MARKET RESEARCH AND MARKETING PLAN SUBMITTED BY: GROUP 10 BASILIO, CHRISTINE D. FLORENTINO, KATHERINE PEREZ, CHERRY ROSE BS-ENTREP 1F SUBMITTED TO: CANICE MAURIZE M. MORALES VISITING LECTURER DATE: DEC 11,2024 MARKET REASEARCH MARKET RESEARCH EXAMINES CONSUMER BEHAVIOR AND TRENDS IN THE ECONOMY TO HELP A BUSINESS DEVELOP AND FINE-TUNE ITS BUSINESS IDEA AND STRATEGY. IT HELPS A BUSINESS UNDERSTAND ITS TARGET MARKET BY GATHERING AND ANALYZING DATA. MARKET RESEARCH IS THE PROCESS OF EVALUATING THE VIABILITY OF A NEW SERVICE OR PRODUCT THROUGH RESEARCH CONDUCTED DIRECTLY WITH POTENTIAL CUSTOMERS. IT ALLOWS A COMPANY TO DEFINE ITS TARGET MARKET AND GET OPINIONS AND OTHER FEEDBACK FROM CONSUMERS ABOUT THEIR INTEREST IN A PRODUCT OR SERVICE. RESEARCH MAY BE CONDUCTED IN-HOUSE OR BY A THIRD PARTY THAT SPECIALIZES IN MARKET RESEARCH. IT CAN BE DONE THROUGH SURVEYS AND FOCUS GROUPS, AMONG OTHER WAYS. TEST SUBJECTS ARE USUALLY COMPENSATED WITH PRODUCT SAMPLES OR A SMALL STIPEND FOR THEIR TIME. THERE ARE TWO TYPES OF RESEARCH YOU CAN CONDUCT: PRIMARY AND SECONDARY. PRIMARY RESEARCH REQUIRES COLLECTING DATA TO LEARN ABOUT YOUR SPECIFIC CUSTOMERS OR TARGET MARKET SEGMENT. IT’S USEFUL FOR CREATING BUYER PERSONAS, SEGMENTING YOUR MARKET, AND IMPROVING YOUR PRODUCT TO CATER TO CUSTOMERS’ NEEDS. SECONDARY RESEARCH IS CONDUCTED USING DATA YOU DIDN’T COLLECT YOURSELF. INDUSTRY REPORTS, PUBLIC DATABASES, AND OTHER COMPANIES’ PROPRIETARY DATA CAN BE USED TO GAIN INSIGHTS INTO YOUR TARGET MARKET SEGMENT AND INDUSTRY. STEPS TO CONDUCT MARKET RESEARCH FOR A NEW VENTURE STEP 1: DEFINE YOUR RESEARCH OBJECTIVES CLEARLY DEFINE WHAT YOU WANT TO ACHIEVE THROUGH YOUR MARKET RESEARCH. IDENTIFY THE SPECIFIC QUESTIONS YOU NEED TO ANSWER AND THE INFORMATION YOU REQUIRE. WHETHER YOU'RE EVALUATING MARKET DEMAND, UNDERSTANDING CUSTOMER PREFERENCES, OR ASSESSING COMPETITOR STRENGTHS AND WEAKNESSES, HAVING WELL-DEFINED OBJECTIVES ENSURES FOCUSED AND ACTIONABLE RESEARCH. STEP 2: IDENTIFY YOUR TARGET AUDIENCE DETERMINE THE TARGET AUDIENCE FOR YOUR MARKET RESEARCH. THIS COULD BE YOUR POTENTIAL CUSTOMERS, EXISTING CLIENTS, OR INDUSTRY EXPERTS. THE SELECTION OF THE TARGET AUDIENCE DEPENDS ON THE RESEARCH OBJECTIVES AND THE DATA YOU NEED TO COLLECT. CONSIDER FACTORS SUCH AS DEMOGRAPHICS, LOCATION, AND BEHAVIOR TO IDENTIFY THE MOST RELEVANT AUDIENCE STEP 3: CHOOSE THE RIGHT RESEARCH METHODS MARKET RESEARCH CAN BE CONDUCTED USING VARIOUS METHODS, EACH OFFERING DIFFERENT INSIGHTS. COMMON RESEARCH METHODS INCLUDE SURVEYS, INTERVIEWS, FOCUS GROUPS, AND OBSERVATION. ONLINE SURVEYS ARE COST-EFFECTIVE AND ALLOW YOU TO REACH A WIDE AUDIENCE QUICKLY, WHILE INTERVIEWS AND FOCUS GROUPS OFFER MORE IN-DEPTH RESPONSES. WRITE THIS DOWN. STEP 4: COLLECT AND ANALYZE DATA IMPLEMENT ONE OR MORE OF THE ABOVE RESEARCH METHODS TO COLLECT DATA FROM YOUR