In the video, The Role of Market Research, Jeff Hawkins describes how marketing research did (and didn’t) help him identify market opportunities and problems. Use Table 1.1 to suggest a category of marketing research that could support the marketing efforts of a product of your choice. Why do you think this research would be useful?
To suggest a category of marketing research that could support the marketing efforts of a product, we can refer to Table 1.1 in the video, "The Role of Market Research." In this table, different categories of marketing research are listed:
1. Descriptive research: This type of research helps to provide a detailed picture of a market or consumer behavior. It aims to answer questions like "What is happening in the market?" or "What are the characteristics of our target audience?"
2. Diagnostic research: Diagnostic research focuses on understanding the reasons behind market behaviors or problems. It aims to answer questions like "Why are customers not purchasing our product?" or "What are the factors influencing consumer decision-making?"
3. Predictive research: Predictive research involves analyzing past data and trends to make predictions about future market conditions or consumer behavior. It aims to answer questions like "What will be the demand for our product next year?" or "What are the likely market trends in our industry?"
4. Prescriptive research: Prescriptive research provides recommendations or action plans based on the findings of other research types. It aims to answer questions like "What marketing strategies should we adopt to increase sales?" or "How can we improve customer satisfaction?"
To select a category of marketing research for a specific product, let's consider an example:
Product: Fitness wearable (e.g., a fitness tracker or smartwatch for health tracking)
Category of marketing research: Diagnostic research
Reason for usefulness: Diagnostic research would be useful for a fitness wearable product as it would help identify the reasons behind market behaviors or problems. It could address questions like "Why are customers not adopting fitness wearables?" or "What are the barriers to usage?" By understanding the factors influencing consumer decision-making and identifying any obstacles to adoption or usage, the marketing efforts can be tailored to address these challenges effectively. This would help in developing strategies to improve consumer interest, increase sales, and refine product features to meet customer needs more effectively.
Table 1.1 is not provided in the given question. However, I can still suggest a category of marketing research that could support the marketing efforts of a product.
One category of marketing research that could be useful is "Consumer Behavior Research". This type of research focuses on analyzing consumer attitudes, preferences, motivations, and buying behavior. By conducting consumer behavior research, a company can gain insights into why consumers make specific purchasing decisions and identify potential market segments to target.
Understanding consumer behavior can be helpful in various ways. It can provide insights into product preferences, which can guide product development and innovation. Additionally, it can help in developing effective marketing strategies by identifying target consumer segments, tailoring messages, and determining the most suitable marketing channels.
For example, if a company is launching a new smartphone, consumer behavior research can help identify the key features that consumers value the most and guide the marketing efforts towards highlighting these features. It can also provide insights into the preferred distribution channels, pricing strategies, and post-purchase customer support, thus maximizing the chances of success in the market.
Overall, consumer behavior research can provide valuable insights into the target market's preferences, motivations, and decision-making processes, helping a company tailor its marketing efforts to meet the needs and wants of consumers effectively.