Individual Project Assignment 1 (IPA 1): Ch 1 The Role of Marketing Research Instructions: How __________(pick an orga

Individual Project Assignment 1 (IPA 1): Ch 1 The Role of Marketing Research
Instructions: How __________(pick an organization from the list on the next page) conducts and uses marketing research in their strategic marketing management? Be sure to read pp. 12-18 in textbook and lecture Slides 18-26 and notes below slides. All your IPA submissions must be typed in a word document. No screenshots, jpeg, pdf or any other file formats are accepted. Do NOT include my instructions or examples; submit your work only.

1. Identifying and evaluating market opportunities

Discuss 2 relevant trends (e.g., trends could be about consumer, market, or technology) [1 pt]:

2. Analyzing market segments and selecting target markets

Describe the target market. Also, what research tool can help the company understand the target market? Be specific. [1 pt]

3. Planning and implementinga marketing mix (4P’s)

Provide a research example for each of the 4P’s (see my examples in notes below slides) [2 pts]: • Product

• Pricing
• Place
• Promotion

4. Analyzing firm performance

How to analyze firm performance? And what type of data? [1 pt]

List of Organizations:

A smart home device (e.g., Echo or Nest) company
A company that publishes marketing textbooks
A store that sells organic foods
A manufacturer of outdoor sportswear
A manufacturer of pet products and supplies
An online dating site

The following attachment are below.


BUS 138 Marketing Research
Zhang
Individual Project Assignment 1 (IPA 1): Ch 1 The Role of Marketing Research
Instructions: How __________(pick an organization from the list on the next page) conducts and uses marketing research in their
strategic marketing management? Be sure to read pp. 12-18 in textbook and lecture Slides 18-26 and notes below slides.
File Format: Save your file as a Word document (.doc or .docx), especially if you use Mac. Do NOT save the file as Pages.
Due: See Canvas Calendar.
Policies: Since this is my first instruction for IPAs this semester, I want to restate the IPA policies below (see Syllabus). I will not do
the same for the remaining instructions.
“Note: You have one-day grace period to submit IPA assignments. This late submission will result in 20% deduction in grade.
Turnitin Score: All your IPA submissions must be typed in a word document. No screenshots, jpeg, pdf or any other file formats are accepted. Do
NOT include my instructions or examples; submit your work only. If you find that your submission has a turnitin score higher than 25%, you
should notify the instructor immediately.
Remember that IPA must be completed individually by yourself. Any form of collaboration or plagiarism (see Academic Integrity below) on the
assignment will result in a grade of F for the assignment and possible further disciplinary action by the University. ”
1. Identifying and evaluating
market opportunities
Discuss 2 relevant trends (e.g., trends could be about consumer, market, or technology) [1 pt]:
2. Analyzing market segments Describe the target market. Also, what research tool can help the company understand the
target market? Be specific. [1 pt]
and selecting target
markets
1
3. Planning and implementing Provide a research example for each of the 4P’s (see my examples in notes below slides) [2 pts]:
• Product
a marketing mix (4P’s)
4. Analyzing firm
performance

Pricing

Place

Promotion
How to analyze firm performance? And what type of data? [1 pt]
List of Organizations:

