MARKETING RESEARCH PROCESS
The last three stages in the Marketing Research Process
Analyse the information
Present the findings
Make the decision
What are the six forces in the Broad environment?
Political Legal, Technological, Socio Cultural, Economical, Natural and Demographic
Identify the two Strategic Planning Tools
BCG Matrix and Ansoff's Matrix
Identify the marketing management philosophy below and align with your product/service.
*the development, design and implementation of marketing programmes, processes and activities that recognises their breadth and interdependencies.
Holistic Marketing
What is a product?
Anything that can be offered to a market to satisfy a need or a want
What is the first stage in the marketing research process and clearly align your product to same.
Define the problem and research objective
Identify the two factors within the broad environment below and align to your product/service
* elements and forces of nature
* human population impacting the organization
Natural environment
Demographic environment
Identify the four quadrants for the Strategic Planning Tool based on their market growth rate and relative market share.
Ansoff's Matrix:
i. Stars:
ii. Cash Cows:
iii. Question Mark:
iv. Dogs:
Identify the marketing management philosophy below and align with your product/service.
*Consumers will favour those products that are widely available and low in cost.
Production concept
Activity or Benefit Offered for sale that is essentially intangible and does not result in the ownership of anything
What is a service?
What is the second stage in the research process and clearly align your product to same.
Developing the research plan
Which of the factors of the broad environment does the following relate to and align your product/service to same.
*advancements, innovations, research and development,
Technological Environment
Identify the four quadrants based on the Strategic Planning tool that is based on identifying growth strategies by analyzing existing and new products in existing and new markets.
i. Market Penetration - More sales from existing products in current markets
ii. Product Development – More sales from new products in existing market
iii. Market Development – More sales from entering new markets with same products
iv. Diversification - More sales from new products to new markets
Identify the marketing management philosophies below and align with your product/service.
* determining the needs and wants of target markets
*preserving or enhancing the consumer’s and the society’s well being.
Marketing Concept and Societal Marketing Concept
Identify your product/service and explain why you consider it to be product/service.
We all will decide.
What is the thrid stage in the research process and clearly align your product to same.
Collect the information
Identify the two factors within the broad environment below and align to your product/service
* inflation, economic growth, exchange rates, interest rates.
* societal values, beliefs, demographics, cultural norms.
lifestyles trends, and population dynamics that shape consumer behaviour and market
demands.
Economic and Socio Cultural
Choose a quadrant in the BCG Matrix and align it to your product
i. Stars:
ii. Cash Cows:
iii. Question Mark:
iv. Dogs:
Identify the marketing management philosophy below and align with your product/service.
*Consumers will favour those products that offer the most quality, performance, or innovative features.
Product Concept
A written document that details the actions necessary to achieve a specified marketing objective(s).
What is a Marketing Plan?
Advantages of using the Marketing Research Process
i. Clear Problem Identification
ii. Systematic Approach
iii. Informed Decision Making
iv. Actionable Insights
v. Effective Communication
vi. Minimized Risks
vii. Continuous Improvement
Identify the factor within the broad environment below and align to your product/service
*political stability, regulations
Political Environment
Choose a quadrant in the Ansoff's Matrix and align it to your product
i. Market Penetration
ii. Product Development
iii. Market Development
iv. Diversification
Identify the marketing management philosophy below and align with your product/service.
*Consumers , if left alone , will not buy enough of company’s products.
Selling Concept
It clarifies for the company, the target markets, marketing programmers, responsibilities, time-scales, controls and resources.
What is a Marketing Plan?