Understanding the Marketing Research Process
Phases of Marketing Research
Step 1: Define the Need
The need for information arises within a company. This could be to solve a problem, take advantage of an opportunity, or find answers to inform decisions. The decision-maker and the researcher must be in agreement.
Problem-solving involves:
- An objective
- Two or more alternatives to achieve the objective
- Uncertainty about the most suitable alternative
Examples of problems: Whether or not to change packaging, a name change, or defining the consumer’s profile.
Read MoreEvent Planning: Key Stages, Elements, and Budgeting
Key Stages in Event Planning
Outline and explain the importance of 5 of the 9 stages
Defining Business Objectives
This stage ensures the event’s financial goals align with the organization’s overall purpose, whether breaking even or maximizing profit. Objectives must be measurable, specific, achievable, time-limited, and prioritized (MASTER acronym). Example: An event aiming for a £3 million profit sets clear, actionable targets, making it easier to evaluate success.
Auditing Resources
This step
Read MoreUnderstanding Market Research, Segmentation, and Targeting
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Market Research
These are activities that allow an organization to obtain information required to make decisions about their environment.
Why do market research?- Competitive Pressure: essential for the company to exist.
- Growth market.
- Costs of errors.
- Increasing expectations from consumers.
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Marketing Information System (MIS)
Definition: An ongoing process within organizations whose purpose is to generate, analyze, disseminate, store, and retrieve information used in decision-making.
How should a Marketing
Market Segmentation Strategies and Benefits
Market segmentation is the process of dividing a larger market into smaller groups of consumers who have similar needs or characteristics. This allows businesses to create targeted marketing strategies and offer their products or services to specific segments of their audience, ultimately increasing the likelihood of success.
Examples of Market Segmentation
- Demographic segmentation: by age, gender, income, education. For example, a company that sells luxury cars may target consumers who earn a high
Persuasive Writing Techniques for Marketing Success
If you can convince someone to buy or sell something with your writing, that’s copywriting. In a word, it’s a scam!!
What is Copywriting?
Definition: Copywriting is the art and science of writing persuasive and compelling text (or “copy”) that motivates readers to take specific actions, such as purchasing a product, signing up for a service, or clicking on a link.
Purpose: The primary goal of copywriting is to sell or convince. Whether it’s for advertisements, websites, or social media, copywriting
Read MoreEAS 545: Key Concepts and Skills
EAS 545: Course Materials
NOTE: Remember tonight to save all course materials
Topics
Topics not to forget:
1. Positioning
a. Market Segmentation:
- A market segment is a group of customers sharing common desires, needs, and buying patterns.
b. Differentiation:
1. Sustainable, competitive advantage that meets needs/delivers greater benefits to customer.
- Final product is the totality of what a customer buys.
2. Personal Innovation Skills (The Fish)
a. 5 Networking Practice Points
b. Medici Effect
- He’s pushing