NILE mineral water market research

960120100965 PROJECT Of -457200262890PRINCIPLES OF MARKETING Submitted To: Prof. ZIA-UR-REHMAN Project On: MINERAL WATER Submitted By: SALMA BASHIR126 SANA KHALID127 NASIBA WARIS139 SABA KHURSHED 1541 SAMEERA 1542 SOBIA AKHLAQ1548 KIRAN ZAHRA 1550 Section: “C” (Morning) Semester 6th Acknowledgement We are grateful to Allah almighty, for enabling us to fulfill this tiring, but interesting job for the completion of our project. We would not be going to do justice in presenting our work without mentioning the people around us who have been inextricably related with the completion of this task. We would like to express our heartfelt thanks to our course instructor Prof. Zia-ur-Rehman for his support and guidance, which he rendered through out the study. It could not have been possible to accomplish this without his thoughtful guidance and expertise. Finally, for any all too fallible errors, omissions and shortcomings in the writing of the report only we are responsible for which we hope that all concerning regards of this report will forgive us. NILE, It’s Nature Safe drinking water is critical - Whether you are canoeing on your favorite lake, trekking through South East Asia or in an area that has been hard hit by flooding or water treatment failure... Don't take chances with water as that is what we are made of & is what sustains us. NILE ,its Nature: The leader in Mineral water
Katadyn Water Filters are dependable, reliable, and durable. For the First time in Pakistan Specifically in Punjab LAHORE, NILE , its Nature water filters that rely on by militaries, missionaries, hikers, explorers, disaster relief organizations and professionals worldwide for safe and dependable drinking water. 35909259271067627592710 Water is a common chemical substance that is essential for the survival of all known forms of life. In typical usage, water refers only to its liquid form or state, but the substance also has a solid state, ice, and a gaseous state, water vapor. About 1.460 petatonnes (Pt) of water covers 71% of the Earth's surface, mostly in oceans and other large water bodies, with 1.6% of water below ground in aquifers and 0.001% in the air as vapor, clouds (formed of solid and liquid water particles suspended in air), and precipitation.[1] Saltwater oceans hold 97% of surface water, glaciers and polar ice caps 2.4%, and other land surface water such as rivers, lakes and ponds 0.6%. IN ANOTHER WORDS
WATER IS LIFE
The name of our product relates itself with nature as NILE is the name of a famous and beautiful river. And as the word NILE comes in mind, everybody feels the sense of purity and care. Something desirable and comes under the basic need of everyone’s life. MARKET RESEARCH M arket Research is a most valuable tool for all businesses. It’s the process of gathering information to help in making informed decisions about the marketing of business. Statistics and other market research data help us in understand potential customers and their needs, as well as what competitors are doing. Market research is the process of systematically gathering, recording and analyzing data and information about customers, competitors and the market. Market research can be used to determine which portion of the population will purchase a product/service, based on variables like age, gender, location and income level. A list of questions that can be answered through market research: What is happening in the market? What are the trends? Who are the competitors? How do consumers talk about the products in the market? Which needs are important? Are the needs being met by current products? Market research for business planning We have to carry out market research for discovering what people want, need, or believe. It also involves discovering how they act. Once that research is complete it can be used to determine how to market our specific product, NILE, its nature. Market Research - The Process Market research, like other components of marketing such as advertising, can be quite simple or very complex. We might conduct simple market research such as including a questionnaire in our customer bills to gather demographic information about our customers. On the more complex side, we might engage a professional market research firm to conduct primary research to aid in developing a marketing strategy to launch a new product. 41052751099820 We'll benefit by reviewing the following seven steps in the market research process.Step One: Define Marketing Problems and Opportunities The market research process begins with identifying and defining the problems and opportunities that exist for our business, such as: Launching a new product or service Low awareness of company and its products or services Low utilization of company's products or services. A poor company image and reputation Step Two: Set Objectives, Budget, and Timetables Objective With a marketing problem or opportunity defined, the next step is to set objectives for market research operations. Objective might be to explore the nature of a problem so may further define it, or perhaps it is to determine how many people will buy product packaged in a certain way and offered at a certain price. Objective might even be to test possible cause and effect relationships. For example, if we lower our price by 10 percent, what increased sales volume should we expect? What impact will this strategy have on our profit? Budget How much money are we willing to invest in our market research? How much can we afford? Market research budget is a portion of overall marketing budget. A method popular with small business owners to establish a marketing budget is to allocate a small percentage of gross sales for the most recent year. This usually amounts to about two percent for an existing business. However, if we are planning on launching a new product or business, we may want to increase our budget figure to as much as 10 percent of our expected gross sales. Other methods used by small businesses include analyzing and estimating the competition's budget and calculating our cost of marketing per sale. Time tables We prepare a detailed, realistic time frame to complete all steps of the market research process. If business operates in cycles, establish target dates that will allow the best accessibility to our market. For example, a holiday greeting card business may want to conduct research before or around the holiday season buying period, when their customers are most likely to be thinking about their purchases. 4086225553720Step Three: Select Research Types, Methods, and Techniques There are two types of research: primary research or original information gathered for a specific purpose and secondary research or information that already exists somewhere. Both types of research have a number of activities and methods of conducting associated with them. Secondary research is usually faster and less expensive to obtain that primary research. Gathering secondary research may be as simple as making a trip to local library or business information center or browsing the Internet. Step Four: Design Research Instruments The most common research instrument is the questionnaire. Keep these tips in mind when designing market research questionnaire. Keep it simple. Include instructions for answering all questions included on the survey. Begin the survey with general questions and move towards more specific questions. Keep each question brief. If the questionnaire is completed by the respondent and not by an interviewer or survey staff member, remember to design a questionnaire that is graphically pleasing and easy to read. Remember to pre-test the questionnaire. Before taking the survey to the printer, ask a few people such as regular customers, colleagues, friends, or employees to complete the survey. Ask them for feedback on the survey's style, simplicity and their perception of its purpose. Mix the form of the questions. Use scales, rankings, open-ended questions, and closed-ended questions for different sections of the questionnaire. The form or way a question is asked may influence the answer given. Basically, there are two question forms: closed-end questions and open-end questions. Close-end questions - Respondents choose from possible answers included on the questionnaire. Open-end questions - Respondents answer questions in their own words. Completely unstructured questions allow respondents to answer any way they choose. Step Five: Collect Data To help to obtain clear, unbiased and reliable results, collect the data under the direction of experienced researchers. Before beginning the collection of data, it is important to train, educate, and supervise research staff. An untrained staff person conducting primary research will lead to interviewer bias. Step Six: Organize and Analyze the Data Once our data has been collected, it needs to be cleaned. Cleaning research data involves editing, coding, and tabulating results. To make this step easier, start with a simply designed research instrument or questionnaire. Step Seven: Present and Use Market Research Findings Once marketing information about target market, competition and environment is collected and analyzed, present it in an organized manner to the decision makers of the business. Assess Available Information assess the information that is immediately available. It may be that current knowledge supports one or more hypotheses, and solutions to the problem may become obvious through the process of defining it. Weigh the cost of gathering more information against its potential usefulness. As for our new staple convenient consumer good, NILE, its nature is concerned; the mineral water market is far more complex than is often recognized, though the product itself is simple. It is seen that there is a difference in quality and purpose between the most popular and other brands. Yet the market is divided into a number of segments.The key to successful marketing is a solid understanding of the environment in which business operates: position in the market place, products and services, competition, and customers. Here's where market research comes in. In order to begin market research, we have examined three main questions: Who are our potential customers? Who are our competitors? What is the state of our industry? Planning for Marketing Research It consists of several steps that should be carried out in order. Each step is discussed in detail: Step 1: Determine the Research Purpose The first step in conducting research is to examine the reasons why research is being undertaken. Determining the research purpose sets the stage for the rest of the research plan because it lets everyone (e.g., researcher, client, outside firms) with a stake in the outcome of the research know the general philosophy of the project and also establishes the urgency of the research. Marketers use research to support decisions in five important ways: explanation, prediction, monitoring, discovery and hypothesis testing. Thus, the purpose for research falls into one of these categories. Explanation Possibly the most cited reason for conducting research is to use it to explain why something is occurring. Most often this means identifying and explaining a problem facing the marketing organization. For example, marketers may seek to know why sales in a certain geographic region are declining when it was forecasted to rise. Prediction Research is used to help assess a situation and predict what may happen in the future. This type of information is critical in many marketing decisions such as forecasting demand for a new product. It is also used to predict what may happen if something is changed such as a key marketing variable decision (e.g., effect on sales if price is changed). Monitoring Many decisions made by marketers must be monitored to insure that goals are being attained. A sales manger, for instance, will look to monitoring research in order to track the performance of the sales force in meeting sales targets. Discovery Most marketers are continually on the look out for ways to improve their marketing efforts. Improvements may include such things as new product options, ways to increase sales or decrease costs, promotional approaches that improve the company’s image and many more. Finding new opportunities is sometimes the result of luck but more often the marketer engages in research to locate these. Hypothesis Testing Finally, marketers use research to help test theories or “gut feelings” about some issues. For instance, a marketer may suspect there is a difference between the purchasing habits of one type of customer as compared to another type. Hypothesis testing, which is at the heart of scientific research, relies on statistical analysis to help evaluate a hypothesis. It should be noted that each of the previously described purposes for doing research can also be undertaken as a hypothesis test. For example, a marketer looking to explain why sales are declining in a certain region may have a “gut feeling” for why this is occurring and thus can combine explanation with hypothesis testing. 