What is the importance of market research, and why should it be conducted? Market research is critical for both new and existing products. The benefits market research provides is to ensure the product is properly positioned in the marketplace and targeting the appropriate customers. It also helps marketers develop promotional campaigns, pricing strategies, and distribution plans. Using marketing research saves money and makes the entire marketing process more efficient and effective.” What do you feel is the most effective way to conduct market research? I believe the most effective way to conduct market research is to use a combination of quantitative and qualitative research methods. The quantitative methods measure sales, regional demographics, market statistics, and other metrics related to the product. Qualitative methodologies include focus groups, surveys, and online research. When combined, these methods produce a comprehensive picture of the market potential for a product, the competitive environment, and other items which will impact the marketing decisions a company makes.” What methods do you use to keep your market research knowledge and skills up to date? I spend several hours a week reading relevant publications, industry blogs, and other information. I also have frequent conversations with my peers in the industry to see what techniques they are using and learn about their best practices. Can you describe the difference between qualitative and quantitative market research and when you would use each of them? The two types of research methodology I use are qualitative and quantitative. Qualitative techniques include surveys, focus groups, questionnaires, and direct observation. These are subjective, but when aggregated, they provide a comprehensive picture of the market. Qualitative measures include statistical analysis, numerical measurement of the market dynamics, demographics, and other methodologies involving specific numbers, quantities, or percentages. They define the market potential, competitive positioning, and other metrics used to determine specific results obtained from marketing efforts.” How do you go about forecasting the market demand for a new product? Forecasting the market demand for a new product requires using both quantitative and qualitative methodologies. The quantitative measurements include demographic information, determining the market size, and establishing the relative positions of each competing product. Qualitative methodologies include surveys, questionnaires, and focus groups which determine product preferences, current product usage, and the demand for new and unique products. Based on both of these techniques, I can forecast the demand for a new product and make recommendations for the pricing, distribution, and promotional strategies.” What information do you use to determine how to introduce a product into a new market? Information I collect to determine how to introduce a product into a new market includes the market demographics, current demand for product category, existing and potential competitors, the current pricing strategies, and how consumers learn about new products similar to this one. I may also be interested in complementary products and other market factors that will impact the product’s success.”
