Leeds University Business SchoolLecture 3:Collecting Market Insights –Customer Analysis and STPMarketing Strategy: LUBS 5465MDr. Destan Kandemir

Leeds University Business SchoolLearning ObjectivesPART I•Specify the role of marketing research•Define the marketing research process

Leeds University Business SchoolMarketing Research

Leeds University Business School“The 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

Leeds University Business SchoolMarketing Research (cont’d)Role/Purpose:•Links organizations with its external environment•Reduces risk & facilitates decision making•Monitor competition: anticipate strategic moves•Understand customers: current and anticipated needs•Identify potential market opportunities and threats•Identify new potential target segments•Examine the effectiveness of the marketing strategy

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

Leeds University Business SchoolSTEP 1: Define Problem & ObjectivesProblem: To identify whether a company should invest on a new product. Research objectives: •Test the product•Identify / judge consumers reactions to the new product•Forecast demand for the product •Estimate potential sales•Identify the price that customers are willing to accept•Available resources and capabilities to invest•Project competitors reactions

Leeds University Business SchoolSTEP 2: Develop Research PlanKey decisions:•Data Sources•Research approach •Sampling •Methods•Research instruments / tools

Leeds University Business SchoolSTEP 3: Collect Market InsightsIssues of concern:•Right personnel •Avoid bias•Response rate•Timing / environment •Sensitivity of respondents

Leeds University Business SchoolSTEP 4: Analyze Market Insights•Use appropriate tools to analyze dataSTEP 5: Present Findings•Interpret findings / Extract meaning STEP 6: Decide•Weight findingsMarketing Research Process (cont’d)

Leeds University Business SchoolLearning ObjectivesPART II•Understand the complexity of consumer markets•Toexaminethewaysinwhichcompaniescansegment consumer markets.•Discuss targeting strategies and positioning

Leeds University Business SchoolConsumer Analysis (B2C)

Leeds University Business SchoolMain Premise of MarketingThe marketing concept holds that achievingorganizational goals depends ondeterminingthe needs and wants of target marketsanddeliveringthedesiredsatisfactionsmoreeffectively and efficiently thancompetitors.

Understanding Current CustomersCUSTOMERSWHENWHEREHOWWHATWHOWHY5Ws & 1H

Customers Roles in Purchasing SituationPurchase/ use & ConsumptionInitiatorInfluencerDeciderPurchaserUser/ Consumer