Market Research Application Oct 11, 2009
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Understanding the importance of Market Research Application, presented by ECC member, MS. Van for ECC Sunday meeting dated October 11, 2009.
![Why do Research?
• Common answers
– To understand my consumer, to see how my product is
working, to measure my advertising effectiveness and
so forth
– These are the means but they are not the real
reasons.
• Research is conducted to help REDUCE
BUSINESS RISKS and MAINTAIN OR
INCREASE PROFITS. Its other associated
function is to MONITOR THE EFFECTIVENESS
OF THE MARKETING PLAN
[Mkt Research Applications]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Market Research Application Oct 11, 2009
- 1. Market Research Applications Van Thi Nguyen Oct 11, 2009
- 2. Why do Research? • Common answers – To understand my consumer, to see how my product is working, to measure my advertising effectiveness and so forth – These are the means but they are not the real reasons. • Research is conducted to help REDUCE BUSINESS RISKS and MAINTAIN OR INCREASE PROFITS. Its other associated function is to MONITOR THE EFFECTIVENESS OF THE MARKETING PLAN [Mkt Research Applications]
- 3. Market Research: A Marketing Decision Making Framework The Marketing Decision Environment The The Environment Consumer Awareness The Political & & Marketing Mix Legal knowledge Internal Behavior, past, present and Product Price future including Brand Name, Stakeholders Packaging Demographics and Service Competitive Psychographics Promotion Place & other descriptors including e.g. distribution Economic Advertising, P.R. and Attitudes Personal Cultural & and opinions Selling Social Needs and Technological wants & Physical Source: Burke Institute [Mkt Research Applications]
- 4. Research Needs and the Product Life-Cycle Introductory Growth Maturity Decline Sales and Profit Stage Stage Stage Stage Total Market Sales + $0 Time Research Types • Tracking • Market extension • Market definition • Audits • Repositioning research • Concept generation • Consumer panel • Identification of new • Concept / product evaluation data users, uses, markets • Pack / advertising development • Tracking studies [Mkt Research Applications]
- 5. “People” - It’s about Knowing The Consumer Needs and Needs and wants wants • Describe consumer behavior Attitudes Attitudes and and • Identify needs and expectations opinions opinions • Determine markets/segments Awareness Awareness • Describe markets & & knowledge knowledge Behavior, Behavior, past, present past, present and future and future Demographics Demographics Psychographics Psychographics & other & other descriptors descriptors [Mkt Research Applications]
- 6. Translating Needs into “Product” ideas • Concept development – brand – packaging – advertising • Consumer receptiveness [Mkt Research Applications]
- 7. “Price” - Identify Pricing Strategy • Identifying price points • Understanding price elasticity • Price Choice [Mkt Research Applications]
- 8. “Place” - Making it Available & Accessible • Evaluate distribution channels and retailers • Identify trade-related strategies • Evaluate on shelf product placement and display • Evaluate in store shopping environment and consumer behavior [Mkt Research Applications]
- 9. “Promotion” of products to consumers • Plan promotional appeals • Evaluate advertising/ promo campaigns – Awareness recall Advertising – Ad contact – Reach & impact Public Relations Personal Selling • Plan and evaluate media placement • Evaluate media – Readership – TV viewing figures – Ad spend [Mkt Research Applications]
- 10. Total Marketing Mix • Evaluate marketing plans/input • Monitor brand health • Evaluate test markets • Forecast sales volumes [Mkt Research Applications]
- 11. Market Research solutions to address needs at each stage of Product and Service lifecycle Revitalise Monitor Line Brand Extension Launch Relaunch Tracking Develop - Consumer - Retail Advertising Evaluate - Media Pretest Product Testing Conceptualise Pricing / Concept Packaging / Testing Features / Investigate Concept Positioning Screening Idea Generation Market Definition Feasibility Pre market Strategy Maturity and development Market launch maintenance introduction [Mkt Research Applications]
- 12. Research Applications Consumer Dynamics Insights • Consumer Decision Making • Shopping Behavior • Consumer Segmentation Managing brands and customers • Brand Health Marketing mix elements Management • Customer Relationship • Advertising Management • Packaging • Pricing • Product Innovation [Mkt Research Applications]