Weight Watches Case Study Essay examples

Marketing research is very important component of a business used to identify and define the opportunities and problems that they will encounter on the market. The aim

Question 2: Describe the methods for marketing planning, including business portfolio analysis, the Boston Consulting Group market

Consider the last purchase you made in these categories: personal electronics, clothing, and vacation destination. To what extent was your purchase decision influenced by decision-making complexity, individual influences, social influences, and situational influences? What specific issues were the most influential in making the decision? How could a marketer have swayed your decision in each case?

Intro and # 1. What type of consumer buying decision best describes the choice to indulge at Ethel’s?

The movie industry has grown massively over the last few decades. The number of movies that are produced every year and the box office revenue generated is increasing. With so many movies released per year, people in the film industry have started to look at predicting the box office revenue that a movie will generate.

Assess how consumers determine value for their various purchases. This can be addressed with at least two (2) specific consumer examples or by combining all the consumers you observed-

3. Why do you think that the hidden-camera videos used to promote Coke Zero were an effective way to reach its target market? Do you think a similar strategy with a viral marketing campaign on the internet would appeal to the target market for Diet Coke Plus?

3. If you think test marketing by retail customers is appropriate, what are the specifics of your research plan?

Research truly is essential to the success of any marketing campaign or process and can greatly contribute to the success of a product, service or brand in the marketplace. Market research can help to determine risks and opportunities within the market, and can provide a greater depth of understanding of consumers and the target audience. Market research helps to define and solve research ‘problems’ and this is extremely beneficial to any business or organisation (Burns & Bush, 2003). By having consumer insight because of market research, marketers are able to promote a product to the true relevant target market, rather than wasting time and money promoting to the whole marketplace. There are two main methods of market research, being qualitative research and quantitative research. Both of these methods have benefits and can be used in conjunction, but for the best results one method of data collection is often used. Quantitative data focuses on a numerical approach to data collection via the use of statistics and information taken from surveys and census data. Qualitative data however focuses on gathering information and exploratory research through observations and interviews. The main approaches to collecting this type of data are experience or expert surveys, focus groups, and in-depth interviews (Diekroger, 2014).

15) Each competitor has a mix of objectives. The company wants to know the relative importance that a competitor places on all of the following EXCEPT ________.

A: Based on market research, effectively allocate the overall promotional budget towards advertising and PR and their media types.

Strategic and tactical decisions need to be made when an organization needs to achieve the objectives of the research. Market research is a strategic step in determining the best solution for discovering opportunities and acquiring clients. This is the first critical step in the marketing department that creates a foundation for what a company needs to research to identify what opportunities are given and what steps need to be taken to achieve the goals. The process provides information for managers and necessary tools for the marketing mix, which can help with customer satisfaction and retention. It is important for proactive management because it helps develop marketing options through market segmentation,

5.How much emphasis should the program team Phillips Foods place on trade shows, relative to other promotional efforts? Defend your answer

Another area that warrants a research study is the company market potential. Through this research, the company will understand how their target audience reacts to price changes or advertisements (Hart, 2003). From this research, it will be possible for the company to craft advertisement and promotional messages that will capture the attention of customers. Likewise, it is important for the

Marketing has been defined as “…an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders” (American Marketing Association, 2004) and “…a total system of business activities designed to plan, price, promote, and distribute want-satisfying products to target markets in order to achieve organizational objectives” (Etzel, Walker, Stanton, Pandit, 2010: 7). Based on these definitions one can assume that Marketing is referred to those actions that firms must take to create value and exchange it with potential customers, and in this regard Marketing plays a strategic role in the organization (Silk, A J, 2006: 3). Marketing research on the other hand is “…needed before a product is introduced to the market and on a regular basis throughout its life. Research is not limited to products; it is conducted to answer questions about potential market segments, entire stores, brand names, advertising, prices, and every other aspect of marketing.” (Etzel, Walker, Stanton, Pandit, 2010: 181)