Market Research. Module 2. Driving Revenue with an Optimal Marketing Strategy Solutions. Advancing Your Success.

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1 Market Research Module 2 Driving Revenue with an Optimal Marketing Strategy Solutions Advancing Your Success.

2 The Roles and Steps in Market Research 2 The scientific process of planning, collecting and analyzing data relevant to a market decision There are 7 Step in the Market Research Process: Identify and formulate the problem/opportunity Plan the research design and gather primary data Specify the sampling procedures Collect the data Analyze the data Prepare and present the report Follow up

3 Sources of Marketing Data 3 Secondary Data Save time and money if they solve researchers problem Financial statements Periodicals Product testing results Government database Trade and industry association Economic journals Suggests research methods and other types of data needed for solving problems Primary Data Solutions specific to problem under review In-home personal interviews Mail intercept interviews Central location telephone interviews Self administered one-time mail surveys Mail panel surveys Executive interviews Focus groups Disadvantages: More expensive and time consuming Disadvantages: Not specific to researchers demand Poor quality of information

4 Sources of Marketing Data 4 Secondary Data Google.com Market research aggregators: Wintergreen Research, Inc AllNetResearchers.com Profound.com Bitpipe.com USData.com Marketresearch.com US Census and Department of Labor Report Resources accessible through public library ABI Inform Research Plunkett Research online Reference USA Business and Company Resource Center

5 Impact of Internet Market Research 5 Advantages of Internet Surveys Rapid development Dramatically reduced costs Personalized questions and data Improved respondent participation Contact with the hard-to-reach Uses of the Internet by Market Researchers Internet samples Screened internet smokes Recruited internet samples Online Focus Groups Better participation rates Cost-effectiveness Broad geographic scope Accessibility Honesty Blogging and Other

6 Why is Marketing Research Important? 6 ROADMAP TO ACHIEVE REVENUE OBJECTIVES

7 Deconstruction of Revenue 7 What are your revenue goals? Revenue = Price x Quantity Quantity = Amounts of goods or services you sell in the market Price = Value for which you sell your product

8 Steps to Create a Marketing Plan 8 Marketing Plan Target Market 3 Cs Market Mix 4 Ps Implement Evaluate & Control Competitive Marketplace Customers Product Place Pricing Promotion Competitors

9 Target Market 9 Specific group of customers that a firm focuses on Why is marketing segmentation important? Sell different products or variations of products Access different market Increase revenue growth potential What are the important factors to consider in market segmentation?: Market segmentation plays a key role in the success of many large organizations: Coco Cola, Old Navy, GE, Wal-Mart Demographics Age Gender Education Ethnic Family life-cycle Psychographics Personality Motives Lifestyles Geodemographics Buyer s Behavior Type of purchase Culture and values Social Influence Individual Influence Psychological

10 Target Market: Competitive Marketplace 10 Describe your industry Is it growing, declining? What is the size of your market? What percent share of the market will you have? (if applicable). Trends in target market growth trends, trends in consumer preferences, and trends in product development. Growth potential and opportunity for a business of your size. What would make it difficult to enter the market and how will you overcome them? High capital costs, production costs, marketing costs: Consumer acceptance and brand recognition Training and skills Shipping costs Tariff barriers and quotas

11 Target Market: Competitive Marketplace Who are your competitors? How many are they? (You have to decide who to compete with) How much are they pricing their product? Where and how do they promote their products? What do they spend? Where and how are they distributing their product/service? 11

12 Target Market: Demographics 12 Age Tweens 8-14 ~29m = $189m Generation Y m $200bn Generation X m $125 billion Baby-boomer Above 45 77m $2 trillion

13 Target Market: Psychographics 13 Personality Traits Attitudes Habits Motives Insurance appeals to babyboomers emotional motives 25% of people surveyed by Roper says car match their personality Lifecycles Ways time is spent Importance of things around Belief Socioeconomic Geodemographics Neighborhood lifestyle categories E.g. Mormons in Ohio

14 Target Market: Customers Behavior 14 Types of Purchase Routine Limited (unfamiliar with current brands) Extensive Culture and Values Set of values, norms, habits and other symbols that shape human behavior Culture is pervasive, functional, learned and dynamic Social class and sub-culture affects culture Social Influence Reference groups Opinion leaders Family Individual Influence Gender Age and family life-cycle stage Personality, self-concept and lifestyle Self-concept Psychological Influence Perception, Price, Smell, Color, Packaging A typical consumer is exposed to 2,500 advertising messages per day but notices between 11 and 20.

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