4. Marketing Strategy & Market Research Flashcards
What is the definition of strategic planning?
The process of developing a strategic link between the goals, capabilities and opportunities of a company
What is the process of strategic planning?
- Market Research
- Market Strategy
- Market Implementation
What is SWOT and what it do?
Strength, Weaknesses, Opportunities and Threats
- Compares the strength and weakness in the company internally
- Compares the opportunities and threats that are available external to the company
What is the definition of market research?
The collection of data about the target market by using evidence based research methods to support decision making in the market strategy
What are the benefits of market research
- It can reduce uncertainty of the future outcomes and conditions
- It can reduce the risk of negative consequences
What are the cons of market research?
- Research is costly in budget and time
- The value of the research has to outweigh the cost
What are the steps to market research?
- Define the marketing problem and research objectives.
- Descriptive: gather factual statements
- Diagnostic: explain data and relationships between variables
- Predictive: answering what if questions - Determine whether secondary research is available
- Saves cost when the research question has already been answered - Primary Research
- Design the Research Plan
- What kind of data is to be collected?
-Behavioural? Quantitative? Attitudinal? Qualitative Data? - Collect the Data
- Analyse the data
a. Weed out unnecessary data - Report the findings
a. Make a research report to present findings - Make the decision
a. Validate the data
What consists of a Request for Proposal (RFP)?
- For hiring third party. request for proposal (RFP)
- Statement of research objectives
- Target population parameters
- Statement of preference for qualitative or quantitative methodologies
- Deliverables required at project conclusion
- Timeline requirements
- Qualifications required
- Instructions for proposal submissions
Describe the types of market research and when they are used?
- Focus Groups
- small group of people discussing about a topic or concept
- Interviews
- 1 on 1 series of questions
- Projective techniques
- used when the consumer may not be able to share their beliefs with the researcher
- E.g Complete a story, Imagine yourself…
- Exploratory studies - observing behaviours
- Ethnographic research - observing how consumers use their products
- Netnography - adapts ethnographic research on the internet on message boards. chat rooms etc
- Descriptive studies (survey research)
- poses a series of questions to find out if majority agrees with the current marketing problem
What is a marketing strategy?
The logic/plan behind creating customer value and achieving profitable customer relationships while adhering to the the company goals and restrictions.
What does a marketing strategy do?
- It outlines specific strategies for each marketing mix element (7Ps) and explains how those strategies respond to the SWOT analysis components
- Projects the budget such as expected costs of production, distribution and marketing
What is the definition of Marketing information systems (MKIS)?
A series of procedures and methods for the regular, planned collection, analysis, and presentation of information to make marketing decisions.
What are the components of MKIS?
- Information inputs
- Internal records - past sales, reports and etc
- Marketing intelligence - gaining knowledge about the market with any medium
- Marketing research
- Marketing decision support system
- transforming the data to marketing knowledge by analysing, modelling and reporting data.
What is the definition of marketing implementation?
The process of converts the marketing strategy to a marketing action to accomplish the goals set in the market strategy.
