CSC_AE-OACC9-EBC_Module 11.pptx

OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES 11 “The 7Ps of Marketing and Market Research” MS. CHITA S. CABANZA NETIQUETTE DURING LIVE SESSION  NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES “The 7Ps of Marketing and Market Researc...

OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES 11 “The 7Ps of Marketing and Market Research” MS. CHITA S. CABANZA NETIQUETTE DURING LIVE SESSION  NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES “The 7Ps of Marketing and Market Research” 1.Discuss the 7P’s in marketing. 2.Explain the importance and process of market research. 3.Describe a brand name; and 4.Discuss marketing management practices that can be adopted. NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES  NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES The importance of market research 1.Identify potential customers Who is going to use your product/service? How old are they? Are they male or female? Are they married, single or divorced? Do they have children? Where do they live? What is their level of education?  NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES The importance of market research 2. Understand existing customers Why do customers choose your product over competitors? What do they value? Is it service, product quality or prestige associated with consuming your product/service? Who influences their buying decision? What magazines do they read? What websites do they visit? What do  NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES The importance of market research 3. Set realistic targets From the information you collect you will be able to set realistic targets for areas such as growth, sales and the introduction of new products/service.  NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES The importance of market research 4. Develop effective strategies From your research you will be able to make informed marketing decisions about how to price product/service, how to distribute your product/service, which media channels to use (e.g. newspaper, radio or direct marketing) or whether to develop a new product/service. It will also help you make an informed decision about starting, building, consolidating, diversifying or reducing business activity.  NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES The importance of market research 5. Examine and solve business If you haveproblems identified a business problem, research will help you make work out what is happening. For example, if your sales have fallen you might discover that brand awareness has also fallen, or that a new competitor has entered the  NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES The importance of market research 6. Prepare for business expansion Research will help you identify areas for expansion and test the market’s readiness for a new product/service. For example, you could be looking to open a new retail store and you need to find the right location or you could plan to make changes to your distribution channels (from  NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES The importance of market research 7. Identify business opportunities Your research could identify new business opportunities. You may find an un-serviced or under-serviced market. You could identify changing market trends such as population shifts, increasing levels of education or leisure  NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES According to the Guide to Market Research and Analysis (2015) to conduct market research, it is important to set clear goals for the market research activity and define what are needed to be known and why. Then, it is vital to develop a strategy and select data gathering techniques that will be used. NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES NO. 11 OACC9-ENTREPRENEURIAL BEHAVIOR AND COMPETENCIES