INTRODUCTION
Market research provides a wide variety of information about the people who may be interested in buying a business’s products. For example it might tell a business that a new chocolate bar will mainly be bought by people aged 16-25. It might indicate that older people have bought more of magazine than younger people in the last year.
Producers may use this information to identify people with similar needs.
Breaking down a market into sub-groups with similar characteristics is known as MARKET SEGMENTATION.
A businesses can target these groups and develop products and services for each of them.
Segmentation by age
Many businesses pay attention to the age of their customers.
E.g. Holidays packages and Retirement program for 60s.
Segmentation by Gender
Manufacturers may target either males or females.
E.g. Mobile phone manufacturers target a growing number of females buying the latest ‘technological gadgets’ by designing accessories to suit their requirements.
Segmentation by level of education or occupation
The market usually divided into those who have or have not studied at higher education level.
E.g. A magazine aimed at those with certain qualifications.
Segmentation by social class
Markets are often divided by social class.
E.g. VIP room in 5 stars hotel is aimed to Higher social class people.
Segmentation by income
It’s different with social class. E.g. A self-employed skilled worker (electrician) may receive the same income as a middle manager, however because of his/her occupations the two people will be in different social class.
Segmentation by religion
Businesses may divide markets by religious groups.
E.g. Christian Television channel in the UK
Segmentation by ethnic group
Market can be segmented by country of origin or ethnic group.
E.g. Clothing and hair accessories for African-caribbean groups.
Segmentation by family characteristics
The features of entire families may be used to segment the market.
E.g. Young singles, married with no children.
Segmentation by political voting preference
E.g. Clothes with SBY pictures or Democrate Party aimed at SBY fans and voters.
Segmentation by geographical region
This might include considering the region of a country that consumers live in and the nature of the region, e.g. Rural, urban, semi-rural or suburban. It may also consider the type of house, road or area of a city that people live in.
Segmentation by personality and lifestyle
Consumers are sometimes classified according to their psychological characteristics.
E.g. Sports products
Segmentation by purchases
This segments consumers according to their behaviour when purchasing a product.
E.g. British airways established ‘Executive Club’ to the customers.
Uses of Segmentation
Why might a business attempt to identify different market segments?
-The information would allow it to sell more products and increase its profit.
-have greater knowledge about the customers and produce products to suit their needs better.
-To target particular groups with particular products.
-To prevent products being promoted to the wrong people.
End of Doc.
Selasa, 19 Mei 2009
Senin, 18 Mei 2009
Grade 9 : Market Research (Posted on Tuesday 19 May 2009)
MARKET RESEARCH
Market research : the collection, collation and analysis of data relating to the marketing and consumption of goods and services.
E.g. A business is gathering information a bout likely consumers of a new product and use the data to help in its decision making process.
The data gathered by this research might include :
Whether or not consumers would want such a product.
What type of promotion will be effective.
The functions or facilities it should have.
What style, shape, colour or form it should take.
The price people would be prepared to pay for it.
Where people would wish to purchase it.
Information about consumers themselves-their age, their likes, attitudes, interests and lifestyles.
What consumers buy at present.
Market research is about researching consumers preferences and tastes. Marketing research is a wider term, which also includes the analysis of marketing strategies, e.g. The efect of promotions such as advertising.
The uses of market research
A market is anywhere that buyers and sellers come together to exchange goods and services. The uses of market research are :
-Descriptive reasons
-Predictive reasons
-Explanatory reasons
-Exploratory reasons
-Descriptive reasons : A business wants to identify what is happening in its market.
-Predictive reasons : A business wants to predict what is likely to happen in the future.
-Explanatory reasons : A business wants to explain a variety of matters related to its marketing. E.g. A bus company wants to research why there has been a fall in the number of passangers on a specific route.
-Exploratory reasons : This is concerned with a business investigating new possibilities in a market. E.g. A softdrink company can do trial a new canned drink in a certain area to test customer reaction before market the product nationally.
Once a business has decided how it wishes to use market research data, the next stage is to identify the aspects or areas that it wants to concentrate on.
The Scope of market reseach
Area of reseach : Possible elements to be considered
The market : Identifying market segments
Competition : Analysing the strengths and weaknesses of competitors
Promotion : Deciding the choice of media for promotion
The Product : Identifying customer wants
Distributing the product : Identify suitable retailers
Pricing the product : Discover the value for products
Primary and Secondary research
Primary : The information is collected by researcher. Field research can be done itself or by market research agency.
