Types[ edit ] Brand extension research mainly focuses on consumer evaluation of extension and attitude toward the parent brand. In their model, Aaker and Keller provide a sufficient depth and breadth proposition to examine consumer behaviour and a conceptual framework. The authors use three dimensions to measure the fit of extension. First, the "Complement" refers to consumers taking two product classes extension and parent brand product as complementary in satisfying their specific needs.
Kheng Guan Toh The term market research encompasses a number of activities that are designed to connect marketers to consumers through information gathering and evaluation.
Market research provides businesses with information about their customers, their competitors, and their overall industry.
It is commonly used to identify marketing problems and opportunities, as well as to develop and evaluate the effectiveness of marketing strategies. Small business owners, because of their usually limited financial resources, have a particular need for adequate, accurate, and current information to aid them in making decisions.
Market research can help entrepreneurs evaluate the feasibility of a start-up venture before investing a great deal of time and capital, for example, as well as assist them in effectively marketing their goods and services. Employing such marketing strategies as market segmentation and product differentiation would be nearly impossible without first conducting market research.
Although market research can be costly, it is often even more costly to make erroneous decisions based upon bad or inadequate information. In fact, an average business spends between 25 and 50 percent of its annual marketing budget on research activities.
Conducting large-scale market research in-house is not possible for many small businesses, since it requires a comprehensive understanding of the problem to be addressed, the market, and the application of research procedures. But there is a great deal of helpful information available to entrepreneurs who know where to look, and there are many consultants, advertising firms, and market research specialists who offer their services to small businesses for a fee.
The information gathered through market re-search can be divided into two main categories. The first category—primary information—generally does not exist in a coherent form before the marketer gathers it in response to a particular question or problem.
The most common methods of gathering primary market research information are through direct mail, telemarketing, and personal interviews. The other category—secondary information—has already been compiled and organized by a source other than the marketer. Rather than looking at a specific marketing problem faced by an individual company, secondary information generally tracks trends within a market, an industry, a demographic group, or a geographic region.
A great deal of valuable secondary information is available to small business owners at little or no cost. Market research can provide small business owners with the information they need to answer a wide range of questions, including: Who are my customers?
Where are they located? How much and how often will they buy? Given the importance of market research—and its potential cost—experts recommend that businesses follow a step-by-step approach in order to gain the most benefits from their research activieties.
The first step in the market research process is to define the marketing problem to be addressed. Next, a marketer should determine what information is needed to solve the problem, as well as what sources should be used to acquire the information.
Many businesses make a preliminary investigation at this early stage in order to give their definition of the problem more focus and to develop tentative answers that can be tested during the next stage of the process.
The third step involves planning the research. This step includes selecting the techniques to be used for gathering data and deciding on an appropriate group, or sample, to be included in the research. Fourth, a marketer actually gathers the necessary data. The fifth step involves analyzing and interpreting the information that has been gathered.
There are three general types of market research suppliers that can assist small businesses with one or more steps in the above process.
Some firms specialize in conducting overall market research that they release to a variety of clients for a fee. This type of firm includes syndicated services such as A.
Nielsen and Company, which provides viewership ratings for national television programs. There are also custom market research firms that handle all aspects of the process, from defining the marketing problem and designing research techniques to evaluating results and formulating new marketing strategies.
In contrast, smaller, specialty line suppliers usually concentrate on one aspect of the process. Marketers who wish to secure the services of a market research firm usually obtain bids from a number of suppliers.
The following sections provide more information about the various types of market research that such suppliers perform. Television and radio ratings demonstrate the popularity of shows and determine how much stations can charge for advertising spots during broadcasts.
Publication subscription lists, which are audited by tabulating companies to ensure their veracity, are important in determining the per page rate for advertising. It can also be more extensive, as when a company develops prototypes of proposed new products that may be intended for market introduction months down the road.
In product research, as in all market research, there is a danger to paying too much attention to the wrong things. For instance, the introduction of New Coke was based on the outcome of taste tests that showed the public wanted a sweeter product.
But later an angry public, outraged that Coca-Cola was planning to change the familiar formula, forced the company to ignore its taste tests and leave the original Coke on the market.Keller’s Brand equity model is also known as the CBBE model which stands for Customer based brand equity.
The model is explained with the help of a Brand equity pyramid. As Marketing evolved, the customer became the main focus.
To acquire and retain customers, you need a strong brand. The model of Brand equity helped. The following companies have joined the Embedded Vision Alliance to promote the adoption of technologies and products that help hardware and software product creators quickly bring new practical computer vision ideas to market.
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