Explain the steps in the marketing research process
The five steps in marketing process are identifying the mission, analyzing the situations, setting the objectives; develop a marketing strategy and planning for evaluation. Identification of the purpose is essential for articulating the reasons for carrying out the task and how it can benefit the consumer over that period. For example, a hospital could specify its mission as improving public health and education. The next step is situation analysis; the management seeks to perform a SWOT analysis which provides the information on the opportunities to build on and the challenged they can face. The next step is setting objectives; this is to ensure that the goals are vivid and measurable to allow the managers have the basis of making choices and obtaining progress (Manz, Sapienza & Zingales, 2006). For example, aiming to achieve a 5% profit during one year is vivid and achievable depending on the goals that have been set. The fourth step is strategy and evaluation; this involves selecting a market group of consumers who are likely to purchase the products of the firm. Therefore, the managers must use the right marketing tools to reach and influence prospective buyers. The next step is evaluation which means how when the tactics should be monitored and controlled through evaluation techniques in carrying out a research analysis of marketing.
Describe the factors influencing consumer behavior? Explain the five stages of the buyer decision process.
The consumer behavior is affected by several factors such as the psychological factors affecting the client’s ability to choose a product, social factors that will make a buyer to purchase a product based on the social class of the friend. The cultural factors influencing the purchase of specific products and services, for example, Port meat is forbidden in some cultures. Moreover, we have economic factors which may shift the client’s desire for a particular product due to the level of the economy. Lastly is the personal factors which influenced by an individual having taste and willingness to some products and service based on the particular issue (Manz, Sapienza & Zingales, 2006).
The five stages of buyer’s decision process include; the first step is problem recognition which is the identification of the unmet needs that should be satisfied. The next stage is a search for information where the buyers tend to look for facts about the products and services on the newspaper and other media channels. The next step is the evaluation of alternatives, in the earlier stage, the buyer searched for information about a specific brand. In this case, the buyer checks and evaluates various brands to enhance a rightful choice. Since the buyer cannot purchase all the products, he or she must select the best brand from the others. The next is buying decision where the purchaser decides to take a particular brand and leaves the others. In this stage, the buyer makes up his or her mind in purchasing the product. The next step is the post-purchase decision which depends on the satisfaction of the product or services that had been bought (Manz, Sapienza & Zingales, 2006).
Explain the steps in the segmentation, targeting and positioning process
The process includes; determining the need for the segment or the needs of the customer, identifying the segment, which of the segment is most attractive, is the market segment able to give profit and the position of the segment.
Is the process of evaluating the segments attractiveness and therefore one or more of the market? The process involves identifying, understanding and developing an offer of the segments.
Is the process of designing an image and the value to ensure that the client in the target client can understand the brand of the company about the other competitors? The process involves starting with what the products mean and how it differs from the other brands offered in the different business.
Outline the steps in the new product development process. What are the stages in the new product adoption process and explain the factors that influence the adoption process?
a) Ides generation
b) Notion screening
c) Development of concept and testing
d) Analysis of business
e) Product development
f) Market testing
h) Launch plan
Stages of new product adoption
a) Awareness; the consumer is aware of the product or services but lacks information
b) Interests; where the customers seek for more information
c) Evaluation where the customer begins to try the new product
d) Trial; the consumer tries the new product
e) Adoption; where customers use the product or service regularly. The factors that determine the adoption process are the consumer being satisfied with the product or service. Moreover, when the product has no alternative source and hence the customer has no choice to make.
Explain the six stages the company goes through when setting the price for its product
a) Identify the target market of the product and make a decision on the share that is desired and how fast.
b) Establish a range of prices that the market segment identified will be comfortable with to purchase.
c) Examination of the potential and actual costs of the competitors.
d) The range of possible prices of various combinations within the market mix.
e) Identify whether the product can be sold at the anticipated sales level and still profitable.
f) In the expectation of a modest profit, it may be slightly below the figure that is demanded by the firm.
Draw a PLC curve and describe the marketing strategies at each of the four stages of the product lifecycle
The product development is the initial stages of marketing that dwell on improving the value of the product. The introduction aspects come to the actual events that take place in the field. The growth expectation is determined by the increasing number of sales (Clow, 2004). The maturity factors are where the product has reached the marketing peak for the sale of the product or a service.
Explain what is meant by integrated marketing communications and outline the main elements of the marketing communications mix.
Integrated marketing communication is a planning process that is designed to assure that all the brand contact obtained by a customer for a service or product or perhaps an organization are relevant to the person. The primary element of the communication mix includes; advertising, personal selling, discounts and promotion, public relations and the event sponsorships. These are the features of the marketing communication mix (Clow, 2004).
Clow, K. E. (2004). Integrated advertising, promotion, and marketing communications. Pearson Education India.
Kotler, P., & Armstrong, G. (2010). Principles of marketing. Pearson education.
Manz, C. C., Sapienza, P., & Zingales, L. (2006). Does culture affect economic outcomes?. The journal of economic perspectives, 20(2), 23-48.
Malhotra, N. K. (2007). Marketing research an applied orientation. Pearson Education India.
Trott, P. (2008). Innovation management and new product development. Pearson education.