Marketing

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Dr. Mohammed A. Nasseef

BUS 232

Marketing Plan and

Research

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Marketing Plan

A formal document that specifies the organization’s

resources, objectives, strategy, implementation, and control

efforts in marketing the specific products

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Basic Components of the Marketing Plan

Identifying marketing opportunities and constraints

Developing and implementing marketing strategies

Evaluating the effectiveness of marketing plans

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Identifying Market Opportunities

and Constraints Who are our potential competitors and how

strong are their market positions? How satisfied are consumers with current

offerings on the market ? Are there any unmet consumer needs?

How is our offering likely to be perceived by consumers relative to competitors’ offerings ?

Marketing research can help answer these and other questions of interest to marketers

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Identifying Marketing Opportunities

and Constraints (Cont’d)

Identify• Potential customers’ strengths and

weaknesses• Consumer satisfaction with current market

offerings• Consumer perceptions of the offer relative

to competitors Goal

• Maintain competitiveness

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Marketing Research Definition

A set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers who are involved with marketing goods, services or ideas

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How the Research Was Conducted• Formal interviews with customers• Requesting servers to be observant of

customer likes and dislikes Research Showed

• Customers were increasingly looking for low-carb menu items

• T.G.I Friday’s joined with Adkins Nutrionals to develop new low carb menu items

T.G.I.Friday’s: Using Marketing Research to Identify New

Opportunities

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Research showed• The primary decision maker was Mom• Mom was interested in satisfying

multiple demands from the family This research led to “4forAll,” a

totally new concept in pizza

Pizza-Hut use Marketing Research to target customer

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Nokia: N-gagethe important of Understanding Customers needs and expectation

Importance of conducting marketing research in the early stages of formulating marketing strategies

- Combination of a phone and handheld gaming system.

- Insufficient research on customers’ expectations.- As a result it required massive redesign that

allowed competitors like Sony and Nintendo time to introduce their own products.

Copyright © Houghton Mifflin Company. All rights reserved. 1 | 10

Marketing Research at Volvo

The automobile industry is a heavy consumer of marketing research.

Conducts approximately 400 marketing research studies annually.

Best viewed as part of the new product development process.

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Developing and Implementing Marketing Plans Volvo – Your Concept Car (YCC)

• Very little research had been conducted on female car buyers

• Females purchase 49% of new vehicles and 55% of used vehicles

• 400 female respondents assisted Volvo in understanding the images and features desired by female car buyers

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Role of Marketing Research in the Organization/Business