Marketing 1 Dr. Mohammed A. Nasseef BUS 232 Marketing Plan and Research

1 | 2 Marketing Plan  A formal document that specifies the organization’s resources, objectives, strategy, implementation, and control efforts in marketing the specific products

1 | 3 Basic Components of the Marketing Plan  Identifying marketing opportunities and constraints  Developing and implementing marketing strategies  Evaluating the effectiveness of marketing plans

1 | 4 Identifying Market Opportunities and Constraints  Who are our potential competitors and how strong are their market positions?  How satisfied are consumers with current offerings on the market ? Are there any unmet consumer needs?  How is our offering likely to be perceived by consumers relative to competitors’ offerings ? Marketing research can help answer these and other questions of interest to marketers

1 | 5 Identifying Marketing Opportunities and Constraints (Cont’d)  Identify Potential customers’ strengths and weaknesses Consumer satisfaction with current market offerings Consumer perceptions of the offer relative to competitors  Goal Maintain competitiveness

1 | 6 Marketing Research Definition  A set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers who are involved with marketing goods, services or ideas

1 | 7  How the Research Was Conducted Formal interviews with customers Requesting servers to be observant of customer likes and dislikes  Research Showed Customers were increasingly looking for low-carb menu items T.G.I Friday’s joined with Adkins Nutrionals to develop new low carb menu items T.G.I.Friday’s: Using Marketing Research to Identify New Opportunities

1 | 8  Research showed The primary decision maker was Mom Mom was interested in satisfying multiple demands from the family  This research led to “4forAll,” a totally new concept in pizza Pizza-Hut use Marketing Research to target customer

1 | 9 Nokia: N-gage the important of Understanding Customers needs and expectation  Importance of conducting marketing research in the early stages of formulating marketing strategies - Combination of a phone and handheld gaming system. - Insufficient research on customers’ expectations. - As a result it required massive redesign that allowed competitors like Sony and Nintendo time to introduce their own products.

Copyright © Houghton Mifflin Company. All rights reserved. 1 | 10 Marketing Research at Volvo The automobile industry is a heavy consumer of marketing research.  Conducts approximately 400 marketing research studies annually.  Best viewed as part of the new product development process.

1 | 11 Developing and Implementing Marketing Plans  Volvo – Your Concept Car (YCC) Very little research had been conducted on female car buyers Females purchase 49% of new vehicles and 55% of used vehicles 400 female respondents assisted Volvo in understanding the images and features desired by female car buyers

1 | 12 Role of Marketing Research in the Organization/Business