Market Research is about reducing uncertainty, and increasing understanding about people. It uses a sample of the real world to enable us to understand and confidently predict, what people think feel or believe about an issue, product or service. By understanding people we provide an insightful connection with the real world.
o primary research- data collected specifically for the current market research project
o secondary research- data originally recoreded for some other purpose but also can be used for this market research.
Buying influences: 3
o Situational- situational influences on cunsumer behaviour are perhaps the easiest to understand. They are simply the circumstances the consumer finds them selves in when they are making purchasing decisions. E.g when raining a customer is likely to buy an umbrella or when a person has a headache they will buy Nurofen
o Group- people purchasing decisions are profoundly affected by group factors. Group influences comprise social factors (the influence of other people) and cultural factors (the influence of the values, beliefs and customs of the persons community).
o Individual- individual factors relate to personal and psychological characteristics. P115
Maslow Hierarchy of Needs
o The Maslow's hierarchy of needs theory are divided into five different levels of basic needs
o The five levels of human basic need are drawn in pyramid shape that include physiological needs in the lowest floor, security needs in the second floor, needs of love, affection and ownership in the next floor, esteem needs in the fourth floor, and the last is self-actualization needs in the top of hierarchy.
Consumer decision-making process
The consumer decision making process comprises need/want recognition, information search, evaluation of options, purchase and post purchase evaluation.