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    HBS Summary - Chapter 3

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    The document discusses analyzing the target market as a critical step in the marketing plan. It explains that marketing research helps identify consumer needs, types of consumers, and buying behavior in the target market. The marketing research process involves defining the problem, developing a research design, collecting and analyzing data, and reporting findings. Marketing intelligence provides continuous information about competitors and the marketing environment to support strategic planning.

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    HBS Summary - Chapter 3

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    opgdm22viveks
    13 views3 pages
    The document discusses analyzing the target market as a critical step in the marketing plan. It explains that marketing research helps identify consumer needs, types of consumers, and buying behavior in the target market. The marketing research process involves defining the problem, developing a research design, collecting and analyzing data, and reporting findings. Marketing intelligence provides continuous information about competitors and the marketing environment to support strategic planning.

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    The document discusses analyzing the target market as a critical step in the marketing plan. It explains that marketing research helps identify consumer needs, types of consumers, and buying behavior in the target market. The marketing research process involves defining the problem, developing a research design, collecting and analyzing data, and reporting findings. Marketing intelligence provides continuous information about competitors and the marketing environment to support strategic planning.

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    © All Rights Reserved
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    13 views3 pages

    HBS Summary - Chapter 3

    Uploaded by

    opgdm22viveks
    The document discusses analyzing the target market as a critical step in the marketing plan. It explains that marketing research helps identify consumer needs, types of consumers, and buying behavior in the target market. The marketing research process involves defining the problem, developing a research design, collecting and analyzing data, and reporting findings. Marketing intelligence provides continuous information about competitors and the marketing environment to support strategic planning.

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    POST-GRADUATE PROGRAMME IN

    MANAGEMENT
    Course: Marketing Planning (MP)

    Summary of
    Analyzing the Target Market, Part 1:
    Marketing Research
    Chapter 3
    Prepared By
    Vivek Kumar Srivastava
    The next step in the marketing plan is to understand, define, and analyze the target market. It is
    essential to know who your customers are and what, when, where, why, how, how much, and how
    often they buy. Your product may not meet the needs and wants of the mass market, but rather a
    particular segment (or several segments) of that market. You would waste resources trying to reach the
    mass market if this was the case. For example, you could waste money when advertising and
    communicating the intended message to the wrong people, or when distributing on an intensive basis.

    Analyzing the target market is a critical component of the marketing plan, since marketing is about
    satisfying customers. Marketing research helps to identify the needs of consumers, types of consumers,
    and consumer buying behavior in the target market. In this chapter, we have elaborated on the steps in
    the marketing research process and on the need for continuous information and marketing intelligence.

    Definition of a Market
    A market is the set of all actual and potential buyers of a product or service. Customers in a market must
    have a need, have resources, and authority to engage in exchange and must be willing to offer these
    resources in exchange for what they want.

    Marketing Research
    Today’s business environment is highly competitive, and markets and customer needs and wants are
    constantly changing. Therefore, information about customers, competitors, and the changing
    environment is essential. Marketing research is used to describe the market, monitor how the market
    changes, decide on potential actions to be taken, and evaluate the results of these actions.

    Internal or External Marketing Research Resources


    Organizations can either have their own internal departments for conducting marketing research or hire
    outside firms to help design, gather, analyze, and interpret information. While information gathered
    from internal sources might be less expensive to obtain, external agencies may be more professional
    and quality oriented and have more experience, time, and resources to carry out marketing research.

    Planning Your Marketing Research


    There are 5 steps in the marketing research process:
    1. Define the problem and set the research objective: The marketing problem needs to be
    identified and clearly defined by both the user and the provider of information. It is generally
    acknowledged that a problem well defined is a problem half-solved, and this will save a lot of
    time and money in the long run.
    2. Develop the research design and collect the data.
    3. Collect the data.
    4. Analyze and interpret the data.
    5. Report the research findings.

    The Continuous Information Process


    Many organizations believe information needs not only should be in terms of projects but should also be
    a continuous flow of information for their marketers.

    Marketing Intelligence
    Marketing intelligence is a set of procedures and sources used by marketers to collect and analyze
    publicly available and everyday information about developments in the marketing environment and on
    competitors. Marketing intelligence serves four main purposes:
    1. To assess and track competitors.
    2. To provide early warnings about opportunities and threats.
    3. To support strategic planning and implementation.
    4. To support strategic decision making.

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