158115050800 So, for our consumer good, NILE, its nature we are carrying this research to gain knowledge about the new geographical markets. The basic purpose behind this is to know well about our competitors strategies, so that we can win in our price war competition and can promote sales within the new geographical boundaries. Our research in this regard is then used to assess a marketing situation and predict what may happen in the future. This type of information is critical in many marketing decisions such as forecasting demand for a new product. It could also be used to predict what may happen if something is changed such as a key marketing variable decision (e.g., effect on sales if price is changed). Step 2: Identify What is to be Learned Once the general purpose of research is determined, the researcher’s next job is to decide what specific information he or she wants to obtain. Many in the market research field believe this is the most critical step in the research process since it provides guidance on what must be accomplished. While the purpose identified in Step 1 may be determined relatively quickly (e.g., sale reports shows an obvious problem that needs to be explained), in Step 2 the researcher may spend a considerable amount of time deciding what to study. For instance, the researcher may engage in numerous conversations with company personal to insure that she/he understands the circumstances facing those requesting the research. Identifying what needs to be learned is not always easy. For example, saying a drop in sales in a region is the problem does not tell the researcher much since declining sales is a symptom with the real problem resting in some other area. In situations where the party needing the research has trouble articulating what is needed the researcher must probe the client for more details until they can uncover what information is really needed. Doing this helps the researcher decide what to study and, more specifically, what concepts to include in the research (i.e., what questions to ask, what variables to study). Determining what is to be learned is also important in helping market researchers envision the scope and demands of what must be done. The scope of a research project refers to the amount of information needed. If the scope is too large the researcher may find that it is not worth carrying out the research since they lack the resources to accomplish the goal. Alternatively, knowing in advance what is needed may give the researcher the opportunity to break a larger project into smaller, more manageable parts. Step 3: Research Design - Methods To get answers to the issues raised in Step 2 the researcher lays out a design for obtaining the information. Of course many marketers do not produce a formal design plan when conducting research. For example, a small retailer who asks a returning customer how she liked the product she purchased the previous week is engaged in research and doing so without the need to produce a formal plan. But for marketers looking to undertake formal research, a written research design plan is important. The first part of the research design is to decide on the type of research that will work best for the purpose (i.e., explain, predict, monitor, discover, hypothesis test) and information that is sought. Research method choices can be broadly categorized as: Descriptive Research Exploratory Research Causal Research As we will see, these methods differ in terms what each hopes to learn and how information is acquired Descriptive Research The focus of descriptive research is to provide an accurate description for something that is occurring. For example, what age group is buying a particular brand, a product’s market share within a certain industry, how many competitors a company faces, etc. This type of research is by far the most popular form of market research. It is used extensively when the research purpose is to explain, monitor and test hypotheses, and can also be used to a lesser extent to help make predictions and for discovery. Marketers routinely conduct basic descriptive research using informal means. For instance, the head of marketing for a clothing company may email a retailer to see how the products are selling. But informal descriptive research, while widely undertaken, often fails to meet the tests of research validity and reliability and, consequently, the information should not be used as an important component in marketing decisions. Rather, to be useful, descriptive research must be conducted in a way that adheres to a strict set of research requirements to capture relevant results. This often means that care must be taken to develop a structured research plan. Under most circumstances this requires researchers have a good grasp of research methods including knowledge of data analysis. Exploratory Research The exploratory approach attempts to discover general information about a topic that is not well understood by the marketer. For instance, a marketer has heard news reports about a new Internet technology that is helping competitors but the marketer is not familiar with the technology and needs to do research to learn more. When gaining insight (i.e., discovery) on an issue is the primary goal, exploratory research is used. The basic difference between exploratory and descriptive research is the research design. Exploratory research follows a format that is less structured and more flexible than descriptive research. This approach works well when the marketer doesn’t have an understanding of the topic or the topic is new and it is hard to pinpoint the research direction. The downside, however, is that results may not be as useful in aiding a marketing decision. So why use this method? In addition to offering the marketer basic information on a topic, exploratory research may also provide direction for a more formal research effort. For instance, exploratory research may indicate who the key decision makers are in a particular market thus enabling a more structured descriptive study targeted to this group. Causal Research In this form of research the marketer tries to determine if the manipulation of one variable, called the independent variable, affects another variable, called the dependent variable. In essence, the marketer is conducting an experiment. To be effective the design of causal research is highly structured and controlled so that other factors do not affect those being studied. Marketers use this approach primarily for purposes of prediction and to test hypotheses, though it can also be used to a lesser extent for discovery and explanatory purposes. In marketing, causal research is used for many types of research including testing marketing scenarios, such as what might happen to product sales if changes are made to a product’s design or if advertising is changed. If causal research is performed well marketers may be able to use results for forecasting what might happen if the changes are made. Step 4: Research Design - Data Collection The second part of research design involves laying out a plan to collect the information within the research method selected. To gather research marketers have three choices: right68580 acquire pre-existing research undertake new research themselves out-source the task of new research to a third-party, such as a market research company The first option is associated with secondary research, which involves accessing information that was previously collected. The last two options are associated with conducting primary research, which involves the collection of original data generally for one’s own use. As we will see, the data collection approach used depends on what the researcher determined in the Steps 1-3 of the research plan. That is, the optimal data collection technique is selected only after the researcher has determined the purpose, the information sought and the basic research design method. In many instances the researcher uses both secondary and primary data collection as part of the same research project. In most cases this means finding information from third-party sources such as marketing research reports, company websites, magazine articles, and other sources. But in actuality any information previously gathered, whether from sources external to the marketer or from internal sources, such as accessing material from previous market research carried out by the marketer’s organization, old sales reports, accounting records and many others, falls under the heading of secondary research. Market research is generally either primary or secondary ,there are two types of market research: Primary Research When marketers conduct research to collect original data for their own needs it is called primary research. This process has the marketer or someone working for the marketer designing and then carrying out a research plan. As we noted earlier, primary research is often undertaken after the researcher has gained some insight into the issue by collecting secondary data. While not as frequently used as secondary research, primary research still represents a significant part of overall marketing research. For many organizations, especially large consumer products firms, spending on primary research far exceeds spending on secondary research. The primary research market consists of marketers carrying out their own research and an extensive group of companies offering their services to marketers. These companies include: Full-Service Market Research Firms – These companies develop and carryout the full research plan for their clients. Partial-Service Market Research Firms – These companies offer expertise that address a specific part of the research plan, such as developing methods to collect data (e.g., design surveys), locating research participants or undertaking data analysis. Research Tools Suppliers – These firms provide tools used by researchers and include data collection tools (e.g., online surveys), data analysis software and report presentation products. Primary research is collected in a research “instrument” designed to record information for later analysis. Marketing researchers use many types of instruments from basic methods that record participant responses to highly advanced electronic measurement where research participants are connected to sophisticated equipment. Primary data collection offers advantages and disadvantages that include: Advantages Addresses Specific Research Issues Carrying out their own research allows the marketing organization to address issues specific to their own situation. Primary research is designed to collect the information the marketer wants to know (Step 2) and report it in ways that benefit the marketer. For example, while information reported with secondary research may not fit the marketer’s needs (e.g., different age groupings) no such problem exists with primary research since the marketer controls the research design. Greater Control Not only does primary research enable the marketer to focus on specific issues, it also enables the marketer to have a higher level of control over how the information is collected. In this way the marketer can decide on such issues as size of project (e.g., how many responses), location of research (e.g., geographic area) and time frame for completing the project. Efficient Spending for Information Unlike secondary research where the marketer may spend for information that is not needed, primary data collections’ focus on issues specific to the researcher improves the chances that research funds will be spent efficiently. Information collected by the marketer using primary research is their own and is generally not shared with others. Thus, information can be kept hidden from competitors and potentially offer an “information advantage” to the company that