Lecture 3 - Customer Analysis and STP - 2019.pdf - Leeds University Business School Lecture 3 Collecting Market Insights \u2013 Customer Analysis and STP

Lecture 3 - Customer Analysis and STP - 2019.pdf - Leeds...

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Leeds University Business SchoolLecture 3:Collecting Market Insights Customer Analysis and STPMarketing Strategy: LUBS 5465MDr. Destan Kandemir
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Leeds University Business SchoolLearning ObjectivesPART ISpecify the role of marketing researchDefine the marketing research process
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Leeds University Business SchoolMarketing Research
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Leeds University Business SchoolThe systematic design, collection, analysis, andreporting of data and findings relevant to a specific marketing situation facing the company”From a strategic perspective, WHY is marketing research important? Marketing Research
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Leeds University Business SchoolMarketing Research (cont’d)Role/Purpose:Links organizations with its external environmentReduces risk & facilitates decision makingMonitor competition: anticipate strategic movesUnderstand customers: current and anticipated needsIdentify potential market opportunities and threatsIdentify new potential target segmentsExamine the effectiveness of the marketing strategy
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Leeds University Business SchoolMarketing Research ProcessSTEP 1:DEFINE PROBLEM & RESEARCH OBJECTIVESSTEP 2:DEVELOP RESEARCH PLANSTEP 3:COLLECT MARKET INSIGHTSSTEP 4:ANALYZE MARKET INSIGHTSSTEP 5: PRESENT FINDINGSSTEP 6: DECIDE / TAKE ACTIONS
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Leeds University Business SchoolSTEP 1: Define Problem & ObjectivesProblem: To identify whether a company should invest on a new product. Research objectives: Test the productIdentify / judge consumers reactions to the new productForecast demand for the product Estimate potential salesIdentify the price that customers are willing to acceptAvailable resources and capabilities to investProject competitors reactions
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Leeds University Business SchoolSTEP 2: Develop Research PlanKey decisions:Data SourcesResearch approach Sampling MethodsResearch instruments / tools
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Leeds University Business SchoolSTEP 3: Collect Market InsightsIssues of concern:Right personnel Avoid biasResponse rateTiming / environment Sensitivity of respondents
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Leeds University Business SchoolSTEP 4: Analyze Market InsightsUse appropriate tools to analyze dataSTEP 5: Present FindingsInterpret findings / Extract meaning STEP 6: DecideWeight findingsMarketing Research Process (cont’d)
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Leeds University Business SchoolLearning ObjectivesPART IIUnderstand the complexity of consumer marketsToexaminethewaysinwhichcompaniescansegment consumer markets.Discuss targeting strategies and positioning
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Leeds University Business SchoolConsumer Analysis (B2C)
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Leeds University Business SchoolMain Premise of MarketingThe marketing concept holds that achievingorganizational goals depends ondeterminingthe needs and wants of target marketsanddeliveringthedesiredsatisfactionsmoreeffectively and efficiently thancompetitors.
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Understanding Current CustomersCUSTOMERSWHENWHEREHOWWHATWHOWHY5Ws & 1H
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Customers Roles in Purchasing SituationPurchase/ use & ConsumptionInitiatorInfluencerDeciderPurchaserUser/ Consumer
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