Market Research 1 5.0. 2 3 Common Views of Marketing Research Gathering data from markets Conducting...
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Transcript of Market Research 1 5.0. 2 3 Common Views of Marketing Research Gathering data from markets Conducting...
1
Market Research
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Common Views of Marketing Research
Gathering data from markets Conducting customer surveys Determining the needs of customers Evaluating customer response to advertising Testing products in the market place Estimating the potential sales of product Gathering sales and market share data of
competitors
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Exercise 1
Apply market research for
1. Mail products/ BD services
2. Savings Bank
3. Insurance
4. Remittance services
5. Philately
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Market segmentation
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Key questions to consider in determining market
segments
1. What is the size of the market for each segment we have defined ? (Value)
2. What share of these do we have? (In volume or value terms).
3. What are the growth prospects of each segment?
4. Percentage of customers fall within each segment?
5. What percentage of these are current customers?
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How many of these customers regularly do
business with us?
Percentage of customers we have lost, by
segment?
What are the reasons?
Who are our main domestic competitors?
Do they define their markets in the same way as
ourselves?5.0
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What are the factors that has lead to the
competitors success.
List all the factors
How have we fared in comparison with these
competitors?
How are we perceived in the market?
What special strengths / expertise do we offer?
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Market Segmentation and Market Targeting
Market segmentation is the process of disaggregating
the total market into a number of sub-markets.
Market consists of buyers who will differ in one or
more respects,
They may differ in their wants, purchasing power,
geographical locations, buying attitudes and
buying practices. These variables can be used to
segment the market.5.0
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Bases for Segmenting Consumer Market :
The marketing firm may have to investigate
different segmentation variables in order to
gain an insight into the structure of the overall
market.
Generally the organizations use a combination
of variables in order to define a precise market
segment.
Geographic Segmentation5.0
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Demographic Segmentation :
It is one of the most straight forward and
meaningful bases for segmenting consumer
markets. The demographic variables are :
Age & life – cycle stage
Gender
Generation
Social class / income
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Psychographic segmentation :
Life style
Personality
Values
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Behavioral Segmentation –
Here, the buyers are divided into groups on the basis of
their knowledge of, attitude toward, use of, or response
to a product.
Many marketers believe that behavioural variables
like occasions, benefits, user status, usage rate, loyalty
status, buyer – readiness stage, and attitude are
useful for segmenting.5.0
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Benefit Segmentation :
Benefit segmentation uses casual rather than
descriptive variables to group consumers,
Different people buy the same or similar
products for different reasons.
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The marketing firm needs to determine the major
benefits people are seeking from a particular
product class.
Identify the profiles of the people seeking each
benefit and recognize the existing competitors
products that are close to delivering each of the
benefits, e.g. toothpaste, cars, courier services.
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Occasions - Buyers are distinguished
according to the occasions
a) When do they develop a need
b) When will they purchase a product
c) When will they use a product
e.g. : Airline, Fruit juices etc.
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Segmentation by usage – consumption rates
for many consumer products are not evenly
distributed across all household. Hence,
meaningful segments could be defined in terms
of usage of the product itself.
If a firm can identify heavy users – it may be
able to develop special marketing strategy aimed at
winning more of them to the brand.
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Do the market segmentation for PLI/RPLI?
Exercise 2
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Assigning Targets
The acronym SMART is widely used to describe goals and targets.
Specific Measurable Achievable Relevant Time related
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Exercise 3
List the parameters based on which you will assign targets to GDS for SB schemes.
Where will you get the required information? List the same
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Procedure for Developing a Questionnaire
Step 1:
Step 2:
Step 3:
Step 4:
Step 5:
Step 6:
Step 7:
Step 8:
Step 9:
Specify what info will be sought
Determine type of question and method of administration
Determine content of individual questions
Determine form of response to each questions
Determine wording of each question
Determine sequence of questions
Determine physical characteristics of questions
Re-examine steps 1-7
Pretest and revise5.0
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Prepare a questionnaire for feed back on instant money order service---
Exercise 4
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Thank You
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