undertook the primary research. Disadvantages Cost Compared to secondary research, primary data may be very expensive since there is a great deal of marketer involvement and the expense in preparing and carrying out research can be high. Time Consuming To be done correctly primary data collection requires the development and execution of a research plan. Going from the start-point of deciding to undertake a research project to the end-point to having results is often much longer than the time it takes to acquire secondary data. Not Always Feasible Some research projects, while potentially offering information that could prove quite valuable, are not within the reach of a marketer. Many are just too large to be carried out by all but the largest companies and some are not feasible at all. For instance, it would not be practical for McDonalds to attempt to interview every customer who visits their stores on a certain day since doing so would require hiring a huge number of researchers, an unrealistic expense. Fortunately, as we will see in a later tutorial there are ways for McDonalds to use other methods (e.g., sampling) to meet their needs without the need to talk with all customers. Types of Primary Research In general there are two basic types of primary research – quantitative data collection and qualitative data collection. Quantitative Data Collection Quantitative data collection involves the use of numbers to assess information. This information can then be evaluated using statistical analysis which offers researchers the opportunity to dig deeper into the data and look for greater meaning (see Step 6: Analyze Data below). Certain information is by nature numerical. For example, asking a person their actual age or yearly income will result in a number. But under the right circumstances numbers can also be used to represent certain characteristics which are not on the surface considered numerical. This most often occurs with data collected within a structured and well-controlled scientific research design. For instance, research of customers’ attitude toward a company’s products may include the following: Place an
X
on the line that best indicates impression of the overall quality of our company’s products: Poor _ _ _ _ _ _ _ Excellent In this example each line, which represents a potential customer response, could be assigned a number. For example, checking the left-most line could result in the researcher entering a “1”, the next line a “2”, the next line a “3” and so on. Once research is completed this question can undergo statistical analysis. While quantitative analysis is potentially used for all types of research purposes (Step 1) it is most critical for hypothesis testing. As discussed below in Step 6: Analyze Data, such analysis may prove very relevant by allowing the researcher to draw conclusions. Types of Quantitative Data Collection Quantitative data collection comes in many forms but the most popular forms are surveys, tracking and experiments. Surveys - This method captures information through the input of responses to a research instrument containing questions (i.e., such as a questionnaire).. Information can be input either by the respondents themselves (e.g., complete online survey) or the researcher can input the data (e.g. phone survey, mall intercept). The main methods for distributing surveys are via postal mail, phone, website or in person. However, newer technologies are creating additional delivery options including through wireless devices, such as smart phones. Tracking - With tracking research marketers are able to monitor the behavior of customers as they engage in regular purchase or information gathering activities. Possibly the most well-known example of tracking research is used by websites as they track customer visits. But tracking research also has offline applications, especially when point-of-purchase scanners are employed, such as tracking product purchases at grocery stores and automated collections on toll roads. This method of research is expected to grow significantly as more devices are introduced that provide means for tracking. However, as we discussed in the Marketing Research Tutorial, some customers may see tracking devices as intrusive and many privacy advocates have raised concerns about certain tracking methods especially if these are not disclosed to customers. Experiments - Marketers often undertake experiments to gauge how the manipulation of one marketing variable affects another (i.e., causal research). The use of experiments has applications for many marketing decision areas including product testing, advertising design, setting price points and creating packaging. For example, a market researcher for a retail chain may want to study the effect on sales if a product display is moved to different locations in a store. Unfortunately, performing highly controlled experiments can be quite costly. Some researchers have found the use of computer simulations can work nearly as well as experiments and may be less expensive, though the number of simulation applications for marketing decisions is still fairly limited. Qualitative Data Collection Sometimes referred to as “touchy-feely” research, qualitative data collection requires researchers to interpret the information gathered, most often without the benefit of statistical support. If the researcher is well trained in interpreting respondents’ comments and activities, this form of research can offer very good information. However, it may not hold the same level of relevancy as quantitative research due to the lack of scientific controls with this data collection method. For example, a researcher may want to know more about how customers make purchase decisions. One way to do this is to sit and talk with customers using one-on-one interviews. However, if the interview process allows the researcher to vary what questions are asked (i.e., not all respondents are asked the same questions), then this type of research may lack controls needed to follow a scientific approach. An additional drawback of qualitative research is that it can be time consuming and expensive and, consequently, only a very small portion of the marketer’s desired market can participate in qualitative research. Due to the lack of strong controls in the research design (i.e., not as well structured, fewer participants), using results to estimate characteristics of a larger group is more difficult. Thus, qualitative data collection is generally not used for hypothesis testing. This is not to say qualitative research is not useful, it is very useful if its limitations are understood. It is widely employed for marketing research especially for research for the purpose of discovery, and to a lesser extent, explanation. Types of Qualitative Data Collection Qualitative data collection options include personal interviews, focus groups and observational research. Personal Interviews - Talking to someone one-on-one allows a researcher to cover more ground than may be covered if a respondent was completing a survey. The reason lies with the researcher’s ability to dig deeper into a respondent’s comments to find out additional details that might not emerge from initial responses. Unfortunately, individual interviewing can be quite expensive and may be intimidating to some who are not comfortable sharing details with a researcher. Focus Groups - To overcome the drawbacks associated with personal interviews, marketers can turn to focus groups. Under this research format, a group of respondents (generally numbering 8-12) are guided through discussion by a moderator. The power of focus groups as a research tool rests with the environment created by the interaction of the participants. In well-run sessions, members of the group are stimulated to respond by the comments and the support of others in the group. In this way, the depth of information offered by a respondent may be much greater than that obtained through individual interviews. However, focus groups can be costly to conduct especially if participants must be paid. To help reduce costs, online options for focus groups have emerged. While there are many positive aspects to online focus groups, the fact that respondents are not physically present diminishes the benefits gained by group dynamics. However, as technology improves, in particular video conferencing, the online focus group could become a major research option. Observational Research - Watching customers as they perform activities can be a very useful research method, especially when customers are observed in a natural setting (e.g., shopping in a retail store, using products at home). In fact, an emerging research technique called ethnographic research has researchers following customers as they shop, work, and relax at home in order to see how they make decisions, use products and more. Secondary Research By far the most widely used method for collecting data is through secondary data collection, commonly called secondary research. This process involves collecting data from either the originator or a distributor of primary research (see Primary Research discussion below). In other words, accessing information already gathered. Secondary research offers advantages and disadvantages that include Advantages: Ease of Access - In years past accessing good secondary data required marketers to visit libraries or wait until a report was shipped by mail. When online access initially became an option marketers needed training to learn different rules and procedures for each data source. However, the Internet has changed how secondary research is accessed by offering convenience (e.g., online access from many locations) and generally standardized usage methods for all data sources. Low Cost to Acquire - Researchers are often attracted to secondary data because getting this information is much less expensive than if the researchers had to carry out the research themselves. May Help Clarify Research Question – Secondary research is often used prior to larger scale primary research to help clarify what is to be learned (Step 2). For instance, a researcher doing competitor analysis, but who is not familiar with competitors in a market, could access secondary sources to locate a list of potential competitors. May Answer Research Question - As noted, secondary data collection is often used to help set the stage for primary research. In the course of doing so researchers may find that the exact information they were looking for is available via secondary sources thus eliminating the need and expense to carrying out their own primary research. May Show Difficulties in Conducting Primary Research – The originators of secondary research often provide details on how the information was collected. This may include discussion of difficulties encountered. For instance, the secondary research may be a research report written by a large market research company. These types of reports often include a section discussing the procedures used to collect the data and within this may disclose problems in obtaining the data, such as a high percentage of people declining to take part in the research. After reading this the marketer may decide the potential information that may be obtained is not worth the potential difficulties in conducting the research. Disadvantages Quality of Researcher – As we will discuss, research conducted using primary methods are largely controlled by the marketer. However, this is not the case when it comes to data collected by others. Consequently, the quality of secondary research should be scrutinized closely since the origins of the information may be questionable. Organizations relying on secondary data as an important component in their decision-making (e.g., market research studies) must take extra steps to evaluate the validity and reliability of the information by critically evaluating how the information was gathered, analyzed and presented. Not Specific to Researcher’s Needs – Secondary data is often not presented in a form that exactly meets the marketer’s needs. For example, a marketer obtains an expensive research report that looks at how different age groups feel about certain products within the marketer’s industry. Unfortunately, the marketer may be disappointed to discover that the way the research divides age groups (e.g., under 13, 14-18, 19-25, etc.) does not match how the marketer’s company designates its age groups (e.g., under 