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Marketing Research

Marketing Research. Where we have been thus far. 4 P’S of Marketing Market Strategy. Marketing – The 4 P’s. Product Pricing Placement Promotion. What we are going to sell. How much we will charge. How we will advertise the product/ service. How we will get product/

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Marketing Research

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  1. Marketing Research

  2. Where we have been thus far... • 4 P’S of Marketing • Market Strategy

  3. Marketing – The 4 P’s Product Pricing Placement Promotion What we are going to sell How much we will charge How we will advertise the product/ service How we will get product/ Service to the customer

  4. Marketing Strategy – 2 Steps • Create Target Market • Create Marketing Mix

  5. Creating/Improving products • What is a “New” Product • Depends on who you ask • Dominos example…“New” pizza • Apple’s “New” forthcoming tablet pc • Many “new” products are simply improvements on existing products • Truly new products are rare • Truly new products do not have an existing substitute • What new products have been introduced in our lifetime?

  6. Creating/Improving products Remember! • Companies should not assume what customers want and then try to convince them. • Good companies are customer focused…they figure out what customers want and then try to provide it. • (Marketing Orientation)

  7. Creating a New Product • So…product creation should begin with researching what your target market desires • MARKETING RESEARCH –finding solutions to problems through carefully designed studies involving consumers

  8. Types of Research Primary Research • Pros • Targeted to company’s needs • Cons • Time consuming • Costly Secondary Research • Pro • Can be cheaper • Quicker • Cons • May not be relevant • Open to all

  9. Types of Research Studies Customer Survey Focus Groups Observations Experiments

  10. Customer Surveys • Most common type of research study • Gather information using carefully planned questions • Quantifiable is good • Can be conducted in-person, over phone, through mail or over internet

  11. Focus Groups • Small number of consumers taking part in a group discussion • Discussion topics might include customer’s • experiences with a product • reactions to new ideas • suggestions for product improvements

  12. Observations • Collect information by recording actions of consumers • Common questions answered by observation • How do customers interact with packaging? • What routes do customers take through store?

  13. Experiments • Two carefully controlled alternatives • Examples • Compare sales of two products with different size, packaging, etc. • Effect of promotions • Coupons • Customer “limits”

  14. Steps in Marketing Research • Define the Marketing Problem • Are we rolling out a new product? • Trying to improve customer service? • Obtain the data • Analyze information • Propose a solution • Apply the results

  15. Market Research – Project Cereal Development

  16. Cereal Development • Gutierrez is hoping his product development department can create a new cereal that will help propel growth in an industry that has gone soggy.

  17. Your Mission • In this project you will be divided into teams of 3-4 to develop a concept for a new cereal to be sold by Kellogg’s. The project will require completion of three separate activities: I. Plan and conduct market research (surveys or focus group) II. Analyze data from your market research III. Create a cereal product that will complement Kellogg’s existing brands and be successful in the marketplace (based on your market research) a. In creating your cereal product, you will be coming up with an original brand name and package design

  18. Start by… • Developing questions for your survey • Consider varying the types of questions you ask • Open-ended • close ended - likert, numerical, ordinal, categorical • Include demographics in your survey • Typically, these are better at the end of the survey • Survey a large sample for best results • 24+

  19. Timeline I. Thursday, January 24 – Assign Teams & Discuss Market Research Strategies II. Friday, January 25 – Design and Begin Conducting Market Research III. Monday, January 28 – Begin Product Design IV. Tuesday, January 29 - Analyze Market Research V. Wednesday, January 30 – Work Day VI. Thursday, January 31– Work Day VII. Friday, February 1 – Completed Design Due at End of Period VIII. Monday, February 4 & Tuesday, February 5 - Presentation of Cereal Concepts

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