A smart home device (e.g., Echo or Nest) company

A company that publishes marketing textbooks

A store that sells organic foods

A manufacturer of outdoor sportswear

A manufacturer of pet products and supplies

An online dating site
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RESEARCH
SNAPSHOT (USING SOCIAL MEDIA)
Hog Means Family
:
Chapter CC
Problem 10
Q
Step-by-step solution
C
Relationships are built around value. To provide value, a
firm needs to know what a product means to its customers.
Harley-Davidson Inc., whose motorbikes often are affection-
ately known as Hogs, relies on research to understand what
it means. More than anything else, Harleys these days mean
family and families do not keep secrets from each other. Har-
ley practices a wide variety of research and one recent tool in-
volves mining social media sites. For instance, Harley-Davidson
discovered a link between Kirchart skateboards and the Hog.
Searching for the brand’s name on social network sites like
Facebook, they discovered a link to a YouTube video in which
professional skateboarders for Heath Kirchart rode Harley-
Davidson motorcycles across the country on their summer
tour. Because of this information, Harley leveraged this infor-
mation by becoming an official sponsor of Kirchart’s tours.
Does this iconic American brand translate into foreign
markets? That’s a question for research. Harley opened its first
dealerships in India just a few years ago. Indian consumers
were more accustomed to scooters than Hogs, but the rising
middle class and a new demand for luxury products creates
opportunity Survey research among Indian consumers showed
savorable opinion toward the brand. However, high duties
posed by the Indian government and difficult emission
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regulations proved too much of a barrier for Harley for several
years. Successful lobbying of the Indian government eased
some of the restrictions and Harley now offers 12 models
ranging from a smallish 883 cc model to the 1800 cc model
more fitting of the title Hog. In this way, Harley can address
the needs of the luxury market and those desiring a more
practical bike that still makes a statement. The result, some
new additions to a now international family.
Sources: Fournier, S. and J. Avery (2011). “The Uninvited Brand,” Business
Horizons (in press). Lee, B. (2013), “The Power of Peer Influence,” ABA Bank
Marketing, 45, 24-27
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modern apartment shopper. One big trend in their favor is that younger Americans tend to favor
apartment complex living over stand-alone housing, Buying and owning a home is not as im-
portant a goal to younger generations as it was in the past. A second big trend is understanding
how apartments ultimately selected. It turns out that one of the biggest factors in judging the
quality of a complex is its landscaping. Therefore, a lot of large apartment complexes invest heav-
ily in sod, shrubs and even trees. Even a new complex can seem to be secluded in greenery. The
landscaping gives the complex tremendous curb appeal that ultimately helps build sales. In addi-
tion, the landscaping may well keep the tenants happy longer, decreasing problems with turnover.
Research promotes firm success in other ways as well. For instance, during the introduction of
a new product, accurate forecasting of the product’s potential sales volume is an essential basis for
estimating its profitability. A firm considering the introduction of a cat snack that contains hairball
medicine might rely on a test market experiment to determine the optimal price for this new
concept. Extensive testing should be done to ensure that the marketing program is fine-tuned to
maximize the firm’s profitability while satisfying consumers.
Analysis of data may also be a form of marketing research that can increase efficiency. Online
shoppers can see some evidence of this in their routine browsing at places like Amazon or Barnes
and Noble. Look at what happens toward the bottom of the screen when browsing a product.
Notice how often the page will show what other products you may have an interest in. These sug-
gestions are built from data showing what things consumers tend to buy together.
Marketing Research and Strategic Marketing Management
Effective marketing management requires research. Think about the role that celebrity endorsers
play for many companies. Given their importance, numerous firms monitor the favorability of
different celebrities and firms seek this research information in making endorsement decisions.
12

