Marketing

Marketing Introduction

1. Gamal A. Hamid Introduction to

2. Thanks All the data in the following slides have been collected from various online sources and put together to aid in the study of marketing

3. Contents Introduction Marketing Process Marketing strategy Marketing planning Marketing implementation Monitoring and auditing Analysis and research

4. Introduction

5. Why studying marketing? Understanding our behaviors Organization of our knowledge. Learning a new ideas and techniques. Improvement our scales Get more experiences. Learn marketing academically .

6. Market A place where goods are bought and sold Types of Market According to Area According to Goods According to Volume of transaction Local Market Regional Market Rural Market National Market International Market Fruit Market Furniture Market Stock Market; so on Retail Market Wholesale Market

7. Marketing “ama” definition Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives. Marketing is an organizational function and set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

8. Marketing Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing is to bringing together the needs and wants of the consumer with the products and services that match them.

9. What is marketing? What does the term marketing mean? Many people think ‘marketing’ means ‘selling’, Others think marketing is advertising. Still others believe marketing has something to do with making products available in retail stores, arranging displays, and maintaining inventories for future sales. Actually, marketing includes all of these activities and much, much more.

10. Marketing & Selling Marketing Marketing includes selling and other activities like various promotional measures, marketing research, after sales service, etc. It starts with research on consumer needs, wants, preference, likes, dislike etc., and continues even after the sales taken place. Focus is on earning profit through maximization of customers’ satisfaction. Customer’s need is the central point around whom all marketing activities revolve. It is an integrated approach to achieve long term goals like creating, maintaining and retaining the customers. Stresses on needs of buyer Selling Selling is confined to persuasion of consumers to buy firm’s goods and services. Selling starts after the production process is over and ends with the handing over the money to the seller by the buyer. Focus is on earning profit through maximization of sales. Fragmented approach to achieve short-term gain. All activities revolve around the product that has been produced. Stresses on needs of the seller

11. Marketing is an Exchange Marketing is an exchange relationship between producers and consumers Five conditions must be satisfied for any kind of exchange to take place: There must be at least two parties (a buyer and a seller). Each party must have something the other party values. Each party must be able to communicate with the other party and deliver the goods or services sought by the other trading party. Each party must be free to accept or reject the other’s offer. Each party must want to deal with the other party .

12. Importance of marketing Marketing helps in making products available at all places and throughout the year. Marketing plays an important role in the development of the economy. Marketing helps the business in increasing its sales volume, generating revenue and ensuring its success in the long run. Marketing helps business to keep pace with the changing tastes, fashions, preferences of the customers. Marketing also helps the business in meeting competition most effectively.

13. Objectives of marketing Provide satisfaction to customers. Increase in demand. Provide better quality product to the customers. Create goodwill for the organization. Generate profitable sales volume.

14. Ancient market place

15. Marketing Process

16. Marketing Process A series of steps that allow organizations to identify customer, analyze market problems, opportunities, and create marketing materials to reach the desired audience Marketing strategy Marketing planning Marketing implementation Monitoring and auditing Analysis and research

17. Marketing strategy

18. Strategy formulation A marketing strategy is all of a company’s marketing goals and objectives combined into a single comprehensive plan The development of the broadest marketing/business strategies with the longest term impact All of the functional strategies must fit together into a business strategy. To achieve a solid positioning of the product/service offering that contains a clear ‘benefit promise’ to the consumer which is differentiable from the offers of the competition and which thus positions the firm well for potential competitive responses to its actions.

19. Marketing strategy Strategic planning involves an analysis of the company's strategic initial situation prior to the formulation. All companies need strategies to meet changing markets. No one strategy is best for all companies. Each company must find the way that makes most sense, given its situation, opportunities, objectives and resources. Strategic marketing concerns the choice of policies aiming at improving the competitive position of the firm, taking account of challenges and opportunities proposed by the competitive environment.

20. Plans strategies Due to fast-changing environment companies usually prepare annual plans, long-range plans and strategic plans: Annual plan —A short-term plan that describes the company’s current situation, its objectives, the strategy, action programme and budgets for the year ahead, and controls. Long-range plan —A plan that describes the principal factors and forces affecting the organization during the next several years, including long-term objectives, the chief marketing strategies used to attain them and the resources required. Strategic plan —A plan that describes how a firm will adapt to take advantage of opportunities in its constantly changing environment, thereby maintaining a strategic fit between the firm’s goals and capabilities and its changing market opportunities.

