Marketing considerations.pptx is tell ab
- 2. Table of contents Marketing research for the new venture Market segmentation Market targeting and positioning Developing marketing mix strategies Implementing, monitoring and review of marketing plan.
- 3. Purpose Of Marketing Research • Gain a more detailed understanding of consumers’ needs: e.g., views on products’ prices, packaging, recent advertising campaigns • Reduce the risk of product/business failure: -there is no guarantee that any new idea will be a commercial success -Can help to achieve commercial success • Forecast future trends: -it can also be used to anticipate future customer needs
- 4. Types of Market Research • Ad Tracking – periodic or continuous in-market research to monitor a brand’s performance using measures such as brand awareness, brand preference, and product usage. (Young, 2005) • Brand name testing - what do consumers feel about the names of the products? • Concept testing - to test the acceptance of a concept by target consumers
- 5. Types of Market Research Customer satisfaction research - quantitative or qualitative studies that yields an understanding of a customer's satisfaction with a transaction Demand estimation - to determine the approximate level of demand for the product Distribution channel audits - to assess distributors’ and retailers’ attitudes toward a product, brand, or company Mystery consumer or mystery shopping - An employee or representative of the market research firm anonymously contacts a salesperson and indicates he or she is shopping for a product. The shopper then records the entire experience. This method is often used for quality control or for researching competitors' products.
- 6. Types of Market Research Price elasticity testing - to determine how sensitive customers are to changes Sales forecasting - to determine the expected level of sales given the demand. With respect to other factors like Advertising expenditure, promotion etc. Segmentation research - to determine the demographic, psychographic, behavioural characteristics of potential buyers Online panel - a group of individual who accepted to respond to research online Test marketing - a small-scale product launch used to determine the acceptance of the product when it is introduced into a wider market Viral Marketing Research - Estimates of Social Networking are combined with estimates of selling effectiveness to estimate ROI on specific combinations of messages and media.
- 7. 5 key steps in Marketing Research 1. Define the Problem 2. Collect the Data 3. Analyse and interpret the data 4. Reach a conclusion 5. Implement your research
- 8. Collect the Data • There are two types of market research that can be performed: 1. Primary research - involves collecting information from sources directly by conducting interviews and surveys, and by talking to customers and established businesses. 2. Secondary research - involves collecting information from sources where the primary research has already been conducted. Such information includes industry statistics, market research reports, news paper articles, etc.
- 9. Collection methods and techniques • Qualitative research is where you seek an understanding of why things are a certain way. For example, a researcher may stop a shopper and ask them why they bought a particular product or brand. • Quantitative research refers to measuring market phenomena in a numerical sense, such as when a bank asks consumers to rate their service on a scale of one to ten.
- 10. Simple Survey Method • Experts Opinion Poll • Reasoned Opinion-Delphi Technique • Consumers Survey- Complete Enumeration Method • Consumer Survey-Sample Survey Method • End-user Method of Consumers Survey
- 11. Complex Statistical Methods: • Time series analysis or trend method • Barometric Techniques or Lead-Lag indicators method • Correlation and Regression
- 12. (STP PROCESS) SEGMENTATION, TARGETING & POSITIONING
- 13. (STP PROCESS) SEGMENTATION, TARGETING & POSITIONING • Segmentation - grouping consumers by some criteria. • Targeting - choosing which group(s) to sell to. • Positioning - consumer perception of a brand or product relative to the perception of competing brands or products.
- 14. (STP PROCESS) MARKET SEGMENTATION METHODS Geographic Segmentation Demographic - group consumers based on age, gender, race etc. Psychographic - divides a market into different groups based on social class, lifestyle, or personality characteristics Behavioral – Divides buyers into segments based on consumer knowledge, attitudes
- 15. (STP PROCESS) MARKET TARGETING METHODS Mass marketing –single marketing strategy. Differentiated Marketing Concentrated Marketing (Niche Marketing) Selecting segment that can served best.
- 16. (STP PROCESS) POSITIONING METHODS • Positioning is concerned with the perception customers hold regarding a product or company.
- 17. MARKETING MIX STRATEGIES Marketing Mix is a combination of marketing tools that a company uses to satisfy their target customers and achieving organizational goals: • 7 P’s • 4 P’s
- 20. MARKET PLAN Executive Summary Business Review (performance of the previous years) Environmental Analysis •Key Factors for Success •Strengths and Weaknesses Analysis •Threats and Opportunities Analysis Market Segmentation Marketing Objectives and Goals Marketing Strategy •Product Positioning •Customer Satisfaction Strategy •Preferred Brand Strategy •Contingency Plan Marketing Budget Marketing Implementation Guide Appendix
- 21. Thank You