Marketing, Market Research & Product Trial and Repeat Purchase

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  • Marketing, Market Research & Product Trial and Repeat Purchase
    • Marketing
      • Businesses need to think about marketing in order to...
        • reduce risk of product failure
        • Understand customers
        • Communic-ate products effectively to encourage customers to buy them
        • Keep up to date with market trends so products can continue to meet customer needs
      • Market Segmentation helps customers to...
        • carry out market research
        • tailor products to customer needs
        • target promotions at specific groups
      • The Marketing Process
        • Untitled
    • Market Research
      • Three stages of market research
        • 1. Planning and designing the research
          • What are the aims of the research?
          • What research techniques could be used?
          • Primary or secondary, qualitative or quantitative data?
        • 2. Doing the research
          • What are the time limits for the research?
          • What is the sample size?
        • 3. Analysing the information
          • Did people make the same or different comments?
          • Could any trends in the data be identified?
      • Questions after analysing info from market research
        • Is the marketing mix appropriate?
        • Does a product or service need to be changed to make it more appropriate for customers' needs?
        • Should a product or service be left unchanged?
        • Is it time to withdraw or replace a product or service?
      • Market Research In A Case Study
        • Ask yourself the following questions -- they will help you discuss the likely success of a product or idea
          • Was the right type of research used?
          • How accurate is the research likely to be?
          • Is the research representative of the target market?
          • Is there any important info that the market research does not tell us?
    • Product Trial and Repeat Purchase
      • If a product trial is successful, it could lead to repeat purchase and customer loyalty
      • Businesses aim to keep customers loyal so that they make repeat purchases. This will generate sales and revenue.
        • Methods
          • special promotions
          • reminder adverts
          • product innovations
          • customer loyalty schemes (loyalty cards)
        • The cost of retaining existing customers can be less than that of attracting new ones
      • Product Trial
        • Free samples
        • Viral marketing, e.g. Facebook
        • Public relations
        • Low trial prices
        • Advertising
        • Businesses need to get customers through the doors so that they can try the products for the first time. These are the methods of doing so.
      • Case Studies
        • Different marketing techniques are suitable for different products
        • Product trial and repeat purchase marketing will be very different if a business is selling a chocolate bar or a car
        • Try to think of realistic and practical examples and apply them to the business in the case study


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