21. The strategic plan components Section Purpose 1 The mission A statement of the organization's purpose – what it wants to accomplish in the wider environment. 2 The strategic objectives The company’s mission needs to be turned into strategic objectives to guide management, should have objectives and be responsible for reaching them. 3 The strategic audit It is the intelligence used to build the detailed objectives and strategy of a business. It has two parts: the external audit and the internal audit. 4 SWOT analysis A distillation of the findings of the internal and external audits which draws attention to the critical organizational strengths and weaknesses and the opportunities and threats facing the company. 5 Portfolio analysis A tool by which management identifies and evaluates the various businesses that make up the company. 6 Market orientation The role that marketing plays within a company varies according to the overall strategy and philosophy of each firm.

22. SWOT analysis

23. SWOT analysis A distillation of the findings of the internal and external audits which draws attention to the critical organizational strengths and weaknesses and the opportunities and threats facing the company. It helps you understand internal and external factors. This will have the biggest influence on whether you reach your marketing goals. It is a framework used in strategic planning and marketing. It provides you with the knowledge to create plans to improve your business.

24. Strengths Company Strengths: This could be used to combat those threats in the market where competing technologies may make the company’s product offering obsolete. e.g. High-quality products Strong R&D Strong engineering Good sales network

25. Weaknesses Eliminate Weaknesses: The company should focus on e.g. eliminating its weakness of long delivery times. e.g. Long lead times High manufacturing costs Slow to respond to customer requests Slow to respond to market trends

26. Opportunities Capitalize on Opportunities represented by the market’s growth. After all, the company can’t close orders if it takes too long to ship finished goods. e.g. Market is growing R&D projects required Customized products needed by market Regulations and restrictions are easing

27. Threats Minimize Threats: The company might work on its weakness of high costs in order to make sure the threat posed by its competition is minimized. e.g. Susceptible to overseas competitors Increased competition New technologies making products obsolete Competitors have fresher ideas

28. Marketing Orientations

29. Marketing Orientations or Concepts The role that marketing plays within a company varies according to the overall strategy and philosophy of each firm There are five alternative concepts under which organizations conduct their marketing activities: Production concept Product concept Selling concept Marketing concept Societal marketing concepts

30. 1. Production concept A production orientation is a philosophy that focuses on the internal production or manufacturing capabilities of the firm rather than on the desires and needs of consumers. The philosophy that: Consumers will favor products that are available and highly affordable and that management should therefore focus on improving production and distribution efficiency. Sometimes a firm is very fortunate and what it can best produce is exactly what consumers (the market) want at the time. When competition is weak or demand exceeds supply, a production-orientated firm can survive and even prosper.

31. 2. Product concept The product orientation era started once most firms had sorted out their production-related problems and consequently shifted their attention from improving production processes to improving product features and product quality. The philosophy that consumers will favor products that offer the most quality, ‘A good product will sell itself’. Business firms who operate under a product orientation believe that they will be successful if they manufacture a good quality product, regardless of the impact of other influences. They do not do any research to determine what consumers want in a product or try to involve them in the design process. The problem with this strategy is that ignoring customer needs is often fatal.

32. 3. Selling concept The sales orientation era started when business firms increased their production capabilities and capacity to such an extent that they sat with surplus goods they could not sell. The idea that Consumers will buy products only if the company promotes/ sells these products Creative advertising and selling will overcome consumers’ resistance and convince them to buy’ The fundamental problem with a sales orientation, as with a production and product orientation, is a lack of understanding of the needs and wants of consumers. Sales targets can never replace satisfying customer needs.

33. 4. Marketing concept The marketing concept is simple and comprises an intuitively appealing approach to marketing. Focuses on needs/ wants of target markets and delivering satisfaction better than competitors ‘The consumer is king! Find a need and fill it’ A consumer orientation assumes that consumers do not buy products for the sake of having them, but because of the need-satisfying properties that the products have. The basis of a consumer orientation is identifying, understanding, and satisfying the needs of consumers. The marketing concept is based on acknowledging that customer need satisfaction is the key in successful marketing.

