{"id":5163,"date":"2023-02-22T21:06:41","date_gmt":"2023-02-22T21:06:41","guid":{"rendered":"https:\/\/course.oeru.org\/ient101\/?page_id=5163"},"modified":"2023-02-22T21:06:41","modified_gmt":"2023-02-22T21:06:41","slug":"market-analysis-useful-definitions","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/ient101\/learning-pathways\/before-starting-your-own-business\/market-analysis-useful-definitions\/","title":{"rendered":"Market analysis &#8211; useful definitions"},"content":{"rendered":"<div id=\"content\" class=\"mw-body container\" role=\"main\">\n<div class=\"row\">\n<div class=\"col-md-12\">\n<div class=\"panel\">\n<div class=\"panel-body\">\n<div id=\"bodyContent\">\n<div id=\"mw-content-text\" lang=\"en\" dir=\"ltr\" class=\"mw-content-ltr\">\n<div class=\"floatright\"><a href=\"https:\/\/wikieducator.org\/File:Question_mark_road_sign,_Australia.jpg\" class=\"image\"><img loading=\"lazy\" decoding=\"async\" alt=\"Question mark road sign, Australia.jpg\" src=\"\/\/wikieducator.org\/images\/thumb\/9\/93\/Question_mark_road_sign%2C_Australia.jpg\/300px-Question_mark_road_sign%2C_Australia.jpg\" width=\"300\" height=\"243\" class=\"img-responsive\"><\/a><\/div>\n<p><i>\u201cThe aim of marketing is to know and understand the customer so well, the product or service sells itself.\u201d<\/i> &#8211; Peter Drucker\n<\/p>\n<p>\nDifferent organisations and websites may use some of the terminology around business planning differently, and you may come across overlapping definitions of some terms. Don&#8217;t worry! We will look at some of the terminology now.\n<\/p>\n<p>For the purposes of this course, we are using <b>market analysis<\/b> as an umbrella term to cover all aspects of exploring a specific industry at a strategic level. This can include factors such as &#8216;market size, growth rate, profitability, cost structure, trends, distribution channels and competitive environment&#8217; <a rel=\"nofollow\" class=\"external autonumber\" href=\"https:\/\/simplicable.com\/new\/market-analysis-vs-market-research\">[1]<\/a>. (Note &#8211; this definition is important for the assessment, if you choose to do it.)\n<\/p>\n<p>\nHere are some other useful terms you may come across:\n<\/p>\n<div class=\"panel iDevice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"definitions\" src=\"https:\/\/course.oeru.org\/ient101\/wp-content\/themes\/oeru_course\/idevices\/Icon_define.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Definitions<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t<\/p>\n<dl>\n<dt>Market research <sup id=\"cite_ref-1\" class=\"reference\"><a href=\"#cite_note-1\">[1]<\/a><\/sup>\n<\/dt>\n<dd>refers to research that pertains to, well, markets.  This is where you will dig into things like market trends (political, economic, social, technology, etc.), market players (e.g. direct and indirect competition), target market attributes, customer wants and needs, etc.\n<\/dd>\n<dt>Marketing research <sup id=\"cite_ref-2\" class=\"reference\"><a href=\"#cite_note-2\">[2]<\/a><\/sup>\n<\/dt>\n<dd>involves research related to marketing&#8230; think of the marketing mix (product, promotion, place, price) and consider the types of research that relate to one of the four P\u2019s.  Examples include advertisement testing, product concept testing (e.g. usability testings), pricing research, channel research, etc.\n<\/dd>\n<dt>Market intelligence <sup id=\"cite_ref-3\" class=\"reference\"><a href=\"#cite_note-3\">[3]<\/a><\/sup>\n<\/dt>\n<dd>is information compiled from internal and external sources about a target group of consumers&#8230; this might include data on existing clients, targeted consumer habits, product and market trends, and what the competition is doing.\n<\/dd>\n<dt>Marketing information system (MIS)  <sup id=\"cite_ref-4\" class=\"reference\"><a href=\"#cite_note-4\">[4]<\/a><\/sup>\n<\/dt>\n<dd>is a system that analyzes and assesses marketing information, gathered continuously from sources inside and outside an organization. Timely marketing information provides basis for decisions such as product development or improvement, pricing, packaging, distribution, media selection, and promotion.\n<\/dd>\n<\/dl>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<p>\n<\/p>\n<div id=\"reading\" class=\"panel iDevice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"reading\" src=\"https:\/\/course.oeru.org\/ient101\/wp-content\/themes\/oeru_course\/idevices\/Icon_reading.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Required reading<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t<\/p>\n<ol>\n<li> Read the article on <a rel=\"nofollow\" class=\"external text\" href=\"https:\/\/www.mymarketresearchmethods.com\/market-research-marketing-research-difference\/\">Market Research vs. Marketing Research: What&#8217;s the difference?