Continued Lecture 9 and Lecture 10 Notes
Continued Lecture 9 and Lecture 10 Notes 86498 - MKT 3010 - 006
Popular in Principles of Marketing
86498 - MKT 3010 - 006
verified elite notetaker
Popular in Marketing
This 8 page Class Notes was uploaded by Alexis Cone on Friday September 25, 2015. The Class Notes belongs to 86498 - MKT 3010 - 006 at Clemson University taught by Amanda Cooper Fine in Spring 2015. Since its upload, it has received 32 views. For similar materials see Principles of Marketing in Marketing at Clemson University.
Reviews for Continued Lecture 9 and Lecture 10 Notes
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 09/25/15
Chapter 9 Continued 09222015 0 Step 4 Select Target Market 0 Differentiated Targeting Strategy Target several market segments after the market has been segmented Provide different offerings in order to serve more customers Ex PepsiCo ownspartners with Pepsi dole fruit juice Aqua na Tropicana Gatorade mountain dew naked That way if people drink less soft drinks maybe they will drink more fruit juices ect Advantage decreases risks that come from changes in the markets gain overall market share Disadvantage very expensive because you have to support multiple products their supply chain packaging and marketing for each product Idea is to gain customers from the competition not just shift present customers from one of your products to another not bene cial o Concentrated Segmentation Strategy Niche Marketing Single target market segment try to get a large share of one speci c segment Advantage if you gain loyalty from customers you will gain market share and be successful Disadvantage risk is very high because there is only one market once larger companies see success they will come into the market and try to compete with you why you need to build relationships with customers and have consumer loyalty o Micromarketing Onetoone marketing Mass customization Products are tailored to the individual consumer Ex Custom made suits build a bear NikeiD Two things in the macroenvironment have helped micromarketing to grow in popularity a Technology platforms have become easier for consumers to use a Economy recession increased demand for micromarketing because companies realized they can better serve consumers needs by allowing them to speci cally design their product Advantage customer gets exact product they want which can lead to customer loyalty happier customers Disadvantage typically these products are more expensive the products tend to take more time to get to the product to the consumer 0 Step 5 Identify and Develop Positioning Strategy 0 De ne marketing mix variables helps to dictate the 4Ps 0 Target customers need to understand the product Positioning needs to be clear distinctive from others and desirable 0 Value proposition Statement that summarizes the bene ts your product offers consumers versus the competition Elevator speech Helps to dictate your tag line Ex California quotFind yourself herequot California is not just the stereotypes perceptions associated with it 0 Two Strategies Focus on how product affects the consumer a Value 0 Price vs Quality n Salient attributes aka determinant attributes Those that consumers care most about U Symbols Convey information about brand Superiority to competitor s offering u If you are the market leader you don t have to compare yourself to other products but others typically compare themselves to the market leader a You have to make sure that if you decide to compare yourself to the competitor in a good manner you have to do it in a way that does not confuse customers 0 Ex Seven for all mankind was the rst pair of jeans in the early 20005 that started charging roughly 200 forjeans Express created a line ofjeans called Seven where the jeans were very similar to Seven for all mankind and charged 7999 for them Consumers thought they were getting Seven for all mankind jeans but they were actually just getting Express jeans 0 Positioning Strategies Perceptual map a 2 or more attributes I determine consumer s perceptions n identify competitor s positions a select your position a monitor the positioning strategy Repositioning a moving a product in the consumer s mind a change your marketing mix 0 products commercials price points 0 ex Axe vs Old Spice Old Spice decided to embrace their quotgrandfathernessquot but they decided to reposition as the quotbig brotherquot helping to navigate through the seas of manhood their repositioning has allowed them to become the market leader a change competition s position 0 Apple uses its competitors in there computer commercials which focus on the negatives of their competition PCs Chapter 10 09222015 Marketing Research 0 Objective successful decision making 0 Data is systematically o Collected 0 Reported o Analyzed o Interpreted Marketing Research Process 0 Step 1 De ne objectives and research needs 0 Must answer all the following in the af rmative Will the research be useful Will there be management buy in is management going to abide by the results How expansive should the project