marketing 1 dr. mohammed a. nasseef bus 232 marketing plan and research
TRANSCRIPT
Marketing
1
Dr. Mohammed A. Nasseef
BUS 232
Marketing Plan and
Research
1 | 2
Marketing Plan
A formal document that specifies the organization’s
resources, objectives, strategy, implementation, and control
efforts in marketing the specific products
1 | 3
Basic Components of the Marketing Plan
Identifying marketing opportunities and constraints
Developing and implementing marketing strategies
Evaluating the effectiveness of marketing plans
1 | 4
Identifying Market Opportunities
and Constraints Who are our potential competitors and how
strong are their market positions? How satisfied are consumers with current
offerings on the market ? Are there any unmet consumer needs?
How is our offering likely to be perceived by consumers relative to competitors’ offerings ?
Marketing research can help answer these and other questions of interest to marketers
1 | 5
Identifying Marketing Opportunities
and Constraints (Cont’d)
Identify• Potential customers’ strengths and
weaknesses• Consumer satisfaction with current market
offerings• Consumer perceptions of the offer relative
to competitors Goal
• Maintain competitiveness
1 | 6
Marketing Research Definition
A set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers who are involved with marketing goods, services or ideas
1 | 7
How the Research Was Conducted• Formal interviews with customers• Requesting servers to be observant of
customer likes and dislikes Research Showed
• Customers were increasingly looking for low-carb menu items
• T.G.I Friday’s joined with Adkins Nutrionals to develop new low carb menu items
T.G.I.Friday’s: Using Marketing Research to Identify New
Opportunities
1 | 8
Research showed• The primary decision maker was Mom• Mom was interested in satisfying
multiple demands from the family This research led to “4forAll,” a
totally new concept in pizza
Pizza-Hut use Marketing Research to target customer
1 | 9
Nokia: N-gagethe important of Understanding Customers needs and expectation
Importance of conducting marketing research in the early stages of formulating marketing strategies
- Combination of a phone and handheld gaming system.
- Insufficient research on customers’ expectations.- As a result it required massive redesign that
allowed competitors like Sony and Nintendo time to introduce their own products.
Copyright © Houghton Mifflin Company. All rights reserved. 1 | 10
Marketing Research at Volvo
The automobile industry is a heavy consumer of marketing research.
Conducts approximately 400 marketing research studies annually.
Best viewed as part of the new product development process.
1 | 11
Developing and Implementing Marketing Plans Volvo – Your Concept Car (YCC)
• Very little research had been conducted on female car buyers
• Females purchase 49% of new vehicles and 55% of used vehicles
• 400 female respondents assisted Volvo in understanding the images and features desired by female car buyers
1 | 12
Role of Marketing Research in the Organization/Business