• Each team is to come up with the following:
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Your Target Audience Defined
• Demographics
• Psychographics
• A persona of your customer
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Name, background, attributes
A Value Proposition for their specific business
A Mission Statement for their specific business
A Survey with at least 10 questions
• Questions must help you find information about your audience
• Help you make informed decisions about moving your business forward
• Help find out pricing thresholds
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Each person from each team must survey at least 10 people within your
target audience
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Get each person’s name, age, any other information you find you will need
Have each participant sign the survey answers
Get the Survey answers are to be handed in next Monday!
Do not just have someone fill out the survey, ask them the questions and record the
answers but then have them sign the survey to authenticate
Review all surveys and come up with 3 things you have derived from this
information
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Hand in these 3 things
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Next Monday you will meet with your team again to pull all of your
results together so make sure you have a copy to hand in as homework
and a copy to use when discussing with your team.
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Read Module 6
UNDERSTAND THE CUSTOMER!
• Keep them happy
• Repeat business
• Advantages over competition
The systematic collection of information related to a market,
industry, competitors, products, or services
• Refers to research that relate to the 4Ps (and B)
• Research helps to find:
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Target audience
Where to find customers
What customers value
Buying behaviors (and how to influence)
What kind of data is out there?
How do companies collect information?
• Sales from check out (computerized cash registers, or old
school logs)
• Registrations for online companies
• Mailing lists
• Membership cards
• Frequent shopper programs
• Surveys
Companies build whole systems in order to collect, control
and analyze tons of data
“MIS”
• Marketing Information Systems
Internal Data
Data that is derived from, collected by, managed by a company
• Purchase amounts
• Demographics
• Geography
• Size of household
• Gender
• Purchase behavior
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Time in between sales
Coupon use
Delivery or in store
Full price or sale items
POP (point of purchase items)
External Data
Data that is derived from, collected by, managed by a
source outside of the company
• Competitive
• Trends
• Market information
• Composition of markets
• Exploratory Research
• Descriptive Research
• Casual Research
• Exploratory Research
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Basic preliminary information
Information about an opportunity or issue
No expectations, just information gathering
First step to get an idea of a situation, a starting point
Example: How many tour boats are based out of Fisherman’s Wharf
• Descriptive Research
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There is a specific task/outcome in mind
Helps to define something or describe something
Customer opinion
Customer demographics
Example:
Are men or women more likely to charter a boat for a private event?
• Casual Research
• Cause and Effect
• If something were to change, or be added, or be removed, etc. how
would it change the business?
• Sales
• TVs
• Coupons
• Groupons, 2 for 1, 20% off
• Price increase
• Airlines
• Ski lift tickets
Example:
If our boat did a 2 for 1 promotion on Sunday nights, in order to get
more business on an off night, will we be about to increase our revenue
by 2% at the end of Q4?
To build a Research Plan a marketer first must:
• Clearly define the research objectives
• What are you hoping to learn, understand or accomplish?
• What information are you trying to gather?
• Hard facts
• Opinions
• Market information
• How are you going to gather the information?
Secondary Data
• Often, information in the form of data already exists
• Someone else has already done the work for you
• Paid services that have already collected information
about companies, markets
• Hoover’s, LexisNexis, Experian, Nielsen
• Google!
• Company Websites
• Public Information about companies
Advantages to Secondary Data:
• Work is already been done
Disadvantages to Secondary Data:
• May not be exactly the information you need
• May be outdated information
• May be expensive to purchase
• Accuracy may be questionable
Primary Data
• Often used once secondary data has been exhausted
• Information that does not exist elsewhere
• Specific to your research goals
Collecting Primary Data
• Observational Research
• What customers!
• Survey Research
• Most common method
• Asking customers or target audience specific questions
• Attitudes
• Opinions
• Habits
• Can be conducted in person, electronically, by mail, by phone, focus groups, in
store
• Experimental Research
• Best for cause and effect relationships
• Experiments are conducted to identify best case scenarios
• Price, color, size, etc
• Different cities, locations
• Market Segmentation
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Dividing larger markets into smaller groups
Customers with distinct needs, characteristics, behaviors
Demographics
Geography
Psychographics
Behavior
• Demographics
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Age
Gender
Family size
HH income
Occupation
Education
Race
Religion
• Geographic
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Country
State
Region
City
Neighborhood
• Psychographic
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Social class
Lifestyle
Personality
Activities
Beliefs
• Pick which segments to pursue – Pick your target market
• Which segments deliver the most benefits to the company?
• Evaluate based on
• Size
• Current size and potential for growth
• Structure
• Competitive environment
• Who are the consumers?
• Price opportunities?
• Company Goals
• Which segments best align with company goals?
• Combine your survey results
• Analyze survey results
• Display in a presentation for the class next week
• Put a Research Plan Together
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Clearly define the research objectives
What information are you trying to gather?
How are you going to gather the information?
What are your company goals?
• Conduct more research!
• Use both secondary and primary data for you research
• Confirm your Target Market (through research)
• Define your segments
• Evaluate based on size, structure company goals