An analyst is a professional who studies data and makes recommendations on various courses of business actions. Analysts may specialize in various fields such as budgets, credit, securities, financial patterns, sales, and more.
The gathering of data about a competitor's products and prices to identify actual or future sources of competitive advantage. Understanding a competitor's strengths and weaknesses helps an organization develop its own strategy.
A concept test is a type of research study whose main goal is to evaluate an idea or concept developed to determine its potential success. It aims to assess the effectiveness of an advertising campaign in reaching its intended objectives.
Consumer behavior involves understanding how and why individuals make purchasing decisions, influenced by internal and interpersonal factors. Marketers use this knowledge to create effective stimuli that prompt sales by aligning with customer personalities and needs.
Cross tabulation, also known as contingency table analysis, is a statistical technique used to establish an interdependent relationship between two or more tables of values, without identifying a causal relationship. This method is widely utilized in data analysis to compare and understand the relationship between two categorical variables.
Population statistics in regard to socioeconomic factors such as age, income, sex, occupation, education, family size, and the like. Advertisers often define their target market in terms of demographics; thus, demographics are a very important aspect of media planning in matching the media with the market. Each demographic category is broken down according to its characteristics.
A focus group is a form of market research where a small group of people, usually 5-10, is asked about their attitudes toward a product, concept, advertisement, idea, or packaging. This detailed feedback helps in improving or tailoring products to market needs.
Geodemography involves attributing demographic characteristics to a group of individuals residing in the same geographic area through an overlay of demographic survey data against a geographically segmented list.
Geographic Segmentation is a customer market classification strategy based principally on geographic location, facilitating targeted marketing and enhanced customer satisfaction.
An independent store refers to individually owned and operated retail shops that may not be part of larger retail chains. This term is often used in retail indexes and classifications for market research.
Market Analysis is the comprehensive study designed to define a company's current or potential markets, forecast their directions, and decide how to expand the company's share and exploit any new trends.
A Market Participant Interview is a strategic method to gather in-depth opinions and insights from individuals who are actively involved in buying, selling, or renting a product. These interviews typically focus on a smaller, more knowledgeable group than a random sample or a general survey.
Market research involves exploring the size, characteristics, and potential of a market to identify consumer needs and preferences, usually before developing a new product or service.
A market segment is one of two or more subgroups within a target market. Different marketing mix strategies can be developed to reach each of the target market segments.
Market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared characteristics. The goal is to identify high-yield segments — that is, those segments that are likely to be the most profitable or that have growth potential — so that these can be targeted with tailored marketing strategies.
A marketability study is an in-depth analysis aimed at determining the likely sales success and marketability of a specific product for a particular client. It involves gathering data on market prices, quantities, and types of products that are currently selling.
The Marketing Director is responsible for overseeing all marketing functions within an advertiser's company, including advertising, sales promotion, research, and other marketing elements. This role is pivotal for driving the company's marketing strategy and ensuring alignment with overall business goals.
Motivational research encompasses psychological studies aimed at understanding the underlying motivations behind consumer purchases and responses to advertising appeals.
A sample group of people used for research purposes who have been selected at the discretion of the interviewer based on predetermined quotas.
Secondary data refers to information collected for a purpose other than the current research objective. This data is typically gathered by other entities such as government agencies, market research firms, or academic institutions.
The Standard Industrial Classification (SIC) System is a federally designed standard numbering system that identifies companies by industry, providing essential information used by market researchers, securities analysts, and others. It is being replaced by the North American Industry Classification System (NAICS).
Stratified Random Sampling is a method used to divide a population into distinct subgroups or strata, which are independently sampled to achieve more precise estimates.
A strategic method for pricing products or services based on the price customers are willing to pay, ensuring both market competitiveness and profitability.
A geographic location selected for the introduction of a new product, new advertising campaign, or both. The use of a test market allows advertisers or manufacturers to evaluate the product performance on a small scale, and to assess the marketing plan for the product before a broader rollout.
Test marketing is a form of marketing that occurs during the product-testing step of the overall product development process, where selected areas are chosen for the actual introduction of the product. Sales and consumer reactions are monitored for an overall evaluation.
