What is Market Research?

What is Market Research_ - Trav Media Group - https___trav.media

Timeline of Market Research Quantitative Questionnaire Era – 1900s-1940s“Understanding the Masses”1920s, man named Daniel Starch theorized that advertising had to be seen, read, believed, remembered & acted upon in order to be considered effectiveGeorge Gallup developed theory of aided recallprompted people interviewed to recall an ad seen in a publication without actually showing it to them, used to measure effectivenessQualitative Consumer Era – 1940s-1960s“Understanding the Individual”The term “consumer” became much more prevalent; this led to businesses understanding their market on deeper and more personal levelsErnest Dichter created a new form of research: Motivational Researchbelieved that consumer’s held hidden realm of desires, taboos, repressions, and secrets in their mindsHis advice to the advertisers was to understand the personality of the product, which leads to understanding how to market itRelied on “Depth interviews” – therapy sessions used to observe consumers interacting with products in simulated or real environmentsRefining the Process – 1960s-1980s“Understanding Consumers Mindsets”Qualitative methods returned due to incorporation of new technology such as computers, phone systems, and the InternetResearchers focused on the experiential part of being a consumer; Both the process of buying and the actual experience of owning and consuming a product/serviceRole of emotions, feelings, moods, and other affective aspects of consumption were used in order to understand customersThe Digital Era – Present“Understanding Context” Since technology is so advanced in today’s world, this allows market research agencies to pull from a large ecosystem of methodologies and tools that provide a more accurate view of consumers.The Internet has allowed us to conduct surveys on much larger scales, such as: research newscommunications culture create hyper-segmentations From quantitative measuring to the advancements of AI (Artificial Intelligence) the way we research is rapidly evolving. Connecting with people on the most organic levels has become as easy as clicking a button. As much as marketing and advertising evolves, the way that marketers connect stays the same-real engagements.

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