Importance of market research in identifying the target market, Suitable Brand Development, Product Design and Features, Product Design and Features, More Effective Marketing, Higher Customer Satisfaction., Suitable Brand Development (Importance of market research in identifying the target market), Helps shape a brand’s name, logo, and packaging to suit the target customer’s age, lifestyle, and preferences., Product Design and Features (Importance of market research in identifying the target market), Helps create products that match specific needs, such as health trends or dietary choices., More Effective Marketing (Importance of market research in identifying the target market), Helps target the right audience with the right message on the right platform, saving time and money., Higher Customer Satisfaction (Importance of market research in identifying the target market), When marketing and products reflect what customers want, they’re more likely to feel understood and stay loyal., Market Research Definition, The process of collecting and analysing information about the target market to establish trends (market size, competitors, consumer reactions/preferences), Field Research (Explanation), Gathering new data/new sources (primary research), Field Research (Types), Surveys, observation, customer feedback, focus groups, Field Research (Advantages), Up-to-date, specific to needs, greater accuracy, direct customer insights., Field Research (Disadvantages), Time-consuming, costly, may be hard to reach target respondents, Desk Research (Explanation), Gathering data from existing sources (secondary research), Desk Research (Types), (Internally) sales records, financial reports, customer databases. (Externally) government publications, trade associations, online databases, market reports, Desk Research (Advantages), Quick, inexpensive, wide range of sources, good for background info., Desk Research (Disadvantages), May be outdated, not tailored to needs, possible bias in sources., Elements of the marketing mix, Product/service, Pricing, Promotion, People, Packaging / Physical Evidence, Process, Place, Product/service (Elements of the marketing mix), Function, features, design, quality and branding. How it is influenced by the target market - 1. Design and features match customer needs 2. Branding reflects values/lifestyle., Pricing (Elements of the marketing mix), Pricing strategies (premium, dynamic, penetration…), factors that influence price, (competitors, brand image, income levels). How it is influenced by the target market - 1. Income level affects acceptable price range 2. Competitor pricing shapes price strategy., Promotion (Elements of the marketing mix), Advertising, direct marketing, sales promotions, public relations, personal selling, digital promotion. How it is influenced by the target market - 1. Channels chosen based on customer habits 2. Messages tailored to interests and values., People (Elements of the marketing mix), Everyone involved in delivering the product or service, especially those who interact with customers. How it is influenced by the target market - 1. Staff image and tone reflect customer expectations 2. Staff knowledge matches customer needs., Packaging / physical evidence (Elements of the marketing mix), First impression for customer, attracting them. Services have physical evidence e.g. décor in a restaurant/hotel. How it is influenced by the target market - 1. Visual style tailored to target group 2. Sustainability appeals to eco-conscious buyers., Process (Elements of the marketing mix), Steps a customer follows from the initial interaction with a business right through to completing their purchase. How it is influenced by the target market - 1. Speed valued by convenience-focused customers 2. Simplicity needed for less tech-savvy users., Place (Elements of the marketing mix), How a product or service reaches customer. Distribution channels, sales platforms, physical and digital stores. How it is influenced by the target market - 1. Younger prefer fast, digital channels 2. Premium buyers exclusive shopping experiences., USP Analysis, Helps identify and highlight the unique benefits and features that a business can offer its consumers, helping it stand out from competitors. Identify (1) what the business does well (2) what the customer wants (3) what the competition does well. Target marketing around what the business does well that the customer wants and competition does not do well., Product/service (Evaluate ways to improve an existing marketing mix), Launch new items, use limited-edition to create hype, improve quality/durability, add features, Pricing (Evaluate ways to improve an existing marketing mix), Add tiered options, offer bundle deals, use discounts or loyalty prices, apply dynamic pricing, Promotion (Evaluate ways to improve an existing marketing mix), Run polls/giveaways, collaborate with influencers, shift to digital platforms, use PR and storytelling, People (Evaluate ways to improve an existing marketing mix), Train staff to match audience, recruit relatable ambassadors, involve staff in campaigns, reward good service, Packaging / physical evidence (Evaluate ways to improve an existing marketing mix), Use sustainable/recycled materials, add QR codes with info, improve visual impact, enhance store/décor style, Process (Evaluate ways to improve an existing marketing mix), Add subscription options, simplify checkout steps, offer tracking and easy returns, support less tech-savvy users for online sales, Place (Evaluate ways to improve an existing marketing mix), Sell direct online, offer exclusive web-only products, use marketplaces or social platforms, add click-and-collect, Market research (Disruptive impact of technology on market research and marketing), 1. Real-time insights from online surveys, polls, and social media listening 2. AI tools help analyse large volumes of data (e.g. reviews, trends) 3. Affordable access to analytics platforms like Google Analytics, Marketing (Disruptive impact of technology on market research and marketing), 1. Ads can be precisely targeted by age, location, or interests 2. Digital platforms track views, clicks, and purchases in real time (measurable data), A/B testing improves campaign decisions and results 3. Low-cost tools allow creative, personal marketing (e.g. influencer videos, viral content), The influence of ethics and sustainability on marketing: Opportunities, Builds trust and loyalty, creates strong marketing stories, offers competitive advantage, appeals to eco-conscious buyers who may pay more, The influence of ethics and sustainability on marketing: Challenges, Higher costs of sustainable materials /ethical sourcing can reduce profit margins. Risk of ‘greenwashing’, brands caught exaggerating sustainability efforts may face backlash, High Power, High Interest (Use a power-interest grid to analyse customer interest), Loyal core customers. Manage closely → Offer loyalty rewards, early access, personalised service, High Power, Low Interest (Use a power-interest grid to analyse customer interest), Influencers, trendsetters, bloggers. Keep satisfied → Send samples, involve in launches, use for PR, Low Power, High Interest (Use a power-interest grid to analyse customer interest), Niche fans or early adopters. Keep informed → Use social media updates, feedback polls, targeted promotions, Low Power, Low Interest (Use a power-interest grid to analyse customer interest), Casual consumers. Monitor → Light advertising, entry-level products, brand awareness campaigns, Using a STEEPLE Analysis to identify external issues/environment, S – Social - Changes in lifestyle, values, or demographics that influence what customers want. T – Technological - Innovations like AI, apps, or platforms that reshape how businesses operate. E – Economic- Trends like inflation, employment or consumer sentiment that affect spending and pricing. E – Environmental - Pressure to reduce waste and use sustainable practices. P – Political - Government policies or trade decisions that impact business operations. L – Legal - Laws around data, employment, and consumer rights businesses must follow. E – Ethical- Public expectations for fairness, transparency, and responsible behaviour.

Chapter 9 Key Takeaways

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