips to help a business grow!
« Last post by sally crocker on September 07, 2016, 01:26:48 am »
Some quick and easy tips on the marketing basics for businesses of any size!

http://marketing-made-simple.com/articles/quick-marketing-tips.htm

1. Understand your customers

Getting to know your customers is the most important stage of marketing process. The more accurate your information and knowledge, the more effective you will be at selling. Use all the information at your disposal to understand customer's behavior, demographics, and requirements. This information should steer your major business decisions and allow you to write a marketing plan.

2. Observe the marketing environment

Knowing your customer is vital, but there may also be business opportunities which emerge as a result of changing global circumstances. For example, in recession budget brands such as camp sites or cheap food stores tend to flourish as people dial down their annual spending. Emerging technologies may make new products possible, and new legislation may shift consumers behaviors - a good example is the reduction in road tax for low polluting cars. Make sure you regularly 'scan' the external environment for opportunities (and threats).

3. Design your product or service around the customer

Once you have a marketing plan in place, you need to make sure your product or service is tailored to your customers - from the packaging to the way it is promoted. Entrepreneurs often fall into the trap of making the product they want to sell, rather than designing and presenting things in the way the customer wants.

4. Ensure you are smooth and efficient

The process of conducting your business is almost as important as the product itself - make sure delivery is quick, returns are dealt with courteously, your staff greet customers with a smile and a cup of coffee. Surprise and delight your customers by going above and beyond the call of duty for them. Word of mouth is a powerful selling tool and this is exactly the way to generate it.

5. Design targeting advertising & customer communications

Placing a few ads just isn't enough to get noticed any more. Consumers are bombarded with hundreds of marketing messages every day of their lives and take less and less notice. You need to do something pretty special to stand out, so make sure your messages are clear and appeal to exactly the people you are trying to sell to. Use both emotional and rational arguments to demonstrate what you are selling and why they need it.

6. Invest in your people

Your staff are your most precious asset - look after them and give them the training they need to do their jobs well. From your receptionist to your salesmen, make sure they are motivated, have the tools they need and understand their role in the business plan. If everyone works together, your business will look after itself.

7. Make sure your shop front is immaculate

Good presentation is a huge influencing tool, it generates trust, motivates your staff and makes customers comfortable with their decision. If your front of house is messy, what does that say about your warehouse or filing systems? Even if things are chaotic behind the scenes, never lower the standards of your customer facing areas

8. Have a pricing strategy

Don't just set a price based on production costs plus a margin. Pricing is a powerful tool to achieve your goals - decide what you are trying to achieve and what message you're giving out by setting your price at a certain level. High prices mean you're likely to sell less, but can give the impression of a premium product. Low prices can allow you to break into or dominate a particular market, although this may mean low profitability in the short term. Ensure pricing is part of a greater strategy, and include this in your marketing plan.

9. Respond to complaints well

Every complaint is an opportunity to turn around a dissatisfied customer - respond quickly and positively. Remember your brand is easily damaged, and the last thing you want is for people to be actively spreading bad stories about your business. A complaint that is dealt with well can often result in a loyal customer, they will have refreshed trust in your brand and the confidence to buy again knowing that if things do go wrong they will be sorted out quickly.

10. Write a marketing plan

Develop your strategy in the form of a written marketing plan, as this will ensure all members of your business understand the company direction. The plan is a comprehensive and well researched document which covers all essential aspects of taking your products to the customer, including the points listed above. When developing the plan, ask yourself the following questions.

   
  • Where are we now?
        Where do we want to be?
        What opportunities exist in the environment?
        How will we get there?
        Who will do what?
        How will we know we've arrived?
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From the Small Business Development Corporation (https://www.smallbusiness.wa.gov.au/business-topics/marketing/market-research/):

Market research

Market research is an effective tool to assist your business planning. It is about collecting information that provides an insight into your customers thinking, buying patterns, and location. In addition, market research can also assist you to monitor market trends and keep an eye on what your competition is doing.

    Define your market research objectives
    Sources and types of information
    Collect, analyse and act on the results

Successful businesses undertake market research on a regular basis to:

    identify potential new customers
    learn more about existing customers
    inform their decisions regarding existing and new products or services
    better understand their competitors
    test new markets
    identify performance, pricing or promotion opportunities

Define your market research objectives

It’s important to clearly define your objectives in order to achieve useful results from your research. Clearly defined objectives will help identify the best methods to conduct your research.

You will also need to determine the time frame and budget you can allocate to undertake the research. You might consider using a professional market research company to assist you.

To read more, follow this link:

https://www.smallbusiness.wa.gov.au/business-topics/marketing/market-research/
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