Industrial Economics and Management, Summaries of Industrial economy

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MARKETING

What is Marketing?

 The science and art of exploring, creating, and delevering value to satisfy the needs of a target market at a profit.

Process involved in Marketing

 Under standing the needs and pain  Understanding competition Developing correct product Getting it to the correct customer Making them buy it  Taking feedback  Improving it

2 Types of customer needs

 Met needs Un-met needs

Un-met needs

MARKET RESEARCH

 What is market research? Market Research is the process of collecting, analyzing and interpreting data about your target market, consumers, competitors, and the industry as a whole

MARKET RESEARCH CAN HELP BRAND ACHIEVE  Strengths reputation and credibility  Enhances brand awareness Understanding market segments and trends in the marketplace  Obtaining feedback on customer preferences Establishing the effectiveness of marketing and product promotion

FAMOUS BRANDS THAT DEPENDS ON MARKET RESEARCH  STARBUCK’S MARKET RESEARCH APPROACH Tracking cultural trends Monitoring social media Gathering customer feed back In-store product testing

MARKETING RESEARCH

 Marketing research definition: Marketing research is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company. Marketing research is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem.

NEED FOR MARKETING RESEARCH

 To undertake marketing effectively  Changes in technology Changes in consumer taste Market demand Changes in the product ranges of competitors  Changes in economics conditions  Distribution channels

USES OF MARKETING RESEARCH

 Identify marketing opportunities and problems Generate, refine, and evaluate potential marketing actions Monitoring marketing performances Improve marketing as a process  Reduces uncertainty  Reduces risk Help focus decision making

STEP IN THE MARKETING RESESRCH PROCESS Establish the need for the marketing research Define the problem Establishing research objectives Determine the research design Identify information types and sources Determine the methods of accessing data Design data collection form Determine sample plan and size Collect data Data processing and analysis Formulating conclusion , preparing and presenting the report