be 0 What information is needed 0 Cost vs bene t analysis 0 Step 2 Designing the research 0 Specify constraints 0 Type of data needed to answer your question 0 Type of researched needed to do to collect data 0 Step 3 Data collection process 0 Typically the most expensive step and the most subject to errors or mistakes 0 Secondary data data collected prior to the research study External sources a census trade publications magazines ect n Syndicated data can buy data from a research rm n Credibility issues make sure information is from credible sources for credible reasons 0 Who collected it why did they collect it Internal sources a Data warehouse stores information about consumers a Data mining analytical and statistical tools that looks for useful information within data 0 Ex Macys found that smaller sizes found that people of smaller sizes buy earlier in the season and larger sizes but later in the season 0 Ex Target created a pregnancy predictor score from data mining Advantages its fast already been collected and obtained cheaper than engaging in your own research project can be used for preliminary insights Disadvantages is it relevant to your research project it is out of date 0 Primary data collection techniques Primary data is collected for speci c research needs Advantage speci c for a project and is more likely to get behavioral insight Disadvantage costly and takes more time to collect the data Qualitative Research a Exploratory research a Gather preliminary information a De ne problems a Suggest a hypotheses n Observation 0 Examine purchase and consumption behaviors of people 0 Interested with how people interact with products people spaces brands ect Personal observation or video observation Ethnographic Research go into someone s natural habitat to observe them 0 Ex Huggies wanted to launch a new line of baby related products and they couldn t gure out while some of their sales were dipping so they performed qualitative research to nd out Found out that there was a packaging problem with huggies wipes and it needed to be more accessible for mothers 0 Observation works when people are unable or unwilling to tell you what they need a lndepth Interviews 0 Ask person questions 0 Record their answers 0 Ask followup questions 0 Ex Hamburger Helper having a lot of sales issues so they did a lot of indepth interviews in their market segments key customer was males 1825 and they focused on them Found out that the meal wasn t meaty enough and they didn t like to use two pots Therefore hamburger helper could adjust to meet their needs a Focus Group Interviews 0 Small group of people typically 812 Conversation is guided by the moderator Observed by people in another room 0 Video feed two way mirror ect 0 Video feed provides a record and you can watch it multiple times to get nonverbal cues from people a Social Media 0 Lots of data due to the willingness of people to share about their lives 0 Can provide meaningful insight from consumer 0 Get customers perceptions about products services brands ect Sentiment mining o Resolve customer complaints 0 Competitor s products Quantitative Research a Conclusive research a Con rm preliminary insight a Test the hypotheses developed from qualitative research a Structured responses statistically tested a Survey Research Questionnaire 0 Systematic means to collect information from respondents 0 Very exible online over the phone in person 0 Unstructured questions open ended questions short end Bene t not limiting the answer Negative coding what is the difference between like and love or sort know something or I know a little takes a lot of time o Structured questions choose from a set of responses multiple choice Bene t fast to code Negative may be forcing people into answers that they wouldn t normally choose you haven t thought fully about the respondent can lead to errors Combination of unstructured and structured questions 0 Web surveys 0 Bene ts cheap and fast response rates are higher and people lie less a Experimental Research Systematically manipulate one or more variable to determine the effects on other variables a Scanner Research 0 Uses data from UPC codes 0 Can be primary or secondary data a Panel Research 0 Collect information from the same group of people over time longperiod of time 0 Identifying a group of people that you go back to daily weekly or monthly 0 Trying to see how life stages affect purchase behavior 0 Step 4 Analyzing Data and Developing lnsights o Thorough and methodical 0 Purpose Convert data to information Describe explain predict andor evaluate a particular situation Problem today is that there is to much data 0 Step 5 Action Plan and Implementation 0 Marketing Research Report Executive summary abstract a Quick synopsis of what happened and what the research says whole project in a nutshell Body of report a Research objectives a Methodology a Detailed ndings Conclusion Limitations did any limitations from step 2 affect your ndings Supplements tables graphs charts ect
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'