<\/a>\n<\/li>\n<li> Conduct a web search for the terms &#8216;market intelligence&#8217;, and &#8216;marketing information system&#8217;\n<ul>\n<li> Ensure you understand the differences for the terms outlined above.\n<\/li>\n<\/ul>\n<\/li>\n<li> In your Learning Journal Blog, briefly answer these questions:\n<ol>\n<li> Why do companies conduct market research?\n<\/li>\n<li> Why is marketing research important?\n<\/li>\n<li> What activities are part of market intelligence gathering, and why are these important?\n<\/li>\n<li> What ethical issues do you need to think about when gathering market intelligence?\n<\/li>\n<li> How does the timeframe for conducting market intelligence differ from the timeframe in which marketing research data is gathered?\n<\/li>\n<\/ol>\n<\/li>\n<li> Remember to tag or label your post using the course code: IENT101 (This is needed to harvest a link to your blog post in the course feed.)\n<\/li>\n<\/ol>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<p>\n<\/p>\n<p>\n<\/p>\n<p><b>References<\/b>\n<\/p>\n<ol class=\"references\">\n<li id=\"cite_note-1\"><span class=\"mw-cite-backlink\"><a href=\"#cite_ref-1\">\u2191<\/a><\/span> <span class=\"reference-text\"> <a rel=\"nofollow\" class=\"external text\" href=\"http:\/\/www.mymarketresearchmethods.com\/market-research-marketing-research-difference\">mymarketresearchmethods.com<\/a> <\/span>\n<\/li>\n<li id=\"cite_note-2\"><span class=\"mw-cite-backlink\"><a href=\"#cite_ref-2\">\u2191<\/a><\/span> <span class=\"reference-text\"> <a rel=\"nofollow\" class=\"external text\" href=\"http:\/\/www.mymarketresearchmethods.com\/market-research-marketing-research-difference\">mymarketresearchmethods.com<\/a> <\/span>\n<\/li>\n<li id=\"cite_note-3\"><span class=\"mw-cite-backlink\"><a href=\"#cite_ref-3\">\u2191<\/a><\/span> <span class=\"reference-text\"> <a rel=\"nofollow\" class=\"external text\" href=\"http:\/\/www.businessdictionary.com\/definition\/market-intelligence.html\">BusinessDictionary<\/a> <\/span>\n<\/li>\n<li id=\"cite_note-4\"><span class=\"mw-cite-backlink\"><a href=\"#cite_ref-4\">\u2191<\/a><\/span> <span class=\"reference-text\"> <a rel=\"nofollow\" class=\"external text\" href=\"http:\/\/www.businessdictionary.com\/definition\/marketing-information-system.html\">BusinessDictionary<\/a> <\/span>\n<\/li>\n<\/ol>\n<p><!-- \nNewPP limit report\nCPU time usage: 0.182 seconds\nReal time usage: 0.703 seconds\nPreprocessor visited node count: 272\/1000000\nPreprocessor generated node count: 1168\/1000000\nPost\u2010expand include size: 7925\/2097152 bytes\nTemplate argument size: 4868\/2097152 bytes\nHighest expansion depth: 7\/40\nExpensive parser function count: 0\/100\n--><\/p>\n<p><!-- Saved in parser cache with key we_en-mw_:pcache:idhash:181235-0!*!*!*!*!2!* and timestamp 20230222082015 and revision id 1064354\n -->\n<\/div>\n<div class=\"visualClear\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-12\">\n<ul class=\"pager\">\n<li class=\"previous\">\n            <a href=\"\/ient101\/learning-pathways\/before-starting-your-own-business\/questions-to-ask-before-starting-a-business\">\u2190 Previous<\/a>\n          <\/li>\n<li class=\"next\">\n            <a href=\"\/ient101\/learning-pathways\/before-starting-your-own-business\/competitive-intelligence\">Next \u2192<\/a>\n          <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div id=\"wenote-ids\"><script type='text\/javascript' id='wenotes-ids'>\n    var WEnotesSite = \"https:\/\/wikieducator.org\";\n    var WEnotesPath = \"\/Introduction_to_entrepreneurship\/IENT101\/Before\/Market_analysis\";\n    var WEnotesSiteID = \"0e3d258fbd36841f92259eefcd41d5e9\";\n    var WEnotesPathID = \"15a6901b343bbac12495dcdcd9605abe\";\n    var WEnotesIDs = { site: \"https:\/\/wikieducator.org\", path: \"\/Introduction_to_entrepreneurship\/IENT101\/Before\/Market_analysis\", site_id: \"0e3d258fbd36841f92259eefcd41d5e9\", path_id: \"15a6901b343bbac12495dcdcd9605abe\" 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Don&#8217;t worry! We will look at some of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":5155,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-5163","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/pages\/5163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/comments?post=5163"}],"version-history":[{"count":1,"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/pages\/5163\/revisions"}],"predecessor-version":[{"id":5164,"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/pages\/5163\/revisions\/5164"}],"up":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/pages\/5155"}],"wp:attachment":[{"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/media?parent=5163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}