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MKT 100 (488)

Module Four

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MKT 100
Richard Michon

Marketing Module 4 Getting closer to the customercustomer research processes are being simplified to make them more timely and usefulEliminating the number of people between the designer and the customer in product development researchThe goal is to understand your customer better than other suppliersmarket powerDo not become fixated on particular research methods such as focus groups or supermarket scanner data analysisResearching Customers Private information a firm profits from unique information and insights it has about production techniques and trade secrets Insight a business has about the behaviour of customers that is not common knowledgechanging consumer preferences buying behavioursInsightful interpretation acts as a powerful driver of competitive success and profitabilityAn important research activity of a business is to track customer satisfactiondissatisfaction and trends in demand done by tracking returns customer complaints and surveying customersmodern market researchAlso conducting special customer research studies to test product concepts in new product development and to better understand customers or potential customers Learning by suppliers about demand has to be a good thing for market efficiency The market research process includes these steps 1 Problem DefinitionQuestions to be answered2 Research Design3 Data Collection 4 Data Analysis and Interpretation 5 Presentation of Results Often an informal study is made to identity the real problem and frame the questions to be addressed
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