Market Research & Process

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Market Research & Process

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Market Research & Process

  1. 1. Marketing Research The study of consumer needs and wants and the ways in which sellers can best meet them
  2. 2. Market Research and the Marketing Process 10 -10 - 22 MARKETINGMARKETING RESEARCHRESEARCH Controllable Marketing Variables • Product • Pricing • Promotion • Place Environmental Factors • Economic • Technological • Competitive • Political & Legal • Social & Cultural • Consumers • Employees • Investors • Suppliers • Local Communities Marketing Managers • Market Segmentation • Target Market Segmentation • Marketing Plan • Goals for Performance Assessing Information Needs Providing Information Making Decisions Stakeholders
  3. 3. The Research Process  Study the Current Situation  Select a Research Method  Collect Data  Analyze the Data  Prepare a Report Secondary DataSecondary Data Data readily available as aData readily available as a result of previous researchresult of previous research Primary DataPrimary Data Data developedData developed through new researchthrough new research
  4. 4. Research Methods ObservationObservation Market research technique that involves simply watching andMarket research technique that involves simply watching and recording consumer behaviorrecording consumer behavior SurveySurvey Market research technique using a questionnaire that isMarket research technique using a questionnaire that is either mailed to individuals or used as the basis of interviewseither mailed to individuals or used as the basis of interviews Focus GroupFocus Group Market research technique in which a group of people isMarket research technique in which a group of people is gathered, presented with an issue, and asked to discuss it ingathered, presented with an issue, and asked to discuss it in depthdepth ExperimentationExperimentation Market research technique that attempts to compare theMarket research technique that attempts to compare the responses of the same or similar people under differentresponses of the same or similar people under different circumstancescircumstances
  5. 5. The Consumer Buying Process Personal & Environmental Factors PsychologicalPsychological PersonalPersonal SocialSocial CulturalCultural Stages of the Consumer Buying ProcessStages of the Consumer Buying Process Evaluation of Alternatives Which are comfortable? Which are affordable? How will others react to them? Evaluation of Alternatives Which are comfortable? Which are affordable? How will others react to them? Information Seeking Search for stores, styles, prices, opinions of others Information Seeking Search for stores, styles, prices, opinions of others Problem Recognition Need to replace old shoes Problem Recognition Need to replace old shoes Purchase Decision Choose rationally or emotionally Purchase Decision Choose rationally or emotionally Postpurchase Decision Observe reactions of others; test durability, compare with older shoes Postpurchase Decision Observe reactions of others; test durability, compare with older shoes Marketing Factors ProductProduct PricingPricing PromotionPromotion PlacePlace 10 -10 - 55
  6. 6. The External Marketing Environment 10 -10 - 66 The Firm and Its Marketing Plan  Plans  Strategies  Decisions Competitive Environment Political & Legal Environment Social & Cultural Environment Economic Environment Technological Environment
  7. 7. The External Marketing Environment 10 -10 - 66 The Firm and Its Marketing Plan  Plans  Strategies  Decisions Competitive Environment Political & Legal Environment Social & Cultural Environment Economic Environment Technological Environment

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