Introduction
Marketing research as a process helps an organization to come up with a way forward in terms of marketing a product or service to prospective target market, based on both qualitative and quantitative method and tries to minimize the risks and also to understand the consumer’s decision making process with regards to a product or service as per their needs and wants.
The marketing research process is sequential and starts with the research objective, in terms of a launch or re-launch of a product or service, for example the objective is to launch a juice.
Then comes the type of consumers targeted for research with regards to the attributed of the juice i.e. health based for adults or health conscious consumers or taste based for teenagers or kids and also focusing on the competition.
The third step is Mode of Gathering Research, through qualitative (focus groups & interviews) and quantitative (surveys & questionnaires) methods, the launch of a juice will focus on all aspects in view of the competitive nature in the sector.
The fourth step is very important i.e. Interpretation of the research findings, in view of the juice launch focus on the trends of answers by consumers by utilizing tables, diagrams etc. Also focus on the SWOT done in the marketing plan.
Finally Conclusions are drawn, and marketing strategy is based on it in view of minimizing risk i.e. the juice to be launched based on 4P’s and SWOT (Business Victoria, 2014).
Market Segmentation is the foundation of successful marketing and product launch. The following segmentation type in essence segments a market and helps marketers in formulating the plan (M. McDonald & I. Dunbar, 2012).
Geographic segmentation is based on the location of the consumer, which helps the finalizing the area where the marketing focus will be.
The Demographic segmentation helps in clearly focusing on the consumer i.e. age, life cycle (single married, with kids, older), Income bracket and the social class with regards to the product’s attributes (upper, middle, lower).
Psycho-graphic segmentation, focus on why the consumers purchase a product, with regards to lifestyle, personality and values.
Behavioural segmentation, focus on how of the consumer purchasing behaviour and help in planning to better the product.
And lastly, Occasional segmentation focusing on events like Christmas and Easter.
References
Business Victoria (2014). How to do Market Research in 5 steps. State Government of Victoria. Retrieved from http://www.business.vic.gov.au/marketing-sales-and-online/increasing-sales-through-marketing/doing-market-research
M. McDonald and I. Dunbar (2012). Market Segmentation: How to Do It and How to Profit from It. John Wiley & Sons Ltd, West Sussex, U. K.
