MARKETING: RESEARCH

& STRATEGY

Presented By:

Pam Shaw B.Comm., RYT, PTS, PMI, CAI, FIS

AGENDA Marketing vs. eMarketing Market Research

Gathering InformationTypes of ResearchOnline Implications of Research

Marketing StrategyTarget MarketGoals & ObjectivesStrategic Planning & Execution Evaluation

Questions

MARKETING VS. EMARKETING Marketing:

Total system of business activitiesThe Four P’s & Distribution Focus on target market to achieve

objectives eMarketing:

Marketing using the Internet Therefore, to be Successful:

An eMarketing Strategy should: Not be separate from a Marketing Strategy Focus on target market & budget Be flexible, shift focus as needed

MARKET RESEARCHGATHERING INFORMATION Why Research?

Our customers are doing it so we need to keep up Sites allow product/service comparison &

customer reviews Examples:

Cheapflights.ca tripadvisor.com Home Depot/Canadian Tire Websites, etc.

Gathering Data: Aids business decisions Allows us to learn about our customers,

competition, and the market ORM is very important

MARKET RESEARCH What is Market Research?

A process that aids business decisions Gathering, recording & analyzing data &

information about customers, competitors & the market

Can be based on primary or secondary data & information

Data can be syndicated – What does that mean? Types of Research:

Primary Secondary Qualitative Quantitative

MARKET RESEARCHGATHERING DATA

According to Survey Monkey: The way a survey is administered plays

a role in response rates:Mail: 50% adequate, 60-70% good to very

goodPhone: 80% goodEmail: 40% average, 50-60% good to very

goodOnline: 30% averageClassroom pager: 50+% goodFace to Face: 80-85% good

PRIMARY RESEARCH Example? Conducted Second

Is primary research necessary?How are you going to obtain the data?

Gather information/data on a particular product or hypothesis

Must be collected from consumers or businesses

Examples: Surveys, focus groups, research panels and

research communities

SECONDARY RESEARCH Example? Conducted First

Does the data you require already exist? Uses existing, published data & research Can be internal or external data Can be more cost effective than primary Data may not meet your needs Can be helpful in planning primary research Authenticity is key Examples:

Using Statistics Canada website vs. Wikipedia

QUALITATIVE RESEARCH Used for exploratory purposes:

Identify potential hypothesesDesign quantitative research Interpret market perspective

Examines consumers’ views, opinions & feelings

Can be difficult to quantify, more expensive, & time consuming

Examples: Focus group interviews and one-on-one

depth interviews

QUANTITATIVE RESEARCH Used to obtain statistical information

about a sample of consumers or members of the public

Data:Must be formally gathered Is statistically analysed to determine results Should be collected to test a hypothesis not

determine one Example:

Surveys – step by step guide in the text

Quantitative Mode Qualitative mode

Assumptions • Social facts have an objective reality  • Primacy of method  • Variables can be identified and relationships measured  • Etic (outside's point of view)

Assumptions • Reality is socially constructed  • Primacy of subject matter  • Variables are complex, interwoven, and difficult to measure  • Emic (insider's point of view)

Purpose • Generalizability  • Prediction  • Causal explanations

Purpose • Contextualization  • Interpretation  • Understanding actors' perspectives

Approach  • Begins with hypotheses and theories • Manipulation and control  • Uses formal instruments  • Experimentation  • Deductive  • Component analysis  • Seeks consensus, the norm  • Reduces data to numerical indices  • Abstract language in write-up

Approach  • Ends with hypotheses and grounded theory  • Emergence and portrayal  • Researcher as instrument  • Naturalistic  • Inductive  • Searches for patterns  • Seeks pluralism, complexity  • Makes minor use of numerical indices  • Descriptive write-up

Researcher Role • Detachment and impartiality  • Objective portrayal

Researcher Role • Personal involvement and partiality  • Empathic understanding

QUALITATIVE & QUANTITATIVE RESEARCH Can be combined

Assign a numeric value to generate a score based on qualitative data

Example: Case in the text at the end of Chapter 17: BrandsEye’

When using both:First: (usually) qualitative research to

determine issues requiring attentionSecond: quantitative research to tests the

theories put forward in qualitative research.

