Short answers to Marketing Questions

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Assigned Brand Name is :Lean Cuisine

Use Chapter 9 and 10 sldies for this work please

especially focus on the Ch9 one.

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GROUP Homework: Project Application Assignment (Ch 11—Product, Packaging and Branding) • • Task: Each group is required to identify, describe, and assess the product and branding characteristics of their assigned brand. Submit one worksheet per group (list contributing team members) by 9:10 am on Thurs, 10/11 Group #: Brand: Contributing Group Members: 1. 2. 3. 4. 1. LIST AND BRIEFLY DESCRIBE the key components of one main offering (i.e., product, service, product line or category) of your assigned brand. Key product components are introduced, defined and discussed in Chapter 11. [10 Points] Key Components What is the Core Customer Value? What is Actual Product? What Associated Services does your brand provide for the identified product? 2. LIST the branding elements associated with your brand. (See Exhibit 11.4 in your textbook for a list of common brand elements). Include image when applicable. [5 Points] Brand Element Description (or image when applicable) 3. In your opinion, are any of the current offerings (products/services), packaging, or branding elements contributing to the decline of your assigned brand? Why/Why not? (briefly justify your position) [10 Points] Chapter 9: Segmentation, Targeting, and Positioning Lecture Topics: ▪ Overview of the STP process ▪ Segmentation Approaches ▪ Targeting Strategies ▪ Positioning Strategies MKT 3100, Dr. Sharpe Learning Objectives LO 9-1 Outline the different methods of segmenting a market. LO 9-2 Describe how firms determine whether a segment is attractive and therefore worth pursuing. LO 9-3 Articulate the differences among targeting strategies: undifferentiated, differentiated, concentrated, or micromarketing. LO 9-4 Determine the value proposition. LO 9-5 Define positioning and describe how firms do it. © McGraw-Hill Education Marketing Plan Segmentation, Targeting, and Positioning The STP Process: Step 1: Step 2: Step 3: Segmentation Targeting Positioning •Strategy or Objectives •Evaluate Segment Attractiveness •Identify and Develop Positioning Strategy •Segmentation Methods •Select Target Market Segmentation: Strategy or Objectives Market Segmentation: the separation of markets into distinctive groups based on similar characteristics Segmentation: Segmentation Methods Geographic • • • • ✓ Country Region State City • • • • • • • • Age Gender Income Family size Occupation Religion Education Ethnicity Psychographic • Lifestyle • Self-concept • Self-values (goals) • Personality • Interests • Opinions • Attitudes Benefits • Convenience • Economic • Prestige Geo-demographic Segmentation • • ✓ Demographic Most common approach to segmentation Most useful for identifying consumers Psychographic, Benefits, and Behavioral Segmentation • Most useful for predicting consumer behavior Behavioral • • • • User status Occasion Brand loyalty Readiness to buy Targeting • Target Market: The specific group of customers toward which a firm directs its market attention. Target Marketing: The process of matching a specialized marketing mix with the needs of a specific market segment. Goal: Evaluate Segment Attractiveness and Select Target Market Targeting: Evaluating Segment Attractiveness Marketers first must determine whether the segment is worth pursuing, using several descriptive criteria: • Is the segment identifiable, substantial, reachable, responsive, and profitable? • Companies usually match their competencies with the attractiveness of target markets. 1. Identifiable 2. Substantial 3. Reachable 4. Responsive 5. Profitable Segmentation & Targeting Tools: Targeting: 4 Primary Targeting Strategies Positioning Refers to how companies want their target audience to think about their product, service, or brand. • The relative position the brand wishes to hold in the minds of its target audience. • Positioning strategies generally focus on either how the product or service affects the consumer or how it is better than competitors’ products and services. ❑ Positioning Approaches 1. Value 2. Product (salient) Attributes 3. Symbol 4. Competition Positioning Competitive offering • The value proposition Customer needs and wants Company offering Positioning Value Proposition – communicates the customer benefits to be received from a product or service. • Provides reasons for wanting to purchase it. Goal: Develop and communicate a value proposition Perceptual Maps © McGraw-Hill Education ✓ check yourself-1 1. What are the various segmentation methods? © McGraw-Hill Education ✓ check yourself-2 1. What is a perceptual map? 2. Identify the six positioning steps. © McGraw-Hill Education Chapter 10: Marketing Research Lecture Topic(s): ▪ Marketing Research Process ▪ Traditional Marketing Research Activities ▪ Data Collection Techniques ▪ Ethics in Consumer Data Collection Learning Objectives LO 10-1 Identify the five steps in the marketing research process. LO 10-2 Describe the various secondary data sources. LO 10-3 Describe the various primary data collection techniques. LO 10-4 Summarize the differences between secondary data and primary data. LO 10-5 Examine the circumstances in which collecting information on consumers