Research analysis of a target market and Marketing planning process Flashcards
What are 3 steps of market research
Determining Information needs
Collecting data from primary/secondary sources
Analyzing and interpreting data
What is step 1 of market research?
Determining Information needs
What is step 2 of market research?
Collecting data from primary/secondary sources
What is step 3 of market research?
Analyzing and interpreting data
What is done in step 1 of marketing research?
Determining Information needs
The problem is clearly & accurately stated to determine what needs to be measured & issues involved
What is done in step 2 of marketing research?
Collecting data from primary/secondary sources
Plans must be made to gather missing data. Information may be collected by mail, telephone, and personal surveys, as well as by personal observation or from private data sources
What is done in step 3 of marketing research?
Analyzing and interpreting data
Facts by themselves do not always provide a solution to the marketing problem. They need to be analyzed and interpreted to determine what they mean.
What are some of the reasons for a products decline
Fashion choices Old replacing new Reduced demand due to newer technologies Fluctuations in economic activity Environmental/ethical issues
What are some questions that need to be asked before implementing a marketing plan?
Is the plan fully integrated throughout the business?
How should the business be structured and organized?
Is communication between all departments effective?
What are KPIs?
Key Performance Indicators
Why are KPIs important to businesses?
To outline what is to be accomplished
What is the first step in controlling the process?
Detirmining KPIs
What is the second step in controlling the process?
To compare or evaluate actual performance against the KPI
What are some common KPIs?
Budget, sales statistics and cost analyses
