CONSUMER INSIGHT.pptVIP

CONSUMER INSIGHT CHAPTER 7 CONSUMER INSIGHT Defined: Is perceived meanings of data collected from the study of consumer behavior. Insight- the act or a result of apprehending the inner nature of things, or of seeing intuitively. Insight are far more valuable than mere information. Consumer Insight Explained: Consumer increase competition of “ space” on shelves among retailers. Increase number of new products entering the market each year. Understanding what consumer want and why they want it. An “ in – depth” understanding of consumer behavior that is more qualitative and quantitative. CONSUMER INSIGHT APPLIED: Through insights, companies determine the most desirable consumers. It address wide range of questions such as the ff: What do people think about my brand? What do people think about the competing brands? What do people expect from my brand? Questions on consumer insights: What opportunities and threats exist for my brand? What factors influence purchase considerations for my brand? What type of advertising work best for communicating the essence of my brand? How consistently does price change with demand for my brand? With what other brands could my brand collaborate for mutual benefit? Questions on consumer insights What is the personality of my brand, and how does that influence purchase considerations? Who are my brand’s most loyal customers? What market conditions exist such that I have either greater or lesser opportunities than I did recently? Marketing Research defined: Is the acquisition and analysis of information used to identify and define marketing opportunities that connect consumers to marketers. EXPLAINED: RESEARCH- the studious inquiry or examination, especially investigation or experimentation aimed at the discovery and interpretation of facts, revision of accepted theories in the light of new facts. Types of Research Applied research- answers questions related to problems. Pure research- attempts to expands understanding of the unknown. AP