Description
Using the Waters Bottling Company in Module 1, continue to build the Marketing Plan Sections for the product you have selected/ invented/ created. Complete the following in MS Word: Be concise but complete in your analysis of each plan element. Your employer wants to know you have left nothing out in your analysis.
This assignment represents Section 2 of the Marketing Plan. Use the Marketing Plan guide to identify the sections of the Marketing Plan and the marketing elements contained therein. This assignment will focus on Section 2 – Marketing Research & Target marketing (Module 2).
Section 2 – Market Research & Targeting (Module 2)
- Market Research
- Research Methods & Data Mining
- Market Research Process
- Consumer Behavior
- B2C vs. B2B
- Consumer Decision Making Process
- Factors Affecting B2C and B2B consumer behavior
- Market Segmentation
- Market Segmentation Concepts
- Segmentation Process
- Segmentation Strategies
- Target Marketing
Relate all responses using the WBC scenario and the product you have selected to market in Module 1.
Create a 4- to 6-page Word document for your Marketing Plan sections. Apply a standard business writing style using the Market Planning Guide sections as your (headers/ sub heads/ bullets) to your work. Be sure to cite your work in the APA format
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Explanation & Answer
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Market Research And Targeting
Since the water bottling company is around one year in operation, there is need of developing a
strategic marketing plan so that to make a profit, sustain the market, to build good relationships
with their customers and to meet the market needs. Currently, in the United States people have
embraced consumption of bottled water which has given the water company hope for incredible
potential on water sales and market growth. The water bottling company having had a good
marketing plan through collection of information about the need of bottled water in the market
and identifying their target customers, the company will use the information to understand the
population that need their water, their specific need such as the measurement and identify the
areas the company need to improve to satisfy their customers through customers feedback.
Research methods and data mining
Data mining in market research is a process by which a company identifies the market behavior
of products or goods in a new market. This involves identifying the sales and consumption
pattern, an association of the service or a product with other products in the market as well as the
different outcomes varying with different research techniques. The Dr. M. Waters (WBC) had
collected enough information which helped the company to come up with a credible marketing
plan.
According to the marketing plan, waters bottled waters have already established the brand name
of their natural mineral filtered waters which were chosen by the company founder as ‘blue
drinking water” which he derived from his interest in blues music. Market research method and
data mining also involves analyzing the current market environment through market summary
,major water bottling companies in the market,analyzing the strength,weakness,opportunities and
threats (SWOT) that might be by the competitors of the similar products in the market,other
competitors who are likely to invade the market,ingredients on their water as compared to that of
their competitors as well as how to sustain good relationship with business partners such as
distributors and consumers.
Market Research Process
There are different marketing steps in the market research process that WBC would carry out.
The first step would be to define the marketing problems and opportunities that WBC would
encounter when marketing their products. For example, the WBC will be likely to encounter
competition challenge which would make it difficult for WBC to launch their product; however,
it will be an opportunity for the company to show their image and protect the company
reputation in the market. Second, the company should set the objectives which would be ways of
establishing a good relationship with the partners and competitors as well as identify the suitable
and attractive packaging that would attract customers. Also, the WBC should set a budget so that
to know how much fund is needed for the market research. In addition, WBC should set a
schedule of the when to carry out market research process. Third, the company should collect
relevant data after launching the “blue waters” in the market by analyzing how the consumers
respond to the product through the sales analysis and the product demand report. This will help
the company to identify the areas that need to be changed during the new phase. Additionally, in
this step, WBC should be able to analyze data and report the findings of the market research and
identify whether the product is making profit or loss and also identifying the product market
pattern. This should be done in accuracy since it is supposed to produce the exact progress of the
market. The last and fifth step should be to take action by getting into marketing through
different modes such as promotions, advertisement and employing any other marketing strategy.
Consumer behavior
B2B vs. B2C
These are the types of distribution chains that the WBC would choose to use to distribute water.
The type of system the company would use will influence customers differently. B2C is where
the company would choose to sell water to the customers directly whereas B2B is where the
company would sell their water through other businesses such as distributors or retailers. WBC
should identify the right channel to distribute their water on which would influence positive
response from the consumers.
Consumer decision-making process
WBC should be able to identify and understand the consumer decision-making process.
Consumers undergo five processes when making a decision and settling on...