Market Research 8726 Entrepreneurship I Objectives 2.09-2.11

Key Words: Primary Research: this is new information that you gather yourself (not already in published material), otherwise known as field research. Secondary Research: this is information collected for a specific purpose by someone else, e.g. government statistics, trade publications and published academic research. This is known as desk research.

What marketing is about? It is about: Aims and objectives, the marketing mix, external and internal environment Today we will discuss our perceptions and experiences of marketing and explore how marketing mix elements work together. We will look at what are customer needs and wants and how do these relate to the setting of marketing aims and objectives? We will identify key external factors that have had an impact on an organization's marketing decisions. Lastly, we will discuss the exchange process and how it informs marketing decisions.

Defining the marketing mix The marketing mix is . . . The set of controllable tactical marketing tools – product, price, place, and promotion – that the firm blends to produce the response it wants in the target market. Kotler and Armstrong (2010).

Discuss how you would define the marketing mix for the products.

Who might the target customer be for the brands shown? You can identify this by thinking about: 1. Where the product is sold and where it is not sold? 2. How and where the product is advertised ? 3. What the price is compared with similar competitor products?

Define the Marketing Mix

Define the Marketing Mix

Define the Marketing Mix

Define the Marketing Mix

1. Where the product is sold and where it is not sold. 2 1. Where the product is sold and where it is not sold? 2. How and where the product is advertised ? 3. What the price is compared with similar competitor products?

Marketing in its simplest form is trying to find out: What does the customer want and need?

Is this always true? Any business that hopes to be successful needs to be aware of the needs and wants of its customers.

YES!!!!!!! The main aim of marketing is to discover what the customers’ needs and wants require and to plan and organize a way of meeting these requirements so that profits can be made. Refer back to the marketing mix (four P’s) focusing on promotion. Discuss how it is used to communicate to potential customers.

Does The Market Mix Work Here? visit the various websites below and see how small businesses use them to provide information to the customer. Do you see the “four P’s” ? http://www.littlehardware.com http://www.whataburger.com http://www.sndcoffee.com

Activity: Market Research Plan As a class decide how we will conduct research on our product/service – discuss in how we might go about doing this. We will need to identify what information will be needed for and what methods we will use to collect the appropriate marketing information.

Discussion Points Discuss the need for sampling, including size and types of samples and factors influencing the choice of sampling. Name brand and Store brand. Use the following: Worksheet 8: Student Help Sheet – Marketing Worksheet 9: Market Research