16, 17-21, 22-30, etc). Because of this difference the results may not be useful. Inefficient Spending for Information – Since the research received may not be specific to the marketer’s needs, an argument can be made that research spending is inefficient. That is, the marketer may not receive a satisfactory amount of information for what is spent. Incomplete Information – Many times a researcher finds that research that appears promising is in fact a “teaser” released by the research supplier. This often occurs when a small portion of a study is disclosed, often for free, but the full report, which is often expensive, is needed to gain the full value of the study. Not Timely – Caution must be exercised in relying on secondary data that may have been collected well in the past. Out-of-date information may offer little value especially for companies competing in fast changing markets. Not Proprietary Information – In most cases secondary research is not undertaken specifically for one company. Instead it is made available to many either for free or for a fee. Consequently, there is rarely an “information advantage” gained by those who obtain the research. Sources for Secondary Research There are literally hundreds of thousands of potential sources for locating secondary information. For marketers, the most commonly utilized options for locating third-party (i.e., external) data include: Trade Associations Government Sources Company-Provided Information News and Media Sources Market Research Companies Financial Services Companies Consulting Firms Research Distributors Step 5: Evaluate Data The researcher’s next task is to make sense of the collected data. Before the researcher can gain understanding from the collected data, he/she must first examine the raw information (i.e., what was actually collected) to make sure the information exists as required. There are many reasons why data may not be presented in the form needed for further analysis. Some of reasons include: Incomplete Responses – This most likely occurs when the method of data collection (e.g., survey) is not fully completed, such as when the person taking part in the research fails to provide all information (e.g., skips questions). Data Entry Error – This exists when the information is not recorded properly which can occur due to the wrong entry being made (e.g., entry should be choice “B” but is entered as choice “C”) or failure of data entry technology (e.g., online connection is disrupted before full completion of survey). Questionable Entry – This occurs when there are apparent inconsistencies in responses such as when a respondent does not appear to be answering honestly. To address these issues the researcher will take steps to “cleanse” the data which may include dropping problematic data either in part (e.g., exclude a single question) or in full (e.g., drop an entire survey). Alternatively, the research may be able to salvage some problem data with certain coding methods, though a discussion of these is beyond the scope of this tutorial. Step 6: Analyze Data With the data in a form that is now useful, the researcher can begin the process of analyzing the data to determine what has been learned. The method used to analyze data depends on the approach used to collect the information (secondary research, primary quantitative research or primary qualitative research). For primary research the selection of method of analysis also depends on the type of research instrument used to collect the information. 16478251466215Essentially there are two types of methods of analysis – descriptive and inferential. Descriptive Data Analysis Not to be confused with descriptive research, descriptive analysis, as the name implies, is used to describe the results obtained. In most cases the results are merely used to provide a summary of what has been gathered (e.g., how many liked or dislike a product) without making a statement of whether the results hold up to statistical evaluation. For quantitative data collection the most common methods used for this basic level of analysis are visual representations, such as charts and tables, and measures of central tendency including averages (i.e., mean value). For qualitative data collection, where analysis may consist of the researcher’s own interpretation of what was learned, the information may be coded or summarized into grouping categories. Inferential Data Analysis While descriptive data analysis can present a picture of the results, to really be useful the results of research should allow the researcher to accomplish other goals such as: Using information obtained from a small group (i.e., sample of customers) to make judgments about a larger group (i.e., all customers) Comparing groups to see if there is a difference in how they respond to an issue Forecasting what may happen based on collected information To move beyond simply describing results requires the use of inferential data analysis where advanced statistical techniques are used to make judgments (i.e., inferences) about some issue (e.g., is one type of customer different from another type of customer). Using inferential data analysis requires a well-structured research plan that follows the scientific method. Also, most (but not all) inferential data analysis techniques require the use of quantitative data collection. As an example of the use of inferential data analysis, a marketer may wish to know if North American, European and Asian customers differ in how they rate certain issues. The marketer uses a survey that includes a number of questions asking customers from all three regions to rate issues on a scale of 1 to 5. If a survey is constructed properly the marketer can compare each group using statistical software that tests whether differences exists. This analysis offers much more insight than simply showing how many customers from each region responded to each question. Step 7: Communicate Results The final stage in the marketing research process is to report the findings. For marketers doing small-scale research for their own purposes, communication may be quite informal. The marketer may simply draw conclusions from what he or she gleans from the data analysis. For more serious marketing research projects, those conducting the research will prepare a written report outlining what was researched and offer results. Additionally, an oral presentation may be required in which the research is explained within a slide presentation. Market Trends The upward or downward movements of a market, during a period of time. The market size is more difficult to estimate if we are starting with something completely new. In this case, we will have to derive the figures from the number of potential customers or customer segments. But besides information about the target market we also need information about our competitor, like Aqua Fina, Atlantis, Nestle, our customers, like wholesalers, retailers, products etc. A few techniques are: Customer analysis Choice Modeling Competitor analysis Risk analysis A competitive price analysis compared to NILE,its nature is shown in table Name of Brands0.5 liter1.5 liter6 literNestle, pure lifeAtlantisAqua Fina, purity guaranteedNile, its nature1020100 Target Market Target markets are a set of buyers sharing common needs or characteristics that the company decides to serve. Target Marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments. Target marketing can be the key to a small business’s success. The beauty of target marketing is that it makes the promotion, pricing and distribution of your products and/or services easier and more cost-effective. Target marketing provides a focus to all of your marketing activities. So if, for instance, I open a catering business offering catering services in the client’s home, instead of advertising with a newspaper insert that goes out to everyone, I could target my market with a direct mail campaign that went only to particular residents. While market segmentation can be done in many ways, depending on how you want to slice up the pie, three of the most common types are: Geographic segmentation – based on location such as home addresses; Demographic segmentation – based on measurable statistics, such as age or income; Psychographic segmentation – based on lifestyle preferences, such as being urban dwellers or pet lovers. Market Segmentation For Customer Retention Market segmentation is when you divide your potential market into separate categories or segments according to their individual needs. When you target the correct market segmentation, you will find more customers that need your product. As long as these customers are happy with your customer service, and your prices, they will stay with you. This will help you with customer retention. Though these concepts may seem simplistic, if you do not target your business, you may find that your potential customer base is too large. A large potential customer base means that it is too hard to please all your customers. When you focus on market segmentation and your target market selection, you will be better able to handle any potential problems with customer service. In some cases, you may need to hire consultants to help you with your target market selection. However, when customer retention is your priority, you will find that the expense of hiring a consultant for this selection process is well worth the help that you receive. Market segmentation is a valued advertising and sales strategy. Though it may seem that you are limiting your potential client base, you will find that focusing on the potential client base that is left leads to more sales and more repeat customers. Determining Target Market It is best to determine your target market when you first start your business. When you put together a business plan, you will state your target market. Though you may only have a general idea of your target market when you first start your business proposal or business plan, you will either want to research your target market on your own, or you will want to speak to a number of target market selection consultants to get an idea of the different types of target markets for your business. In many cases, you will use market segmentation to determine your target market. You can hire a group of target market selection consultants to help you research what you should choose as your target market. Other times, you may be able to determine your target market without hiring an outside group of specialists. At times, it may take a great deal of research, as you will want to ensure that you determine all possibilities for this target market. Market segmentation is different than choosing your target market. With market segmentation, you may find a niche for your business. However, once you have your business niche, you will want to determine who will be your customer base. This customer base is your target market How to Identify a Target Market and Prepare a Customer Profile? Get your message to the people who need and want what you have to offer! This guide takes you through a step-by-step process that helps you identify specific target markets within your industry and provides you with the know-how to create customer profiles to better channel your marketing efforts. What Should Know Before Getting Started Identifying Your Market Step One: Identifying Why a Customer Would Want to Buy Your Product/Service Step Two: Segment Your Overall Market Step Three: Research Your Market What to Expect? This Business Builder will take you through a step-by-step process that will help you identify specific target markets within your industry and provide you with the know-how to create a customer profile. What You Should Know before Getting Started? In order to market your product or service, it is imperative that you tailor your marketing and sales efforts to specifically reach the segment of population that will most likely buy your product or service. It is critical that you first determine or clearly identify your primary market. Your energies and funds then can be spent more efficiently. If you don't know who your customers are, how will you be able to assess whether you are meeting their needs? Since success depends on your being able to meet customers' needs and desires, you must know who your customers are, what they want, where they live and what they can afford. We've all heard a business owner say,
My product is terrific! It appeals to everyone.
