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Doing Marketing Research

Doing Marketing Research. Are we Researching ? Do we dot it ? Are we done?. What are they looking for ?. What are the problem ? How big is it ?. How BIG is our market ?. Good to show our entire market Target a subset $ for units.

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Doing Marketing Research

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  1. Doing Marketing Research Are weResearching? Do wedotit? Are we done?

  2. What are theylookingfor? • What are theproblem? • How bigisit?

  3. How BIG isourmarket? • Goodto show ourentiremarket • Target a subset • $ forunits • Desirable (Necessary?) to show some verifiable data • Competition (is the Market now) • Market share data • Strategies • Strengths & weaknesses • Do not forget the “Effective reach”!)

  4. IdentifyingyourMarket Define the industry Identify the segments Target the segments Qualify the customers Estimate the demand Name the competitors Develop position

  5. MarketSegmentation It is relevant? Does it impact desirability of our product? Does it impact our strategy? In the market big enough to matter? What segmentation variables might we use?

  6. CriteriaforSegmentation • Product/service features • Buying habits • Ability/method/timing to reach • Pricing/ability to pay • Careful about “Crossover effects” • Size of market

  7. Choosingtargetsegment • Competition • Homogeneity • Growth • Capacity to serve • Fit between our capabilities and customers needs

  8. Marketresearchprocess • Given our product and target market • Develop a set of questions that we must answer • Collect data • Analyze data • Draw conclusions and develop strategies

  9. Typesofquestions • Size of market • Relevant segments • Major customers • Their needs (potential value proposition) • Their decision making process • Appropriate channels of distribution • Existing and potential competition • Strengths and weaknesses

  10. MarketResearchNothingbeatsprimary data! • 1-on-1, face-to-face customer meetings • 1-on-1 customer telephone interviews • Beta test experiences • Customer focus groups • Customers survey • Trade shows and conferences • Competitors • Distributors • Trade publication journalists

  11. MarketResearchSecondary data • Trade and general press • Competitors’ Annual reports or IPO filings • Industry research reports • Stock analyst research reports • Company/competitors specific • General industry reports • Federal and state complied statistics

  12. How muchresearchisenough? • Depends on many factors • Timing • Resource commitment required • How many other people need to be convinced? • May do enough to get started, the develop • Ask yourself: • What might I do differently if I knew?

  13. Credibility • Need some verifiable facts • Good to show some primary data • Hard to beat testimonials! • Need consistency

  14. Typicalelementsof a Marketing Plan • Market opportunity • User benefit (value proportion) • Size of market (Evidence of need) • Target customer segments • Competition • Product definition/description • Market Analysis and strategy • Marketing Mix • 4P’s

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