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Topic 4

Topic 4. Marketing Marketing Planning. Learning Objectives. Discuss the effectiveness of a marketing mix in achieving marketing objectives Examine the appropriateness of marketing objectives Analyse the role of market research Evaluate the different methods of market research

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Topic 4

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  1. Topic 4 Marketing Marketing Planning

  2. Learning Objectives • Discuss the effectiveness of a marketing mix in achieving marketing objectives • Examine the appropriateness of marketing objectives • Analyse the role of market research • Evaluate the different methods of market research • Understand segmentation and targeting • Discuss how organisations differentiate themselves and their products

  3. Marketing Objectives & Corporate objectives • Marketing objectives – goals for the marketing department • Examples • Increase market share • Increase brand awareness • Develop new markets • Marketing strategy – long term plan established for achieving marketing objectives

  4. Marketing Objectives & Corporate objectives • To be effective, marketing objectives should • Fit in with the overall aims and mission of the business • Be determined by senior management • Be motivating and SMART

  5. Why are marketing objectives important? • Provide a sense of direction • Progress can be monitored against the targets • Can be broken down into regional • Form the basis of the marketing strategy

  6. Market research • The process of collecting, recording and analysing data about customers, competitors and the market • Result of market research can have a great impact on decisions made in all areas • Reduce the risk associated with new product development (NPD) • Predict future demand changes • Explain patterns in sales of existing products and market trends • Assess the most favoured designs, flavours, styles, promotions and packages for a product

  7. NPD

  8. Market research • Can be used to discover information about • Market size and consumer tastes and trends • The product and its perceived strengths and weaknesses • The promotion used and its effectiveness • Competitors and their claimed USP’s • Distribution methods most preferred by consumers • Consumers’ preferences for packaging the product

  9. Why do businesses need Market research? Descriptive: • To identify what’s happening in the market. Predictive: • To predict what’s likely to happen in the future. Exploratory: • To investigate new possibilities in a market.

  10. Sources of market research data Primary research (Field) Secondary research (Desk) Collection of data from second hand sources Examples include Government publications Local libraries and local government offices Trade organisations Market intelligence reports Newspaper reports and specialist publications Internal company records The internet • Collection of first hand data that are directly related to a firm’s needs • Divided into two types, quantitative and qualitative

  11. Secondary Research Advantages Disadvantages May not be as up to date as required May not be entirely suitable Accuracy may be questioned May not be available for completely new product developments • Usually quite cheap • Identifies nature of the market and assists with the planning of primary research • Easy access • Allows comparisons with data from different sources

  12. Primary research Qualitative Quantitative Test Marketing - marketing a new product in a geographical region before a full-scale launch Consumer Surveys – Directly asking consumers for their opinions and preferences. This can be used for both qualitative and quantitative purposes • Focus Groups – a group of people who are asked about their attitude towards a product, service, advertisement or new style of packaging

  13. Quantitative v Qualitative Quantitative Research Qualitative Research Concerned with data and addresses question such as “how many?”, “how often”, “who?”, “when?” and “where?” Based on larger samples and is, therefore, more statistically valid The main methods of obtaining quantitative data are the various forms of survey – i.e. telephone, postal, face-to-face and online. Based on opinions, attitudes, beliefs and intentions Answers questions such as “why”? “Would?”, or “how?” Aims to understand why customers behave in a certain way or how they may respond to a new product or service Focus groups and interviews are common methods used to collect qualitative data

  14. Consumer surveys • 4 important issues for market researchers to consider • Who to ask? • What to ask? • How to ask? • How accurate is it?

  15. Sampling • It is not possible to survey every possible customer, so market research needs to take a sample of the population. • Random sampling • Quota sampling • Stratified sampling • Cluster sampling • Snowball sampling

  16. Random sampling • Each member of the sample is selected at random… like out of a hat… but today it uses ICT! • Methods: • Pick every 50th off the electoral list • Send interviewer to their house • Return twice if they are out! What are the benefits and problems?

  17. Quota sampling • This segments the population into groups that share specific characteristics • Interviews are then asked to interview a set number within each segment • E.G. interview 20% under 16’s; • 15% 17 – 25; 25% 26 – 50 etc… What are the benefits and problems?

  18. Stratified sampling • To only select those with key characteristics to suit the focus of the products. • To interview Swimmers for new swimwear What are the benefits and problems?

  19. Cluster sampling • To send interviews into a few geographical areas E.g. To a few seaside resorts to research swimwear What are the benefits and problems?

  20. Snowball sampling • Using friends of current samples E.g. Asking someone who is doing a sample to ask their brothers and sisters to do it too What are the benefits and problems?

  21. Sampling – Main Methods

  22. Factors affecting sample size

  23. Reliability of research. • Human behaviour – in answers given & a true understanding of their reasons behind their actions. • Sampling & bias – are the interviewees representative? • Questions used in questionnaires. • Response rate • Methods of collecting answers – face to face V self-completion.

  24. True or False If every member of the target population has an equal chance of selection, this is a quota sample FALSE It’s a random sample! A quota = looking at specific segment of customres

  25. True or False A focus group is an example of qualitative research True They collect people’s opinions rather than statistics

  26. True or False The findings of a focus group are statistically reliable. False They collect people’s opinions rather than statistics

  27. Market Segmentation & Consumer Profile • Market segment – A sub-group of a whole market in which consumers have similar characteristics • Market segmentation – Identifying different segments within a market and targeting different products or services to them • Consumer profile – A quantified picture of consumers of a firm’s products, showing proportions of age groups, income levels, location, gender and social class

  28. Segmentation • Sometimes referred to as differentiated marketing • Different products are targeted at different segments, this is a form of niche marketing • Sometimes businesses only aim to satisfy the needs and wants of one segment

  29. Identifying different consumer groups • Segmentation requires a business to have a very clear picture of their target market • This is called the consumer profile

  30. Market segmenting • Markets can be segmented in different ways • Three most common • Geographic differences (location specific) • Demographic differences (age, sex, family size, income) • Psychographic Factors (differences in peoples lifestyles, personalities, values and attitudes)

  31. Market segmentation Advantages Limitations R&D and production costs may be high Promotional costs may be high Production and stock holding costs may be high By focusing on one or two segments, excessive specialisation may be a problem in consumers purchasing habits change • Can define their target market precisely and design \ produce goods specifically • Helps identify gaps in the market which then can be exploited • Can design differentiated marketing strategies • Small firms can specialise on one or two segments

  32. Positioning • Before targeting a niche market businesses will analyse consumers’ perceptions of existing brands • Positioning the product by using market mapping

  33. Market Mapping • Stages • Identify features of the product important to the consumers – price, quality (achieved through market research) • This then • Identifies a gap in the market • Key features of the product are made aware • Can monitor existing brands

  34. Corporate Image - Consumer perception of the company behind a brand • Unique Selling Point (USP) – Differentiating factor that makes a company’s product unique, designed to motivate customers buy

  35. USP • Can be based on any aspect of the marketing mix • Product – Technology of the product • Price – Right price • Place – Selling on the internet • Promotion - Slogan

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