Many of us have also seen small businesses that try to be all things to all people. This is a difficult, if not impossible, bridge to cross. Targeting your market is simply defining who your primary customer will be. The market should be measurable, sufficiently large and reachable. For Example, a printer's target of mid-sized firms with mid-size projects is not a measurable definition. However, a target market of firms within a radius of 20 miles, with annual revenues of $10 to $25 million and a need for four-color printing runs of approximately 5,000 pieces is a clear definition. Once your target market is defined through your knowledge of product appeals and market analysis, and can be measured, you should determine whether that target market is large enough to sustain your business on an ongoing basis. In addition, your target market needs to be reachable. There must be ways of talking to your target audience. Types of Markets A market is simply any group of actual or potential buyers of a product. There are three major types of markets. The consumer market. Individuals and households who buy goods for their own use or benefit are part of the consumer market. Drug and grocery items are the most common types of consumer products. The industrial market. Individuals, groups or organizations that purchase your product or service for direct use in producing other products or for use in their day-to-day operations. The reseller market. Middlemen or intermediaries, such as wholesalers and retailers, who buy finished goods and resell them for a profit. Identifying Your Market Here are three steps to follow when identifying your market: Identify Why A Customer Would Want To Buy Your Product/Service Segment Your Overall Market Research Your Market Step One Identify Why A Customer Would Want To Buy Your Product/service The first step in identifying your target market understands what your products/services have to offer to a group of people or businesses. To do this, identify your product or service's features and benefits. A feature is a characteristic of a product/service that automatically comes with it. For example, if toothpaste has a stain-removing formula, that's a feature. The benefit to the customer, however, is whiter teeth. While features are valuable and can certainly enhance your product, benefits motivate people to buy. An Example is anti-lock brakes; they are features on a car, but the benefit to the consumer is safety. By knowing what your product/service has to offer and what will make customers buy, you can begin to identify common characteristics of your potential market. For example, there are many different consumers who desire safety as a benefit when purchasing a car. Rather than targeting everyone in their promotional strategy, a car manufacturer may target a specific group of consumers. Step Two Segment Your Overall Market: It is a natural instinct to want to target as many people and groups as possible. However, by doing this your promotional strategy will never talk specifically to any one group, and you will most likely turn many potential customers off. Your promotional budget will be much more cost effective if you promote to one type of customer and speak directly to them. This allows you to create a highly focused campaign that will directly meet the needs and desires of a specific group. Again, this is called market segmentation. Geographic. Potential customers are in a local, state, regional or national marketplace segment. If you are selling a product such as farm equipment, geographic location will remain a major factor in segmenting your target markets since your customers are located in particular rural areas. Or, if you own retail store, geographic location of the store is one of the most important considerations. Climate is a commonly used geographic segmentation variable that affects industries such as heating and air conditioning, sporting equipment, lawn equipment and building materials. Decide if your business is going to do business on a local, regional, national or international level. Identify the geographic region where your market is located. Identify specific boundaries within which you will do business. Demographic. Potential customers are identified by criteria such as age, race, religion, gender, income level, family size, occupation, education level and marital status. Choose those characteristics of your demographic target market that relates to the interest, need and ability of the customer to purchase your product or service. Identify the following demographic characteristics of your market. Consumer Market Age Income Gender Profession Education Family Size Homeowner Marital Status Business Market Geographic location Size of Company Annual revenue Number of Branches Number of Employees Industry Age of Company Psychographic Many businesses offer products based on the attitudes, beliefs and emotions of their target market. The desire for status, enhanced appearance and more money are examples of psychographic variables. They are the factors that influence your customers' purchasing decision. A seller of luxury items would appeal to an individual's desire for status symbols. Business customers, as well as consumers, can be described in psychographic terms. Some companies view themselves as cutting edge or high tech, while others consider themselves socially responsible, stable and strong. Still others see themselves as innovative and creative. These distinctions help in determining how your company is positioned and how you can use the company's position as a marketing tactic. For Example: Southwest Airlines has positioned itself as an innovative and fun airline that takes passengers on short, inexpensive excursions, whereas Delta chooses to promote reliability and safety. The following are psychographic variables. Identify the characteristics of your target market. Consumer market Lifestyle Fun-Seeking Family Stage Trendy Hobbies Status Seeking Sports Enthusiasts Conservative Forms of Entertainment Socially Responsible Publication Environmentally Conscious Influencer Subscriptions Family Oriented Technical Workforce Type Management Style Other Business Market Business Style Industry Leader Business Stage Innovative Employee Relations Conservative Trade Associations Socially Responsible Business Products/Stable Services Used Employee Friendly Publication Subscriptions Workforce Type Management Style Behaviorist Products and services are purchased for a variety of reasons. Business owners must determine what those reasons are, such as: brand, loyalty, cost, how frequently and at what time of year customers in a segment use and consume products. It's important to understand the buying habits and patterns of your customers. Consumers do not rush and buy the first car they see, or the first sofa they sit on. A Fortune 500 company doesn't typically make quick purchasing decisions. Answer the following questions regarding your market. Reason/occasion for purchase? Number of times they'll purchase? Timetable of purchase, every week, month, quarter, etc Amount of product/service purchased? How long to make a decision to purchase? Where customer purchases and/or uses product/service? Most businesses use a combination of the above to segment their markets. Demographic and geographic criteria will usually qualify your target markets so you can establish if segment members have enough money to purchase your offering or if they're in a location that's accessible to the product. Most businesses then use the psychographic and behaviorist factors to construct a promotional campaign that will appeal to the target market. For example, Career Options is limited to the geographic region where their office is situated because their target customers want to work in that area. In their advertising they will appeal to psychographic factors such as the desire for stability and income. Take a moment to decide which segmentation criteria will be most helpful to you in segmenting your target market: Geographic_____Yes_____Nodemographic_____Yes_____Nopsychographic_____Yes_____Nobehaviorist_____Yes_____No Next, identify what is important to your customers and rank these on a scale of high, medium, low or not at all. Are they price sensitive? Are they looking for the highest quality? Is great customer service important? Or, is location a deciding factor? Sample of a Customer Profile and Analysis Career Option's Sample Customer Profile:Professionals in Transition SegmentGender:30% Female70% MaleAge: 10% 26-3030% 31-4030% 41-5530% 56-64Income: 25% 30-40K25% 40-50K50% 50-75KMarital Status:80% Married20% SingleLevel Of Education: 60% Bachelor's degree40% Master's degreeOccupations: 10% Health Care20% Financial 30% Marketing/Advertising40% Hi-Tech FieldsJob Sought: 70% Same Field30% New FieldMost Important Benefits:1. Assistance in finding work quickly.2. Want a better job.3. Want equal salary or increase.4. Stability.Psychographic Summary: This segment closely associates work with self-esteem. They feel pressure because most have families and comfortable lifestyles to maintain. They are not interested in forging new careers but want stability. Having completed the customer profile, Career Options will have a good idea of how to attract and serve customers in this target market. Their advertising will emphasize that Career Options specializes in helping professionals find good paying jobs quickly. They will also discover that most of their potential customers in this segment are seeking employment in technical industries. Advertising in various local industry publications would therefore be a good way to reach this market segment. They can also develop an expertise for counseling and placing hi-tech career professionals. Constructing a similar profile will assist you in developing the proper marketing strategies to be successful in your target market. Remember, no two customer profiles will be the same. You'll have to decide how much emphasis to place on a potential user's lifestyle, loyalty, and spending habits. If you're going to advertise heavily, you'll want to know the media habits of potential customers as well. Whatever information will help you better promote and sell your product should be included in your customer profile. Choose the Segmented Target Market(s) You Will Sell To: After identifying and defining the possible segments within your target market, you must face the critical question of whether it would be profitable and feasible for you to pursue each identified segment, or choose one or two. To make this decision, you must answer the following questions: What is the financial condition of my firm? If you have limited resources at this time, you may want to direct your marketing efforts to only one segment. A concentrated advertising campaign to reach one market segment is likely to be more effective than a diffuse campaign attempting to reach two. What segments are my competitors covering? Are they ignoring smaller segments that I can possibly exploit? The printing company previously mentioned may decide to pursue small magazine publishers because there are many competitors currently serving the needs of larger publishers. Or, Career Options may discover that since in their geographic location there are several firms that specialize in helping professionals in transition, they should specialize in the recent college graduate market. Is the market new to your firm? If so, it may be better for you to concentrate on one segment for now, and expand to others when your initial segment has been successfully penetrated. Developing new markets takes a greater commitment of time, money and energy. Important Considerations: If you pursue one segment of your target market and the demand for your product decreases, so will your financial strength. In essence, you are putting all your eggs in one basket. When