book based 2

Macroenvironment

consists of various factors that affect not only the firm itself but also the entire industry of the region or country

Demographics

refer to the characteristics of a population such as age, gender, religion, educational attainment, civil status, geographic location, lifestyle, race, and others.

Organizations can understand their target customers better by studying their

Economics

refers to the influence of the purchasing power of the peso on spending patterns, in the context of inflation, and other ______ forces that affect the economy.

sociocultural factors

refer to the beliefs, practices, norms, customs, and traditions that may affect the business operations culture and have a big impact on how goods and services may be marketed.

Technological Factors

refer to developments in technology that may affect consumers, businesses, and society at large.

Political Force

refer to groups of people or parties which may influence the stability of a country which could further affect the production, distribution, promotion, and selling of goods and services.

Legal Forces

refers to limitations and restrictions that arise from the implementation of laws which may affect the conduct of business activities

Ecological Factors

refer to the processes or activities necessary to protect the natural environment while maintaining the efficiency of business operations.

Marketing Research

the process of collecting and analyzing data to address a specific marketing problem. It can be concerned with the different aspects of the market including product, sales, buyer behavior, promotion, distribution, pricing, and packaging.

Importance of Marketing Research

• It can contribute to the success of diff marketing activities

• Help update marketers about the activities and strategies of competitors through comparative studies

• Helps determine aspects of the business that needs to be changed/upgraded

• Help to identify opportunities and new areas for expansion

The Marketing Research Process

1. State the objectives

2. Determine the research methodology

3. Gather Data

4. Interpret the results

5. Present the results

Primary Research

gathers original information directly through surveys, experiments, field tests, direct observations, focus group discussions, and interviews.

Secondary Research

uses previously published information such as materials on the Internet, existing marketing research results, data from the company's stock lists and customer databases, and information from external organizations (eg, industry bodies, government agencies).

Quantitative Research

involves numerical data such as customer return frequency, sales figures, and financial trends. This type of research can be used to understand the demographics of customers, identify the size of the market, and discover areas for sales growth.

Qualitative Research

mainly studies views and attitudes about the company's products and services. This may involve focus group discussions with clients and potential customers and reviews of competitors.

Exploratory Research

involves reaching a better understanding of the research problem and identifying the variables to be measured. This can be done through trial studies, interviews, group discussions, and experiments.

Descriptive Research

describes marketing or marketing mix characteristics and the extent of association between variables, Before conducting this type of research, the researcher must already have a good understanding of the research problem through a prior exploratory study,

Casual Research

investigates cause-and-effect relationships or why a change in one variable brings about a change in another:

Recognizing a need

The consumer thinks of brands and products that he or she would purchase to satisfy his or her need or want.

Searching for information about the product or service

searches for information about the product or service that he or she considers purchasing. This information comes from various sources, such as advertisements, which in turn may utilize different approaches to convince a consumer to purchase a certain product.

Evaluating the different products available

consumers may again review their options and evaluate them for their strong points before making their final choice. The selection of brands may be aided by advertisements or reviews from friends, peers, or relatives. However, some may also utilize independent judgment in their evaluation.

Making a final purchase decision

consumers will avail of their preferred services or products. The final choice of the consumer is based on his or her evaluation of the products or services beforehand.

Making an after purchase evaluation

consumer will evaluate the product or service. If the consumer is satisfied with the product or service, there is a possibility of a repeat purchase.

Consumer Purchase Decision Process

1. Recognizing a need

2. Searching for information about the product or service

3. Evaluating the different products available

4. Making a final purchase decidion

5. Making an after-purchase evaluation

Recognition of a need.

Businesses identify a need which will be addressed when they purchase certain goods or raw materials.

Determining products specification

refer to the function, features, and requirements related to the product or service to be created or improved.

Listing possible suppliers

business markets are now ready to look for possible suppliers of raw materials, goods, and equipment that the business markets can use in making their products.

Selection of supplier

selects the one that offers the product that complies with its specifications at a reasonable price.

Periodic Review

quality of the raw material or equipment bought will be evaluated regularly by the personnel who use the purchased product.