Market Research Propalsal

Quantitative research: In quantitative researches, surveys are conducted to collect numerical data. Most of the surveys include close-ended questions which are less time consuming. It is quite easy to collect such data as consumers tend to be more co-operative. The collected data is further analyzed for a proper conclusion.

In order to market the product into the market successfully, marketers need to have some marketing strategy to enter the desired market and make profit. Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics (Schiffman et al., 2011). Understanding the market size and segmentation is valuable, but the keys to effective targeting is to know just how valuable specific consumer groups are, and being able to quantify the impact of consumer trends ( Berry, 1999).

Market segmentation is process dived market in to different groups of buyers those who has different needs, characteristic,

A fleet of cars is owned by a community. The marketplace matches owners of cars that are available to other drivers to rent.

Different kinds of people display different buying patterns even in a segment of age group 18 years to 25 years. This truth is well understood by those people who are responsible for market research, product development, pricing, sales and strategy. Market segmentation is the identification of portions of market that are different from one another. Every individual falls under one or other demographic segment

Segmentation is a method that divide and separate market into a few segments according to the similar and identical needs, wants, and preferences. Through segmentation, marketers can be more easily to arget the customers and achieve their profit.

Market segmentation as defined by Kotler, is the segmentation of markets into homogenous groups of customers, each of them reacting differently to promotion, communication, pricing and other variables of the marketing mix. Market segments should be formed in that way those

For a successful firm, having a good research to realize the customers need is very important. Qualitative research and quantitative research are the main method to collect information and data from customers for making firm’s decision. However, there is a different between qualitative and quantitative which used in different part of projects. And they both have advantages and disadvantages in the process and the conclusion which may lead to incorrect decisions.

Our opinion is that we need to use a mix of qualitative and quantitative research to understand more about our customers and their buying behaviour. We need to gain an insight into how they select their suppliers and how we can improve our positioning.

‘Market segmentation represents an effort to identify and catergorise groups of customers and countries according to common characteristics’ (Keegan and Green 2016, p.228). For any business, it is crucial that they segment their market accordingly or they will risk forgoing sales opportunities. Fahy and Jobber (2015) identify the objective of market segmentation as distinguishing groups of customers with similar requirements so

Market segmentation – “dividing total market into several smaller groups that have smaller needs, and behaviours”

Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations. Its important as it allow a business to precisely reach a consumer with specific needs and wants. There are several thing of market segmentation such as demographic segmentation, geographic segmentation, psychographic segmentation.

Qualitative Research is commonly used to develop a basic understanding of the problem. It is basically non-statistical in type of market research. It mainly uses an inductive technique, which is data that related to certain topics are gathered and grouped together into appropriate categories. The explanations usually developed from the data itself. It is used in experimental research design and expressive research at times also. The qualitative data gathered in several forms such as individual interview transcriptions; documents, journals and notes or records that have been made while observation, focus group and action research. Usually the qualitative research data collection methods are time consumable. Therefore the data is usually will be collected in a smaller sample to make it inexpensive. The main advantage of the qualitative data collection is that the information or result will be richer and usually has a deeper insight of a subject that under the study.

Market segmentation use to divide a large market into small markets that can develop company’s product and service to a specific group of consumer, including geographical, demographical, psychographical and behavioral. Then, have to go through market targeting and market positioning which are consists of a set of buyer who share common needs that the company decides to serve and a place that product occupies in consumer’s mind relative to competing products.

Market segmentation came into existence with the thought that one size doesn’t fit all. A heterogeneous market is divided and viewed as several homogeneous markets. It is an essential aspect of marketing in industrialised countries. Goods are no longer produced or sold without considering customer needs and the heterogeneity of those needs.