Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
Market ResearchMarket Research
The broad goal of marketing research is to identify and define both marketing problems and opportunities and to generate and improve marketing actions.
Although marketing research isn't perfect, it seeks to reduce risk and uncertainty and to improve decisions made by marketing managers.
Market ResearchMarket Research
1. Surveys
2. Tele polls
3. Focus groups
4. Census data
5. Subscription data services
Forms of Market ResearchForms of Market Research
Why do we segment? Why do we segment?
Under what circumstances would we Under what circumstances would we not need to segment the market? not need to segment the market?
Market SegmentationMarket Segmentation
DemographicsDemographics
PsychographicsPsychographics
Purchase BehaviorsPurchase Behaviors
Geographical Geographical ConsiderationsConsiderations
How do we segment? How do we segment?
Physiological Needs
Safety Need
Social Need
Personal Needs
Food, Drink, Rest, Sex
Health, Medicine, Exercise
Love, Friendship, Status, Esteem
Personal satisfaction including fun, freedom, relaxation, and accomplishment
Buyers Purchase BehaviorBuyers Purchase Behavior
IdeaGeneration
IdeaScreening
Development
IdeaEvaluation
Commercialization
Stages of Product DevelopmentStages of Product Development
MarketPenetration
MarketDevelopment
ProductDevelopment
Diversification
Present Products New Products
Present Markets
New Markets
4 Basic Types of Market Opportunities4 Basic Types of Market Opportunities
ProductProductIdeaIdea
Goods/ServicesGoods/ServicesFeature/BenefitFeature/BenefitQuality LevelsQuality Levels
WarrantyWarranty
None,None,Full,Full,
LimitedLimited
PackagingPackaging
ProtectionProtectionPromotionPromotion
AttributesAttributes
ProductProduct
Branding is what you do to differentiate your cow from all the other cattle
on the range
Product BrandingProduct Branding
Product branding reinforces your positioning statement.
When you think of these companies, When you think of these companies, what comes to mind?what comes to mind?
FedExFedEx
VolvoVolvo
NordstromNordstrom
Product Branding - Why Bother? Product Branding - Why Bother?
Convenient packages are Convenient packages are easier to use, making easier to use, making
purchase decisions easier purchase decisions easier for the customer as well. It for the customer as well. It also protects the product also protects the product
and reduces costs of and reduces costs of shipping and storing and shipping and storing and
reduces theft, spoiling ,etcreduces theft, spoiling ,etc
Product PackagingProduct Packaging
Warranty A warranty says the A warranty says the company stands company stands behind the product. behind the product. Consumers often feel Consumers often feel more comfortable with more comfortable with products they know products they know come with assurances.come with assurances.
Product WarrantyProduct Warranty
The “bridge” connecting customers and products
Distribution takes place through channels involving:• Manufacturer• Wholesaler• Retailer• Consumer• Other Distribution Systems
PlacePlace
ConsumerConsumer
CitibankCitibank VWVW DoleDole Procter & Procter & GambleGamble
RetailerRetailer RetailerRetailerRetailerRetailer
WholesalerWholesaler
WholesalerWholesaler
WholesalerWholesaler
Examples of Distribution ChannelsExamples of Distribution Channels