Market research / Marketing Mix /Marketing Strategy

Marketing Segment

Market Mix

Most markets contain different groups of customers who share similar characteristics and buying habits. These collections of similar buyers make up distinct market segments.

Targeted marketing

Breaking down a market into sub-markets can lead to a business opportunity.

There is no single right marketing mix that works for all businesses at all times. The combination of product, price promotion and place chosen by a business will depend on its size, competition, the nature of the product and its objectives.

The overall marketing mix is the business’ marketing strategy and is judged a success if it meets the marketing department’s objectives, eg increase annual sales by 5%.

Elements of the Marketing Mix

Using the Marketing Mix

No one element of the marketing mix is more important than another – each element ideally supports the others. Firms modify each element in the marketing mix to establish an overall brand image and unique selling point that makes their products stand out from the competition.

Market research findings are important in developing the overall marketing mix for a given product. By identifying specific customer needs a business can adjust the features, appearance, price and distribution method for a target market segment.

What's a Market?

Businesses sell to customers in markets. Any business in a marketplace is likely to be in competition with other firms offering similar products. Successful products are the ones which meet customer needs better than rival offerings.

Markets are dynamic. A business must be aware of market trends and evolving customer requirements caused by new fashions or changing economic conditions.

What is Market Research?

Elements of the Marketing Mix

No one element of the marketing mix is more important than another – each element ideally supports the others. Firms modify each element in the marketing mix to establish an overall brand image and unique selling point that makes their products stand out from the competition.

There is far more to marketing than selling or advertising. Put simply, marketing is about identifying and satisfying customer needs. Accurate market research helps to reduce the risk of launching new or improved products.

The first step is to gather information about customers needs, competitors and market trends. The first step for a new business or product is to attract trial purchases.

Market research involves gathering data about customers, competitors and market trends.

Marketing Segment

There are two main methods of collecting information:

Primary research includes asking members of the public to complete surveys and provides new data for a specific purpose.

Secondary research (desk research) involves gathering existing data that has already been produced. For example, researching the internet, newspapers and company reports.

Factual information is called quantitative data. Information collected about opinions and views is called qualitative data.

Most markets contain different groups of customers who share similar characteristics and buying habits. These collections of similar buyers make up distinct market segments.

Targeted marketing

Breaking down a market into sub-markets can lead to a business opportunity.

Market Research and Marketing Mix