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Market Research Application Oct 11, 2009
Market Research Application Oct 11, 2009
Market Research Application Oct 11, 2009
Market Research Application Oct 11, 2009
Market Research Application Oct 11, 2009
Market Research Application Oct 11, 2009
Market Research Application Oct 11, 2009
Market Research Application Oct 11, 2009
Market Research Application Oct 11, 2009
Market Research Application Oct 11, 2009
Market Research Application Oct 11, 2009
Market Research Application Oct 11, 2009
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Market Research Application Oct 11, 2009

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Understanding the importance of Market Research Application, presented by ECC member, MS. Van for ECC Sunday meeting dated October 11, 2009.

Understanding the importance of Market Research Application, presented by ECC member, MS. Van for ECC Sunday meeting dated October 11, 2009.

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  • 1. Market Research Applications Van Thi Nguyen Oct 11, 2009
  • 2. Why do Research? • Common answers – To understand my consumer, to see how my product is working, to measure my advertising effectiveness and so forth – These are the means but they are not the real reasons. • Research is conducted to help REDUCE BUSINESS RISKS and MAINTAIN OR INCREASE PROFITS. Its other associated function is to MONITOR THE EFFECTIVENESS OF THE MARKETING PLAN [Mkt Research Applications]
  • 3. Market Research: A Marketing Decision Making Framework The Marketing Decision Environment The The Environment Consumer Awareness The Political & & Marketing Mix Legal knowledge Internal Behavior, past, present and Product Price future including Brand Name, Stakeholders Packaging Demographics and Service Competitive Psychographics Promotion Place & other descriptors including e.g. distribution Economic Advertising, P.R. and Attitudes Personal Cultural & and opinions Selling Social Needs and Technological wants & Physical Source: Burke Institute [Mkt Research Applications]
  • 4. Research Needs and the Product Life-Cycle Introductory Growth Maturity Decline Sales and Profit Stage Stage Stage Stage Total Market Sales + $0 Time Research Types • Tracking • Market extension • Market definition • Audits • Repositioning research • Concept generation • Consumer panel • Identification of new • Concept / product evaluation data users, uses, markets • Pack / advertising development • Tracking studies [Mkt Research Applications]
  • 5. “People” - It’s about Knowing The Consumer Needs and Needs and wants wants • Describe consumer behavior Attitudes Attitudes and and • Identify needs and expectations opinions opinions • Determine markets/segments Awareness Awareness • Describe markets & & knowledge knowledge Behavior, Behavior, past, present past, present and future and future Demographics Demographics Psychographics Psychographics & other & other descriptors descriptors [Mkt Research Applications]
  • 6. Translating Needs into “Product” ideas • Concept development – brand – packaging – advertising • Consumer receptiveness [Mkt Research Applications]
  • 7. “Price” - Identify Pricing Strategy • Identifying price points • Understanding price elasticity • Price Choice [Mkt Research Applications]
  • 8. “Place” - Making it Available & Accessible • Evaluate distribution channels and retailers • Identify trade-related strategies • Evaluate on shelf product placement and display • Evaluate in store shopping environment and consumer behavior [Mkt Research Applications]
  • 9. “Promotion” of products to consumers • Plan promotional appeals • Evaluate advertising/ promo campaigns – Awareness recall Advertising – Ad contact – Reach & impact Public Relations Personal Selling • Plan and evaluate media placement • Evaluate media – Readership – TV viewing figures – Ad spend [Mkt Research Applications]
  • 10. Total Marketing Mix • Evaluate marketing plans/input • Monitor brand health • Evaluate test markets • Forecast sales volumes [Mkt Research Applications]
  • 11. Market Research solutions to address needs at each stage of Product and Service lifecycle Revitalise Monitor Line Brand Extension Launch Relaunch Tracking Develop - Consumer - Retail Advertising Evaluate - Media Pretest Product Testing Conceptualise Pricing / Concept Packaging / Testing Features / Investigate Concept Positioning Screening Idea Generation Market Definition Feasibility Pre market Strategy Maturity and development Market launch maintenance introduction [Mkt Research Applications]
  • 12. Research Applications Consumer Dynamics Insights • Consumer Decision Making • Shopping Behavior • Consumer Segmentation Managing brands and customers • Brand Health Marketing mix elements Management • Customer Relationship • Advertising Management • Packaging • Pricing • Product Innovation [Mkt Research Applications]

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