A marketing consultant is asked to gather preliminary information about interest in a new product. Then, they are tasked with describing the market potential for the product, such as the demographics of potential customers. Which types of marketing research should the consultant conduct?

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Business

Watkins

26 January, 00:49

A marketing consultant is asked to gather preliminary information about interest in a new product. Then, they are tasked with describing the market potential for the product, such as the demographics of potential customers. Which types of marketing research should the consultant conduct?

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Korbin · Answer 1

There are several types of marketing research used in order to collect important data for the marketing planning of a particular product or service. In this case, a marketing consultant must carry out market segmentation research, product tests, advertising tests, price research, usability tests, analysis of consumer perception factors, etc.

The use of each different type of marketing research will depend on what factors and business problems the company is currently facing. There are four main areas of these factors:

1 - Consciousness: inform the market of the existence of the product

2 - Segmentation: Reach the segments with the highest profit potential.

3 - Acquisition: Optimize marketing communication, offer and price for sale.

4 - Retention: Retain customers by generating repeat purchases from the company's current customers.