Secondary : The information is already exist. it is gathered from secondary data. e.g. Within a business : Existing market reseach report, Sales Figure, Reports, internet, stock movement
Methods of field research
Questionnaries
Personal interviews
Telephone interviews
Postal surveys
Observation
IT-based research
Focus group
The benefits of market research
An aid to decision making
Reducing risk
Providing a link to outside world
The size of markets
Public relations
End of Doc.
Market research : the collection, collation and analysis of data relating to the marketing and consumption of goods and services.
E.g. A business is gathering information a bout likely consumers of a new product and use the data to help in its decision making process.
The data gathered by this research might include :
Whether or not consumers would want such a product.
What type of promotion will be effective.
The functions or facilities it should have.
What style, shape, colour or form it should take.
The price people would be prepared to pay for it.
Where people would wish to purchase it.
Information about consumers themselves-their age, their likes, attitudes, interests and lifestyles.
What consumers buy at present.
Market research is about researching consumers preferences and tastes. Marketing research is a wider term, which also includes the analysis of marketing strategies, e.g. The efect of promotions such as advertising.
The uses of market research
A market is anywhere that buyers and sellers come together to exchange goods and services. The uses of market research are :
-Descriptive reasons
-Predictive reasons
-Explanatory reasons
-Exploratory reasons
-Descriptive reasons : A business wants to identify what is happening in its market.
-Predictive reasons : A business wants to predict what is likely to happen in the future.
-Explanatory reasons : A business wants to explain a variety of matters related to its marketing. E.g. A bus company wants to research why there has been a fall in the number of passangers on a specific route.
-Exploratory reasons : This is concerned with a business investigating new possibilities in a market. E.g. A softdrink company can do trial a new canned drink in a certain area to test customer reaction before market the product nationally.
Once a business has decided how it wishes to use market research data, the next stage is to identify the aspects or areas that it wants to concentrate on.
The Scope of market reseach
Area of reseach : Possible elements to be considered
The market : Identifying market segments
Competition : Analysing the strengths and weaknesses of competitors
Promotion : Deciding the choice of media for promotion
The Product : Identifying customer wants
Distributing the product : Identify suitable retailers
Pricing the product : Discover the value for products
Primary and Secondary research
Primary : The information is collected by researcher. Field research can be done itself or by market research agency.
Secondary : The information is already exist. it is gathered from secondary data. e.g. Within a business : Existing market reseach report, Sales Figure, Reports, internet, stock movement
Methods of field research
Questionnaries
Personal interviews
Telephone interviews
Postal surveys
Observation
IT-based research
Focus group
The benefits of market research
An aid to decision making
Reducing risk
Providing a link to outside world
The size of markets
Public relations
End of Doc.
Kamis, 14 Mei 2009
Grade 7: What is Marketing?
WHAT IS MARKETING?
Posted by Anang P.Setiawan (14 May 2009)
IntroductionA Market is any set of arrangements that allows buyers and sellers to exchange goods and services. (it can be anything from a street market in a small town to a large market involving internationally traded goods)
What is Marketing?
Is marketing the same as advertising or selling?
NO
Selling or advertising is just one of many marketing functions.
So, what is marketing?
“Marketing is the management process involved in identifying, anticipating and satisfying consumer requirements profitably”.
The features of Marketing
Consumers are of vital importance.
Marketing is a process.
Marketing involves building relationships with customers.
Marketing affects all aspects of a business.
Marketing is not just about selling.
Marketing and advertising are not the same.
The main objective is profit making.
Consumers are of vital importance.
A product has a far greater chance of being a success if it satisfies consumers’needs.
Consumers are of vital importance.
A product has a far greater chance of being a success if it satisfies consumers’needs.
Marketing is a process.
It does not have a start and an end, but it is ongoing all the time. Business must be prepared to respond to changes that take place.
Marketing involves building relationships with customers.
Profitable businesses are often built upon good customer relations.
Marketing affects all aspects of a business.
E.g Production department would not continue making a products that does not satisfy the needs of the consumers at whom it is aimed.
Marketing and advertising are not the same.
Selling is just only one part of the maketing process. Before selling the products, businesses do some activities such as doing market reasearch, testing of products on consumers and design of product.
Marketing and advertising are not the same.
Advertising is just one of a number of tactics used by marketing departments. Other marketing methods include promotions such as free gifts.
The main objective is profit making.
Businesses in competitive markets must make a profit in the long run to survive.
Product Orientation
Many businesses in the past, and some today, could be described as PRODUCT ORIENTATED. It means that the business focuses on the production process and the product itself.
Market Orientation
A MARKET ORIENTATED business is one which continually identifies, reviews and analyses consumers’needs. It is led by the market.
Consumers are the central to a firm’s decision making.
