8726 Entrepreneurship I
Objectives 2.09-2.11
Market Research
Key Words:
• Primary Research: this is new information that you
gather yourself (not already in published material),
otherwise known as field research.
• Secondary Research: this is information collected for a
specific purpose by someone else, e.g. government
statistics, trade publications and published academic
research. This is known as desk research.
What marketing is about?
• It is about: Aims and objectives, the marketing mix, external and
internal environment
• Today we will discuss our perceptions and experiences of marketing
and explore how marketing mix elements work together.
• We will look at what are customer needs and wants and how do
these relate to the setting of marketing aims and objectives?
• We will identify key external factors that have had an impact on an
organization's marketing decisions.
• Lastly, we will discuss the exchange process and how it informs
marketing decisions.
Defining the marketing mix
• The marketing mix is . . . The set of
controllable tactical marketing tools –
product, price, place, and promotion – that
the firm blends to produce the response it
wants in the target market.
Kotler and Armstrong (2010).
Discuss how you would define the
marketing mix for the products.
Define the Marketing Mix
Define the Marketing Mix
Define the Marketing Mix
Define the Marketing Mix
Who might the target customer be
for the brands shown?
You can identify this by thinking about:
1. Where the product is sold and where
it is not sold?
2. How and where the product is
advertised ?
3. What the price is compared with
similar competitor products?
1. Where the product is sold and where it is not sold?
2. How and where the product is advertised ?
3. What the price is compared with similar competitor products?
Marketing in its simplest form is trying
to find out:
What does the customer want and need?
Is this always true?
• Any business that hopes to be successful
needs to be aware of the needs and wants of
its customers.
YES!!!!!!!
• The main aim of marketing is to discover what
the customers’ needs and wants require and
to plan and organize a way of meeting these
requirements so that profits can be made.
• Refer back to the marketing mix (four P’s)
focusing on promotion. Discuss how it is used
to communicate to potential customers.
Does The Market Mix Work Here?
• visit the various websites below and see how
small businesses use them to provide
information to the customer. Do you see the
“four P’s” ?
• http://www.littlehardware.com
• http://www.whataburger.com
• http://www.sndcoffee.com
Activity: Market Research Plan
• As a class decide how we will conduct
research on our product/service – discuss in
how we might go about doing this.
• We will need to identify what information will
be needed for and what methods we will use
to collect the appropriate marketing
information.
Discussion Points
1. Discuss the need for sampling, including size
and types of samples and factors influencing
the choice of sampling. Name brand and
Store brand.
2. Use the following:
– Worksheet 8: Student Help Sheet – Marketing
– Worksheet 9: Market Research