34. 5. Societal Marketing Concept This important refinement of the marketing concept, called the societal marketing concept, acknowledges that a firm exists not only to satisfy consumer needs and wants and to meet the firm’s objectives, but also to preserve or enhance individuals’ and society’s long-term best interests. There is obviously demand for products such as cannabis and unlicensed firearms, but they are illegal. Acknowledges that: a firm exists not only to satisfy consumer needs, but also to preserve or enhance individuals’ and society's long-term best interests .

35. The Marketing Plan

36. The Marketing Plan “Marketing planning is the work of setting up objectives for marketing activity and of determining and scheduling the steps necessary to achieve such objectives”

37. Marketing strategy vs. marketing plan Marketing strategy This includes an explanation of the goals a company needs to achieve with its marketing efforts. A company’s business goals shape its strategy. The Marketing strategy describes the ‘ what ‘ while the Marketing plan describes the ‘ how ’ Marketing plan A business’ marketing plan describes how it is going to achieve its marketing goals. “It’s the application of your strategy – a roadmap that will guide you from one point to another. You should first determine ‘what’ you want to achieve, and then work out ‘how’ you will do it. In other words, your marketing strategy must come before your marketing plan. Before I decide, whether to travel on foot or horseback, I need to determine where I want to go

38. The Marketing Plan components Section Purpose 1 Executive summary Presents a quick overview of the plan for quick management review. 2 Current marketing situation The marketing audit that presents background data on the market, product, competition and distribution. 3 SWOT analysis Identifies the company’s main strengths and weaknesses and the main opportunities and threats facing the product. 4 Objectives and issues Defines the company’s objectives in the areas of sales, market share and profits, and the issues that will affect these objectives. 5 Marketing strategy Presents the broad marketing approach that will be used to achieve the plan’s objectives. 6 Action programmes Specifies what will be done, who will do it, when it will be done and what it will cost. 7 Marketing mix outline specific strategies for such marketing mix elements in each target market 8 Budgets A projected profit-and-loss statement that forecasts the expected financial outcomes from the plan.

39. For each component identify How to put your plan into action Who will do each activity When it will be done The resources needed to carry it out How you will assess success How did we do?

40. Marketing mix

41. The 6 P’s of Marketing Set of marketing tools that the firm uses to pursue its marketing objectives in the target market Product – the item or service you offer Price – enough to make a profit and not too much for the market to bear Place – distribution channels where a consumer can get access Promotion - how you communicate the existence of your product or service and its benefits People - staff and customers Positioning - brand or corporate identity

42. Product

43. Product definitions A product is anything that is capable of fulfilling customer needs A bundle of attributes (features, functions, benefits, and uses) capable of exchange or use; usually a mix of tangible and intangible forms. Thus a product may be an idea, a physical entity (a good), or a service, or any combination of the three. It exists for the purpose of exchange in the satisfaction of individual and organizational objectives. ama

44. Products and Services Product : Anything that is offered to a market for attention, acquisition, use or consumption and that might satisfy a want or need. The concept of product is not limited to physical objects – anything capable of satisfying a need can be called a product. Services : In addition to tangible goods, products also include services, which are activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything.

45. Differences Bet. Services and Product Services Services are often intangible -acts, deeds and cannot be physically processed. Value lies in experience and no transfer of title Usually perishable, unused portions cannot be stored Quality cannot be separated from the service provider Vary in quality over time and are difficult to standardize over time Products Products are often tangible objects or things. Value lies in ownership and use and transfer of title takes place Can be stored, and unused portions can be used later Quality can be differentiated from the channel member’s quality Products can be standardized and mass production and quality control are possible

46. Marketing Decisions Product design – features, quality Product assortment – product range, product mix, product lines Branding Packaging and labeling Services (complimentary service, after-sales service, service level) Guarantees and warranties Returns Managing products through the life-cycle

47. Place “Channels of distribution”

48. Place When/where is your product is available Products and services have to reach their customers to be consumed. The channels of distribution used within the market place have evolved to match the needs of the users of these services and they continue to be adapted to meet those needs. The objective is to move the goods or services efficiently, with the lowest possible number of intermediaries between the producer and the end user. As the physical distance between the two parties and the volume of goods to be exchanged increases, it becomes necessary for producers to use the help of others to complete the movement of the goods associated with the transaction. These are the intermediaries within the channels of distribution,

49. Place There time limitations due to store hours? Are there shipping times associated with the purchase? Does the distance from the customer create an obstacle for the purchase? Is a retail location reselling your product? What type of store is it? Does the store have a regular customer base? Does partnering with the store make sense ?