your firm becomes well established in a particular market segment, it may be difficult for you to move to another segment. This may occur due to your market reputation or popularity. For example, if Career Options becomes known for helping college graduates find jobs, unemployed professionals may perceive them as only having the expertise to serve that market. After you have mastered one particular segment, you can then begin to develop another. Directing your firm's marketing efforts at more than one market segment by developing a marketing mix for each specific segment is known as multi-segment strategy. An example of a product that was traditionally targeted at women and is now being targeted with variations in strategy at men is hair coloring. The marketing mixes for multi-segment strategy may vary by product feature, price, promotional material and distribution methods. If product variations requires additional work, you may incur higher production costs. Additionally, different promotional plans and distribution efforts will result in higher marketing costs. Plan carefully, to make sure the costs don't outweigh the benefits. Nile ( it’s Nature) Nile (it’s Nature) is pure, safe and healthy drinking water for you and your family every bottle of Nile( it’s Nature) is produced with Nile( it’s Nature) safety system and is carefully sealed with a proprietary seal. Purity of the highest standards is matched by an optimal balance of essential minerals, enhancing the health and wellbeing of your family. Undoubtedly it is the most liked and favorite water of people of Pakistan who believe in standards in terms of their health. it may be classified in five different categories of size they are as follows SIZE Litre 1 6 2 1.5 3 500 ml Why a customer would want to buy our product? Pure Water is essential to life Water is the source of life. We cannot go without water for 2 to 5 days. Even light dehydration has dramatic effects on your physical and mental performances. Consequently, it is essential to drink regularly throughout the day, without waiting until you feel thirsty. Indeed when you start feeling thirsty, you are already dehydrated! The only drink that is essential to life is water. Water is the main component of all the vital organs (brain, heart, lungs, kidneys, etc.) so it is necessary to drink water to provide your body with the water it needs to function properly. Drinking water regularly throughout the day therefore constitutes an easy reflex that is key for maintaining your vitality and health. Drink before you feel thirsty Travel, hot weather and exercise increase the whole family’s needs to drink more water Proper hydration helps keep mental functions at good levels Proper hydration helps keep mental & physical performances sharp At tea-time when your children ask for a drink, start by giving them a glass of water Drink water frequently when you are with your children, and tell them how good and thirst quenching it is Get your children used to drinking water regularly from a very early age Don't wait for them to ask you for a drink before giving them water Always carry a small bottle of water, wherever you go Slip a small bottle of water into your child's school or sports bag, or take one with you when you pick them up from school. Feature Benefit Analysis Features:Benefits:1.Light Weight 1.Digestable2.Calcium 2.Meet the deficiency of Calcium in the Body3.Pure3.Freshness4.Ingredients 4. Quench Thirst5.Technology5. Taste never change Marketing: Primarily we are focusing our drive/lunch of marketing NILE (symbol of purify) in Punjab due to the fact that the people in this province are move venerable to such sort of inventions. It is because of their taste, habits and standard of living. Never the less it will not be out of placing to mentioned that with expansion of system. It shall also be introduced in other parts of country as well. Geographic Segmentation (Punjab) S. No.CityProvincePopulationS. No. CityProvincePopulation1SargodhaPunjab573,5417JhangPunjab357,8262LahorePunjab6,747,2388BahawalpurPunjab516,8823FaisalabadPunjab2,708,9449SialkotPunjab494,5914RawalpindiPunjab1,877,58010Rahim Yar KhanPunjab328,9035MultanPunjab1,528,07511GujaratPunjab320,4406ShekhupuraPunjab397,18612GujranwalaPunjab1,484,172 Marketing in Lahore: As stated above that we are focusing in the province of Punjab at the movement. Again in this province we are mainly concentrating on big cities but more specifically the city of Lahore firstly to begin with. In this way in view of the total population of Lahore which is approximately 8 millions. Again Lahore is divided in to further posh areas with the regard of market segment. These are follows model town, garden town .Fasial town, Gulberg, Defence Cantt, Iqbal town, and Johar town Model Town The total population of the Model town is about 100,000. Model Town Society is a unique housing area in its design and is considered posh locality of the town. Each block has its own market, play ground, mosque, triangular parks etc., which is a rare phenomenon as compared to other housing schemes. Garden The total population of the garden town is about 80,000. Garden Town is one of the most developed neighborhoods’ in Lahore, home to the wealthy middle class. The majority of its residents comprise mainly of businessmen as well as students who attend the various colleges and universities in the area, namely Punjab University and Allama Iqbal Medical College. It is also home to some celebrities, politicians and overseas Pakistanis. The community in recent years has developed a vibrant social life and literate elite. Property value has increased significantly in the passed 5 years due to location of Garden Town and the development of Barkat market into a major Lahore market. Gulberg The total population of the gulberg is about 90,000. Gulberg (Urdu: گلبرگ ) is a residential and commercial area of Lahore, Punjab, Pakistan. It is known for its upscale shopping centers, restaurants, posh residential areas and the Hafeez Center (perhaps the largest computer and mobile market in Asia). It also includes Lahore's Gaddafi Stadium Sports Complex, the home of Pakistani cricket. It is also known as the hub of the fashion industry in Pakistan. Cantt The total population of the cantt is about 60,000. Cantt is a unique housing area in its design and is considered posh locality of the town. Each block has its own market, play ground, mosque, triangular parks etc., which is a rare phenomenon as compared to other housing schemes. Defence The total population of the defence is about 3, 00000. The Defence Housing Authority, Lahore is a housing authority located in north Lahore, Pakistan. It was originally built for army officers but is now a popular destination for potential residents and businessmen. Johar Town: The total population of the johar town about 65,000. Johar Town in Pakistan is a residential area located in the north of Lahore on the map, neighboring the motorway M-2. It is the largest residential society of Lahore developed by Lahore Development Authority- LDA. The population in this newly established suburban area is sprawling as the property rates offered here are lesser than other very expensive suburbs of Lahore city like DHA. But the prices are on the rise. The area is providing a very good housing opportunity for the upper middle class people. Faisal Town The total population of the faisal town is about 70,000. Faisal Town is one of the major residential areas of Lahore, close to Model Town. It lies at Latitude 31° 28' 40N Longitude 74° 18' 30E and has an altitude of 201 meters. In the last few years this area has undergone major changes and developments, with the value of property increasing quite considerably. It is divided into four residential blocks named A to D. Each Block consists of about 1000 Houses. It houses the Lahore campus of National University of Computer and Emerging Sciences built by Foundation for Advancement of Science and Technology in its Block-B. Faisal town was located in the newly developed area of Lahore city. In its North lies Model Town, in East lies Township, in South lies Johar Town and in its West lie Punjab University, Allama Iqbal Medical College and Jinnah Hospital. . Iqbal Town The total population of the iqbal town is about 75,000. Iqbal Town (also known as Allama Iqbal Town; is a commercial and residential locality in the south-western Lahore. It is named after Allama Iqbal, the national poet of Pakistan. Development was started in the late 1970s and early 1980s. It was previously famed for its name in Urdu, 'Sola Soo Acre' (meaning 1600 acres), due to its area. Its extent is marked by Multan Road to the west and north, and by Wahdet Road to the population As we have estimated the total population of posh areas as above at ,0840 million, It may be safely concluded that in view of high, middle, and average income groups of people resident in these locators are to be approved and make them realize the purity of Nile (it’s Nature). Thus in this way we have to target the marketing of Nile between 15 to 20% of the residents of these areas’ of all groups to use this pure drinking water. This will further provide us to accelerate our marketing plans for profit orientation in future to the manufacturing of the product i-e Nile (it’s Nature) Exclusive Target Market Locations Air ports Railvay Stations Bus Station Hospitals Tourism Places Universities and College Demographic Segmentation Consumer Market Age15 – 55 Income10,000 +/month GenderBoth ProfessionAny EducationMatriculation – Higher Family Size2 – 5 Marital StatusBoth PRODUCT Marketing starts with the product and when we talk about our product that brings with it the feel of purity, care for health, feel of satisfaction etc all comes through one and only NILE ,its Nature. 2581275170815533400170815 Organizations attempt to provide solutions to a target markets offer its target market. Our problems. These solutions include tangible or intangible (or both) product offerings marketed by an organization. In addition to satisfying the target market’s needs, the product is important because it is how organizations generate revenue. It is the “thing” that for-profit companies sell in order to realize profits and satisfy stakeholders and what non-profit organizations use to generate funds needed to sustain itself. Without a well-developed product strategy that includes input from the target market, a marketing organization will not have long-term success. What is a Product? 