ONLINE IMPLICATIONS OF RESEARCH

The Internet can be used in gathering: Primary & secondary research Qualitative and quantitative data

Online Communities = large focus group Research information and tools freely

available Sophisticated tools for gathering further

data exist (see Tools of the Trade in the text)

Reach large numbers at relatively low cost Market research should produce information

that leads to actions

ONLINE IMPLICATIONS OF RESEARCH

Research available: Social media such as blogs & social

networking sitesOnline research panels/communitiesOnline research publicationsListening Lab for usability testingGlobal search dataCustomer CommunicationsCookies and other tools for tracking and

measuringExamples?

STEP 1: KNOW YOURSELF KNOW YOUR MARKET

What is your Company’s Mission Statement?

Background: What are the current problems? Current nature of the organization? Who is the Target Market? What are their needs? How can the organization fulfill the needs

of the Target Market? What is the marketing mix?

4P’s, New P’s

TARGET MARKET Why is having a Target Market

Important?The 80/20 RuleExample of a Target Market?

Demographics: age, gender, class, income

Geographic location Psychographic: Psychological and

sociological influences Who is your Target Market? Example?

MARKETING MIX The 4 P’s

Products & Service Price Placement or Distribution Promotion

The New P`s Personalization Participation Peer-to-peer communities Predictive modelling

Awareness of Uncontrollable Factors Existing or pending legislation relevant to the business

e.g. environmental controls/regulations re: disposal State of the economy in the market The 4 P’s

STEP 2: STRATEGIC ANALYSIS Identify weaknesses and opportunities Use Porter’s Five Forces Analysis (next

slide)Useful in understanding the attractiveness of

the marketWas developed before the InternetBarriers to entry and costs of switching are

reduced = More competitors in the marketCost of switching has lowered Customer bargaining power has increased

Organizations compete based on price Strategic differentiation comes from value

PORTER’S FIVE FORCES ANALYSIS

STEP 2: STRATEGIC ANALYSIS Competition:

Who or What is trying to attract your consumers?

What are your customer’s needs? How may your customers fulfill their needs

other than with your company or with someone competing in your industry.

You are competing for customers attention not just their money

STEP 3: SET MARKETING OBJECTIVES Marketing Objectives

Must Be SMART – Does anyone know what that means? Specific Measureable Achievable Realistic Time-Based E.g. To achieve a sales revenue of $259,200 per year for the

first three years of the business

Outline the desired outcomes of the marketing plan What are the SMART objectives which will indicate

the success of the marketing strategy? Unique & based on increasing the revenue of the

organization Focused on long-term success – establish

milestones, long-term & short-term goals

STEP 4 & 5 GENERATE & EVALUATE

Step 4: Generate Strategies & Tactics for Achieving Objectives How will you achieve your objectives? Which strategies will you employ to be

successful? Example:

Objective: To increase customer retention by 2% by 2012 Tactic: Develop an email newsletter strategy to build relationships with an existing database of interested prospects

Step 5: Evaluate Strategies Humphrey’s SWOT Analysis Key Indicators Monitoring & Reporting

STRENGTHS & WEAKNESSES, OPPORTUNITIES & THREATS

STEP 6 & 7: IMPLEMENT & TRACK

Step 6: ImplementGet ‘er Done!

Step 7: Track, Analyze, OptimizeeMarketing uses hyperlinks & can be

trackedOnce tracked, data can be analyzedEach tactic can be tracked individually, then

intelligent analysis helps you consider how they work together

Keep ORM in mind!

REFERENCES

Balderson, W. D. (2003). Canadian Entrepreneurship & Small Business. Toronto: McGraw-Hill Ryerson Limited.

Sommers, M. S. Barnes, J.G. Stanton, W. J. (1998). Fundamentals of Marketing. Toronto: McGraw-Hill Ryerson Limited.

Stokes, R. (2008). eMarketing the Essential Guide to Online Marketing 2nd Edition. South Africa: Quirk eMarketing (Pty) Ltd.

THANK YOU FOR YOUR TIMEAny Questions?