ppt

Account Planning & Research Nikki McClaran

Week 2: Secondary Research & Segmentation

Agenda

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•Secondary research •Segmentation/finding your target audience •Final project work time

Secondary Research • Searching and synthesizing of information that

already exists •Differs from primary research

Markers of secondary research: • You did not plan and conduct the research • The info was not meant for your research needs

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Primary and secondary sources

•Secondary research is comprised of primary and secondary sources •Primary: Originated information • Secondary: Re-packages the information

•Always consult primary sources if possible

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Why?

•Completeness/Accuracy •Bias •Quality

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Techniques for guiding secondary research

•SWOT analysis •The 4 P’s of Marketing

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The 4 P’s • Product: what is your client selling? • Price: for how much is your client selling their

product? How does it compare? • Place: where is your client selling their product? • Promotion: how is your client selling their product?

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The 4 P’s: In Class Exercise

• Client: Blue Owl Coffee in Lansing/East Lansing

• Determine the client’s 4 P’s • Product • Price • Place • Promotion

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SWOT Analysis

A commonly used technique to help synthesize secondary information in order to identify your client’s strengths, weaknesses, opportunities, and threats.

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SWOT Analysis

•Strengths and Weaknesses = internal •Opportunities and Threats= external

•Tip: Start with S/W and then move to O/T

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SWOT Analysis

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SWOT Analysis • Strengths: • Company’s finances •Market share • Advertising

•Weaknesses: • Resources • Consumer barriers

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•Opportunities: •Market trends • New markets

• Threats: • Competition •Market trends • Distribution channels

SWOT Analysis Example •https://www.youtube.com/watch?v=mR9eICQJL

XA

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Secondary Resources

•http://libguides.lib.msu.edu/advertising

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Company Profiles: Marketline http://ezproxy.msu.edu/login?url=http://advantage.marketline.com/ •Provides company profiles and industry profiles •SWOT analysis •Company history •Revenue Analysis •Number of employees •Major products & services

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Company Profiles: PrivCO • https://www-privco-com.proxy1.cl.msu.edu/academic-access •Must create an account with your MSU email •Only for private companies •Market deals •Market investors •Revenue over 5 years

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Company Profiles: Mergent Int. Http://libguides.lib.msu.edu/c.php?g=210557

•Company profiles • Industry details •Competitors •Annual Reports •Company Family Trees

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Industry Profiles: Mintel • http://academic.mintel.com.proxy2.cl.msu.edu/homepages/de

fault/

•Does not give company profiles, but industry reports •Demographic profiles •Consumer spending and buying patterns •Marketing and attitudes

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Industry Profiles: Others • IBIS World: http://libguides.lib.msu.edu/c.php?g=210017 • Ex: “coffee store franchises in the U.S.

• eMarketer: http://ezproxy.msu.edu/login?url=https://totalaccess.emarketer.com/Ex tranet.aspx?michiganstateuniversity • Media usage and the industry; can be company specific • Ex: mobile coupons for athletic stores

• Statista: http://ezproxy.msu.edu:2047/login?url=http://www.statista.com • Statistics for over 80,000 topics • How much consumers spend on coffee per week

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Advertising: RedBooks https://www-redbooks- com.proxy2.cl.msu.edu/dotCMS/subscriberDashboard;jsessionid=99780493DEE51477 013381EDBF4E679D

• Provides advertising expenditures for companies • Background/competitors •Media Spend • Example Creative Ads • Social Media Profile

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Segmentation

•Process of breaking down population into smaller groups •Members have shared commonalities •Typically you segment because commonality is linked to your desired outcome

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For example…

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Why segment?

•https://www.youtube.com/watch?v=0FfA_fiDKWk

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What to segment on? •A variable: any concept that varies

•Four broad categories • Demographics • Geographic • Psychographics • Behavioral

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Demographic Variables

•Traditional segmentation variable •Easy to obtain •May not be very insightful

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Geographic Variables

•Can give insight on how people behavior based on their location •Easy to segment •High variability

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Psychographic Variables

•Based on individual’s attitudes, values, motivations, and lifestyle •Very effective •Costly to obtain

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Behavioral Variables

•Most commonly used •Specific to brand/client •Most effective •Very difficult to segment

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Behavioral Variables • Non-users: those who do not buy category product at all • Drop-offs: used to buy, but stopped • Price loyalists: look for the best value, are not loyal to a

brand • Competitive loyalists: buy the category, but not currently

our brand • Brand loyalists: loyal to OUR brand

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Segmentation -> Target Audience

•Determining segments can then lead to profiles of consumers, which become your target audience • Your target audience is who you want to see

your message • Trying to target everyone will lead to

unsuccessful outcomes

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Segmentation

•Your profile may include all, some, or only one of the potential segment categories

•Demographic, geographic, psychographic, and behavioral

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Assignments

•Quiz #2 via D2L •Project proposal via D2L (work on in class) • Please respond to this thread with your project proposal, specifically

answering the following questions: • Who will be your client? Provide a brief description. • Why is this client relevant to college students?

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