Market Research Fundamentals

Study Notes

Definition: The process of gathering and analyzing data to understand consumer behavior, preferences, and needs.
Types:
- Qualitative research: Focuses on non-numerical data, e.g., surveys, interviews, and focus groups.
- Quantitative research: Analyzes numerical data, e.g., sales figures, website traffic, and customer demographics.
Tools:
- Surveys and questionnaires: Online or offline tools to collect self-reported data.
- Focus groups: Small, structured discussions to gather qualitative data.
- Customer analytics: Data analysis to understand customer behavior and preferences.

Definition: The process of creating and establishing a unique identity for a product, service, or company.
Key elements:
- Logo: Visual symbol representing the brand.
- Tagline: Catchy phrase summarizing the brand's value proposition.
- Tone of voice: Consistent language and communication style.
Branding strategies:
- Positioning: Creating a unique image in the customer's mind.
- Differentiation: Highlighting unique features and benefits.

Definition: The promotion of products, services, or brands through digital channels.
Types:
- Search Engine Optimization (SEO): Optimizing website content for search engines.
- Pay-Per-Click (PPC) advertising: Paid ads on search engines and websites.
- Social Media Marketing: Promoting brands through social media platforms.
- Email Marketing: Targeted, personalized messages to customers and prospects.
Digital marketing metrics:
- Conversion rate: Percentage of visitors completing a desired action.
- Return on Ad Spend (ROAS): Revenue generated per dollar spent on advertising.

Definition: Paid, non-personal communication to promote products, services, or ideas.
Types:
- Print advertising: Ads in newspapers, magazines, and billboards.
- Digital advertising: Online ads, including display, video, and mobile ads.
- Broadcast advertising: TV and radio commercials.
Advertising objectives:
- Awareness: Creating brand recognition and visibility.
- Consideration: Encouraging customers to consider a product or service.
- Conversion: Driving sales, sign-ups, or other desired actions.

Market research is a process of gathering and analyzing data to understand consumer behavior, preferences, and needs
Qualitative research focuses on non-numerical data, such as surveys, interviews, and focus groups
Quantitative research analyzes numerical data, such as sales figures, website traffic, and customer demographics
Surveys and questionnaires are online or offline tools to collect self-reported data
Focus groups are small, structured discussions to gather qualitative data
Customer analytics involves data analysis to understand customer behavior and preferences

Branding is the process of creating and establishing a unique identity for a product, service, or company
A logo is a visual symbol representing the brand
A tagline is a catchy phrase summarizing the brand's value proposition
Tone of voice is a consistent language and communication style
Positioning involves creating a unique image in the customer's mind
Differentiation involves highlighting unique features and benefits

Digital marketing is the promotion of products, services, or brands through digital channels
Search Engine Optimization (SEO) involves optimizing website content for search engines
Pay-Per-Click (PPC) advertising involves paid ads on search engines and websites
Social Media Marketing involves promoting brands through social media platforms
Email Marketing involves targeted, personalized messages to customers and prospects
Conversion rate is the percentage of visitors completing a desired action
Return on Ad Spend (ROAS) is the revenue generated per dollar spent on advertising

Advertising is paid, non-personal communication to promote products, services, or ideas
Print advertising involves ads in newspapers, magazines, and billboards
Digital advertising involves online ads, including display, video, and mobile ads
Broadcast advertising involves TV and radio commercials
Advertising objectives include creating brand awareness, encouraging consideration, and driving conversion