MARKET RESEARCH.

Slides:

Advertisements

Similar presentations

Marketing Distribution Products/ Financing Service Management

Advertisements

What is Marketing. The process of planning and

Chapter 1 Understanding Marketing

Assess the Market for Your Business Idea

MARKETING MANAGEMENT.

Building Customer Relationships Through Effective Marketing

3.05 Employee Marketing-information to develop a marketing plan

Definition Competitive Advantage

Exchange: the act of voluntarily providing a person or organization something of value in order to acquire something else of value 1.

principles of MARKETING

UNDERSTANDING THE MARKETING CONCEPT In order to make a profit, a business must focus all of it’s efforts on satisfying the needs and wants of it’s customers.

Unit 3 Basic Marketing Concepts

Marketing Management Chapter 1.

Developing Successful Products Brandon Burton Greg Zankowsky Melina Blundetto.

1.Define marketing and describe its contributions. 2. Differentiate among the concepts of needs, wants, and demands. 3. Define the concept of exchange.

Chapter1 An Introduction to Marketing Research. The Importance of Information Companies Need Accurate Information About:..The marketing environment..Customer.

Strategic Planning: Making Choices in a Dynamic Environment

MARKETING CONCEPT.  Good Marketing is not an accident but the result of careful planning and execution.

Section 28.1 Marketing Information Chapter 28 marketing research Section 28.2 Issues in Marketing Research.

1 Business and Marketing Strategies

McGraw-Hill/Irwin McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.

Presentation made by 3D High School G.B. Bodoni.  What is it? Business Plan is a planning document that describe in detail the business project and allows.

Marketing Goods and Services

Chapter 1 What is Marketing?

1 Understand principles of marketing.. 2 Functions of Marketing  What happens during the marketing process?  Businesses are involved in the process.

1: Marketing Research for Decision Making ESSENTIALS OF MARKETING RESEARCH Hair/Wolfinbarger/Ortinau/Bush.

Chapter 8 The Marketing Plan McGraw-Hill/Irwin

PowerPoint Presentation by Charlie Cook The University of West Alabama Copyright © 2006 Thomson Business & Professional Publishing. All rights reserved.

 The goal of a market analysis is to determine the attractiveness of a market and to understand its evolving opportunities and threats as they related.

The Marketing Plan Vishnu Parmar, IBA, University of Sindh, Jamshoro.

The learning objectives: What is Market? What is Marketing and marketing management? Marketing core Concepts Marketing management philosophies 1.

Chapter Nine Building Customer Relationships Through Effective Marketing.

Part 4 PowerPoint Presentation by Charlie Cook Copyright © 2003 South-Western College Publishing. All rights reserved. All rights reserved. Developing.

1 MARKETING AND MARKETING MANAGEMENT Module 1. 2 Objectives Defining marketing and marketing management The scope of marketing Some fundamental marketing.

INTRODUCTION TO MARKETING SHAH KEVAL En. No.:

Welcome to Unit 4 Seminar If you can see this screen, share the following with your classmates: If you are in for a great movie, you should see…………………….

Basic Marketing Concepts. Marketing Concept -to make a profit a business must focus all of its efforts on satisfying the needs and wants of its customers.

1 Marketing Management Chapter 1. 2 What is Marketing? Marketing is the delivery of customer satisfaction at a profit.

Basic Marketing Concepts The marketing concept states that to make a profit, a business must focus all of its efforts on satisfying the needs and wants.

INTRODUCTION TO MARKETING

Chapter 1 Market-Oriented Perspectives Underlie Successful Corporate, Business, and Marketing Strategies.

CHAPTER 7 The Marketing Plan

Building Customer Relationships Through Effective Marketing

ENTREPRENEURSHIP Lecture No: 25 BY CH. SHAHZAD ANSAR

Small Business Management, 18e

The Marketing Plan PART 3 Developing the New Venture Business Plan.

Sports and Entertainment Marketing

INTRODUCTION TO MARKETING

Created by: Dr. Janet Ratliff & Ms. Jenna Johnson

3.05 Employee Marketing-information to develop a marketing plan

Building Customer Relationships Through Effective Marketing

Marketing co-op and non-coop

Developing the Marketing Plan

Marketing Management Module 1

Demand and Market Appraisal of Project

Exchange: the act of voluntarily providing a person or organization something of value in order to acquire something else of value.

Marketing Unit 3.

Developing the Marketing Plan

Principles of Marketing

CHPTER 6 The Marketing Plan

CHPTER 6 The Marketing Plan By T. Norah Al Jasser

Key terms & New product development

Basic Marketing Concepts

Marketing Terms Market Marketing Research

The Marketing Plan 9 June 214.

Marketing Management 2 Miss/ Eman Elfar

The Marketing Plan Part 3 Developing the New Venture Business Plan.

Lesson 3.2 Product Planning

Presentation transcript:

MARKET RESEARCH

MARKET RESEARCH Market: The present or potential demand for your product: people who want (or will want) to buy your product and who have the means to pay. Marketing Concept: Emphasizes the importance of the consumer and that businesses must deliver what consumers want in order to create customer satisfaction and lasting customer relations. Marketing Research: The process through which a firm engages its resources or hires another firm to collect and analyze information about the firm’s customers, competitors and other factors which might impact on its ability to satisfy customers.

PURPOSE OF MARKET RESEARCH It is the means through which an entrepreneur can gain insight into the nature of demand for their product and the challenges that might be faced in achieving the levels of sales which are desired. Effective market research would allow the entrepreneur to develop strategies for creating and controlling demand for the product.

PURPOSE OF MARKET RESEARCH CONT’D Information on Level of Demand Characteristics of Prospective Buyers Information on Competitors Market Share Strengths and Weaknesses Help in Projecting Sales and Distribution

BENEFITS OF MARKET RESEARCH Decision making effective and efficient based on objective information. Increases likelihood of success in marketing the product. Assists in developing business plans. Assists in obtaining financing Assists in more valid and reliable forecasting

STEPS IN CONDUCTING MARKET RESEARCH 1. Define the Research Question (Examine all the symptoms in detail, find the cause) 2. Develop an Appropriate Research Plan (establish objectives, establish sources of data, methods of obtaining data, design the instrument and determine sample size) 3. Implement the Research Plan 4. Analyze and Interpret Data

KEY ELEMEMENTS OF MARKET RESEARCH Product Characteristics Market Analysis Sales Analysis Customer Analysis Promotional Strategy Pricing Strategy Nature and Level of Competition

THE END