Transcript PPT N5.2 Marketing Research

MARKETING
Businesses produce goods and services.
Production involves ensuring goods reach the
shop/point of sale. Marketing involves ensuring
the public are aware of the existence of the
goods/services and go on to buy them.
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N 5.2
MARKET RESEARCH
This involves finding out whether there is
demand for new goods by the customer.
You need to know what price the customer
is willing to pay. The business must know
if there is a particular target for sales of
the goods and this will help with
advertising/promotion. You need to find
out where is the right place to sell the
goods.
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Different market research
methods
1. PRIMARY / FIELD RESEARCH
This means that the business is responsible for
getting the information itself. It can do this by
contacting the customer by different means : Questionnaires
 Survey
 Asking people unannounced
 Telephone survey
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•2. DESK RESEARCH
This means that the business finds the
information from somewhere else :*WEBSITES
*CENSUS
*BOOKS, MAGAZINES
*ANALYSIS OF FIELD WORK
*ANOTHER COMPANY
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EVALUATION OF MARKET
RESEARCH
PRIMARY / FIELD
SECONDARY / DESK
ADVANTAGES:
ADVANTAGES
 THE
 IT'S CHEAPER AND
INFORMATION IS
FASTER TO FIND.
RELIABLE –
'straight from the
horse's mouth'
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THE 4 Ps OF MARKETING

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PRODUCT
PRICE
PROMOTION
PLACE
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A BUSINESS MUST
PRODUCE
GOODS THAT
ARE IN DEMAND
BY THE PUBLIC.
THE BUSINESS
MUST
DIFFERENTIATE
ITS GOODS I.E.
MAKE THEM
SPECIAL /
DIFFERENT.
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THE GOODS
PRICE
THE PRICE MUST BE LOW ENOUGH TO
ATTRACT CUSTOMERS BUT ALSO HIGH
ENOUGH TO SECURE A PROFIT FOR THE
BUSINESS. THERE ARE DIFFERENT PRICING
TECHNIQUES AVAILABLE :




PENETRATION PRICE – Low price to attract new
customers.
SKIMMING – high price to suggest high quality.
ADDING TO A COST – finding the total production costs
of the goods and then adding a percentage on top.
PSYCHOLOGICAL PRICING – £9.99 instead of £10 etc.
ASSOCIATED GOODS – cheap original goods but
expensive partners e.g. printer and ink.
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PROMOTION
EVERY AVAILABLE
METHOD TO
INFORM THE
CUSTOMER OF THE
EXISTENCE OF THE
GOODS. IT MUST
HIT THE TARGET
WITHOUT BEING
TOO EXPENSIVE.

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
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
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NATIONAL AND LOCAL
TELEVISION, RADIO,
NEWSPAPERS AND
MAGAZINES.
THE INTERNET
LEAFLETS
BILLBOARDS
SHOP WINDOW
REPUTATION
PLACE
THE LOCATION MUST
BE SUITABLE FOR
THE CUSTOMER,
SUPPLIERS AND THE
BUSINESS ITSELF.
THE BUSINESS
MUST BE ABLE TO
AFFORD THE
LOCATION.
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