Such a market research is designed to create an approximation of the market size (measured by units or dollar volume) that a new product is expected to garner in the marketplace. In general this is generally done for entirely new product class or expecting the introduction of a new merchandise that greatly alters the competitive landscape in which customers are already familiar (for instance, I would imagine the new superior chewing gum category that's emerged in the last 18 months might have upset the conventional wisdom of analysts in that industry). Running this kind of market research can not be cheap, so the best place to begin is generally by evaluating the off-the-shelf syndicated market research reports that are accessible for any market of a size that is fair. Sizing a market is more often than not a quantitative market research study, although depending in the marketplace particulars it's possible that there might be a qualitative lead-in action or a qualitative follow-up to get more information on a particular part of the market.
Customer Profiling - The intention of customer profiling market research is always to create a profile of a normal customer who buys a particular product or service. Having a complete profile of a customer can be quite helpful when defining a design centre to develop the next generation of a product classification and to ensure that marketers and the engineers have the appropriate individual in mind as they make those choices. Creating a customer profile frequently contains collecting the following:
Positioning Research - Placing research is often related to branding market research, as its function is always to comprehend the placement of one product relative to another. Substantially bigger businesses actually conduct placement research only to comprehend whether or not their "line sense" is clear or comprehensible by their customers - and doesn't even get into the complexity of how customers relate their product line with other business's products.
This is frequently really fascinating research because it is frequently true the placing developed by marketing managers is sometimes different than the way customers view weaknesses and strengths of different products relative one to another. Occasionally, to the chagrin of marketing managers, the phrase 'perception is truth' comes up over and over again in such a research, as marketing managers realize that it takes more than words on a booklet to change customers' perceptions of a merchandises positioning. Consider whether a Jaguar holds greater status than does a Mercedes.