marketing research for new ventures - …gsme.sharif.edu/~alireza_feyz/pdf/studies...
TRANSCRIPT
![Page 1: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/1.jpg)
MARKETING RESEARCH FOR
NEW VENTURES .
![Page 2: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/2.jpg)
What is market ?
It’s a group of potential consumers who have purchasing power & unsatisfied needs .
Common elements in the marketing skills of great entrepreneurs
Marketing research m. analysis m. knowledge B.P.
Increased sale
![Page 3: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/3.jpg)
Marketing research (gathering info. + analysis)
• Defining the research purpose & objective .
• Gathering secondary data .
• Gathering primary data .
• Interpreting & reporting the info. .
• Marketing research questions .
![Page 4: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/4.jpg)
• Cost
• Complexity
• Strategic decisions
• Irrelevancy
Inhibitors to marketing research
![Page 5: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/5.jpg)
Developing the marketing concept
• Marketing philosophy .
• Market segmentation .
• Consumer behavior .
![Page 6: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/6.jpg)
Marketing stages for growing ventures :(table 8.5.)
• Entrepreneurial marketing
• Opportunistic marketing
• Responsive marketing
• Diversified marketing
![Page 7: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/7.jpg)
•Marketing research .
•Sales research: to match the correct customer profile with salespriorities
•Marketing info. System
•Sales forecasting :historical sales figures
statistical techniques
•Marketing plans :based on venture’s specific goals
•Evaluation :through measuring performance in sale volume ,gross sales dollars , or market share
Marketing planning
![Page 8: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/8.jpg)
•Definition
•Advantages .
•Pitfalls
Tele marketing :a direct marketing tool
![Page 9: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/9.jpg)
Marketing on the Internet
•Company & brand can communicate .
•Company can cultivate new customers ; Internet is pull oriented
•Internet improves customer service .
•It supports info. transfer .
But ! 2 major concern have arisen :
.Limited target audience
..consumer resistance to change
![Page 10: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/10.jpg)
Pricing strategies
•Affecting factors .
•Psychological considerations .
•Pricing 4 the product life cycle (table 8.7.)
•Analysis of the pricing strategy (table 8.8.)
$
![Page 11: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/11.jpg)
Common elements in the marketing skills of great entrepreneurs• Adapting strategies quickly & preserving long after others have quit
• Meticulous about details & in search of new advantages
• Leading from the front enthusiastically & autocratically
• Unique environmental insight
• New marketing strategies based on unique insight
• Fear of being preempted in market
• Fiercely competitive
• Screening any proposed strategy
• Risk taking
• Clear vision .
![Page 12: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/12.jpg)
Suggested set of questions for general marketing research :
•Identify where customers go to purchase goods & services
•Why do they choose to go there ?
•What is the size of the market ?how much of it can the businesscapture?
•How does the business compete with the competitors ?
•What impact does the business’s promotions have on customers?
•What types of products or services are desired by the potential customers?
Defining the research purpose & objectives
![Page 13: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/13.jpg)
•Already been compiled
•Less expensive than primary data
•Internal : within the venture
•External : numerous periodicals ,trade association literature
& government publications .
Secondary data are
![Page 14: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/14.jpg)
•Methods : Observational
Questioning : Survey (major techniques : table 8.2. )
Experimentation
•Developing an info. Gathering instrument :questionnaire
Each question for a specific objective
First ask simpler questions & then others
Avoid leading & biased questions
Avoid misinterpreting questions
Give concise but complete direction (explain desired info.)
Use scaled rather than yes/no questions (when possible) .
Primary data
![Page 15: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/15.jpg)
Fact=Large Quantities of Data
Organized & modeled through
Tables ,Charts,&Other graphic methods
Meaningful info.
![Page 16: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/16.jpg)
Typical subjects : Sales
Distribution
Markets
Advertising
Products .
Marketing research questions
?
![Page 17: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/17.jpg)
Marketing philosophy
•Product driven philosophy :High –tech & state of the art out put
•Sales driven philosophy :new auto dealers
•Consumer driven philosophy :often most effective , although many ventures do not adopt it .
o3 major factors influence the choice of a marketing philosophy :
. Competitive pressure
.. Entrepreneur ‘s background
… Short term focus .
![Page 18: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/18.jpg)
Market segmentation : the process of identifying a
specific set of characteristics that differentiate one group of consumers from the rest :critical for new ventures with very limited resources .
Variables :•Benefit variable (convenience, cost , style ): helps to identify unsatisfied needs that exist within this market
•Demographic (age , marital status ,sex , occupation ,income, location ) :helps to determine geographic profit of the consumers & their purchasing power potential .
![Page 19: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/19.jpg)
• Type of consumer characteristics (table 8.3.)personal & psychological
Innovators Early adaptors Early majority Late majority Laggards
• Buying decisions according to changing characteristics (table 8.4.)• Analysis ;5 major consumer classifications
Convenience goods Shopping goodsSpecialty goods Unsought goods New products
• Choosing channel intermediaries (figure 8.1.) .
Consumer behavior
![Page 20: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/20.jpg)
Marketing research: to identify customers & fulfill their desires
• Useful information :the company’s major strengths & weaknesses market profit current & best customers potential customers competition outside factors legal changes
• 5 tips (for entrepreneurs needing research but lacking high funds )
Establish a contest
Piggyback a questionnaire onto company catalog or sales
brochure
Develop management by exception philosophy
Call your customers
Put research questionnaire in various products’ packages .
![Page 21: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/21.jpg)
•Advantages :
receptiveness/impressions/more presentations/unlimited geographic
coverage/better time management/immediate feedback/better
control/less “piracy”/lower salary & communication/other lower
expenses
•Pitfalls :Danger & defeat of poor calls
Dissension between the field sales staff & telephone sales personnel
Problem of rapid turnover of telephone staff .
![Page 22: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/22.jpg)
•The degree of competitive pressure
•The availability of sufficient supply
•Seasonal or cyclical changes in demand
•Distribution costs
•The product’s life cycle stage
•Changes in production costs
•Prevailing economic conditions
•Customer service provided by the seller
•The amount of promotion done
• & The market’s buying power .
Affecting factors :
![Page 23: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/23.jpg)
Psychological considerations :
•The quality is interpreted by customers according to the level of the item’s price .
•Customers shy away from buying a product where no printed price schedule is available .
•An emphasis on the monthly cost of purchasing an expensive item often results in greater sales than an emphasis on total selling price .
•Most buyers expect to pay even-numbered prices for prestigious items & odd-numbered prices for commonly available goods .
•The greater the number of meaningful customer benefits the seller can convey about a given product , generally the less will be the price resistance .
![Page 24: MARKETING RESEARCH FOR NEW VENTURES - …gsme.sharif.edu/~alireza_feyz/pdf/studies groups/entrepreneurship... · •Affecting factors . ... •Pricing 4 the product life cycle (table](https://reader031.vdocuments.mx/reader031/viewer/2022011803/5b83d7407f8b9a47588e01d2/html5/thumbnails/24.jpg)
Key words :Marketing researchSecondary dataPrimary dataMarket philosophyMarket segmentationConsumer behaviorMarketing stagesMarketing planningTelemarketingMarketing on the internetPricing strategies .