Leveraging Marketing Research for Sound Business Decisions

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Business Fundamentals: Marketing Strategy

Marketing Strategy fundamentals: The art of selling your products through superb Marketing efforts

02:04:40 of on-demand video • Updated January 2021

  • Why we need Marketing
  • Why a career in Marketing can be really interesting
  • How to build a Marketing plan
  • Understand customers and their needs, wants, and demands
  • Perform marketing research
  • Carry out customer segmentation
  • Set up the 4Ps of Marketing
  • Leverage product mix and pricing strategies
  • Organize marketing campaigns
  • Calculate Customer Lifetime Value
English [Auto] A solid understanding of consumers is at the heart of good marketing before creating a product. Companies should know two things. Who is the product for and what problems is it going to solve for that customer group. Many examples of unsuccessful business initiatives have failed due to lack of marketing research. The chances of launching a successful venture without carefully studying the market are slim depending on the industry 60 percent to 95 percent of new products fail. It's been proven that 50 percent of advertising has no effect and 85 percent of promotions lose money well carried out. Marketing research helps companies prevent such costly mistakes. It tells a great deal about the needs and wants of customers if they like driving cars with four wheels. Car producers should understand that and continue to produce cars with four wheels. If customers want to hear the engines noise car producers should focus on that feature and ensure a great client experience marketing research can take many forms. It can be carried out through the observation of customer behavior focus groups surveys collection of behavioral data and other experiments. The goal is to collect enough data to be able to process it and decide there is a pattern in the behavior of a certain group of consumers. When Coca-Cola surveyed a group of millennials they found that younger consumers have a higher propensity towards a healthy lifestyle. They were concerned about their diet and the calories and sugar in their daily intake. So the company used this information and launched a new product line Coke life it was intended for people who enjoy soft drinks but are also interested in bio ingredients and fewer calories. This is a great example of how market research helps a company cope with changing consumer tastes. Let's look at their competitors at Pepsi shall we. Years ago when Pepsi entered the Chinese market it launched a massive ad campaign with the slogan Pepsi brings you back to life which sounds cool doesn't it. However marketing managers didn't realize that in Chinese the ad red Pepsi brings your ancestors back from the grave. Not so cool. What went wrong. Lack of research. The money invested in this campaign was enormous and some preliminary research would have helped to prevent this mistake. A focus group of several native speakers who expressed their opinion on the firm slogan would have avoided the awkward situation. Think of marketing research as insurance it costs. It isn't cheap but it might prevent damages that outweigh its costs tens or hundreds of times.