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Market Research

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Market Research What is Marketing? Marketing is such a wide-ranging topic that people often look on the subject from different viewpoints. To some extent such different viewpoints results from background or the area of employment of the person giving the definition. The following shows a list of sample of the wide range of definitions given for the subject: * Marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. * Marketing consists of individual and organizational activities that facilitate and expedite satisfying exchange relationships in an environment through the creation, distribution, promotion and pricing of goods, services and ideas. * Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives. * Marketing is the management process, which identifies, anticipates, and supplies customer requirements efficiently and profitably. Whatever the context in which the term is used, it generally implies a demand for a product or service. There are three factors for any product or service: 1. People with needs 2. Their purchasing power 3. Their buying behaviour A market, therefore, can be defined as people with needs to satisfy, the money to spend and the willingness to spend it. Market Research: Market Research is the process of investigation exactly what type of customer will buy a particular product or service, identifying the features of the product and what the customer might expect of a product at a given price. By completing market research, it will the provide the business with important information such as: * The price consumers are prepared to pay for the product * The frequency with which the good might be bought * The preferred style of packaging * The image which will sell the goods * The preferred range of colours or styles * What kind of products they are interested in The business will need information if they are to make good decisions. ...read more.


just shampoo-but they want particular types of product with specific characteristics to suit their requirements eg. Shampoo + Conditioner + Oil protection. It is hard to keep up the demand of an entire population for a particular product category, but if I target on specific groups of consumers, I can develop more effective marketing programmes. There are three stages in Target Marketing: * Market Segmentation: This is a very important stage as I have to divide buyers into distinct groups and to decide the most appropriate way for segmentation. I will be using Demographic variables to segment the market, because it is more straightforward and meaningful. The variables which I will be asking are as follows: Age- Many products purchase is strongly related to age. Eg. 18-24 year age group tends to buy cosmetic products for it's fashionable colouring or attractive design, whereas 25-35 year age group tends to go for more sophistication. Gender- Some of the products will be obvious to which gender it is aimed at eg. makeup, perfume. But some products are not so obvious eg. shampoo, shower gel. Certain products can be regarded as 'female' products, eg. Dove. Social Class/income- Most classifications are based on the occupation or the income of the consumer. Socio economic groupings are used in the UK to define the working class. (Shown on page 9) * Market targeting: This is when I evaluate each segment and decide how many of the segments I want to serve. Once the market segments have been identified and evaluated, the marketing I have to decide on the level of market involvement. I might decide to ignore meaningful segments and cover the whole market with one basic product or service. Or I might want to establish a number of meaningful segments and decide to service all or a number of them with different products. * Product Positioning: This is when the designing of the product is made to fit a given place in the consumer's mind. ...read more.


3) How many times in a week do you shop? Once a week - 14 At least twice a week - 10 None - 4 This graph gives a rough guide about how many times people like to shop. This is quite important, because if there's more people shopping, there's better chance of selling products. Therefore, the response of this question is linked to the number of customers and the amount of products sold. 4) Do you usually go to a cosmetic shop when you go shopping? Yes - 16 No - 12 This is an important question, because when people go shopping, they usually have a target product to buy eg. clothes. Along with other factors, their main focus is to find the perfect target product, and this not make them want to visit unnecessary shops. The main point of this question is to see if cosmetic products are 'popular' during a shopping trip. Most women made up the 57% of the question. 5) How much are you willing to spend on cosmetic products/Fragrances/Body products? $1-$5 = 3 $5-$15 = 5 $15-$25 = 12 $25 and above = 8 From this chart, we can see that nearly half of the people who took apart in the questionnaire are willing to spend $15-$25 on a cosmetic product. This gives a rough estimation of how I can charge the product. It is not surprising to find that majority of the women are willing to spend $15 and above for cosmetic products, whereas most of the men were in the $1-$15 category. 6) Would you be interested to buy imported products from leading cosmetic countries eg. USA, France? Yes - 21 No - 7 This question is very important, as all of the products sold in Just BodyCare are imported from other countries. From the above graph, majority of the people who took a part all seems to be interested in buying foreign goods. 6 Amy Yu - Ms. Price ...read more.

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