Scribd Logo
Upload

Welcome to Scribd!

  • 18 views

    Entrep Final Exam Reviewer

    Uploaded by

    Soriano Arianne
    The document discusses various market research methodologies and techniques including: - Observation technique which allows researchers to observe customer behavior without interacting with them. - Survey research which is a preferred quantitative method using telephone, in-person or mail interviews. Important considerations include sampling technique, probability vs non-probability samples, and sample size. - Focus group discussions which extract customer experiences and are used to generate initial insights and test marketing programs. Key decisions involve respondent selection and sample size. - The document also discusses the marketing mix "7Ps" of product, price, place, promotion, people, packaging and positioning.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Entrep Final Exam Reviewer

    Uploaded by

    Soriano Arianne
    18 views2 pages
    The document discusses various market research methodologies and techniques including: - Observation technique which allows researchers to observe customer behavior without interacting with them. - Survey research which is a preferred quantitative method using telephone, in-person or mail interviews. Important considerations include sampling technique, probability vs non-probability samples, and sample size. - Focus group discussions which extract customer experiences and are used to generate initial insights and test marketing programs. Key decisions involve respondent selection and sample size. - The document also discusses the marketing mix "7Ps" of product, price, place, promotion, people, packaging and positioning.

    Original Description:

    grade 12 entrepreneurship reviewer

    Original Title

    entrep final exam reviewer

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document discusses various market research methodologies and techniques including: - Observation technique which allows researchers to observe customer behavior without interacting with them. - Survey research which is a preferred quantitative method using telephone, in-person or mail interviews. Important considerations include sampling technique, probability vs non-probability samples, and sample size. - Focus group discussions which extract customer experiences and are used to generate initial insights and test marketing programs. Key decisions involve respondent selection and sample size. - The document also discusses the marketing mix "7Ps" of product, price, place, promotion, people, packaging and positioning.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    18 views2 pages

    Entrep Final Exam Reviewer

    Uploaded by

    Soriano Arianne
    The document discusses various market research methodologies and techniques including: - Observation technique which allows researchers to observe customer behavior without interacting with them. - Survey research which is a preferred quantitative method using telephone, in-person or mail interviews. Important considerations include sampling technique, probability vs non-probability samples, and sample size. - Focus group discussions which extract customer experiences and are used to generate initial insights and test marketing programs. Key decisions involve respondent selection and sample size. - The document also discusses the marketing mix "7Ps" of product, price, place, promotion, people, packaging and positioning.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Basic Questions in Market Research  Data gathering- formulation of discussion

    agenda, preparation of venue and equipment


     Why-purpose and objectives  Data analysis-integration of the information
     What-determine the scope and limitations of gathered
    the market research  Listing of recommendations and gathering
     Which- determines which segment of the
    market must be studied. ( which the Observation Technique- One of the best ways to gather
    entrepreneur is eyeing) data about customers in their natural setting without
     Who-identifies who among the members of the having to talk or interact with them.
    selected market segment will participate
     When-determines the time and timing of the Advantages /Disadvantage
    research.
     Allows the researcher to see what customers
     Where-pinpoints the relevant location of the
    actually do rather than rely on what they say or
    market research
    do.
     How-determines the methodology to be used.
     Observe customers in their natural setting
    Market Methodologies  Disadvantage: only see the outside behavior of
    objectives the customer but cannot determine the inner
    motivation of the customer.
     Entrepreneurs will know more of hi/her  The customers cannot get the reasons behind
    relevant market the behavior.
     Customers can be properly segmented and
    Survey research-Most preferred instrument for in
    reached, products can be positioned, brands
    can be promoted and locations can be depth quantitative research. It can be conducted via
    pinpointed. telephone, in person or mail interview.

    Sales Data Mining-Data mining helps marketers better 3 important concerns in survey research
    understand customer behavior and preferences, which
     Sampling technique- is a method that allows
    enables them to create targeted marketing and
    researchers to infer information about a
    advertising campaigns. Similarly, sales teams can use
    population based on results from a subset of
    data mining results to improve lead conversion rates
    the population, without having to investigate
    and sell additional products and services to existing every individual.
    customers.  Probability/non probability-
     Probability where respondents are selected
    Focus Group Discussion- Most common qualitative
    randomly from a population
    research tool. It extracts consumer and non consumer
     Non probability-it is resorted to when it is
    experiences regarding products, paces or programs. It is
    difficult to estimate thepopulationbec.They are
    used for generating initial insights. Obtaining
    mobile.
    impressions on new product Developing creative
    concepts and copy material for advertisements Securing  Sample size –it is where the data are
    price impressions distributed to the targeted population.
    Obtaining preliminary consumer reaction to specify
     Designing questionnaire
    marketing programs.

    4 decisions to conduct FGD

     Respondent selection
     Sample size
    7ps • Identifies the product, describes its features
    and benefits.
    • Positioning -Product positioning refers to what
    the product means in the mind of the customer. • Differentiates the product from its competitors
    Take for example, Heineken beer. Here in the • Lengthens the lifespan, physically protects and
    U.S., Heineken is marketed as a premium, extends the usefulness of the product.
    imported beer, so U.S. buyers pay more for it
    place – location of purchase, ease of transactions sales
    compared to other choices.
    force, competitor approaches
    • Product Managers need to develop a
    people- building blocks of a marketing mix strategy
    positioning statement that highlights the
    customer benefit of the product and how it will Marketing efforts are into 4 levels:
    be different from the competition. The product Create customer awareness
    must deliver these benefits, so the positioning To arouse customer interest
    statement must align what the product can To educate customers as they evaluate their buying
    deliver with the desired place you want it to choices
    occupy in the customer’s mind. Close the sale and deliver the products
    • Branding and brand equity development 1. Advertising
    should go hand in hand positioning. 2. Personal selling
    This approach is called “product-led marketing.” 3. Sales promotion
    In a marketing mix, product considerations 4. Public Relation
    involve every aspect of what you're trying to 5. Direct Marketing
    sell. This includes:
    Design Components of Promotion mix
    Quality Price mix- refers to the amount costumer pays for a
    Features product as the sacrifice which consumers are ready to
    Options acquire a product
    Packaging
    Market positioning

    4 general types of products that are marketed by


    enterprise
    • Breakthrough products-doubling the
    performance
    • Differentiated products-tries to claim a new
    space from existing products
    • Copycat products-
    • Niche products-do not compete withgiants.
    Plays a minor role.
    Packaging refers to the way your product or
    service appears from the outside.
    Purpose of packaging

    You might also like