approaches to marketing market research
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Transcript approaches to marketing market research
Module 3
Market Analysis
FRE 302 Fall 2016
Lecture 4
1
Content
Market Plan
What in it and what are the reasons we do this part of the plan?
Business Start-Up:
Six Approaches to Marketing Management in the agribusiness
system
Market Research:
Steps
Primary versus Secondary : Overview and Trade-Offs
How do you decide?
2
Custom Textbook
Factsheets
Market Analysis p117
Readings p. 125
Market Research: Primary vs Secondary p. 29
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Market Plan
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What is included in the marketing plan?
Product Service Overview
Industry Description & Analysis
Competitive Analysis
Target Customer and /or Segment
Market Strategy 4 Ps
Varies in depth/breadth/content with the product or service
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Product/Service Description:
Product/service features and benefits
unique selling proposition
Why buy idea
Industry Description & Analysis
Snapshot of industry
Attractiveness: stage, profit, size and growth potential.
Competitive Analysis
Competitors in the industry
Sustainable competitive advantage relative to competitors
(unique selling proposition)
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Mar
keti
ng
Target Customer and /or Segment
Customer with greatest potential to purchase the product or
service.
Market Strategy 4 Ps (Marketing Mix)
product, price, promotion, and place
Details the coordinated approach of the four p’s and target
focus that leads to sales & growth for the business
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Why do we do the marketing plan?
?
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Approaches to Marketing Management
in the agribusiness system
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Approaches to Marketing Management
Production:
Product:
Selling –
Marketing
Societal
Social
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Approaches to Marketing Management
Production:
Produce as much as possible at lowest possible cost
Min cost and max output
Producer focus
Demand is greater than supply
Product:
Make a high quality product and it will be demanded
Hope consumers recognize quality and will pay a higher price
Still producer focus
Sometimes too product focused
Examples?
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Approaches to Marketing Management
Selling
Producer and consumer oriented
Aggressive selling of the product to increase sales
Not long term
Marketing approach
Shift away from selling to consumers needs
Understanding users of a product
Focus on meeting needs of consumers
Approaches to Marketing Management
Societal marketing
Balance need of consumer, producers and society
Build social and ethical considerations into their marketing
practices.
juggle conflicting criteria of company profits, consumer want
satisfaction, and public interest.
Examples
Local , consumer health, eco-friendly,
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Approaches to Marketing Management
Why
can’t you sell
brotherhood like you sell
soap?
Approaches to Marketing Management
Social Marketing
Use of marketing principles and techniques to influence a target
audience to voluntarily take one a behaviour for the benefit of
individuals, groups, or society as a whole
influencing human behavior on a large scale, using marketing
principles for the purpose of societal benefit rather than commercial
profit
Approaches to Marketing Management
Social Marketing:
What is different from societal or marketing approach VS social
Product sold:
goods and services vs. behaviour change
Price:
money vs cost to the target audience of changing behavior
(financial, or more often related to other “costs)
Place:
Distribute vs Move programs or products to places that the
audience frequents, in order to ease access
Senior Vaccinations--at a senior citizen center; at a church; at
an elderly nutrition program ; “Golden Agers” night at a
restaurant
Approaches to Marketing Management
Social Marketing:
What is different from societal or marketing approach VS social
Goal:
financial gain vs. individual/societal gain
Competition:
other organizations offering similar goods vs. current or
preferred behaviour
Approaches to Marketing Management
Social Marketing:
What is similar between societal or marketing approach VS social
Customer-orientated
Target is segmented
All 4Ps are considered
Market research is key to success
Benchmark results are measured for improvement
Commercial Exchange
You Give Me
$1.00
You Get
A Pepsi
a thirst quencher
good taste
fun
youthful feeling
girl/boyfriend
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Social Marketing Exchange
You Give Me
Money
Time
Momentary
discomfort
You Get
An immunization
better health
avoidance of greater
discomfort (sickness)
ability to go to school,
work, travel
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Examples : Social Marketing
Improving public health (e.g. HIV/AIDS, tobacco use, obesity, teen
pregnancy, tuberculosis)
Preventing injuries (e.g., traffic collisions, domestic violence, senior
falls, drowning)
Protecting the environment (e.g., water quality, air quality, water
conservation, habitat protection)
Contributing to communities (e.g., voting, volunteering, crime
prevention)
Examples : Social Marketing
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https://www.youtube.com/watch?v=Qo6QNU8kHxI
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Market Research
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The US candy manufacturing industry
includes about 1,600 companies with
combined annual revenue of $17 billion.
Major companies include Mars, Wrigley,
Nestle, and Hershey.
The total candy industry is fragmented:
largest 50 companies hold less than 40
percent of the market.
consolidation is occurring and each
major market has dominant companies:
Hershey and Mars
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soft drink consumption
declining in Canada
Canadians overall still gulp down an
average of 85 litres each per year.
Of 732 girls and young women aged 12
through 19 who were surveyed, 78 percent
of the 12-year-olds reported drinking milk,
compared to 36 percent of 19-year-olds.
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Steps to market research
Decide the following:
1. Questions you need answers
What business decisions do you want to make from this research?
Information you need to collect in order to answer those
questions
2. How you're going to collect the information
Primary & secondary
Methods of each
3. How you're going to analyse it
what will be done with the results
Ask the correct question!
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Primary market research
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Primary market research
Data collected directly from source for a specific purpose and then
analyzed
Primary research for small business: Go out and finding out for
yourself about your potential market.
