Part A
Marketing Research
Process
1. Find
the problem
2. Find
what you want to find
3. Choose
where you are going to get the data
4. Choose
how you are going to get your data
5. Create sample
6. Create
criteria
7. Start
the research
8. Evaluate
your data
Secondary Data Sources
Internal
|
External
|
The amount of money spent by customers
|
Competitor information
|
Reviews from customers
|
Information from government
|
Find out what the trend is
|
Information from commercial
|
Primary Field Data Sources
v Observations
v Surveys
v Interview
Survey's advantages
Survey's advantages
- Is a good option if you want to research a large amount of people
- Could be use to find out people’s beliefs, opinions, and attitude
- \ It is more convenient than other data sources
Part B
Micro-Environment (Factors or environments that affect a company
directly)
Elements of the Micro-Environment
Customers
Suppliers
Other similar companies
Employees
Local government
Competitors’ types
Direct
Competitors
|
Close
Competitors
|
Substitutes
|
Indirect
Competition
|
Companies that produce the same type of
product as your company
|
Companies that produce the similar type
of product as your company
|
Products from other companies that
might substitute your product
|
Companies whose productions do not
relate to your products
|
Market Structures That Relates To My Experiences
Perfect Competition - When I go buy groceries, I would normally
choose the cheapest food for the same type.
Monopolistic Competition – My parents would only buy coffee from
Starbucks even though Starbucks is not the cheapest option.
Oligopoly - If I had a choice between Starbucks and Old Crow Coffee
to purchase a cup of coffee, I would choose Starbucks every time.
Monopoly – In PNE, a lot of restaurants took monopoly because they are the only restaurant in PNE.
Porter’s five forces
Ø Intensity
of existing competition – How many competitors are there?
Ø Lack
of new competitors – How many competitors are coming into the competition, and
how easy it is for competitors to get into the competition?
Ø Threat
of substitute – How many products could substitute your product?
Ø Bargaining
power of customers – Will the customers drop down the price of your product.
Ø Bargaining
power of suppliers - Will the suppliers
increase you products’ price by giving you less supplies?
5 Main Market Environment Type
ü Business-to-consumer
markets.
ü Business-to-business
markets.
ü Export
markets.
ü Government
markets.
ü Reseller
Markets.
Macro-Environment - Business environment in general
Elements of the Macro-Environment
§ Political
environment – Action made by government that may affects your business.
§ Social
and cultural environment – People from different background would have
different opinions on your business.
§ Demographic
environment – People from different age would have different opinions on you
products.
§ Technical
environment
§ Legal
and regulatory environment – There might be laws that affect your business.
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