The Business Cycle Strategic Planning SWOT Marketing Research Legal Implications and Laws Marketing Principles – Fall 2011 MARKET PLANNING

Key Terms  Business Cycle  Competitive Practice Laws  Consumer Protection Laws  Strategic Planning-SWOT  Marketing Information System (MKIS)  Data Mining  Primary Data  Secondary Data  Marketing Research Process  Exploratory Research  Conclusive Research

Recognize the Insides of these Restaurants?  Mcdonalds  Pizza Hut-  What made these companies start to change the interiors of their businesses? DATA…..Market Research

Marketing Information Systems  MKIS- A system designed to regularly collect data that will be used to make marketing decisions  Read pg 277 OVERSTOCK  List 4 types of data they collect  How does Overstock treat customers who searched for discount differently  How is Sales data by Zipcode helpful for a company?

How do you get back to Expansion?

Strategic Planning-SWOT

COKE BRANDS

SWOT-School Store Convenient Location Cheap Labor Unique Products Variety Specific Tgt v

DATA Mining  Using statistical analysis to uncover pattern to help make marketing decisions  If you were a garden retailer and you found out that 25% of the time that customers who bought a garden hose, also bought a sprinkler….what marketing would you do?

The marketing research process Define Objectives Design the research Project Data Collection Analyze Data Present Results

Homework. Answers To Mr. Fassl  You are an entrepreneur looking to start a new Salon. The problem is you don’t know how the salon industry is doing in your town, or even if there is a market for a new salon.  Use the internet to find 3 Google tools that will help you to conduct market research.  (list them, then explain how each will help you)  Find three pieces of data from the GOVERNMENT that can help you to determine if the market is right for you.  List the location and the data, explain how it will help you!

Virtual Business  Lesson 6- Market Research  Complete lesson(start with tutorial)  Answer the 5 questions.  Questions  1) What products do customers need most often?  2) In what section of the city do most people live?  3) What products do students need?  4) Using the diagram, in what section of the city do most seniors live?  5) Using the diagram, in what section of the city do most customers of John’s store live?

Types of Data  Primary Data – Data collected for specific research needs.(collected 1 st hand)  Secondary Data- Data already collected from other sources TypeExamplesAdvantagesDisadvantages Secondary Research Census Data Sales invoices Internet information Books Journal articles Syndicated Data Saves time in collecting data because they are readily available Reduces data collection cost May not be relevant to data needs Not timely Trusted sources Collection techniques Primary Research Observed customer behavior Focus Group interviews Surveys Specific to your data needs Immediate Offer behavioral insights. More costly Takes longer Experience designing survey instrument Validlity

Data Collection Research Data Collection Exploratory Research Observation Focus Groups In-Depth Interviews Projective Techniques Types of Research Conclusive Research Experiments Scanner Survey Panel

Developing Survey Questions  ngsurveysthatcount.pdf ngsurveysthatcount.pdf  Handout pg ___

Marketing Applications  A bathroom fixture supply store is trying to determine if there is a significant market for its type of merchandise in a specific location for a store. Should they use primary or secondary data or a combination? Explain.

Marketing applications  A bank manager notices that by the time customers get to the teller, they seem irritated and impatient. She wants to investigate the problem further, so she hires you to design a research project to figure out what is bothering customers. What type of research method would you recommend? Why? Is it exploratory or conclusive?

Marketing Applications  PomWonderful has developed a coffee- flavored pomegranate beverage, and it wants to determine if it should begin to market it throughout the United States. The company used two separate studies for the advertising campaign:  A focus group to identify the appropriate message for the new beverage  A survey to assess the effectiveness of the advertising campaign for the new PomWonderful beverage.  Which Study was exploratory and which was conclusive? What other studies would you recommend PomWonderful undertake?

Net Savy  Visit the epinions.com website. They are a clearing house for consumer review's about different products and services. Think of a particular business with which you are familiar and review the ratings and comments for that business.  Provide three conclusions about the data and the extent to which this data might be useful to a marketer for that company.

Market Research Project I. Choose a business to use II. Conduct SWOT based upon data/research III. Determine Objective of your Survey IV. Develop a Survey Instrument V. Conduct Survey VI. Analyze Results/create graphs VII. Develop recommendations for change VIII. Prepare PREZI presentation of project.