Marketing Research Paper

1050 Words Aug 21st, 2008 5 Pages
SEARCH FOR OPPORTUNITIES CAN BEGIN BY UNDERSTANDING MARKETS
Find breakthrough Opportunities

The marketing strategy planning process involves careful evaluation of the market opportunities available before narrowing down to focus on the most attractive target market and marketing mix (review Exhibit 2-10). As the HP case illustrates, a manager who develops an understanding of the needs and characteristics of specific groups of target customers within the broader market may see new, breakthrough opportunities. But it’s not always obvious how to identify the real needs of a target market—or the marketing mix that those customers will see as different from, and better than, what is available from a competitor. This chapter covers
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This will also help later—when you name the submarkets.

For example, if the people in one market are young families looking for a good place to stay on vacation, this will help you understand what they want and why— and will help you name the market (perhaps as “family vacationers”).

Put people who are not homogeneous—who don’t fit in the first segment—in a new submarket. List their different need dimensions on another line. Continue this classifying until three or more submarkets emerge.

4: Identify the determining dimensions

Review the list of need dimensions for each possible segment and identify the determining dimensions (perhaps by putting an asterisk beside them). Although the qualifying dimensions are important—perhaps reflecting “core needs” that should be satisfied—they are not the determining dimensions we are seeking now.

To help identify the determining dimensions, think carefully about the needs and attitudes of the people in each possible segment. They may not seem very different from market to market, but if they are determining to those people then they are determining!

5: Name (nickname) the possible product markets Review the determining dimensions—market by market—and name (nickname) each one based on the relative importance of the determining dimensions (and aided by your description of the customer
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