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Why Marketing Research?


Overall Appeal

Product

Promotion/
Advertising

Price

Place

Package











Marketing research provides consumer insight directly to the business decision-maker. It helps bridge the information gap between what a consumer wants or needs and what a marketer makes, offers, or sells.

It is used to answer the following questions related to the overall appeal of the product, service or idea as well as the 5 P’s of Marketing (product, promotion/advertising, price, place, and package):

Overall Appeal

  • Will my new product sell?
  • Is there a market for my service?
  • Who will buy my product?
  • Will I cannibalize any of my existing products or services or will the business be incremental?
  • What features or attributes are the most motivating in the purchase decision process?
  • Will this be a planned or impulse purchase?

Product

  • What features or attributes should my new product or service have?
  • What benefit should it offer?
  • Does the manufactured product do what it is supposed to do?
  • Does it taste/look/feel/work like the consumer expects it to?
  • Is it better/preferred/different from the competitive offering?

Promotion/Advertising

  • How can I best communicate the product benefits to potential buyers?
  • What type of consumer promotions (on-pack, in-pack, coupons, sweepstakes, BOGOs—buy one get one, instant win, sampling, demos, etc.) will be the most impactful and cost-effective?
  • Is my advertising communicating what I want it to? Is it breaking through the clutter?
  • Is my advertising memorable? Is it persuasive?

Price

  • How much can/should I charge for the product or service?
  • Can this product command a premium price?
  • Can I raise my price and increase my profit without losing too much business?
  • What is the most profitable price?
  • What’s the highest/lowest acceptable price?
  • What is the optimal price-gap vs. competition?
  • How sensitive is the product’s sales to price changes?

Place

  • Where does the consumer expect to find my product?
  • At what type of store/outlet?
  • In what section or aisle of the store?
  • Can I get incremental sales or a competitive advantage by shelving in a unique location?
  • Will the consumer look for me there?
  • Can a brand block really help boost category sales?

Package

  • What type of package should I use (i.e., bag, box, pouch, see-through, etc.)?
  • Does the package work (i.e., is it easy to open, close, re-seal, pour, carry, store, etc.)?
  • Does the package communicate what the product is and the key benefits?
  • Does it ‘pop’ from the shelf and get noticed?
  • Does it ‘fit’ with the brand image?