Entp 14ppt


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Entp 14ppt

  1. 1. Entrepreneurship Session-14 22/06/07
  2. 2. Why Marketing Research Is Necessary? Marketing communications is typically asked to achieve four things - introduce a new fact or idea, correct an existing misconception, reinforce a favorable opinion or stimulate action.
  3. 3. What Is Marketing Research: <ul><li>‘ Marketing Research’ is the function which links the consumer,customer and public to the marketer through information – </li></ul><ul><li>information used to identify and define marketing opportunities and problems; </li></ul><ul><li>generate,refine and evaluate marketing actions;monitor marketing performance; actions; </li></ul><ul><li>improve understanding of marketing as a process. </li></ul>
  4. 4. Marketing Research can reveal consumer characteristics: <ul><li>Demographic. </li></ul><ul><li>Socio-economic. </li></ul><ul><li>Life-style. </li></ul><ul><li>Awareness. </li></ul><ul><li>Behavior (past, present and intended ) </li></ul>
  5. 5. Market research in pre start up phase <ul><li>Who is the customer? </li></ul><ul><li>Gender and Age </li></ul><ul><li>Income Status </li></ul><ul><li>Occupation and Education </li></ul><ul><li>Other customer characteristics </li></ul>
  6. 6. Market research in pre start up phase <ul><li>Where is the market? </li></ul><ul><li>Market size and changes </li></ul><ul><li>Segmenting the Market </li></ul><ul><li>Growth characteristics </li></ul><ul><li>Sales Forecast </li></ul>
  7. 7. Market research in pre start up phase <ul><li>Competition </li></ul><ul><li>Who are the market players? </li></ul><ul><li>Existing competitors </li></ul><ul><li>Products or substitutes </li></ul>
  8. 8. Market research in pre start up phase <ul><li>Distribution </li></ul><ul><li>How will customers be reached? </li></ul>
  9. 9. Market research in pre start up phase <ul><li>Sources of market intelligence: </li></ul><ul><li>Existing competitors </li></ul><ul><li>Trade publications </li></ul><ul><li>Securities Analysts Reports </li></ul><ul><li>Potential customers </li></ul>
  10. 10. The Importance of Information <ul><li>Companies need information about their: </li></ul><ul><ul><li>Customer needs </li></ul></ul><ul><ul><li>Marketing environment </li></ul></ul><ul><ul><li>Competition </li></ul></ul><ul><li>Marketing managers do not need more information, they need better information. </li></ul>
  11. 11. The Marketing Information System
  12. 12. Developing Marketing Information <ul><li>Internal Databases : Electronic collections of information obtained from data sources within the company. </li></ul><ul><li>Marketing Intelligence : Systematic collection and analysis of publicly available information about competitors and developments in the marketing environment. </li></ul><ul><li>Marketing Research : Systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. </li></ul>
  13. 13. Competitive Intelligence: <ul><li>It is the selection ,collection,interpretation and distribution of publicly-held information that has strategic importance. </li></ul>
  14. 14. Competitive Intelligence: <ul><li>Competitor intelligence is the analytical process that transforms disaggregated competitor intelligence into relevant, accurate and usable strategic knowledge about competitor performance </li></ul><ul><li>It is highly specific and timely information about a corporation. </li></ul>
  15. 15. Competitive Intelligence: <ul><li>Goals: </li></ul><ul><li>Detecting competitive threats. </li></ul><ul><li>Eliminating or lessening surprises. </li></ul><ul><li>Enhancing competitive advantage by lessening reaction time. </li></ul><ul><li>Finding new opportunities. </li></ul>
  16. 16. From Information to Intelligence <ul><li>All the information needs to be collated. </li></ul><ul><li>The information need to be indexed and catalogued. </li></ul><ul><li>It pieces of information to be analyzed and interpreted. </li></ul>
  17. 17. Competitive Growth Strategies Source: H. I. Ansoff, New Corporate Strategy (New York: Wiley, 1988), p. 109.
  18. 18. Growth Strategies for Business Units <ul><li>Intensive Growth </li></ul><ul><ul><li>Growth occurring when current products and current markets have the potential for increasing sales </li></ul></ul><ul><ul><li>Market penetration: increasing sales of current products in current markets </li></ul></ul>
  19. 19. Growth Strategies for Business Units <ul><ul><li>Market development: increasing sales of current product in new markets </li></ul></ul><ul><ul><li>Product development: increasing sales by improving present products or developing new products for current markets </li></ul></ul>
  20. 20. Growth Strategies for Business Units (cont’d) <ul><li>Diversified Growth </li></ul><ul><ul><li>Growth occurring when new products are developed to be sold in new markets </li></ul></ul><ul><ul><li>Advantage of diversified growth is the spread of risk across a number of markets </li></ul></ul><ul><ul><li>Diversification allows for a wider use of managerial, technical, and financial resources </li></ul></ul>
  21. 21. Growth-Share Matrix Developed by the Boston Consulting Group Source: Perspectives, No. 66, “The Product Portfolio.” Reprinted by permission from The Boston Consulting Group, Inc., Boston, MA. Copyright © 1970.