Presentation Transcript

1. Marketing: Research & Strategy

   Presented By: Pam Shaw B.Comm., RYT, PTS, PMI, CAI, FIS
2. Agenda Marketing vs. eMarketing Market Research Gathering Information Types of Research Online Implications of Research Marketing Strategy Target Market Goals & Objectives Strategic Planning & Execution Evaluation Questions
3. Marketing vs. emarketing Marketing: Total system of business activities The Four P’s & Distribution Focus on target market to achieve objectives eMarketing: Marketing using the Internet Therefore, to be Successful: An eMarketing Strategy should: Not be separate from a Marketing Strategy Focus on target market & budget Be flexible, shift focus as needed
4. Market researchGathering Information Why Research? Our customers are doing it so we need to keep up Sites allow product/service comparison & customer reviews Examples: Cheapflights.ca tripadvisor.com Home Depot/Canadian Tire Websites, etc. Gathering Data: Aids business decisions Allows us to learn about our customers, competition, and the market ORM is very important
5. Market research What is Market Research? A process that aids business decisions Gathering, recording & analyzing data & information about customers, competitors & the market Can be based on primary or secondary data & information Data can be syndicated – What does that mean? Types of Research: Primary Secondary Qualitative Quantitative
6. Market ResearchGathering Data According to Survey Monkey: The way a survey is administered plays a role in response rates: Mail: 50% adequate, 60-70% good to very good Phone: 80% good Email: 40% average, 50-60% good to very good Online: 30% average Classroom pager: 50+% good Face to Face: 80-85% good
7. Primary Research Example? Conducted Second Is primary research necessary? How are you going to obtain the data? Gather information/data on a particular product or hypothesis Must be collected from consumers or businesses Examples: Surveys, focus groups, research panels and research communities
8. Secondary Research Example? Conducted First Does the data you require already exist? Uses existing, published data & research Can be internal or external data Can be more cost effective than primary Data may not meet your needs Can be helpful in planning primary research Authenticity is key Examples: Using Statistics Canada website vs. Wikipedia
9. Qualitative Research Used for exploratory purposes: Identify potential hypotheses Design quantitative research Interpret market perspective Examines consumers’ views, opinions & feelings Can be difficult to quantify, more expensive, & time consuming Examples: Focus group interviews and one-on-one depth interviews
10. Quantitative Research Used to obtain statistical information about a sample of consumers or members of the public Data: Must be formally gathered Is statistically analysed to determine results Should be collected to test a hypothesis not determine one Example: Surveys – step by step guide in the text
11. Qualitative & Quantitative Research Can be combined Assign a numeric value to generate a score based on qualitative data Example: Case in the text at the end of Chapter 17: BrandsEye’ When using both: First: (usually) qualitative research to determine issues requiring attention Second: quantitative research to tests the theories put forward in qualitative research.
12. Online Implications of research The Internet can be used in gathering: Primary & secondary research Qualitative and quantitative data Online Communities = large focus group Research information and tools freely available Sophisticated tools for gathering further data exist (see Tools of the Trade in the text) Reach large numbers at relatively low cost Market research should produce information that leads to actions
13. Online implications of research Research available: Social media such as blogs & social networking sites Online research panels/communities Online research publications Listening Lab for usability testing Global search data Customer Communications Cookies and other tools for tracking and measuring Examples?
14. Step 1: Know yourself know your market What is your Company’s Mission Statement? Background: What are the current problems? Current nature of the organization? Who is the Target Market? What are their needs? How can the organization fulfill the needs of the Target Market? What is the marketing mix? 4P’s, New P’s
15. Target Market Why is having a Target Market Important? The 80/20 Rule Example of a Target Market? Demographics: age, gender, class, income Geographic location Psychographic: Psychological and sociological influences Who is your Target Market? Example?
16. Marketing Mix The 4 P’s Products & Service Price Placement or Distribution Promotion The New P`s Personalization Participation Peer-to-peer communities Predictive modelling Awareness of Uncontrollable Factors Existing or pending legislation relevant to the business e.g. environmental controls/regulations re: disposal State of the economy in the market The 4 P’s
17. Step 2: Strategic Analysis Identify weaknesses and opportunities Use Porter’s Five Forces Analysis (next slide) Useful in understanding the attractiveness of the market Was developed before the Internet Barriers to entry and costs of switching are reduced = More competitors in the market Cost of switching has lowered Customer bargaining power has increased Organizations compete based on price Strategic differentiation comes from value
18. Porter’s Five Forces Analysis
19. Step 2: Strategic Analysis Competition: Who or What is trying to attract your consumers? What are your customer’s needs? How may your customers fulfill their needs other than with your company or with someone competing in your industry. You are competing for customers attention not just their money
20. Step 3: Set Marketing Objectives Marketing Objectives Must Be SMART – Does anyone know what that means? Specific Measureable Achievable Realistic Time-Based E.g. To achieve a sales revenue of $259,200 per year for the first three years of the business Outline the desired outcomes of the marketing plan What are the SMART objectives which will indicate the success of the marketing strategy? Unique & based on increasing the revenue of the organization Focused on long-term success – establish milestones, long-term & short-term goals
21. Step 4 & 5 Generate & evaluate Step 4: Generate Strategies & Tactics for Achieving Objectives How will you achieve your objectives? Which strategies will you employ to be successful? Example: Objective: To increase customer retention by 2% by 2012 Tactic: Develop an email newsletter strategy to build relationships with an existing database of interested prospects Step 5: Evaluate Strategies Humphrey’s SWOT Analysis Key Indicators Monitoring & Reporting
22. Strengths & Weaknesses, Opportunities & Threats
23. Step 6 & 7: Implement & Track Step 6: Implement Get ‘er Done! Step 7: Track, Analyze, Optimize eMarketing uses hyperlinks & can be tracked Once tracked, data can be analyzed Each tactic can be tracked individually, then intelligent analysis helps you consider how they work together Keep ORM in mind!
24. References Balderson, W. D. (2003). Canadian Entrepreneurship & Small Business. Toronto: McGraw-Hill Ryerson Limited. Sommers, M. S. Barnes, J.G. Stanton, W. J. (1998). Fundamentals of Marketing. Toronto: McGraw-Hill Ryerson Limited. Stokes, R. (2008). eMarketing the Essential Guide to Online Marketing 2nd Edition. South Africa: Quirk eMarketing (Pty) Ltd.

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