Advantages of a market orientated business
It can respond quickly to changes in the market because of market information.
Stronger position to challenge the new competitors entering the market.
Confident to launch a new product.
End of Doc.
Posted by Anang P.Setiawan (14 May 2009)
IntroductionA Market is any set of arrangements that allows buyers and sellers to exchange goods and services. (it can be anything from a street market in a small town to a large market involving internationally traded goods)
What is Marketing?
Is marketing the same as advertising or selling?
NO
Selling or advertising is just one of many marketing functions.
So, what is marketing?
“Marketing is the management process involved in identifying, anticipating and satisfying consumer requirements profitably”.
The features of Marketing
Consumers are of vital importance.
Marketing is a process.
Marketing involves building relationships with customers.
Marketing affects all aspects of a business.
Marketing is not just about selling.
Marketing and advertising are not the same.
The main objective is profit making.
Consumers are of vital importance.
A product has a far greater chance of being a success if it satisfies consumers’needs.
Consumers are of vital importance.
A product has a far greater chance of being a success if it satisfies consumers’needs.
Marketing is a process.
It does not have a start and an end, but it is ongoing all the time. Business must be prepared to respond to changes that take place.
Marketing involves building relationships with customers.
Profitable businesses are often built upon good customer relations.
Marketing affects all aspects of a business.
E.g Production department would not continue making a products that does not satisfy the needs of the consumers at whom it is aimed.
Marketing and advertising are not the same.
Selling is just only one part of the maketing process. Before selling the products, businesses do some activities such as doing market reasearch, testing of products on consumers and design of product.
Marketing and advertising are not the same.
Advertising is just one of a number of tactics used by marketing departments. Other marketing methods include promotions such as free gifts.
The main objective is profit making.
Businesses in competitive markets must make a profit in the long run to survive.
Product Orientation
Many businesses in the past, and some today, could be described as PRODUCT ORIENTATED. It means that the business focuses on the production process and the product itself.
Market Orientation
A MARKET ORIENTATED business is one which continually identifies, reviews and analyses consumers’needs. It is led by the market.
Consumers are the central to a firm’s decision making.
Advantages of a market orientated business
It can respond quickly to changes in the market because of market information.
Stronger position to challenge the new competitors entering the market.
Confident to launch a new product.
End of Doc.
Minggu, 10 Mei 2009
Kendra (Boynton Beach, Fla.) Real Estate Broker
Kendra, 26, is an ambitious and highly successful real estate entrepreneur. She obtained her undergraduate degree in linguistics from the University of Florida, and upon graduation became the founding Editor-in-Chief of an award-winning lifestyle magazine in South Florida. Kendra went on to obtain her real estate license, and incorporated her media expertise into the development of My House Real Estate, Inc. an innovative real estate marketing company specializing in condo conversions and land acquisitions.
My House Real Estate, Inc.'s marketing strategies are virtually unparalleled, and have generated involvement in some of Florida's most sought after real estate. Kendra is currently one of the highest producing real estate agents in the marketplace. Additionally, she is "Special Agent 53" on My House, Florida's #1 real estate investment talk radio show on Clear Channel radio.
Alex (Seattle) Prosecutor
Alex, 29, was born and raised on an apple farm in Brewster, Wash. After leaving a career as a nationally ranked skier, Alex studied archaeology at Jerusalem University and completed degrees in Theology and Latin at Seattle Pacific University, where he won an award for his weekly editorial column in the college paper.
In 2000, Alex moved to D.C. and lobbied for the apple industry and successfully oversaw the entire bidding and shipping logistics for the USDA's first-ever purchase fresh apples for inclusion in humanitarian food aid programs. Alex just received his J.D. degree from Seattle University School of Law, where he was the graduation speaker and President of the Federalist Society.
Michael (Boston) Real Estate Developer
Michael, 25, currently lives in Boston. He completed his secondary education at The Pingree School in South Hamilton, Mass., and earned his Bachelors Degree in Communications from Boston College in 2001. At the age of 23 Michael launched Venture Development and Properties LLC, a real estate development and investment firm with residential and commercial projects throughout New England. Michael plans to build his company into a national infrastructure as well as pursue an MBA.
Bren (Memphis, Tenn.) Prosecutor
Bren, 32, married with children. He was born and raised in Memphis, Tenn., and attended The University of Memphis where he received his BA. He then obtained his J.D. from the University of Memphis' Cecil C. Humphreys School of Law. Leaving a lucrative career as a real estate closing attorney, Bren now serves as an Assistant District Attorney General. Far from the fame and fortune of Fifth Avenue, Bren works in the world of drugs and thugs.
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