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Marketing Principles – Fall 2011 MARKET PLANNING. The Business Cycle Strategic Planning SWOT Marketing Research Legal Implications and Laws. Key Terms. Business Cycle Competitive Practice Laws Consumer Protection Laws Strategic Planning-SWOT Marketing Information System (MKIS)
Marketing Principles – Fall 2011 MARKET PLANNING The Business Cycle Strategic Planning SWOT Marketing Research Legal Implications and Laws
Key Terms • Business Cycle • Competitive Practice Laws • Consumer Protection Laws • Strategic Planning-SWOT • Marketing Information System (MKIS) • Data Mining • Primary Data • Secondary Data • Marketing Research Process • Exploratory Research • Conclusive Research
Recognize the Insides of these Restaurants? • Mcdonalds • Pizza Hut- What made these companies start to change the interiors of their businesses? DATA…..Market Research
Marketing Information Systems • MKIS- A system designed to regularly collect data that will be used to make marketing decisions • Read pg 277 OVERSTOCK • List 4 types of data they collect • How does Overstock treat customers who searched for discount differently • How is Sales data by Zipcode helpful for a company?
DATA Mining • Using statistical analysis to uncover pattern to help make marketing decisions • If you were a garden retailer and you found out that 25% of the time that customers who bought a garden hose, also bought a sprinkler….what marketing would you do?
Homework. E-mail Answers To Mr. Fassl • You are an entrepreneur looking to start a new Salon. The problem is you don’t know how the salon industry is doing in your town, or even if there is a market for a new salon. • Use the internet to find 3 Google tools that will help you to conduct market research. • (list them, then explain how each will help you) • Find three pieces of data from the GOVERNMENT that can help you to determine if the market is right for you. • List the location and the data, explain how it will help you!
Virtual Business • Lesson 6- Market Research • Complete lesson(start with tutorial) • Answer the 5 questions. • Questions • 1) What products do customers need most often? • 2) In what section of the city do most people live? • 3) What products do students need? • 4) Using the diagram, in what section of the city do most seniors live? • 5) Using the diagram, in what section of the city do most customers of John’s store live?
Types of Data • Primary Data – Data collected for specific research needs.(collected 1st hand) • Secondary Data- Data already collected from other sources
Developing Survey Questions • http://www.keene.edu/crc/forms/designingsurveysthatcount.pdf • Handout pg ___
Marketing Applications • A bathroom fixture supply store is trying to determine if there is a significant market for its type of merchandise in a specific location for a store. Should they use primary or secondary data or a combination? Explain.
Marketing applications • A bank manager notices that by the time customers get to the teller, they seem irritated and impatient. She wants to investigate the problem further, so she hires you to design a research project to figure out what is bothering customers. What type of research method would you recommend? Why? Is it exploratory or conclusive?
Marketing Applications • PomWonderful has developed a coffee-flavored pomegranate beverage, and it wants to determine if it should begin to market it throughout the United States. The company used two separate studies for the advertising campaign: • A focus group to identify the appropriate message for the new beverage • A survey to assess the effectiveness of the advertising campaign for the new PomWonderful beverage. • Which Study was exploratory and which was conclusive? What other studies would you recommend PomWonderful undertake?
Net Savy • Visit the epinions.com website. They are a clearing house for consumer review's about different products and services. Think of a particular business with which you are familiar and review the ratings and comments for that business. • Provide three conclusions about the data and the extent to which this data might be useful to a marketer for that company.