1868170386080 414337549530-26733549530 In marketing, the term “product” is often used as a catch-all word to identify solutions a marketer provides to its target market. We will follow this approach and permit the term “product” to cover offerings that fall into one of the following categories: Goods – Something is considered a good if it is a tangible item. That is, it is something that is felt, tasted, heard, smelled or seen. For example, bicycles, cellphones, and donuts are all examples of tangible goods. In some cases there is a fine line between items that affect the senses and whether these are considered tangible or intangible. We often see this with digital goods accessed via the Internet, such as listening to music online or visiting an information website. In these cases there does not appear to be anything that is tangible or real since it is essentially computer code that is proving the solution. However, for our purposes, we distinguish these as goods since these products are built (albeit using computer code), are stored (e.g., on a computer hard drive), and generally offer the same benefits each time (e.g., quality of the download song is always the same). Services – Something is considered a service if it is an offering a customer obtains through the work or labor of someone else. Services can result in the creation of tangible goods (e.g., a publisher of business magazines hires a freelance writer to write an article) but the main solution being purchased is the service. Unlike goods, services are not stored, they are only available at the time of use (e.g., hair salon) and the consistency of the benefit offered can vary from one purchaser to another (e.g., not exactly the same hair styling each time). Ideas – Something falls into the category of an idea if the marketer attempts to convince the customer to alter their behavior or their perception in some way. Marketing ideas is often a solution put forth by non-profit groups or governments in order to get targeted groups to avoid or change certain behavior. This is seen with public service announcements directed toward such activity as youth smoking, automobile safety, and illegal drug use. While in some cases a marketer offers solutions that provide both tangible and intangible attributes, for most organizations their primary offering -- the thing that is the main focus of the marketing effort -- is concentrated in one area. So while a manufacturer may offer intangible services or a service firm provides certain tangible equipment, these are often used as add-ons that augment the organization’s main product. When I talked about my Product that is NILE, its Nature which is a tangible product use by people every day of life so it’s a daily buying product will taste the purity in every sip. Everything about NILE, its Nature contributes to this NATURE brand experience- from its name, packaging, and label to the places that will sell it, to the celebrities that will dink and endorse it. The name was a natural – NILE, its Nature that evokes visions of unspoiled natural beauty and purity. Categories of Consumer Products: In addition to categorizing by type of offering, most products intended for consumer use can be further categorized by how frequently and where they are purchased. Convenience Products – These are products that appeal to a very large market segment. They are generally consumed regularly and purchased frequently. Examples include most household items such as food, cleaning products, and personal care products. Because of the high purchase volume, pricing per item tends to be relatively low and consumers often see little value in shopping around since additional effort yields minimal savings. From the marketer’s perspective the low price of convenience products means that profit per unit sold is very low. In order to make high profits marketers must sell in large volume. Consequently, marketers attempt to distribute these products in mass through as many retail outlets as possible. Shopping Products – These are products consumers purchase and consume on a less frequent schedule compared to convenience products. Consumers are willing to spend more time locating these products since they are relatively more expensive than convenience products and because these may possess additional psychological benefits for the purchaser, such as raising their perceived status level within their social group. Examples include many clothing products, personal services, electronic products, and household furnishings. Because consumers are purchasing less frequently and are willing to shop to locate these products, the target market is much smaller than that of convenience goods. Consequently, marketers often are more selective when choosing distribution outlets to sell their products. Specialty Products – These are products that tend to carry a high price tag relative to convenience and shopping products. Consumption may occur at about the same rate as shopping products but consumers are much more selective. In fact, in many cases consumers know in advance which product they prefer and will not shop to compare products. But they may shop at retailers that provide the best value. Examples include high-end luxury automobiles, expensive champagne, and celebrity hair care experts. The target markets are generally very small and outlets selling the products are very limited to the point of being exclusive. In addition to the three main categories above, products are classified in at least two additional ways: Emergency Products – These are products a customer seeks due to sudden events and for which pre-purchase planning is not considered. Often the decision is one of convenience (e.g., whatever works to fix a problem) or personal fulfillment (e.g., perceived to improve purchaser’s image). Unsought Products – These are products whose purchase is unplanned by the consumer but occur as a result of marketer’s actions. Such purchase decisions are made when the customer is exposed to promotional activity, such as a salesperson’s persuasion or purchase incentives like special discounts offered to certain online shoppers. These promotional activities often lead customers to engage in Impulse Purchasing. The categories of consumer products mineral Water and our Product NILE, its Nature comes under the category of Convenience Product that it is bought on daily basis. It will be used by ever class because of its cheap rate, its pure taste and excellent quality. So we try our best to let the consumers to buy it with warranty of its purity and taste. We are going to launch our product in the holy MONTH OF RAMADAN with the name of ALLAH the most merciful. We will offer NILE on suitable rate to our customers. As it is a daily product not only used for drinking purposes. 3124200217170457200217170 Categories of Business Products The amount spent on business purchasing far exceeds consumer purchasing. Products sold within the b-to-b market fall into one of the following categories: Raw Materials – These are products obtained through mining, harvesting, fishing, etc., that are key ingredients in the production of higher-order products. Processed Materials – These are products created through the processing of basic raw materials. In some cases the processing refines original raw materials while in other cases the process combines different raw materials to create something new. For instance, several crops including corn and sugar cane can be processed to create ethanol which has many uses including as a fuel to power car and truck engines. Equipment – These are products used to help with production or operations activities. Examples range from conveyor belts used on an assembly line to large buildings used to house the headquarters staff of a multi-national company. Basic Components – These are products used within more advanced components. These are often built with raw material or processed material. Electrical wire is an example. Advanced Components – These are products that use basic components to produce products that offer a significant function needed within a larger product. Yet by itself an advanced component does not stand alone as a final product. In computers the motherboard would be an example since it contains many basic components but without the inclusion of other products (e.g., memory chips, microprocessor, etc.) would have little value. Product Component – These are products used in the assembly of a final product though these could also function as stand alone products. Dice included as part of a children’s board game would be an example. MRO (Maintenance, Repair and Operating) Products – These are products used to assist with the operation of the organization but are not directly used in producing goods or services. Office supplies, parts for a truck fleet and natural gas to heat a factory would fall into this category 342900169545 262890062865 Our product NILE, its Nature comes under the category of processed material. That is extracted and then purified with the modern equipments without the use of any harsh chemical that can be dangerous to our custemer’health.above is shown the modern n latest equipment we use that is the basic part of our plant Components of a Product On the surface it seems a product is simply a marketing offering, whether tangible or intangible, that someone wants to purchase and consume. In which case one might believe product decisions are focused exclusively on designing and building the consumable elements of goods, services or ideas. For instance, one might think the key product decision for a manufacturer of floor cleaners is to focus on creating a formula that cleans more effectively. In actuality, while decisions related to the consumable parts of the product are extremely important, the Total Product consists of more than what is consumed. The total product offering and the decisions facing the marketer can be broken down into three key parts: Core Benefits Actual Product Augmented Product 1. Core Benefits People make buying decisions that satisfy their needs. While many needs are addressed by the consumption of a product or service, some needs are not. For instance, customers may need to be perceived highly by other members of their group or need a product that is easy to use or need a risk-free purchase. In each of these cases, and many more, the core product itself is the benefit the customer receives from using the product. In some cases these core benefits are offered by the product itself (e.g., floor cleaner) while in other cases the benefit is offered by other aspects of the product (e.g., the can containing the floor cleaner that makes it easier to spread the product). Consequently, at the very heart of all product decisions is determining the key or core benefits a product will provide. From this decision, the rest of the product offering can be developed. 2. Actual Product The core benefits are offered through the components that make up the actual product the customer purchases. For instance, when a consumer returns home from shopping at the grocery store and takes a purchased item out of her shopping bag, the actual product is the item she holds in her hand. Within the actual product is the consumable product, which can be viewed as the main good, service or idea the customer is buying. For instance, while toothpaste may come in a package that makes dispensing it easy, the Consumable Product is the paste that is placed on a toothbrush. But marketers must understand that while the consumable product is, in most cases, the most critical of all product decisions, the actual product includes many separate product decisions including product features, branding, packaging, labeling, and more. Full coverage of several of these important areas is provided later in this tutorial. 