Launch your PollEV session: Text : UWMBUSINESS to 37607

1. Launch your PollEV session: Text: UWMBUSINESS to 37607 *Text LEAVE at the end of class* Alternate #: (747) 444-3548

4. Step 4: Select Target Market • Concentrated Targeting Strategy • This is when a firm selects a single, primary target market and focuses all its energies on providing a product to fit that market’s needs • This strategy is useful for entrepreneurial start-up ventures - allows them to employ their limited resources more efficiently

5. Zenni Optical is an online store that allows a high degree of customization of the glasses you buy, including a variety of frames and lenses, so that you can “custom-build” the exact pair of glasses you want. No two consumers may end up with an identical pair.

7. Your questions: • What is the difference between concentrated targeting and micro-marketing (targeting)?

8. “The battle for your minds” • Using the 4P’s so that customers have a clear and distinctive understanding of what your brand stands for relative to the competition is ________?

12. Targeting the Marketplace – Marketing Research Ref: Text, chapter 10

13. FROM CHAPTER 2:

14. VALUE?? “PRODUCT” (Value) Seller Buyer VALUE

15. In this topic, we will: • Identify the five steps in the marketing research (MR) process • Summarize the differences between secondary data and primary data • Describe the various internal and external secondary data sources • Describe the various primary data collection techniques • Articulate why information collection needs to be ethical

16. CDSTEP WHY MR? Environment GAP Seller Buyer GAP VALUE

18. Mr = information for decisions • Marketing research consists of a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can help marketing decision-makers

19. Mr = information for decisions • Marketing research can provide valuable information that will help them make segmentation, positioning, product, place, price, and promotion decisions

20. Marketing Research • Billions of dollars are invested in marketing research every year. Why do marketers find this research valuable? • It helps reduce uncertainty • It helps provide a crucial link between firms and their environments which enables them to be customer oriented • By constantly monitoring their competitors, firms can respond quickly to competitive moves

21. The Marketing Research Process Problem (or Opportunity)

22. Problem!

25. Environment GAP Seller Buyer GAP VALUE

26. The Marketing Research Process

27. Mr = information for decisions

31. The Marketing Research Process Problem (or Opportunity)

32. problem Step 1: Defining the Objectives and Research Needs • Research is both expensive and time-consuming. Therefore, it is important to establish in advance exactly what problem needs to be solved • To do so, marketers must clearly define the objectivesof their marketing research project.

33. “How satisfied are you with ___?” Scale: 1 = VERY DISSATISFIED; 5 = VERY SATISFIED

35. Step 1: Defining the Objectives and Research Needs • Note that efforts and resources will be wasted if the research objectives are poorly defined.

36. Step 2: Designing the Research • researchers identify the type of data needed anddetermine the type of research necessary to collect it.This is called “research design.” • Survey? Observational study? Focus group?

37. Step 3: Data Collection Process • Data can be collected from secondary or primary data sources • Secondary data are data that have been collected for some other purpose and that can be used for this project • Primary data are data collected specifically to address the problem at hand

38. Data from UPC Codes?“Scanner data” Research firm Coffee company Supermarket

40. Step 3: Data Collection Process • Secondary data are data that have been collected for some other purpose and that can be used for this project (example: searching company records, census data). • Primary data are data collected specifically to address the problem at hand (example: focus groups, in-depth interviews, surveys).

41. Secondary data: FREE “External” Outside firm PAID FOR “Internal” Inside firm

42. Secondary Data: • Free/ Inexpensive External sources – This can come from free or very inexpensive external sources such as census data or reports published in business magazines

44. (Scores out of 100)

45. Secondary data: FREE “External” Outside firm PAID FOR “Internal” Inside firm

46. “combined” (Not free) • Syndicated data – External secondary data can also be purchased for a fee from specialized research firms • Examples: AC Nielsen, IRI. • Some syndicated data providers also offer information about changing brand preferences and actual product usage in households which they gather from scanner data and consumer panels

47. Secondary Data: Syndicated • Scanner data is used for quantitative research and is obtained from scanner readings of UPC codes at check-out counters • Panel data is information collected over time from a group of consumers who are part of a panel

49. Secondary Data: Syndicated • key difference: Scanner research typically focuses on weekly consumption of a particular product(at the individual store, chain, or regional level), whereas panel research focuses on the total weekly consumption by a particular person or household • [Note that Scanner data and Panel data can be used for both primary or secondary research]

50. Secondary data: FREE “External” Outside firm PAID FOR “Internal” Inside firm