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Marketing 1 Dr. Mohammed A. Nasseef BUS 232 Marketing Plan and Research
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1 | 2 Marketing Plan A formal document that specifies the organization’s resources, objectives, strategy, implementation, and control efforts in marketing the specific products
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1 | 3 Basic Components of the Marketing Plan Identifying marketing opportunities and constraints Developing and implementing marketing strategies Evaluating the effectiveness of marketing plans
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1 | 4 Identifying Market Opportunities and Constraints Who are our potential competitors and how strong are their market positions? How satisfied are consumers with current offerings on the market ? Are there any unmet consumer needs? How is our offering likely to be perceived by consumers relative to competitors’ offerings ? Marketing research can help answer these and other questions of interest to marketers
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1 | 5 Identifying Marketing Opportunities and Constraints (Cont’d) Identify Potential customers’ strengths and weaknesses Consumer satisfaction with current market offerings Consumer perceptions of the offer relative to competitors Goal Maintain competitiveness
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1 | 6 Marketing Research Definition A set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers who are involved with marketing goods, services or ideas
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1 | 7 How the Research Was Conducted Formal interviews with customers Requesting servers to be observant of customer likes and dislikes Research Showed Customers were increasingly looking for low-carb menu items T.G.I Friday’s joined with Adkins Nutrionals to develop new low carb menu items T.G.I.Friday’s: Using Marketing Research to Identify New Opportunities
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1 | 8 Research showed The primary decision maker was Mom Mom was interested in satisfying multiple demands from the family This research led to “4forAll,” a totally new concept in pizza Pizza-Hut use Marketing Research to target customer
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1 | 9 Nokia: N-gage the important of Understanding Customers needs and expectation Importance of conducting marketing research in the early stages of formulating marketing strategies - Combination of a phone and handheld gaming system. - Insufficient research on customers’ expectations. - As a result it required massive redesign that allowed competitors like Sony and Nintendo time to introduce their own products.
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Copyright © Houghton Mifflin Company. All rights reserved. 1 | 10 Marketing Research at Volvo The automobile industry is a heavy consumer of marketing research. Conducts approximately 400 marketing research studies annually. Best viewed as part of the new product development process.
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1 | 11 Developing and Implementing Marketing Plans Volvo – Your Concept Car (YCC) Very little research had been conducted on female car buyers Females purchase 49% of new vehicles and 55% of used vehicles 400 female respondents assisted Volvo in understanding the images and features desired by female car buyers
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1 | 12 Role of Marketing Research in the Organization/Business
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