TARGET AUDIENCE. ENSURE THE DATA IS COLLECTED ACCURATELY AND ETHICALLY. ONCE YOU HAVE GATHERED THE DATA, ANALYZE IT TO DRAW MEANINGFUL CONCLUSIONS. USE TOOLS AND SOFTWARE TO ORGANIZE AND INTERPRET THE DATA EFFECTIVELY. DEPENDING ON THE AMOUNT OF DATA YOU COLLECT, TOOLS LIKE MICROSOFT POWER BI OR TABLEAU MAY BE USEFUL TO ORGANIZE AND VISUALIZE THE DATA. ON THE OTHER HAND EXCEL OR GOOGLE SHEETS MAY BE SUFFICIENT. A SIMPLE GRAPH CAN HELP IDENTIFY CONCENTRATIONS OR TRENDS - BUT TRY NOT TO OVER-COMPLICATE THE VISUALS. STEP 5: DRAW INSIGHTS AND MAKE DECISIONS BASED ON THE ANALYSIS, DRAW ACTIONABLE INSIGHTS THAT ALIGN WITH YOUR RESEARCH OBJECTIVES. LOOK FOR TRENDS AND CONCENTRATIONS IN THE ANSWERS COLLECTED. USE THESE INSIGHTS TO MAKE INFORMED BUSINESS DECISIONS, REFINE YOUR BUSINESS STRATEGIES, AND ADDRESS ANY IDENTIFIED GAPS OR CHALLENGES. THE DECISIONS MAY NOT ALWAYS BE CLEAR OR DEFINITIVE. SOMETIMES THE BEST BET IS TO MAKE AN INFERENCE FROM YOUR COLLECTED DATA AND THEN TEST IT WITH A PORTION OF YOUR MARKET - MEASURE THE RESULTS TO SEE IF YOUR INFERENCE WAS ACCURATE. IF NOT, REVISIT THE DATA AND TRY AGAIN. THERE IS NO HARM IN A BIT OF ITERATION, PARTICULARLY IF YOUR DECISIONS ARE DATA-INFORMED. MARKETING PLAN A MARKETING PLAN IS A STRATEGIC ROAD MAP THAT BUSINESSES USE TO ORGANIZE, EXECUTE, AND TRACK THEIR MARKETING STRATEGY OVER A GIVEN PERIOD. MARKETING PLANS CAN INCLUDE DIFFERENT MARKETINF STRATEGIES FOR VIROUS MARKETING TEAMS ACROSS THE COMPANY, ALL WORKING TOWARD THE SAME BUSINESS GOALS. THE PURPOSE OF A MARKETING PLAN IS TO WRITE DOWN STRATEGIES IN AN ORGANIZED MANNER. THIS WILL HELP KEEP YOU ON TRACK AND MEASURE THE SUCCESS OF YOUR CAMPAIGNS. YOUR MARKETING PLAN LAYS OUT EACH CAMPAIGN‘S MISSION, BUYER PERSONAS, BUDGET, TACTICS, AND DELIVERABLES. WITH ALL THIS INFORMATION IN ONE PLACE, YOU’LL HAVE AN EASIER TIME STAYING ON TRACK WITH A CAMPAIGN, AND YOU CAN FIGURE OUT WHAT WORKS AND WHAT DOESN’T. CHARACTERISTICS OF MARKTING PLAN 1. CLEAR GOALS AND OBJECTIVES SPECIFIC AND MEASURABLE: THE PLAN SHOULD STATE EXACTLY WHAT THE BUSINESS WANTS TO ACHIEVE, LIKE INCREASING SALES BY 10% OR GAINING 500 NEW CUSTOMERS. TIME-BOUND: THE GOALS SHOULD HAVE DEADLINES, SUCH AS WITHIN A QUARTER OR A YEAR, TO TRACK PROGRESS. 2. TARGET MARKET IDENTIFY CUSTOMERS: THE PLAN DEFINES WHO THE BUSINESS WANTS TO REACH—WHETHER THEY ARE TEENAGERS, WORKING PROFESSIONALS, OR FAMILIES, FOR EXAMPLE. SEGMENTATION: DIVIDES THE MARKET INTO SMALLER GROUPS BASED ON AGE, LOCATION, INTERESTS, ETC., TO TAILOR MARKETING EFFORTS EFFECTIVELY. 3. MARKET RESEARCH UNDERSTAND THE MARKET: THE PLAN INCLUDES RESEARCH ON CUSTOMER NEEDS, COMPETITOR ACTIVITIES, AND MARKET TRENDS. SWOT ANALYSIS: EVALUATES THE COMPANY’S STRENGTHS, WEAKNESSES, OPPORTUNITIES, AND THREATS TO MAKE INFORMED DECISIONS. 