Market Research The Marketing Function. Learning Intentions for the week. Students will be able to: 1.Define market research 2.Explain the importance.

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Presentation transcript:

Market Research The Marketing Function

Learning Intentions for the week. Students will be able to: 1.Define market research 2.Explain the importance and benefits of conducting market research 3.Understand the process of market research and the methods of conducting it

What will we learn this term? The marketing function and its relationship to business objectives and business strategy; Market research processes, including information needs, data collection tools and techniques, analysis and interpretation; Market attributes, including market dimensions, segments, consumer trends and behaviour;

What will we learn this term? Key elements of a marketing plan: establishing objectives market description the marketing mix (product, price, place and promotion) and related strategies; product life cycle: innovation, introduction, growth, maturity, decline and extension strategies such as exporting and diversifying;

What will we learn this term? Relevant performance indicators to evaluate effective marketing strategies; Issues in marketing, including the role of technology, in the global business context and in the context of ethical and socially responsible management and legal requirements.

How will we assess our progress this term? There will be three assessment pieces for this topic. One will be a in-class SAC similar to those already completed, it will count for 20% of your AOS 2 grade (your SAC last week counts for 20%). This will take place towards the end of the term. Another will be a research report and opinion piece looking at an ethical issue in marketing (i.e. sharing of data or telemarketing). The main assessment piece, worth 40%, will be the creation of a marketing plan and campaign. Details of these tasks will be released next week.

Market Research Market research is about gathering, analysing and interpreting information for decision-making purposes. It is the method you use to determine the size and characteristics of your market - its preferences, opinions, habits and trends. It also enables you to be better informed than your competition.

Market Research Market research helps you get to know: who your customers are what your customers need where your product or service fits into the market what your competitors offer.

Market Research Business success cannot be guaranteed but market research can reduce the risks you take. You might think you have a brilliant idea for a product or service, but an idea alone is not enough. You must identify your target market - the people who will buy your product or service. Market research will enable you to answer such questions as: what products or services to sell where, in what quantities, and at what prices to sell those products what competitors are selling, where they are, and their strengths. Learning something about your market that you didn't know can be one of your greatest thrills in business. You could, for instance, discover an unsatisfied need giving you a vital competitive edge. Market research also enables you to attach numbers to your plans and verify your marketing strategy.