CB - Consumer Research Objectives and Methods

Consumer Research Objectives

• The purpose of consumer research is to understand customers better and identify insights to influence their decision-making.
• Clear objectives are crucial for planning research design and ensuring relevant data collection.
• Product research objectives aim to analyze product quality and understand the product's life cycle in relation to competition.
• Consumer segmentation divides customers into distinct groups based on demographics, behavior, or needs.
• External factors influence consumer behavior, such as economic trends or cultural changes.

Secondary Research in Consumer Research

• Secondary research involves analyzing pre-existing data collected by other sources.
• Secondary data can be internal, such as sales records, or external, like government reports or industry research.
• Advantages of secondary data include cost-effectiveness and accessibility.
• Disadvantages of secondary data include limited relevance to specific research questions and potential data accuracy limitations.
• Competitive analysis uses secondary sources to understand competitors' strategies and products.
• Secondary sources are crucial to understand industry trends, brand perceptions, and price elasticity.
• Benchmarking involves comparing the company's performance to industry standards using secondary data.
• Social media data provides valuable insights into real-time public perception and can be used to monitor brand sentiment.
• Accuracy is crucial for secondary research to ensure informed decision-making.
• Nielsen reports provide insights on consumer trends in specific industries.

### Critical Factors in Consumer Research

• Understanding customer attitudes, perceptions, and behavior is critical to inform decisions in consumer research.