Market Research 1 5.0

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3 Common Views of Marketing Research Gathering data from markets Conducting customer surveys Determining the needs of customers Evaluating customer response to advertising Testing products in the market place Estimating the potential sales of product Gathering sales and market share data of competitors 5.0

Exercise 1 Apply market research for 1. Mail products/ BD services 2. Savings Bank 3. Insurance 4. Remittance services 5. Philately 4 5.0

Market segmentation 5 5.0

Key questions to consider in determining market segments 1.What is the size of the market for each segment we have defined ? (Value) 2.What share of these do we have? (In volume or value terms). 3.What are the growth prospects of each segment? 4.Percentage of customers fall within each segment? 5.What percentage of these are current customers? 6 5.0

 How many of these customers regularly do business with us?  Percentage of customers we have lost, by segment?  What are the reasons?  Who are our main domestic competitors?  Do they define their markets in the same way as ourselves? 7 5.0

 What are the factors that has lead to the competitors success.  List all the factors  How have we fared in comparison with these competitors?  How are we perceived in the market?  What special strengths / expertise do we offer? 8 5.0

Market Segmentation and Market Targeting Market segmentation is the process of disaggregating the total market into a number of sub-markets.  Market consists of buyers who will differ in one or more respects,  They may differ in their wants, purchasing power, geographical locations, buying attitudes and buying practices. These variables can be used to segment the market

 Bases for Segmenting Consumer Market :  The marketing firm may have to investigate different segmentation variables in order to gain an insight into the structure of the overall market.  Generally the organizations use a combination of variables in order to define a precise market segment.  Geographic Segmentation

 Demographic Segmentation :  It is one of the most straight forward and meaningful bases for segmenting consumer markets. The demographic variables are :  Age & life – cycle stage  Gender  Generation  Social class / income

 Psychographic segmentation :  Life style  Personality  Values

Behavioral Segmentation – Here, the buyers are divided into groups on the basis of their knowledge of, attitude toward, use of, or response to a product.  Many marketers believe that behavioural variables like occasions, benefits, user status, usage rate, loyalty status, buyer – readiness stage, and attitude are useful for segmenting

 Benefit Segmentation :  Benefit segmentation uses casual rather than descriptive variables to group consumers,  Different people buy the same or similar products for different reasons

 The marketing firm needs to determine the major benefits people are seeking from a particular product class.  Identify the profiles of the people seeking each benefit and recognize the existing competitors products that are close to delivering each of the benefits, e.g. toothpaste, cars, courier services

 Occasions - Buyers are distinguished according to the occasions a)When do they develop a need b)When will they purchase a product c)When will they use a product e.g. : Airline, Fruit juices etc

 Segmentation by usage – consumption rates for many consumer products are not evenly distributed across all household. Hence, meaningful segments could be defined in terms of usage of the product itself.  If a firm can identify heavy users – it may be able to develop special marketing strategy aimed at winning more of them to the brand

Do the market segmentation for PLI/RPLI?

Assigning Targets The acronym SMART is widely used to describe goals and targets. Specific Measurable Achievable Relevant Time related

Exercise 3 List the parameters based on which you will assign targets to GDS for SB schemes. Where will you get the required information? List the same

21 Procedure for Developing a Questionnaire Step 1: Step 2: Step 3: Step 4: Step 5: Step 6: Step 7: Step 8: Step 9: Specify what info will be sought Determine type of question and method of administration Determine content of individual questions Determine form of response to each questions Determine wording of each question Determine sequence of questions Determine physical characteristics of questions Re-examine steps 1-7 Pretest and revise 5.0

Prepare a questionnaire for feed back on instant money order service

Thank You