50. Marketing Decisions Strategies such as intensive distribution, selective distribution, exclusive distribution Franchising Market coverage Channel member selection and channel member relationships Assortment Location decisions Inventory Transport, warehousing and logistics

51. Price

52. Price The amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service Price is the only element in the marketing mix that produces revenue; all other elements represent costs. Pricing involves decisions regarding fixation of product prices, keeping in view the product costs, the capacity of customers to pay, and the prices of the competitive products. It is an important decision as it influences the sales and so also the profits. fixed-price policies – setting one price for all buyers – is a relatively modern idea that evolved with the development of large-scale retailing at the end of the nineteenth century. Dynamic pricing —Charging different prices depending on individual customers and situations.

53. Marketing Decisions Price strategy Price tactics Price-setting Allowances – e.g. rebates for distributors Discounts – for customers Payment terms – credit, payment methods

54. Setting pricing objectives As with objectives in any area of management, pricing objectives must be clearly defined, time-specific and consistent with each other. The four types of objectives that pricing decisions can help achieve are: Income-related. How much money can be made? Volume-related. How many units can be sold? Competition-related. What share of the available business is wanted? Societal. What are the responsibilities to customers and society as a whole? So pricing has to be done very carefully.

55. Mistakes are associated with pricing Being too cost-oriented, i.e. biasing prices towards costs and overlooking competitor or customer probable response patterns. Setting prices in isolation from other elements of the marketing mix. Ignoring opportunities for differentiation. Setting standard prices across different market segments. Setting prices as a defensive response rather than an offensive approach to market conditions. Holding prices nominally consistent for too long, i.e. not reviewing pricing in line with market changes.

56. Costs Costs set the floor for the price that the company can charge for its product. The company wants to charge a price that both covers all its costs for producing, distributing and selling the product, and delivers a fair rate of return for its effort and risk. Fixed costs — (also known as overheads) Costs that do not vary with production or sales level. a company must pay each month’s bills for rent, heat, interest and executive salaries. Variable costs —Costs that vary directly with the level of production. vary directly with the level of production. Each personal computer produced involves a cost of computer chips, wires, plastic, packaging and other inputs. Total costs —The sum of the fixed and variable costs for any given level of production.

57. Promotion

58. Promotion promotion refers to any type of marketing communication used to inform target audiences of the relative merits of a product, service, brand or issue, most of the time persuasive in nature It helps marketers to create a distinctive place in customers' mind, it can be either a cognitive or emotional route. The aim of promotion is to increase awareness, create interest, generate sales or create brand loyalty. It is one of the basic elements of the market mix

59. Marketing Decisions Promotional mix - appropriate balance of advertising, PR, direct marketing and sales promotion Message strategy - what is to be communicated Channel/ media strategy - how to reach the target audience Message Frequency - how often to communicate

60. Promotional mix Advertising - (via an advertisement in a chosen advertising medium) Publicity - (via a news release to chosen news media) Direct marketing – “via any person-to-person communication medium” Sponsorship – “via association with an entity, event or activity” Exhibitions – “via display and the presence of sales representatives on an exhibition stand, delivering exposure to visiting potential customers” Packaging – “via display, guaranteeing exposure to customers at the point of sale” POS “Point-of-sale” merchandizing – “via various forms of display” Sales Promotion – “via a diverse range of initiatives not so far defined” Personal selling – “via a sales pitch made by a sales representative to a ‘prospect’ or by a retail sales assistant to a customer”

61. A promotional mix checklist Target : Can this option reach the right audience? Message : Can it deliver this kind of message? Price : What will we be charged to use it? Cost : What will it cost us produce the material? Receptivity : Will the audience accept the message? Modulation : Will the vehicle affect their ‘reading’ of it? Measurability : Can we reliably assess effectiveness?

62. People

63. Staff Staff recruitment and training Uniforms Scripting Queuing systems, managing waits Handling complaints, service failures Managing social interactions

64. Customers Who are your customers? Will they buy your product or service? What will they pay? Who are your competitors and what do they offer? What is your point of difference? What is the size of the market and what share can you expect? What are the barriers for your customers?

