Marketing Research C1

• Nature of Marketing

  Marketing is the activity, set of institutions, and process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, society at large.
• To make the "right" decision, based on marketing activities, management must have a timely decision making information. 
• MARKETING RESEARCH - is the primary channel for providing that information
• Marketing research is the planning, collection, and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management. 
• Process of marketing research

  Collecting information

  •ORGANIZATION

  •Market
• Marketing research is defined as the systematic and objective process of generating information for aid in making marketing desicions. 
• Systematic means that information is not intuitive or haphazardly gathered. 
• Objective means, that if the information generated, or data collected and analyzed, is to be accurate, the marketing research must be objective. 
• Descriptive function Includes gathering and presenting statements of fact.

  Descriptive function: Includes gathering and presenting statements of fact.

  Diagnostic function: the explanation of data or actions.

  Predictive function: Specification of how to use descriptive and diagnostic research to predict the results of a planned marketing decision.
• 📌Objective of Marketing Research

  📌Marketing Research used to gather information about:

  Company's macro-environment: (Political, Economic, Socio-cultural, Environmental and Technological)
• Company's micro-environment :(Customers, Suppliers, Employees, Competitors, Media, Shareholders)
• Marketing Mix (Product, Price, Promotion, Place)
• Customers (Behaviours, Attitudes, Desicions, Oppinion, Life style, Values, Sociodemographic characteristics and so on...) 
• 📌 TYPES OF RESEARCH STUDIES .

  APPLIED (Commercial) :

  Research aimed at solving a specific pragmatic problem. To better understand the market.

  BASIC (Academics) :

  Researchf expanding the frontiers of knowledge rather than solving a specific problem. To contribute knowledge. 
• MARKETING RESEARCH - examines consumer behavior (customer thinking and buying patterns) and trends in the economy to help a business develop and 4fine-tune its business idea and strategy. 
• STRATEGIC MANAGEMENT- both the formulation of strategy and how such strategy is put into practice. While still undertaking analysis and forecasting, far greater prominence is placed on implementation. 
• Marketing Research and Strategic Management Levels of Strategy CORPORATE-Level Strategy: •Strategic decisions relate to organization-wide policies and are taken care by top-level management (BOD) with a vision of determining 'Where the company wants to be?" •The Nature of strategy: Value-oriented, conceptual and other levels. Two Main aspect of corporate-level strategy

  •Formulation of Strategy •Strategy Implementation.
• BUSINESS-Level Strategy

  •Is more likely related to a unit within the whole. It is concerned with competition in a market. - Concerns are about products and services should be developed and offered to which markets in order to meet customer needs and organizational objectives.
• FUNCTIONAL/OPERATIONAL-Level Strategy •Involves decision-making with respect to specific functional areas-production, marketing, personnel, finance etc. •Concemed with strategic approaches for managing frontline operating units (like plants, sales etc.) and for handling day to day tasks of strategic significance advertising campaign, purchasing materials, inventory control, maintenance). 
• Marketing Research and Strategic Management STRATEGIC MANAGEMENT PROCESS STEP 1: Strategic Intent •VISION- Is the statement that expresses organization's ultimate long-run objectives, It is what the firm ultimately like to become. •MICROSOFT-A computer software on every desk and in every home' •MISSION-It tells who we are and what we do as well what we'd like to become Mission of a business is the fundamental, unique •MICROSOFT 'Empower every person and every organization on the planet to achieve more.
• STEP 1: Strategic Intent

  OBJECTIVES-These are the end results of planned activity that state what is to be accomplished by when and should be quantified if possible and their achievement should result in the fulfillment of a corporate's mission. 
• STEP 2: Strategy Formulation refers to the process of choosing the most appropriate course of action for realization of organizational goals and objectives and thereby achieving the organizational vision.
• ENVIRONMENTAL APPRAISAL •The environment of any organization is "the aggregate of all conditions, events and influences that surround and affect it". It is dynamic and consist of EXTERNAL and INTERNAL Environment. 
• ORGANIZATIONAL APPRAISAL •It is the process of observing an organizational internal environment to identify the strengths and weaknesses that may influence the organization's ability to achieve goals.
• STEP 3: Strategy Implementation Is the action stage of strategic management. It refers to decision that are made to install new strategy or reinforce existing strategy.  
• STEP 4: Strategy Evaluation and Control Strategy Evaluation •is primary means to know when and why particular strategies are not working well. It is the process in which corporate activities and performance results are monitored.
• Strategic Control •Determine what to control ie which objectives the organization hopes to accomplish, set control standards, measure performance.
• Marketing Implementation plan puts your marketing strategy into actionable and practical tasks, duties and goal that are easy to understand. 
• Marketing Mix strategy

  is choosing and implementing the best possible course of action to attain the organization's long-term objectives and gain competitive edge in the market. 
• PRODUCT

  To satisfy the needs and wants of the target market
• 7Ps of Marketing Product Place Price Promotion People Process Physical Environment
• PRICE •To make the price affordable to the target market and reflect value of benefits provided. Research for learning the idea price level or determining if the price high enough to cover the cost. 
• PENETRATION PRICING A marketing Strategy used by firms to attract customers to a new product or services. Penetration pricing us the practice of offering a low price for a new product or service during the initial offering
• PRICE SKIMMING An approach under which a producer users a high price for a new high-end product (such as an expensive perfumes) or a uniquely differentiated technical product.
• PSYCHOLOGICAL PRICING Setting prices according to the psychographics of the aimed at market segment
• COST-PLUS PRICING One method used by businesses to determine how to price good and services. This type of pricing includes the variable costs (direct labor cost, utility etc.) 
• DIFFERENT TYPES OF PRICING PENETRATION PRICING PRICE SKIMMING PSYCHOLOGICAL PRICING COST-PLUS PRICING
• PLACE To make the product conveniently available to the target market consistent with their purchasing pattern.
• Customers surveys •have shown that delivery performance is one of the most important criteria when choosing a supplier.
• Direct Selling •Face to face presentation, demonstration, and sale of products or services, usually at the home or office of a prospect by the independent direct sales representatives.