Market Research Fundamentals

Market research encompasses both primary and secondary research methodologies, forming the backbone of informed business decisions. The chapter explores various research types and marketing concepts essential for business success.

Definition: Market segmentation divides the market into subgroups of customers sharing common characteristics, enabling targeted marketing approaches.

Example: Primary research methods include conducting customer surveys at a shopping mall or interviewing focus groups about a new product.

Vocabulary: Qualitative research focuses on non-numerical data to understand buying habits, while quantitative research analyzes numerical data for patterns and predictions.

Highlight: The 4P's of marketing (Product, Price, Place, Promotion) create a comprehensive framework for marketing strategy development.

The product life cycle concept demonstrates how products evolve through introduction, growth, maturity, and decline stages, with extension strategies available to prolong market success.