Methods
online or offline focus groups
online or offline surveys
speak to existing clients
speak to potential clients
review product review
observe the competition:
Visit their store, count the customers and track their social
media sites.
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Primary market research
Advantage:
Targeted for your specific business need & product
Timely
Relevant
Proprietary
Disadvantage:
Costly
Time consuming
Expertise required
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Must Drink More Milk
https://www.yout
ube.com/watch?v
=N0e2J3FGwps
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http://www.bdc.ca/EN/articles-tools/technology/free-low-cost-applications/Pages/online-surveytools-free-low-cost-options.aspx
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Primary market research example: Google consumer
survey
create online surveys to be shared with Google’s publisher
network
$.10 per response.
target the entire US, a certain age group, interest or type of buyer.
http://www.google.com/insights/consumersurveys/home
Video
https://www.youtube.com/watch?v=90MIiBvXYcw
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Secondary market research
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Secondary market research
Study of published information
Advantage
Cheap
Easy to obtain
Quick to complete
Disadvantage
Less targeted – use what you have an build the rest!
Access is public so competitors also have this information
Dated
Rely on other’s collection methods
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Secondary market research – the realities
Build what you can from hard values and estimate from there
No single source that answers all your questions
You are building a case of data to information
Review transferability – geographic or product or markers
You will not get perfect or sometimes even near-perfect match to
what you want..
Some information is not available so be prepared to read and
analyze what is available
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Evaluating secondary market research
assess how appropriate they will be for your research.
bias or agenda, which may not be obvious at first glance.
Consider
Authority - Accuracy – Scope
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Evaluating secondary market research
Authority
Anyone with an internet connection has the potential to publish
and distribute information - it's up to you to assess
Differentiate – hired, passionate amateur, researcher, unproven
Review the
authorship ??
credentials? institutional affiliation
Why was it done?
Who paid for it?
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Evaluating secondary market research
Accuracy
peer-reviewed publication?
consistent with what you already know about the subject?
responsibility for the accuracy clear? Wikipedia!
source of the data in charts clear? Don’t be misled!
transparency of data collection method & quality control
is it valid and reliable?
does the method make sense? What is wrong?
currency ..how?
objectivity .. how?
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Evaluating secondary market research
Scope
Review the
Coverage??
Range & consistent?
Purpose??
Why? educate? sell? advocate a viewpoint?
Target: general or specialized audience?
Fact versus opinions?
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Where do I to find QUALITY secondary market research
information? UBC Library business & mgmt subject
pages
See these pages…
Food & Beverage Product Industries
http://guides.library.ubc.ca/foodproducts?hs=a
Entrepreneurship
http://guides.library.ubc.ca/friendly.php?s=entrepreneurship
Industry & Market Research
http://guides.library.ubc.ca/industry?hs=a
Sustainable Business
http://guides.library.ubc.ca/sustainable?hs=a
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Where do I to find QUALITY secondary market research
information? Databases via UBC & beyond
Passport GMID International statistical and market research reports
for over 200 countries, covering consumer products and services,
demographic and lifestyle reports and economic data.
Print Measurement Bureau Survey data on Canadians' usage of over
3500 products and services. See the Help section for tutorials and
guides.
Canadian Industry Statistics /Industry Canada's reports and data on
Canadian Industries.
Business Source Complete Business articles, market research
reports, company SWOT analyses.
Euromonitor
Market Research.com
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Where do I to find QUALITY secondary market research
information? Bloomberg Financial and Market
Information
http://www.bloomberg.com/visual-data/
http://www.bloomberg.com/visual-data/industries/q/marketleaders
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Where do I to find QUALITY secondary market research
information? Reports & Trade Journals
Food in Canada
Supermarket News
Stats Canada
Ag Canada
Newsletters
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Where do I to find QUALITY secondary market research
information? Government agencies
Government agencies are valuable sources of economic,
industry, consumer, and regulatory information.
Benefits: Reputable and geographically specific
Be Aware: Date coverage varies; idiosyncratic vocabulary
and organization
TIP: use google advanced to
limit to government
domains
site:gc.ca
site:gov.bc.ca
site:gov
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Where do I to find QUALITY secondary market research
information? Statistics Canada website: Community
Profiles
Customize the data
displayed (income,
population, etc.)
Customize the
region
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Where do I to find QUALITY secondary market research
information? Government / Library: E-STAT
E-STAT is available through the library. It provides access to Statistics
Canada’s time series for industries, economic indicators and
consumers:
These reports
are
customizable
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Where do I to find QUALITY secondary market research
information? Governments: Agriculture and Agri-food
Canada
Includes
Sector Profiles
Economic & Market Outlook
Profile of the Canadian food chai
Consumer intelligence
Regulations
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Where do I to find QUALITY secondary market research
information? Reputable web sources: Associations
The most likely sources are noted in your guide: provide industry
specific information, statistics, reports, position papers, press
releases, membership directories, newsletters – but not all is free
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Example:
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example
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Example
Bacon, hot dogs and sausages in the same category of cancer risk as
tobacco smoking.
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Why is the Market Research so Important in business
plan?
Evidence
Build the Case
??
Build the evidence or case to
support industry, competitive & customer statements
define believable competitive advantage & sales forecast
understand customer needs
construct realistic financials
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How do you decide what market research approach to
use?
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Common Marketing Research Mistakes
Using only secondary research.
Using only web resources.
use common search engines to gather information
Surveying only the people you know.
Relying only on anecdotal feedback
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End of slides
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