Chapter 3 - Introduction to Marketing

- Identify the needs and wants of target customers
- satisfy customers in ways that are better than competitors

Market survey is a way for businesses to gather information about their customers preferences and buying habits in order to make decisions on the marketing mix

1. Decide on the objectives of the market survey

Businesses must have a clear objectives at the start of the survey. Generally, a business wants to know more about its target customers and how they fell towards the marketing mix of the business and its competitors.

2. Choose a survey method

To find out more abut its target market, a business can conduct a survey by getting customers to fill out a questionnaire through several different methods.

Personal survey

This method involves face-to-face interaction with respondents. It can take place at respondents home or at public places such as streets and shopping centres.

Telephone survey

This method may involve an interviewer or it may be fully automated. Telephone surveys are a popular choice nowadays as many people own mobile phones.

Postal survey

This method involves mailing questionnaires to potential respondents. It may be accompanied by pictures and/or product samples.

Online survey

This method involves sending a questionnaires to respondents either via email or through websites, blogs and social networking sites.

3. Design the questionnaire

A well-designed questionnaire encourages respondents to provide relevant information that will be useful for decision-making.

4. Conduct the survey

Businesses need to set a deadline for completing their surveys. This provides a target for businesses to work towards and to plan the number of respondents to approach each day in order to meet the deadline

5. Analyse the data

Name the 4Ps?

Product

Price

Place

Promotion

Know your customers process?

Benefits sought

What do they want from the product?

Example: Businesses in travel and tourism may group tourists by benefits sought like Leisure Tourists, Business Tourists, Medical Tourists, Stopover Tourists, Special Interest Tourists and Mature Tourists

Income

How much do they earn per month?

Gender

Are they male or female?

Geographical location

Where do they live or work?

Occupation

What do they work as?

Age

Wat age group do they belong to?

Lifestyle

What activities do they engage in?
What are their interests and habits?

Social group

Who do they socialise with?

Applying the marketing mix process?

Applying the 4Ps of marketing

What product, price, place and promotion will attract the customers?

Satisfy customers better than competitors

How can the business be different from or better than its competitors?

Identify the potential customer groups?

Types of tourists?

What is a market survey?

Steps of conducting market survey? Describe the steps.