Market Research & 7Ps of Marketing PDF

MARKET RESEARCH The Student are expected to: ▰ Discuss market research ▰ Know the meaning of data gathering ▰ Identify the different data gathering techniques 2 Market Research or Marketing Research Process ▰ As the proces...

MARKET RESEARCH The Student are expected to: ▰ Discuss market research ▰ Know the meaning of data gathering ▰ Identify the different data gathering techniques 2 Market Research or Marketing Research Process ▰ As the process of gathering, analyzing and interpreting the information about the products or the services to be offered for sale to the potential consumers in the market 3 DATA COLLECTION ▰ Is the most valuable tool of any type of research study. Inaccurate data collection may cause mistakes and ultimately lead to invalid results 4 TIPS IN GATHERING DATA ▰ Organize collected data as soon as it is available ▰ Know what message you want to get across and then collect data that is relevant to the message ▰ Collect more data ▰ Create more data 5 TIPS IN GATHERING DATA ▰ Regularly run experiments or collect data ▰ Challenge your assumptions ▰ Set reasonable expectation ▰ Take note of interesting or significant data 6 THREE DIFFERENT DATA COLLECTION TECHNIQUES ▰ SURVEY (QUESTIONNAIRE) ▰ INTERVIEW ▰ FOCUS GROUP DISCUSSION 7  SURVEYS ▰ Are the most common way to gather primary research with the use of questionnaires or interview schedule. ▻ These can be done via direct mail, over the phone, internet (e.g Google) or mail, face- to-face or on Web (e.g. Skype or viber) 8 Adralin, 2016 When designing or constructing your won research questionnaire, remember the following guidelines: ▻ Keep it simple as possible ▻ Make sure it is clearly appealing and easy to read ▻ Cluster or block related questions ▻ Move form complex questions to more specific question 9 Adralin, 2016 ▰ When designing or constructing your won research questionnaire, remember the following guidelines: ▻ Make sure questions are concise and easily understood. ▻ Avoid questions that are difficult to answer ▻ Make sure any response scales used are consistent with categories that are mutually exclusive. 10 INTERVIEW ▰ Is one of the most reliable and credible ways of getting relevant information from target customers. ▰ Typically done in personal between the researcher/entrepreneur and a respondent where the researcher asks pertinent questions that will give significant pieces of information about the problem that he will solve 11 INTERVIEW ▰ Helpful even when the business has already started because the customers’ feed back provides the entrepreneur a glimpse of what the customers think about the business 12 Leedy and Ormrod, 2021 ▰ the researcher ask a standard set of questions and nothing more ▻ Personal Interview ▻ Telephone Interview 13 Standard set of questions ▰ Personal Interview ▻ Traditional method of conducting an interview ▻ It allows the researchers to establish relationship with potential participants and therefore gain their cooperation ▻ It generates highest response rates in survey research ▻ Allow the researcher to clarify indefinite answers indefinite answers and when necessary, seek follow-up information 14 Standard set of questions ▰ Telephone Interview ▻ Less expensive and less time consuming, but the disadvantage are that the response rate is not as high as the face-to-face interview, but considerably higher than the mailed questionnaire 15 FOCUS GROUP DISCUSSION (FGD) ▰ Is an excellent method for generating and screening ideas and concepts. It can be a moderated group interviews and brainstorming sessions that provide information on user’s needs and behaviors. 16 Considerations in the use of FGD in market research ▰ The length of the session is between 90 to 120 minutes ▰ Usually conduct FGD with 8 to 10 participants per group ▰ Assign an expert moderator/facilitator who can manage group dynamics 17 Considerations in the use of FGD in market research ▰ Use a semi-structure or open-format discussion ▰ Strive for consistency in the group’s composition (for example, it may not be advisable to have business customers and retail customers in the same focus group, their needs are very different) 18 19 7 P’s of Marketing and Branding Lesson 1: Marketing Mix (7Ps) in relation to business opportunity You should be able to: ▰ Describe the Concept of Marketing Mix ▰ Identify the seven P’s in the Marketing Mix ▰ Identify the commonly used brand strategy ▰ Develop a Brand Name 22 Think the word related to our topic that start with letter “p” P R O D U C T P O R E Q U P L A C E E P I E P O S I T I O N I N G R O P E P R I C E O P G O P R O M O T I O N P A L P E O P L E A N A P A C K A G I N G Z F R D J I S B N M K A 23 MARKETING MIX ▰ Is a set of controllable and connected variables that a company gather to satisfy a customer better that its competitors. ▰ It is also known as the P’s in marketing. ▰ Originally, there were only 4Ps stands for Product, Place, Price and Promotion. Eventually, three elements have been added: People, Packaging and Positioning to comprise the 7P’s 24 SEVEN P’s OF MARKETING MIX ▰ PRODUCT ▰ PLACE ▰ PRICE ▰ PROMOTION ▰ PEOPLE ▰ PACKAGING ▰ POSITIONING 25 1. Product ▰ A buyer of consumer goods may ▰ Refers to any goods or not have thorough knowledge of services that are produced the goods he/she buys and uses to meet the customer’s wants, taste and preferences ▰ Example of