Value creation and customer needs (how much value is created and what needs are satisfied) Consumer decision-making process (this behaviour is a decision making process) Exploratory: calls for decision based on courses of action (0 or small cost, preliminary reading of data, focus groups -> designed to talk to 6-12 people at a time. Conclusive: more expense, comparing and evaluating options, formal research designs (includes creating questionnaires, picking a sample and get your data/reading. Performance monitoring: measures outcome of a particular marketing activity. Exploratory: gauge market potential, identify consumer characteristics, price levels. Conclusive: brand awareness, will you repeat purchases, package design, acceptance of new products (need bigger sample sizes) Performance monitoring: customer satisfaction or effectiveness of ad. Process of market research: defining the issue, establishing research objectives, determining sources of data, collection and sampling, processing, analysis, presenting findings. Diamond-water paradox water is useful than diamond but diamond has more 571$ value.