Market research for business/insurance planning

Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is completed, it can be used to determine how to market your product.

Examples of market research would be in the form of questionnaires and surveys.

For starting up a business, there are some important things:

• Market information

Market information is known as the prices of the different commodities in the market, the supply and the demand. Information about the markets can be obtained from several different varieties and formats.

• Market segmentation

Market segmentation is the division of the market or population into subgroups with similar motivations. it is a widely used basis for segmenting on geographic differences, personality differences, demographic differences, technographic differences, use of product differences, and psychographic differences.

• Market trends

The upward or downward movements of a market, during a period of time. The market size is more difficult to estimate if you are starting with something completely new. In this case, you will have to derive the figures from the number of potential customers or customer segments. 1998

But besides information about the target market you also need information about your competitor, your customers, products etc. Lastly, you need to measure marketing effectiveness. A few techniques are:

• Customer analysis
• Choice Modelling
• Competitor analysis
• Risk analysis
• Product research
• Advertising the research
• Marketing mix modeling

See also

• Ad Tracking
• selling process
• A/B testing
• Advertising Research
• Commercial eye tracking
• Copy testing
• Council of American Survey Research Organizations
• experimental techniques
• Global Marketing
• Industry or market research
• Integrated Marketing Communications
• Marketing effectiveness
• Return on marketing investment

• List of marketing research firms

• Marketing
• Marketing Research Association

• Marketing research mix
• Master of Marketing Research

• mTAB

• Observational techniques
• Online research communities

• Propaganda

• Quantitative marketing research

• Qualitative marketing research

• QSR International

References

• Bradley, Nigel Marketing Research. Tools and Techniques.Oxford University Press, Oxford, 2007 ISBN-10: 0-19-928196-3 ISBN-13: 978-0-19-928196-1
• Marder, Eric The Laws of Choice -- Predicting Customer Behavior (The Free Press division of Simon and Schuster, 1997. ISBN 0-684-83545-2
• Visha Consultants (nd)Market Research, Marketing Research. Tools and Techniques.
• Young, Charles E, The Advertising Handbook, Ideas in Flight, Seattle, WA, April 2005. ISBN 0-9765574-0-1
• Kotler, Philip and Armstrong, Gary Principles of Marketing Pearson, Prentice Hall, New Jersey, 2007 ISBN13 978-0-13-239002-6, ISBN10 0-13-239002-7