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CHAPTER 1 The Role of Marketing Research
• 13
:
Chapter CC
Problem 10
Q
Step-by-step solution
The Davie-Brown Index represents an independent research source providing such data on
celebrities from all corners of the entertainment world. Among football quarterbacks, Peyton
Manning is seen as more appealing and trendsetting than others like Tom Brady, Tony Romo,
or Drew Breeze, and he represents a good candidate to send positive signals about a brand. On
the other hand, newcomers like Johnny Manziel create a lot of attention and can drive sales of
licensed products, but he may not send as positive an image as does Peyton.
Opendorse rates all celebrities based on how many dollars a single social network follower
brings in sales. Interestingly, although the National Football League (NFL) is viewed as the top
sports institution in the United States, no NFL player cracks the top 10. Tiger Woods, Roger
Federer and Phil Mickelson make up the top 3. Peyton Manning is the top NFL player but he is
not even in the top 10 endorsers based on dollars per follower!’2 Data like these help firms know
whether to invest in celebrity endorsers. The prime managerial value of marketing research comes
from the reduced uncertainty that results from information and facilitates decision making about
marketing strategies and tactics to achieve an organization’s strategic goals.
Developing and implementing a marketing strategy involves four stages:
1. Identifying and evaluating market opportunities.
2. Analyzing market segments and selecting target markets.
3. Planning and implementing a marketing mix that will provide value to customers and meet
organizational objectives.
4. Analyzing firm performance.
Exhibit 1.4 illustrates the integration of research and marketing strategy and the way they
come together to create value in the marketplace.
C
Marketing Research
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EXHIBIT 1.4
Marketing Research Cuts
Decision Risk with Input That
Leads to Value
< >
D
Identify and Evaluate
Market Opportunities
Analyze Market Segments
and Select Target Markets
Ask an expert
Plan and Implement
Marketing Mix
MY
Value
Firm Performance
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14 • PART ONE Introduction
:
Chapter CC
Problem 10
Q
Step-by-step solution
C
Identifying and Evaluating Market Opportunities
One job that marketing research performs is monitoring the environment for signals indicat-
ing a business opportunity. A mere description of a social or economic activity, such as trends in
consumer purchasing behavior, may help managers recognize problems and identify opportunities
for enriching marketing efforts. In some cases, this research can motivate a firm to take action to
address consumer desires in a way that is beneficial to both the customers and to the firm.
At times, evaluating opportunities may involve something as mundane as tracking weather
trends. Consumers have a physical need to maintain some degree of physical comfort. Thus,
changes in temperature patterns may create business opportunities for utility companies, appliance
companies, and even beverage companies as more consumers will select a hot beverage like hot
chocolate when the weather is cold and dreary. Companies can also adjust their logistic distribu-
tion patterns based on the weather. When Hurricane Katrina hit the Gulf Coast of the United
States, several chainsaw companies (such as Poulan) and companies that manufacture generators
(such as Honda) began directing inventory toward those areas even before the hurricane actually
struck. As a result, many home supply stores like Home Depot and Lowe’s were able to maintain
inventories of these vital products despite an increase in demand of over 1,000 percent! Thus, the
misfortune of a hurricane created a business opportunity that also provided real value to consum-
ers. In this case, the businesses and the consumers all benefited from the fact that firms scan the
opportunity for trends.
Malls sometimes have research firms housed within them because the firm can interact with
a steady stream of consumers. Some shopping centers in Texas near the United States Mexican
border spotted an opportunity when they realized that a significant number of the shoppers in
their mall indicated their residency in Mexico. A survey project was launched to profile these con-
sumers. The results revealed that these consumers were typically from somewhere near Monterey,
Mexico, typically households with children and typically relatively high in household income. 13
The results to that study can be used to market to other consumers living near Monterey who
match this profile and encourage them to take a day trip across the border to do some shopping.
Market opportunities may be evaluated using many performance criteria. Estimates of market
sales potential allow managers to evaluate the profitability of various opportunities. Accurate sales
forecasts are among the most useful pieces of planning information a marketing manager can have.
Complete accuracy in forecasting the future is not possible because change is one of the few con-
stants in marketing. Nevertheless, objective forecasts of demand or of changes in the environment
can provide a strong foundation for a sound marketing strategy.
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Fun in the snow depends on
weather trends, equipment,
and clothing-all subjects for a
market researcher
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CHAPTER 1 The Role of Marketing Research
• 15
:
Chapter CC
Problem 10
Analyzing and Selecting Target Markets
The second stage in developing a marketing strategy involves analyzing market segments and
selecting target markets. Marketing research is a major source of information for determining
which characteristics of market segments distinguish them from the overall market. Such research
can help “locate” or describe a market segment in terms of demographic characteristics. Geo-
demographics can be important to study and track in this effort. Geo-demographics refers to Geo-demographics
information describing the demographic profile of consumers in a particular geographic region. Refers to information describing
The company may learn that consumers in a particular postal code within a region tend to be the demographic profile of
middle-aged, have multiple children over the age of twelve, and have college degrees and white-
consumers in a particular
geographic region
collar jobs. Once the company knows the geo-demographics of a market segment, the consumers
within that segment can be reached by choosing media appealing to that particular profile. For
example, Architectural Digest is a magazine that is read predominantly by consumers with very high
social status in the most exclusive ZIP codes in the United States.
Q
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C
Planning and Implementing a Marketing Mix
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Using the information obtained in the two previous stages, marketing managers plan and execute
a marketing-mix strategy. Marketing research may be needed to support specific decisions about
any aspect of the marketing mix. For instance, the research can evaluate an alternative course of
action. For example, advertising research might investigate whether an actress like Julia Roberts or
a singer like Katy Perry would make a better spokesperson for a specific brand of hair coloring.
Research might be conducted involving test ads with each celebrity examining questions such as
whether or not attitudes toward the brand are higher for Julia or for Katy. Perhaps not as obvi-
ously, research also would address how much credibility is associated with each celebrity based on
how much a consumer would believe that the celebrity would actually use that particular product.
An overall research plan involves all marketing strategy elements. Once research identifies a
target market and media that can be used in promotion, the benefits required to create value for
the customers must be known and communicated, the appropriate price to capture that value must
be determined and not overlooked, and the best channel of distribution to reach the targeted con-
sumers must be determined. The integration of all of this research leads to effective brand manage-
ment.14 The following examples describe marketing research for each element of the marketing mix.
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Product Research
Product research takes many forms and includes studies designed to evaluate and develop new
products and to learn how to adapt existing product lines. Concept testing exposes potential
customers to a new product idea to judge the acceptance and feasibility of the concept. Product
testing reveals a product prototype’s strengths and weaknesses or determines whether a finished Product testing research provides
product performs better than competing brands or according to expectations. Brand-name evalu- valuable input to companies,
ation studies investigate whether a name is appropriate for a product. Package testing assesses size, customers, and policy makers.
color, shape, ease of use, and other attributes of a package. Product re-
search encompasses all applications of marketing research that seek to
develop product attributes that will add value for consumers.
The idea of a smokeless cigarette has been around for decades.
Products like Reynolds’s Premier, perhaps the most famous (or in-
famous) smokeless cigarette, typically failed because the experience
was too different from traditional smoking. After all, one can hardly
smoke if there is no smoke! The latest concept is an E-cigarette. E-
cigarettes contain a battery-powered tube that heats liquid contain-
ing varying degrees of nicotine. When a user puffs on the device, it
produces smoke, or more precisely, a steam-like (but smokeless) water
vapor. Research suggested the importance of something that looks like
smoke in simulating an authentic smoking experience. Proponents,
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