Transcript Marketing Research

Marketing Research
Where we have been thus far...
• 4 P’S of Marketing
• Market Strategy
Marketing – The 4 P’s
Product
What
we are
going to
sell
Pricing
How
much we
will
charge
Placement Promotion
How we
will
advertise
the
product/
service
How we
will get
product/
Service to
the
customer
Marketing Strategy – 2 Steps
• Create Target
Market
• Create Marketing
Mix
Creating/Improving products
• What is a “New” Product
• Depends on who you ask
• Dominos example…“New” pizza
• Apple’s “New” forthcoming tablet pc
• Many “new” products are simply
improvements on existing products
• Truly new products are rare
• Truly new products do not have an existing
substitute
• What new products have been introduced in our
lifetime?
Creating/Improving products
Remember!
• Companies should not assume what
customers want and then try to
convince them.
• Good companies are customer
focused…they figure out what
customers want and then try to provide
it.
• (Marketing Orientation)
Creating a New Product
• So…product creation should begin with
researching what your target market
desires
• MARKETING RESEARCH –finding
solutions to problems through carefully
designed studies involving consumers
Types of Research
Primary Research
• Pros
• Targeted to
company’s needs
• Cons
• Time consuming
• Costly
Secondary Research
• Pro
• Can be cheaper
• Quicker
• Cons
• May not be relevant
• Open to all
Types of Research Studies
Customer
Survey
Focus
Groups
Observations
Experiments
Customer Surveys
• Most common type
of research study
• Gather information
using carefully
planned questions
• Quantifiable is good
• Can be conducted
in-person, over
phone, through mail
or over internet
Focus Groups
• Small number of consumers taking part
in a group discussion
• Discussion topics might include
customer’s
• experiences with a product
• reactions to new ideas
• suggestions for product improvements
Observations
• Collect information by recording actions
of consumers
• Common questions answered by
observation
• How do customers interact with packaging?
• What routes do customers take through
store?
Experiments
• Two carefully controlled alternatives
• Examples
• Compare sales of two products with
different size, packaging, etc.
• Effect of promotions
• Coupons
• Customer “limits”
Steps in Marketing Research
1. Define the Marketing Problem
• Are we rolling out a new product?
• Trying to improve customer service?
2. Develop the plan
3. Collect the information
4. Analyze the information
5. Present the findings
Work Session:
• Re-invent a product
1.
2.
3.
4.
5.
What is the product’s name?
How much is it?
What changes would you make to it?
How much will it cost the consumer?
Who is your target market (who’s buying
it)?
6. How will you promote it?
Create a Survey
• Create 10 questions.
• Your respondents will be your
classmates.
• Record their responses for your
analysis.
Surveys
• What were some issues with the surveys you
took yesterday?
• What makes a survey a good survey?
• What were the types of questions you asked?
Market Research Project
You and your business partner own a shoe store and have
decided to extend your shoe line to include sandals.
1st task – Design your introductory sandals.
Write a customer profile on your target market.
2nd task – Create a 9 question survey, the 10th question will be
your sandal illustration.
3rd task – Distribute your survey to consumers within your
target market. You will need to get 30 responses.
4th task – Analyze your results and make changes to your
design accordingly.
5th task- Create a presentation that includes your design,
survey questions, and your analysis including your results.
Also, a 2nd design after your changes you made based on your
survey results.
Market Research Assignment
You have been asked to conduct a survey to determine
what type of business casual merchandise to carry.
• Your target market is teenagers.
• 10 question survey
– Data results should lead you to what you need to buy the
store.
Example: What style of shoe do you prefer:
A. Flats
B. Classic pumps
C. Ankle strap sandals
D. Ankle boots