Presentation on theme: "Marketing Research Lecture 1. MARKETING Purpose of Marketing is to allow a firm to plan and execute the pricing, promotion and distribution of products."— Presentation transcript:
MARKETING Purpose of Marketing is to allow a firm to plan and execute the pricing, promotion and distribution of products and services in order to create exchanges that satisfy both the firm and its customers. Marketing managers try to get the right goods and services to the right people, at the right place and time, with the right price through the right promotion. Marketing Research Lecture 1 2
3 Strategic Marketing Planning & Marketing Research It’s a big job….but someone has to do it Decision, decisions, decisions!!! Broad Question –What markets should we penetrate? –What products should we introduce? –What new business opportunities should we pursue? Narrow Questions –Is our new advertising campaign generating awareness? –How is our brand positioned in the competitive landscape? –What is our most productive segment?
Marketing Research Lecture 1 4 Task of Marketing Management
Marketing Research Lecture 1 5 The environment of the marketing process
Marketing Research Lecture 1 6 Marketing Intelligence Systems
Marketing Research Lecture 1 7 How Marketing Research Helps a Marketing Manager Pg 12
Marketing Research Lecture 1 8 Kinds Of Questions Marketing Research Can Help Answer
Marketing Research Lecture 1 9 Information That Managers Need From Customers Target Market: What is the best target market? Its size, description, attitudes, opinions, preferences, & lifestyles. Product/services: how satisfied are the current customers & what further they desire with respect to the product/ service
Marketing Research Lecture 1 10 Price: What value is perceived by the customers? Which other products they are willing to substitute for the product. What benefits, appeals or features does organization's product have that might allow it to charge a higher price. Distribution: what distribution channel is the target market most likely to use when purchasing the product in question? Will the channel be able to provide the services or support needed for the product? Promotion: what can the organization say in its advertisements about its product that will appeal to the target market and lead them to consider product to be more attractive?
Marketing Research Lecture 1 11 What Is Marketing Research Marketing research is the function which links the consumer, customer and public to the marketer through information- information used to identify and define marketing opportunities and problems: generate, refine, and evaluate marketing actions: monitor marketing performance: and improve understanding of marketing as a process.
Marketing Research Lecture 1 12 Marketing Research specifies the information required to address these issues: designs the method for collecting information: manages and implements the data collection process: analyze the results: and communicates the findings and their implications.
Marketing Research Lecture 1 13 The Value of Marketing Research Information Marketing research identifies new approaches & evolving processes. Marketing research allows a business enterprise to make confident, cost effective decisions. Marketing research helps build & manage relationships with customers.
14 Phase 1Phase 2Phase3Phase4 Setting Goals & Establishing Strategies Developing PlanPutting Plan into ActionEvaluating the Plan’s Effectiveness Research can monitor:Research can:Research can monitor: Dissatisfactions & needs in relevant market segments Identify key market segment by product category Total industry & product class sales End period compilation & aggregation of operating data to present an accurate picture of performance. Also, summary of survey findings on consumer awareness trial, attitudes, preferences, repurchase rates, & so on Demand size & trendIdentify market segment attitudes toward present products, promotions, & advertising Firm’s sales, by product &n market Industry/market structure & composition, competition, market shares & profitability Test the appeal of potential product attributes Product availability in retail stores, shelf space, retail support, & so on Technological & materials innovation Test the effectiveness of advertising & promotion The cost & effectiveness of the firm’s marketing efforts, by product & market, & by advertising, promotion, & so on Supply conditions & pricesEvaluate the needs & attitudes of channel members Awareness & trial in relevant market segments Distribution, environmental & legal developments Changes in competitive spending levels & strategies, including price, package, promotion, & so on Media trends
Marketing Research Lecture 1 15 Strategic Planning Process & Related Marketing Research Tasks