Marketing Research
•Focusing on uncovering the nature and boundaries of a situation or question related to marketing strategy or implementation
Step 1: Defining the Problem and Research Objectives
–More sales from existing products in current markets
ANSOFF MATRIX - Market Penetration
•the one element of the marketing mix that produces revenue; the other elements produce costs.
PRICE
Developing the research plan and collecting the data are steps __________________
Steps 2 and 3
–More sales from new products to new markets
ANSOFF MATRIX - Diversification
•where prices start high and slowly drop over time. Want to maximize revenue.
market-skimming pricing
–Take an objective look at survey findings
–Prepare a formal, written document
Step 5: Present the Findings
–More sales from entering new markets with same products
Market Development
Pricing Strategies For New Products
Price Skimming and Price Penetration
Step 6: Make the Decision
•Management – guided by the research analysis, findings and interpretations – will make the decision as to the plans to be rolled out be the company.
Product Development
–More sales from new products in existing market
GENERAL PRICING STRATEGIES
1.Premium pricing
2.Economy pricing
3.Psychological pricing
Analysis of survey data to determine what is typical or what deviates from the average
Step 4 - Analyzing and interpreting research findings
BCG MATRIX
STARS
QUESTION MARK OR PROBLEM CHILD
CASH COWS
DOGS
OTHER PRICING STRATEGIES
4.Product Line Pricing/ Product Mix Pricing
5.Pricing Variations/
5.Optional Product-Pricing
7.Captive Product Pricing
8.Product-Bundle Pricing
9.Promotional Pricing