is ethical. © McGraw-Hill Education Marketing Research: “consists of a set of techniques and principles for systematically collecting, recoding, analyzing and interpreting data that can aid decision makers involved in marketing goods, services or ideas” –Grewal & Levy p211 ❑Enriches managerial decision making a) Identifying the source(s) of business problems b) Enhancing understanding of market trends c) Strengthens strategic managerial action The Marketing Research Perspective The 5-Stage Marketing Research Process Step 1 Define the objectives and research needs Step 2 Design the research Step 3 Step 4 Step 5 Collect the data Analyze data and develop insights Develop and implement an action plan Step 1: Defining Objectives and Research Needs To determine whether to conduct research, two questions must be addressed: What? How? What information is needed to answer specific research questions? How should that information be obtained? Step 2: Designing the Research In this step, researchers identify the type of data needed and determine the type of research necessary to collect it. Type of data Type of research Step 3: Data Collection Process Secondary data Primary data 4 Categories of Marketing Data: 1. Primary Data: data collected for the first time to address a specific need. 2. Secondary Data: previously collected data available from external sources Syndicated Data Providers: Data Providers Services Provided With its Market Measurement Services, the company tracks the sales of consumer packaged goods, gathered at the point of sale in retail ( ) stores of all types and sizes. J.D. Power and Associates Widely known for its automotive ratings, it produces quality and customer satisfaction research for a variety of industries. ( ) The mKids US research study tracks mobile telephone ownership and NOP World usage, brand affinities, and entertainment habits of American youth ( ) between 12 and 19 years of age. Roper Center for Public The General Social Survey is one of the nation’s longest running public opinion surveys of social, cultural, and political indicators. Opinion Research ACNielsen ( ) Simmons Market Research Bureau Reports on the products American consumers buy, the brands they prefer, and their lifestyles, attitudes, and media preferences. ( ) Mintel International ( Competitive intelligence focusing on consumer lifestyles trends in a variety of industries (beauty and personal care, food and drink, packaged goods, banking, household goods) Advantages and Disadvantages of Secondary and Primary Data Type Examples Advantages Disadvantages Secondary Research ❑ ❑ ❑ ❑ ❑ ❑ Census data Sales invoices Internet information Books Journal articles Syndicated data ❑ Saves time in collecting data because they are readily available ❑ Free or inexpensive (except for syndicated data) ❑ May not be precisely relevant to information needs ❑ Information may not be timely ❑ Sources may not be original, and therefore usefulness is an issue ❑ Methodologies for collecting data may not be appropriate ❑ Data sources may be biased Primary Research ❑ ❑ ❑ ❑ Observed consumer behavior Focus group interviews Surveys Experiments ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ Specific to the immediate data needs and topic at hand Offers behavioral insights generally not available from secondary research Costly Time consuming Requires more sophisticated training and experience to design ❑ study and collect data Primary Data Collection Methods ❑ Qualitative Data: descriptive data • Generates “soft” information • Used to understand phenomenon of interest ❑ Quantitative Data : quantifiable data • Structured research methods • Generates statistically measureable information • Often used to confirm insights generated by qualitative research Qualitative research Observation In-Depth interviews Focus groups Social media Quantitative research Experiments Survey Scanner Panel ©Getty Images Step 4: Analyzing Data and Developing Insights Converting data into information to explain, predict and/or evaluate a particular situation. Step 5: Action Plan and Implementation Executive Summary Body Conclusions Limitations Supplements including tables, figures, appendices The Ethics of Using Customer Information A strong ethical orientation must be an integral part of a firm’s marketing strategy and decision making. It is extremely important for marketers to adhere to ethical practices when conducting marketing research. Concerns: • Permission • Use of information • Privacy Challenges: • Enforcement • Technology Chapter 10: Marketing Research 15 ✓ check yourself-1 1. What are the steps in the marketing research process? 2. What is the difference between data and information? © McGraw-Hill Education ✓ check yourself-2 1. What is the difference between internal and external secondary research? © McGraw-Hill Education ✓ check yourself-3 1. What are the types of qualitative research? © McGraw-Hill Education ✓ check yourself-4 1. What are the types of quantitative research? 2. What are the advantages and disadvantages of primary and secondary research? © McGraw-Hill Education ✓ check yourself-5 1. Under what circumstances is it ethical to use consumer information in marketing research? 2. What challenges do technological advances pose for the ethics of marketing research? © McGraw-Hill Education ...
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