65. Create the customers Identifying customer needs Designing goods and services that meet those needs Communication information about those goods and services to prospective buyers Making the goods and services available at times and places that meet customers’ needs Pricing goods and services to reflect costs, competition and customers’ ability to buy Providing for the necessary service and follow-up to ensure customer satisfaction after the purchase

66. Needs Wants Demands

67. Needs Needs: The most basic concept underlying marketing is that of human needs. Human needs are states of felt deprivation. Human have many complex needs: Physical needs for food, clothing, warmth, and safety Social needs or belonging and affection Individual needs for knowledge and self – expression Maslow's Hierarchy of Needs

68. Wants Wants: Want are the form taken by human needs as they are shaped by culture and individual personality. People have almost unlimited wants but limited resources. They want to choose products that provide the most value and satisfaction for their money.

69. Demands Demands: When backed by buying power, wants become demands. Consumers view products as bundles of benefits and choose products that give them the best bundle for their money

70. Satisfaction Customer satisfaction is the feeling that a product has met or exceeded the customer’s expectations Customer satisfaction depends on a product’s perceived performance in delivering value relative to a buyer’s expectation. If the product’s performance falls short of the customer’s expectations, the buyer is dissatisfied. When maximizing customer satisfaction is the goal, the firm needs to know how well it is meeting customer expectations. Customer satisfaction is the feeling that a product has met or exceeded the customer’s expectations

71. Measuring customer satisfaction Information about customer satisfaction can be collected in a variety of different ways such as: Formal research surveys (mail, telephone, personal interviews, focus groups, the Internet) An analysis customer complaint data (customer complaint boxes, letters of complaint) or interviewing staff (especially those who interact directly with customers) The collection information about customer needs and expectations from intermediaries such as retailers, sales agents, and wholesalers.

72. Quality Quality: Customer satisfaction is closely linked to quality. Quality has a direct impact on product performance. Quality can be defined as “freedom from defects”. TQM programs designed to constantly improve the quality of products, services, and marketing processes

73. Positioning

74. Marketing Positioning Positioning in marketing is a process that involves creating an identity/ image of the brand or product within the target customers' minds Market Positioning refers to the ability to influence consumer perception. Market positioning of a brand or product must be maintained over the life of the brand or product. Building a positive, cohesive brand image requires analyzing the company and its market, and determining the company's goals, customers, and message.

75. Brand A name, term, sign, symbol or design, or a combination of these, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors The most elemental component of a marketing effort is a brand. “When someone thinks of my product, what comes to mind?” The answer defines your current brand: branding can add value to a product.

76. Branding Create clear message Create credibility Involve emotionally Motivate Invite user loyalty

77. Branding helps buyers Tell the buyer something about product quality. Buyers who always buy the same brand know that they will get the same quality each time they buy. Increase the shopper’s efficiency. Imagine a buyer going into a supermarket and finding thousands of generic products. Help call consumers’ attention to new products that might benefit them. Becomes the basis upon which a whole story can be built about the new product’s special qualities.

78. Brand name selection Selecting the right name is a crucial part of the marketing process. A good name can add greatly to a product’s success. It should suggest something about the product’s benefits and qualities. It should be easy to pronounce, recognize and remember. Short names help. The brand name should be distinctive. The name should translate easily (and meaningfully) into foreign languages. It should be capable of registration and legal protection. Once chosen, the brand name must be registered with the appropriate Trade Marks

79. Identity Brand identity is the visible elements of a brand, such as color, design, and logo, that identify and distinguish the brand in consumers' minds Identity theory offers marketers a rich source of insights on how consumers relate to brands and products as both expressions of their unique selves and their affiliations with others. Building a positive brand image can bring in consistent sales and make product roll-outs more successful. Brand identity is distinct from brand image. A successful brand can be one of the company's most valuable assets.

80. Fundamental aspects five basic principles Salience – Circumstances that make a given identity more salient for an individual spur identity-linked judgement and action. Verification – Consumers actively monitor their identities and strategically use products to validate and fully enact desired identities. This leads to systematic compensatory consumption. Association – Products associated with a desired consumer identity frequently receive more positive evaluations and absorb other identity-content. Conflict – In today’s connected world, individuals reduce conflict across multiple identities by managing their relative salience in different contexts. Relevance –identify several ways identity can be relevant for individuals in relation to objects, symbols, goals, actions and evaluations.