3. Augmented Product Marketers often surround their actual products with goods and services that provide additional value to the customer’s purchase. While these factors may not be key reasons leading customers to purchase (i.e., not core benefits), for some the inclusion of these items strengthens the purchase decision while for others failure to include these may cause the customer not to buy. Items considered part of the augmented product include: Guarantee – This provides a level of assurance that the product will perform up to expectations and if not the company marketing the product will support the customer’s decision to replace, have it repaired or return for a refund. Warranty – This offers customers a level of protection that often extends past the guarantee period to cover repair or replacement of certain product components. Customer Service – This consists of additional services that support the customer’s needs including offering training and assistance via telephone or online. Complementary Products – The value of some product purchases can be enhanced with add-on products, such as items that make the main product easier to use (e.g., laptop carry bag), enhance styling (e.g., cell phone face plates) or extend functionality (e.g., portable keyboard for PDAs). Accessibility – How customers obtain the product can affect its perceived value depending on such considerations as how easy it is to obtain (e.g., stocked at nearby store, delivered directly to office), the speed at which it can be obtained, and the likelihood it will be available when needed. We have tried our best to make our customers avail the core benefits of our Actual Product that is NILE, its Nature. Its attractive bottle, its aqua color and its pure taste will definitely fulfill the need of our customer. We keep our objective in our mind that is to satisfy our customer in every aspect of our product’s nature. we are sure about our product that it will not only compete with other mineral waters successfully but also will let the people to buy it in future with satisfaction and warranty taste,quality,affordable rate.The customers would also b happy with the RAMADAN SCHEME of getting two bottles at the cost of one. Key Product Decisions The actual product is designed to provide the core benefits sought by the target market. The marketer offers these benefits through a combination of factors that make up the actual product. Below we discuss in detail four key factors that together help shape the actual product. These factors include: Consumable Product Features Branding Packaging Labeling Consumable Product Features Features are characteristics of a product that offer benefits to the customer. In most cases, the most important features are those associated with the consumable product since they are the main reason a customer makes a purchase. We separate the benefits of consumable product features into two groups: functional and psychological. Functional Benefits Are benefits derived from features that are part the consumable product. For instance, a plasma television includes such features and benefits as: FeatureFunctional Benefit screen size screen resolutionsurround soundremote controloffers greater detail and allows for more distant viewingviewing provides clear, more realistic pictureimmerses all senses in the viewing experienceallows for greater comfort while viewing These features are called functional because they result in a benefit the user directly associates with the consumable product. For marketers functional benefits are often the result of materials, design and production decisions. How the product is built can lead to benefits such as effectiveness, durability, speed, ease-of-use, and cost savings to name just few. Psychological Benefits Are benefits the customer perceives to receive when using the product though these may be difficult to measure and may vary by customer. These benefits address needs such as status within a group, risk reduction, sense of independence, and happiness. Such benefits are developed through promotional efforts that target customer’s internal makeup (see discussion in Part 4: Consumer Buying Behavior). In addition to determining the type of features to include in a product, the marketer faces several other decisions related to features: Quantity & Quality vs. Cost - For the marketers an important decision focuses on the quantity and quality of features to include in a product. In most cases the more features included or the higher the quality level for a particular feature, the more expensive the product is to produce and market. 3057525215900011334752159000Is More Better? – Even if added cost is not a major concern, the marketer must determine if more features help or hurt the target market’s perception of the product. A product with too many features could be viewed as too difficult to use. This was often the case when video cassette recorders (VCR) were the principle device for taping television programs and watching rented movies. Many of the higher-level features introduced in the 1990s as the product matured, such as advanced television recording, proved too difficult for the average consumer to master. Who Should Choose the Features? – Historically marketers determined what features to include in a product. Technology, and especially the Internet, offer customers the opportunity to choose their own features to custom build a product. For instance, companies offering website hosting services allow website owners to choose from a list of service options that best suits their needs. Also, for traditional products, such as clothing, companies allow customers to stylize their purchases with logos and other personalized options. While launching NILE, its Nature we keep in our mind to fulfill the Functional n Psychological need of our customers. As it is important to open a network at large scale and customers also prefer such products among the Competitors that is NESTLE and AQUAFINA. NILE, its Nature can get a good place in the market. Offseason launch would make sense as Nestle n even other small competitors wud not be expect any new entered. So a good entry. Sleeveless T -shirts wood work, as focus of the audience wood b more on models rather then ad temperature in the adv. beside the carbonated that are the Black drinks-Craze of the Young Community while mineral water drinkers are those who are extremely health conscious and are more of indoor kind of people. Branding Branding involves decisions that establish an identity for a product with the goal of distinguishing it from competitors’ offerings. In markets where competition is fierce and where customers may select from among many competitive products, creating an identity through branding is essential. It is particularly important in helping position the product (see discussion of product position) in the minds of the product’s target market. While consumer products companies have long recognized the value of branding, it has only been within the last 10-15 years that organizations selling component products in the business-to-business market have begun to focus on brand building strategies. The most well-known company to brand components is Intel with its now famous “Intel Inside” slogan. Intel’s success has led many other b-to-b companies and even non-profits to incorporate branding within their overall marketing strategy. Brand Names and Brand Marks At a very basic level branding is achieved through the use of unique brand names and brand marks. The brand name, which may be either the individual product name or a name applied to a group or family of products, is important for many reasons including suggesting what the product is or does (e.g., Mop-and-Glow). The name is also what we utter when we discuss the product (i.e., word-of-mouth marketing). The brand mark is a design element, such as a symbol (e.g., Nike swoosh), logo (e.g., Yahoo! graphic), a character (e.g., Feebler elves) or even a sound (e.g., Intel inside sound), that provides visual or auditory recognition for the product. Advantages of Brands A strong brand offers many advantages for marketers including: Brands provide multiple sensory stimuli to enhance customer recognition. For example, a brand can be visually recognizable from its packaging, logo, shape, etc. It can also be recognizable via sound, such as hearing the name on a radio advertisement or talking with someone who mentions the product. Customers who are frequent and enthusiastic purchasers of a particular brand are likely to become Brand Loyal. Cultivating brand loyalty among customers is the ultimate reward for successful marketers since these customers are far less likely to be enticed to switch to other brands compared to non-loyal customers. Well-developed and promoted brands make product positioning efforts more effective. The result is that upon exposure to a brand (e.g., hearing it, seeing it) customers conjure up mental images or feelings of the benefits they receive from using that brand. The reverse is even better. When customers associate benefits with a particular brand, the brand may have attained a significant competitive advantage. In these situations the customer who recognizes he needs a solution to a problem (e.g., needs to bleach clothes) may automatically think of one brand that offers the solution to the problem (e.g., Clorox). This “benefit = brand” association provides a significant advantage for the brand that the customer associates with the benefit sought. Firms that establish a successful brand can extend the brand by adding new products under the same “family” brand. Such branding may allow companies to introduce new products more easily since the brand is already recognized within the market. Strong brands can lead to financial advantages through the concept of Brand Equity in which the brand itself becomes valuable. Such gains can be realized through the out-right sale of a brand or through licensing arrangements. For example, Company A may have a well-recognized brand (Brand X) within a market but for some reason they are looking to concentrate their efforts in other markets. Company B is looking to enter the same market as Brand X. If circumstances are right Company A could sell to Company B the rights to use the Brand X name without selling any other part of the company. That is, Company A simply sells the legal rights to the Brand X name but retains all other parts of Brand X, such as the production facilities and employees. In cases of well developed brands such a transaction may carry a very large price tag. Thus, through strong branding efforts Company A achieves a large financial gain by simply signing over the rights to the name. But why would Company B seek to purchase a brand for such a high price tag? Because by buying the brand Company B has already achieved an important marketing goal – building awareness within the target market. The fact the market is already be familiar with the brand allows the Company B to concentrate on other marketing decisions. While finalizing our project we basically focus on the branding of our product. We select the best brand name related to nature without any ambiguity. The brand name reflect the taste of NILE, it’s Nature. We have shown a waterfall at its background and the colorful aqua label at once clicks the idea about the product. We basically emphasize on the brand name and used a logical logo attract the customers. To make the square shape of the bottle more trust worthy, the company came up with its own distinctive idea of silver serving sleeve, custom-made to fit NILE, its Nature. It will tell everyone in its vicinity in competition with other companies that the customer who will order appreciate the best and can afford it. Packaging: Nearly all tangible products (i.e., goods) are sold to customers within a container or package that, as we will discuss, serves many purposes including protecting the product during shipment. In a few cases, such as with certain produce items, the final customer may purchase the product without a package but the produce marketer still faces packaging decisions when it comes to shipping to the store. Thus, for many products there are two packaging decisions – final customer and distribution. Final Customer Packaging This relates to the package the final customer receives in exchange for their payment. When the final customer makes a purchase he or she is initially exposed to the Primary Package – the outermost container that is seen and touched by the final customer. This primary package can be further divided into the following: First-Level Package - This is packaging that holds the actual product (e.g., Tylenol Bottle). In some cases this packaging is minimal since it only serves to protect the product. For instance, certain frozen food products are sold to consumers in a cardboard box with the product itself contained in a plastic bag found inside the box. This plastic bag represents the first-level package. In other cases frozen food products are sold in the plastic bag that contains the product. In these cases the plastic bag is both first-level package and the primary package for convey product information. Second-Level Package – In some cases the first-level pac

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