Industrial Economics and Management, Summaries of Industrial economy

Download Industrial Economics and Management and more Summaries Industrial economy in PDF only on Docsity! MARKETING O What is Marketing ? The science and art of exploring, creating, and delevering value to satisfy the needs of a target market at a profit. 2 Types of customer needs Met needs Un-met needs MET NEEDS on A! airbnb SWIGGY MARKET RESEARCH CAN HELP BRAND ACHIEVE Strengths reputation and credibility Enhances brand awareness Understanding market segments and trends in the marketplace Obtaining feedback on customer preferences Establishing the effectiveness of marketing and product promotion FAMOUS BRANDS THAT DEPENDS ON MARKET RESEARCH STARBUCK’S MARKET RESEARCH APPROACH Tracking cultural trends Monitoring social media Gathering customer feed back In-store product testing McDonald’s market research approach: Which product are performing well? What prices are most affordable for the consumers? To effectively advertise, what are consumers reading and watching? Which restaurant are most attended why? PURPOSE OF MARKETING RESEARCH Gaina more detailed understanding of consumers needs Example: view on product prices, packaging, recent advertising campaigns Reduce the risk of product/business failure : There is no guarantee that any new idea will be a commercial success. Can help to achieve commercial success Forecast future trends: It cam also be used to anticipate future customer needs USES OF MARKETING RESEARCH Identify marketing opportunities and problems Generate, refine, and evaluate potential marketing actions Monitoring marketing performances Improve marketing as a process Reduces uncertainty Reduces risk Help focus decision making STEP IN THE MARKETING RESESRCH PROCESS Establish the need for the marketing research Define the problem Establishing research objectives Determine the research design Identify information types and sources Determine the methods of accessing data Design data collection form Determine sample plan and size Collect data Data processing and analysis Formulating conclusion , preparing and presenting the report EE Amal conp & Ami Goon #Amul Topical: Billionaire buys Twitter for $44 billion! Yeh cheez badihai Mush, Mush! aT OA Aye FF, DOS + Teeter: for Anal iet