81. Marketing Implementation

82. Marketing Implementation Implementation turns strategic plans into actions that will achieve the company’s objectives People in the organization who work with others, both inside and outside the company, implement marketing plans. Marketing planning addresses the what and why of marketing activities, Implementation addresses the who , where , when and how . People at all levels of the marketing system must work together to implement marketing plans and strategies. Marketing implementation strategy will help you outline the actions of your team in fixed timeframes and help bring your marketing plan to life in the most efficient way.

83. Considerations Implementation: Where Most Marketing Plans Go to Die . No marketing program will succeed if it is not implemented properly. Obtain the support of all the people and institutions who will be involved, Time all aspects of the program so that they are synchronized to precision, Retain some flexibility in the program to adjust to changes in the market environment.

84. Marketing Implementation steps 1. Set the right expectations. 2. Build the team and secure resources. 3. Communicate the plan. 4. Build out timeline and tasks. 5. Set up a dashboard for tracking success. 6. Monitor and check-in regularly. 7. Be willing to adapt. 8. Communicate results and celebrate success!

85. Monitoring and auditing

86. Monitoring Monitor and implement promotional activity against communication objectives in the marketing plan Monitor product, pricing and distribution decisions against organizational policy and the objectives of the marketing plan Monitor marketing results against targets in the marketing plan Monitor marketing revenue and costs against budget, and analyze record variations Prepare and present marketing reports that indicate ongoing progress towards marketing objectives

87. Monitoring data AND measuring data One of the mistakes that businesses make most consistently is not taking advantage of both monitoring data AND measuring data. The sole difference between monitoring and measuring is whether the data you are trying to learn from is qualitative or quantitative. Qualitative data, however, is not so cut and dry. There is interpretation, perspective, and opinion that can be color and bias the nature of qualitative data.

88. Marketing audit Marketing audit - where are you now? A full review of your company’s marketing and communication really helps to understand where your business is from a marketing perspective. A marketing audit analyses the business objectives and understands what it is the business is trying to achieve and allows management to make informed decisions on their future marketing direction. A marketing audit is often used by a company reviewing its business strategy. A marketing audit can inform management with an invaluable customer and market insight, vital to help them set realistic business objectives.

89. Marketing audit include: A SWOT analysis Customer and prospect research Competitor analysis Market overview – external factors covering a PESTLE analysis Marketing overview of your Internal factors assessing levels of internal communication

90. 4. External factors covering a PESTLE analysis The PESTEL analysis model is very useful for identifying the factors that will effect the decisions of your company. P olitical factors E conomic factors S ocial factors T echnological factors E nvironmental factors L egal factors

91. 5. The Internal Marketing Environment What resources does your company have for marketing & sales? People and budgets What promotional material do you use? How do you use it? How often? What is the state of your customer relationship database? How could it be used more? How could it be improved? What is your web site like? How is it performing? What are the key messages? Are the key words working?

92. Analysis and research

93. Marketing research marketing research The process of collecting, analyzing, and reporting marketing information that can be used to improve a company’s bottom line Marketing research is done on an as-needed or project basis. It can be help companies avoid making mistakes.

94. Marketing information systems Marketing information system (MIS) A system, either paper or electronic, used to manage information a firm’s marketing professionals and managers need to make good decisions Marketing information system should include the following components: A system for recording internally generated data and reports A system for collecting market intelligence on an ongoing basis Marketing analytics software to help managers with their decision making A system for recording marketing research information

95. Steps in the marketing research process Step 1: Define the Problem (or Opportunity) Step 2: Design the Research Step 3: Design the Data-Collection Forms Step 4: Specify the Sample Step 5: Collect the Data Step 6: Analyze the Data Step 7: Write the Research Report and Present Its Findings

96. Marketing research benefits Developing product ideas and designs Determining if there is demand for your product so you know whether or not to produce it Identifying market segments for your product Making pricing decisions Evaluating packaging types Evaluating in-store promotions Measuring the satisfaction of your customers Measuring the satisfaction of your channel partners Evaluating the effectiveness of your Web site Testing the effectiveness of ads and their placement Making marketing channel decisions

97. Thanks [email protected]