Types and Various Stages of Market Studies

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There are two main types of market studies:

1. National Market Studies:

These studies focus on changes that take place in markets over a period of time. Information on category, brand-use patterns and consumer demographic and phychographic data is collected and analysed. After analysis, the information is used to define the target consumers, the market opportunities, and provide directional development of marketing strategy.

2. Strategic Market Studies:

These studies focus on the analysis of a specific product-market. There are three types of strategic market studies:

a. Positioning studies find interrelationships between consumer perceptions and preference for these brands.

b. Segmentation studies identify consumer characteristics that will respond to a particular marketing configuration.

c. Structure studies study competitive relationships inside a market.

Research design stages for a prototypical market segmentation:

1. Determination and selection of segmentation basis.

2. Selecting segment descriptors, and linking the descriptors with basis of segmentation.

3. Data collection.

4. Sample design - stratified and quota sample.

5. Forming segments based on categorizing respondents.

6. Establishing segmental profiles.

7. Matching segments' size and profile into marketing strategies.

Additional Readings:

1. Functions and Elements of Growth in Marketing Management
2. Marketing Organization and Functions of a Marketing Manager
3. Functions and Essentials of New Project Planning
4. Types and Various Stages of Market Studies
5. Naming Products and Name Testing Research
6. Planning of Advertizing Budgets
7. Basic Steps of Test Market Studies
8. Trade through Selected Agencies
9. Price and Motivation of Marketing
10. Marketing Functions at different levels of Development
11. Elements of a Marketing Mix
12. Advantages and Disadvantages of Branding
13. Packaging and Sales Promotion
14. New Product Development Strategy
15. Screening a New Product

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