Marketing

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Business studies Marketing Market research

Market intelligence. Often data collected by market research on consumers, distributors or competitors.

Market mapping. Selecting variables that differentiate brands within a market (e.g. price) and then plotting the position of each product on a graph. This enables firms to identify gaps in the market.

Market research. The process of gathering data to enable marketing decisions to be made accurately based on relevant information.

Qualitative data. Collecting peoples opinions including their thoughts and ideas.

Quantitative data. Collecting statistics and numerical data. Many people are asked to make it more accurate.

Quota sampling. Choosing people in proportion to their known demographic profile.

Random sampling. Choosing people so that every person has the same chance of being picked as someone else.

Revenue orientation. When extra sales can be achieved whilst incurring few extra costs.

Sampling. A group of people in a market research exercise who have been selected to represent the market as a whole.

Cluster sampling. Choosing people from a specific area

Segmentation. How a certain market is divided up.

Market research is the collection of data that will be of use to the company. This data is often about the companys customers but could also be about competitors products or the whole market.

Market research can be carried out by the collection of primary and secondary data. Primary research is when the company collects its own data; for example a survey. Secondary research is using data which has already been collected such as a book of statistics. Secondary research is often much cheaper than primary research but primary research has the advantage that it can be tailored directly to the firms requirements.

Two main types of data are collected by market research; these are quantitative and qualitative. Quantitative is generally numerical data such as statistics whereas qualitative data is peoples ideas and opinions. Qualitative research is often used to investigate reasons why people buy a certain product. Group discussions (also known as focus groups) are the main way of collecting qualitative data whereas quantitative data is collected in simple questionnaires / surveys.

It would be impossible for a company to ask every single person in a specific market or even all of its customers so instead a sample is chosen. The purpose of a sample is to represent a large group of people with a smaller group of people, there are many advantages of using a sample Saves time, labour and money.

Below are the types of samples

Random Everyone has an equal chance of being picked.

Systematic Every Nth person within a group is chosen.

Cluster People are chosen from a specific area.

Quota Sample is selected on the basis of the characteristics of customer profile.

Stratified Choosing people from a specific group in the population.

It is important with sampling that enough people are chosen to give confidence in the result. A sample size can be as low as 100 but obviously the more people asked, the more accurate the result obtained is.

Errors that may occur due to incorrect sampling may be caused by using the wrong type of sample or out of date statistics. Other errors may be due to questionnaire design or data analysis.

It is important that a questionnaire is carefully thought about and designed properly to obtain accurate data. Below are some rules for creating questionnaires

Clarify the purpose of the enquiry.

The questions should be clear and easy to understand.

Avoid leading questions.

The questionnaire should follow a sequence and have a clear structure.

Avoid questions which people may not wish to answer or tax memory.

Include some control questions.

Once data has been collected, it can be presented in graphical form to make patterns more viable. E.g. graphs, pictograms, scattergrams, pie charts etc

Segmentation analysis is a way of dividing up a market to identify trends in it. Segmentation analysis is used to create a profile of the target market. The following can be taken into account when segmenting a market

Age,

Gender,

Class,

Income,

Location,

Hobbies.

This information can help the company a lot with its marketing efforts. It can be used to set quotas on a market research exercise or be used to decide what promotional method is most appropriate for the market.

In general, the following are advantages of segmentation

More efficient use is made of marketing resources - less waste.

A competitive advantage can be gained in a particular part of a market.

Its beneficial for small firms as uses less resources.

Products can be modified to be exactly what the consumer wants.

Marketing mix can be more targeted.

The following are disadvantages of segmentation

Increased costs to develop variations of the product.

Higher stock holding costs.

Higher advertising and other costs.

Market Segmentation

There are various ways to segment your market. These may include

· Demographically - according to the age structure of the population

· Geographically - by country or region or area

· Behaviouristically - according to the nature of the purchase, the use the product is put to, the loyalty to the brand and so on

· Benefit - according to the use and satisfaction gained by the consumer

· Socio-economically - according to social class and income levels

There are main types of marketing undifferentiated marketing, differentiated marketing, and concentrated marketing.

Undifferentiated marketing assumes everyone is the same and aims a particular product at everyone. Advantages easy to plan, doesnt miss anyone. Disadvantages can be wasteful, ignores segmentation, can lead to disappointing sales.

Differentiated marketing aims the product at specific segments in the market. The company may be trying to sell exactly the same product to different segments but it will change its promotional methods and the image it creates. Advantages separate mix can be developed for each segment, different markets can be easily identified. Disadvantages Can be costly, message may by-pass some customers.

Concentrated marketing is when the message is aimed at just one small market. Advantages Small firms can concentrate their marketing, allows a specific mix to be developed. Disadvantages Ignores other areas of the market, can cause problems in future as may make it more difficult for company to expand.

Marketing

Marketing will probably constitute quite a large component of your final examinations whatever business course you are following. Lets take a look at Market Research.

Market Research

Market Research is the process of gathering information on potential customers. You will probably look at information that shows buying habits, lifestyles and perceptions of BOTH current and prospective customers.

There are various types of research and these are

· Market - which concentrates on analysing the potential for those products/services you already produce, forecasting the possible demand for future products, forecasting sales, studying market trends, analysing market characteristics, looking for the reasons why companies have specific market shares.

· Product - which concentrates on how customers/consumers will react to proposed new products or developments, comparing the strengths and weaknesses of competitive products, researching various forms of packaging and presentation, forecasting how current products will have to change to remain fresh with consumers, testing marketing plans.

· Price - which concentrates on analysing price responsiveness (elasticity), looking at which products make a contribution to profits and how much, how customers view certain prices and price points, deciding how credit and the ways available for purchasing products affect consumer demand.

Some companies also research customer perception of sales and advertising campaigns and which forms of product distribution work best for certain products.

Remember Market Research involves BOTH Primary and Secondary data. The first refers to information that does not already exist. Its collection can therefore be expensive and time-consuming. However, it should be accurate and relevant to the business involved. The second refers to information that has already been collected. The data is comparatively cheap to acquire but might not be accurate or exactly that required by the business.

There are two types of research, which we call field and desk. The first, field research is based on the collation of primary data and therefore involves actually asking people or researching something new. It can take many forms, which include surveys, observations, loyalty cards, panels and group discussions and market testing. Desk research concentrates on using data, which has already been collected. It can be collected by using information already held by the firm, using official information and records, asking for access to information stored by professional bodies and by searching publications such as newspapers.

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