Marketing Research Process

RAJAMANGALA UNIVERSITY OF TECHNOLOGY THANYABURI

SMALL BUSINESS MANAGEMENT

		NAME: Ringga Arie Suryadi ID NO. 125410513015-9 DATE: 21 January 2012 ASSIGNMENT TITLE: Discussion Questionts Page 197

4. Briefly describe each of components of a formal marketing plan ?

The Formal Marketing Plan

• Market Analysis :the study of a market to identify and quantify business opportunities

– Customer profile

A description of potential customers in a target market

– Sales forecasts

Outlook: “most likely,” “pessimistic,” and “optimistic”

• The Competition : rivalry between companies to achieve greater market share. Competition between companies for customers will lead to product innovation and improvement, and ultimately lower prices.

– Profile of key management personnel

– Overall strengths and weaknesses

– Related products being marketed or tested

– Likelihood of competitors’ entry into target market

• Marketing Strategy : the variety of integrated decisions made by a marketing man-ager to ensure successful marketing. These decisions are made in four key areas known as the 4 P of marketing—product, price,place, and promotion

– Product and/or service section

• Decisions affecting the total product

– Distribution section

• Decisions regarding product delivery to customers

– Pricing section

• Setting an acceptable value on the product

– Promotional section

• Communicating information to the target market

5. What are the steps in the marketing research process ? which step do you feel would the hardest for you to take ? why ?

Steps In the Marketing Research Process

a) Identifying the informational need

First step in marketing research is identify and define the information need.

b) Searching for secondary data

Market information that has been previously compiled.

c) Collecting primary data

New market information that is gathered by the firm conducting the research.

d) Interpreting the data

Methods of summarizing and simplifying information for users include tables , graphics , charts and etc.

I think the hardest step of marketing research process is collecting primary data because we must gathered directly from customer / end user that need expensive cost , a lot of time consuming , and to accumulate large volume of data and huge volume of population is very difficult.The main fear if primary data is not always feasible.

6. What are the major considerations in designing questionnaire ?

Decide which indicators will be measured with the survey.

Decide what information you need to collect.

Decide on what questions to ask

Design a good questionnaire.

Decide how to ask the questions to obtain the information.

Decide who the respondents will be.

Open-ended vs. closed questions

Types of response formats

Layout of the questionnaire

Reliability, Validity and Responsiveness

Pre-test the questionnaire on a small representative sample of respondents.