MARKETING 6152021 MARKET RESEARCH This involves finding out

MARKETING 6/15/2021

MARKET RESEARCH This involves finding out if a new product or service is likely to have customers and what those customers might want in terms of product and price. It is also carried out on established products to keep ‘on top of the game’ and to try to make sure that they keep and expand their number of customers 6/15/2021

TYPES OF MARKET RESEARCH(1) PRIMARY/FIELD RESEARCH; this involves finding information from potential customers directly by means of: n Questionnaires n Surveys n Cold calling n Telephone surveys 6/15/2021

TYPES OF MARKET RESEARCH (2) SECONDARY/DESK RESEARCH; this involves finding out information ‘second hand’ from sources such as: n CD-ROMS n CENSUS RETURNS n BOOKS, MAGAZINES AND OTHER PUBLICATIONS n ANALYSIS OF PRIMARY/FIELD RESEARCH 6/15/2021

TYPES OF MARKET RESEARCH(3) PRIMARY/FIELD ADVANTAGES: n MORE RELIABLE INFORMATION – ‘straight from the horses’mouth SECONDARY/DESK ADVANTAGES n CHEAPER AND QUICKER TO CARRY OUT 6/15/2021

THE 4 P’S OF MARKETING n n PRODUCT PRICE PROMOTION PLACE 6/15/2021

PRODUCT A BUSINESS MUST PRODUCE A PRODUCT THAT CUSTOMERS WISH TO BUY. IT MUST BE DIFFERENTIATED FROM WHAT ELSE IS ON THE MARKET 6/15/2021

PRICE THE PRICE MUST BE LOW ENOUGH TO ATTRACT CUSTOMERS AND HIGH ENOUGH TO MAKE A PROFIT AND INDICATE QUALITY. METHODS OF PRICING INCLUDE: n PENETRATION PRICING – a low price, maybe producing at a loss, to attract customers n CREAMING – a high price to suggest high quality n COST PLUS PRICING – all the costs of production are added together and a ‘mark up’ is added for profit 6/15/2021

PROMOTION ALL THE WAYS OF BRINGING THE PRODUCT TO THE ATTENTION OF THE PUBLIC. IT MUST INFORM THE TARGET MARKET AND MUST BE AFFORDABLE FOR THE BUSINESS DIFFERENT METHODS INCLUDE: n NATIONAL AND LOCAL TELEVISON, RADIO, NEWSPAPERS, AND MAGAZINES n THE INTERNET n LEAFLETS n BILLBOARDS n SHOP WINDOWS n ‘WORD OF MOUTH’ 6/15/2021

PLACE THE LOCATION MUST BE SUITABLE FOR CUSTOMERS, SUPPLIERS AND THE BUSINESS ITSELF. IT MUST ALSO BE AFFORDABLE FOR THE BUSINESS 6/15/2021

6/15/2021