service includes hair salons and accounting firms ▰ Goods can be categorized into “business goods or consumer goods 26 2. Place ▰ Represent the location ▰ Itinclude any physical where the buyer and seller exchange goods or services. store as well as virtual ▰ It also called as the store or online shops on distribution of channeL the internet 27 STAGES OF DISTRIBUTION OF CHANNEL ▰ 1. PRODUCER WHOLESALER RETAILER CONSUMER ▰ 2. PRODUCER RETAILER CONSUMER ▰ 3. PRODUCER CONSUMER 28 STAGES OF DISTRIBUTION OF CHANNEL ▰ 1. PRODUCER WHOLESALER RETAILER CONSUMER ▰ Channel 1 contains two stages between producer and consumer – a wholesaler and retailer. A wholesaler typically buys and stores large quantities of several producers’ goods and then break into bulk deliveries to supply retailers with smaller quantities. For small retailers with limited order quantities, the use of wholesaler makes economic sense 29 STAGES OF DISTRIBUTION OF CHANNEL ▰ 2. PRODUCER RETAILER CONSUMER Channel 2 contains one intermediary. In consumer markets, this is typically a retailer. A retailer is a company that buys products from a manufacturer or wholesaler and sells them to end users or customers. In a sense, a retailer is an intermediary or middleman that customers use to get products from the manufacturers 30 STAGES OF DISTRIBUTION OF CHANNEL ▰ 3. PRODUCER CONSUMER Channel 3 is called a “direct-marketing” channel, since it has not intermediary levels. In this case the manufacturer sells directly to costumers 31 3. Price ▰ Serious component in marketing mix ▰ Is the value of money in exchange for a product or service. ▰ Is the amount that a customer gives up to enjoy the benefits of having or using a product or services 32 4. Promotion ▰ Refers to the complete set of activities, which communicate the product, brand or service to the user. The idea is to attract people to buy your product over others. Advertising, personal selling, sales promotion, direct marketing, and social media are examples of promotion 33 5. People ▰ Are ultimate marketing strategy. They sell and push the product. ▰ Are one of the most important elements of the marketing mix today. This is because of the remarkable rise of the services industry ▰ Right people are essential in marketing mixin the current marketing scenario. 34 6. Packaging ▰ Silent hero in the marketing world ▰ Refers to the outside appearance of a product and how it is presented to the customers. ▰ Best packaging should be attractive enough and cost efficient for the customers. 35 7. Positioning ▰ Refers to a process used by marketers to create an image in the minds of a target market. ▰ Solid positioning will allow a single product to attract different customers for not the same reason 36 Lesson 2: Develop a Brand Name Brand Name ▰ Is a name, symbol, or other feature that distinguishes a seller’s goods or services in the marketplace. ▰ Brand – is one of your greatest assets because your brand is your customers’ over-all experience of your business. 38 Brand Name ▰ Brand strategy- is a long-term design for the development of a popular brand in order to achieve the goals and objectives. ▰A well-defined brand strategy shakes all parts of a business and is directly linked to customer needs, wants, emotion, and competitive surroundings 39 Can you build a brand which truly talks to your audience? ▰ Branding – is a power and sustainable high-level marketing strategy used to create or influence a brand. 40 Common Used Branding Strategy 1. PURPOSE ▰ “Everybrand makes a promise. But in a market in which customer confidence is little and budgetary observance is great, it’s not just making a promise that separates one brand from another, but having a significant purpose,” (Allen Adamson) 41 1. PURPOSE Two ways viewed for Purpose ▰ Functional – This way focuses on the assessment of success in terms of fast and profitable reasons. ▰ Intentional - This way focuses on fulfillment as it relates to the capability to generate money and do well in the world 42 Common Used Branding Strategy 2. CONSISTENCY ▰ The significant of consistency is to avoid things that don’t relate to or improve your brand, which fuels customer loyalty. 43 Common Used Branding Strategy 3. EMOTION ▰ There should be a emotional voice, whispering “Buy me”. ▰ Find ways to connect more deeply and emotionally with your customer 44 Common Used Branding Strategy 4. FLEXIBILITY ▰ Marketers should remain flexible to in this rapidly changing world. ▰ Flexibility allows you to adjust and differentiate your approach from your competition 45 Common Used Branding Strategy -Kevin Budelmann - “Effective identity programs require sufficient consistency to be identifiable, but sufficient variation to keep thing fresh and human” 46 Common Used Branding Strategy 5. EMPLOYEE INVOLVEMENT ▰ It is equally important for your employees to be well versed in how they communicate with customers and represent the brand of your product 47 Common Used Branding Strategy 6. LOYALTY ▰ It is an important part of brand strategy. At the end of the day, the emphasis on a positive relationship between you and you existing customers sets the tone for what potential customers can expect from doing business with you. 48 Common Used Branding Strategy 7. COMPETITIVE AWARENESS ▰ Do not be frightened of competition. Take it as a challenge to improve your branding strategy and craft a better value in your brand 49