4. POSITIONING AND BRANDING UNIQUE SELLING POINT (USP): THE PLAN SHOULD HIGHLIGHT WHAT MAKES THE COMPANY’S PRODUCT OR SERVICE DIFFERENT AND WHY CUSTOMERS SHOULD CHOOSE IT. BRANDING: DEFINES HOW THE COMPANY PRESENTS ITSELF—THROUGH LOGOS, COLORS, MESSAGING, ETC.—AND HOW IT WILL CONNECT EMOTIONALLY WITH CUSTOMERS. 5. MARKETING TACTICS PRODUCT, PRICE, PLACE, PROMOTION (4PS): THESE ARE THE CORE ELEMENTS OF THE PLAN: PRODUCT: WHAT IS BEING SOLD AND ITS FEATURES. PRICE: HOW MUCH IT COSTS AND THE PRICING STRATEGY. PLACE: WHERE IT IS SOLD (ONLINE, IN STORES, ETC.). PROMOTION: HOW THE PRODUCT WILL BE PROMOTED (ADS, SOCIAL MEDIA, DISCOUNTS, ETC.). 6. BUDGET SPENDING PLAN: IT DETAILS HOW MUCH MONEY WILL BE SPENT ON EACH MARKETING ACTIVITY, SUCH AS ADVERTISEMENTS, PROMOTIONS, AND EVENTS. RETURN ON INVESTMENT (ROI): IT OUTLINES HOW THE EFFECTIVENESS OF SPENDING WILL BE MEASURED. 7. TIMELINE AND ACTION PLAN SCHEDULE: THE PLAN SETS DEADLINES FOR WHEN EACH MARKETING ACTIVITY WILL TAKE PLACE (E.G., A CAMPAIGN LAUNCH DATE). STEPS TO FOLLOW: IT BREAKS DOWN TASKS AND ASSIGNS RESPONSIBILITIES TO TEAM MEMBERS. 8. EVALUATION AND CONTROL TRACKING SUCCESS: THE PLAN OUTLINES HOW THE BUSINESS WILL TRACK ITS PROGRESS, USING KEY PERFORMANCE INDICATORS (KPIS), LIKE SALES FIGURES OR WEBSITE TRAFFIC. ADJUSTMENTS: IT EXPLAINS HOW CHANGES WILL BE MADE IF THINGS AREN’T GOING AS PLANNED. 9. RISK MANAGEMENT BACKUP PLANS: THE PLAN SHOULD ADDRESS POSSIBLE RISKS, SUCH AS UNEXPECTED COMPETITION OR CHANGES IN THE ECONOMY, AND HOW THE COMPANY WILL RESPOND. 10. CLEAR COMMUNICATION INTERNAL ALIGNMENT: THE PLAN ENSURES THAT EVERYONE IN THE COMPANY UNDERSTANDS THE MARKETING GOALS AND WORKS TOWARDS THEM. CUSTOMER ENGAGEMENT: IT DETAILS HOW THE COMPANY WILL COMMUNICATE WITH CUSTOMERS AND KEEP THEM ENGAGED, WHETHER THROUGH EMAILS, SOCIAL MEDIA, OR ADS. STEPS IN THE PREPARATION OF MARKETING PLAN 1. CREATE AN EXECUTIVE SUMMARY: SUMMARIZE MARKETING GOALS AND FUTURE PLANS. 2. IDENTIFY YOUR TARGET MARKET: DEFINE THE AUDIENCE YOU WANT TO REACH. 3. RESEARCH YOUR COMPETITORS: UNDERSTAND THE COMPETITIVE LANDSCAPE. 4. DETERMINE YOUR MARKETING GOALS: SET CLEAR OBJECTIVES. 5. ESTABLISH AND TRACK BENCHMARKS: MEASURE PROGRESS. IN CONCLUSION, MARKET RESEARCH AND A MARKETING PLAN ARE BOTH CRUCIAL FOR A BUSINESS’S SUCCESS. MARKET RESEARCH HELPS BUSINESSES UNDERSTAND THEIR CUSTOMERS, COMPETITORS, AND MARKET TRENDS, PROVIDING VALUABLE INFORMATION TO MAKE SMARTER DECISIONS. A MARKETING PLAN TAKES THIS INFORMATION AND OUTLINES A CLEAR STRATEGY FOR REACHING CUSTOMERS, SETTING GOALS, AND CHOOSING THE RIGHT MARKETING TACTICS. BY COMBINING MARKET RESEARCH WITH A WELL-THOUGHT-OUT MARKETING PLAN, BUSINESSES CAN FOCUS THEIR EFFORTS, USE THEIR RESOURCES WISELY, AND INCREASE THEIR CHANCES OF SUCCESS. BOTH TOOLS HELP BUSINESSES STAY COMPETITIVE, MEET CUSTOMER NEEDS, AND ACHIEVE THEIR GOALS MORE EFFECTIVELY.
