Place (Distribution Strategy) and Promotion

Market Research & Targeting

Romeo Joson

M2 A2

Market Research

Research Methods & Data Mining

In getting information about water bottling, the research methods that were used include talking with people, literature searches, focus groups, telephone surveys, personal interviews, email surveys, mail surveys and internet survey. The literature searches involved all the readily available materials that included newspapers, magazines, and annual reports. It included meeting with prospects, suppliers, customers and trade showers (Zikmund, Babin, Carr, & Griffin, 2012).

During data mining, information was derived by analyzing data from diverse perspectives and then summarized it into more useful information. The information can be used to cut costs of operation, increase revenue or both. In essence, this can be used to analyze data for the customers buying the bottled water for WCB (Zikmund, Babin, Carr, & Griffin, 2012).

Market Research Process

The market research process is a method that is used for informing decisions. It involves:

Problem definition: this is the most important part of the process which defines the goals of the project. The root question that needs to be addressed by the market research is presented. This is the fundamental business problem that needs to be acted upon (Weinstein, 2013).

Research Design: after having the object of research, it is the high time to obtain the necessary data. The design is used to determine the market research method and how to identify and choose the sample. The choice of instrument is on the basis of the nature of data.

Preparation of research instrument and design: it is the time to develop the tool of research. One begins to write question and design a questionnaire. The question is prepared and the material to execute the plan.

Data Collection: this is the administration of the survey, conducting interviews, running the focus groups, and implementing the field test. The observations, answers, and choices are recorded and collected in a spreadsheet form

Analyzing Data-Data is spread on a spreadsheet for further analysis. This is done to ensure that it is structured properly. Summaries with tools are presented, and graphs and tables are built.

Data Visualization and Communication of results: The data is compiled to make t meaningful and make it accessible for presentation. The business questions and recommendations based on the data and issues that arose are addressed.

Consumer Behavior

B2C vs. B2B

The business leaders should comprehend the difference between B2Cand B2B. B2C involves various personas such as demographics, segments and geographical nuance of the customers of their help in determining how to manage and position the brand to appeal to masses. B2B involves the company trying to understand the customers as well, but the path taken is different. B2B buyer has experience and expertise in the offering being considered.

Consumer Decision Making Process

Problem Recognition: The need must be established, and this happens when there is a lag between the actual situation of the user and the desired and ideal one. Nevertheless, not all the needs end up as the buying behavior.

Information search: Once there is the identification of the need; it is the time for the consumer to search for information to seek information about feasible solutions pertaining an individual problem. He will search less or more information depending on the complexity of choices made but also the level of involvement.

Alternative evaluation: once the information is collected, the consumer gets a prerequisite to evaluate diverse alternatives, evaluate diverse most suitable to the needs and choose one that is best for him.

Purchase decision: The consumer has evaluated diverse solutions and the available products to respond to the need; he will have the prerequisite to choose the brand or product that seem which seems most appropriate.

Post-purchase behavior: once the purchase of the product is made, the consumer evaluates he adequacy with the original needs and whether he has made the right choice in buying the product or not.

Factors Affecting B2C and B2B consumer behavior

The consumer purchase is influenced by social, cultural, psychological and personal characteristics.

Cultural Factors: The cultural factors exert a profound and broad influence on the consumer behavior. The marketer needs to comprehend the role that is played by subculture, social class or culture. WCB needs to consider the perceptions, basic values, behaviors and wants to be learned by the member of the society. They must also consider the social class; the division that exists in the society in order to market bottled water (Hande, Ghosh, & Govil, 2015).

Social Factors: the behavior of the consumer is influenced by family social roles and family groups. Groups that have a direct influence such as those of the age group will change the buying behaviors. The role of a family influences the buying behavior in purchasing the products (Hande, Ghosh, & Govil, 2015).

Personal Factors: the decisions of the buyer are influenced by individual factors such as lifestyle, economic situation, personality and self-concept. The occupation of a person affects the goods and services bought. Thus understanding the occupation of the given market segment is essential in determining the buying behavior

Market Segmentation

Market Segmentation Concepts

Market segmentation is of interest in marketing since all the customers are not alike. Treating them equally will make them dissatisfied. The theory of mass marketing include the economy of scale, and the marketer have discovered that is the mass market was divided into smaller and homogeneous groups these smaller segment could be better satisfied (Kraenzlin & Nellen, 2014).

Segmentation Process

The process of segmentation involves:

· Establishing the sample of customers that will act as a representative of diverse makers that are found in the specified market.

· Personal details are recorded about the decision makers that can help in the identification of them.

· The next process is understanding the real needs of the customers and listing the benefits sought.

· The micro-segments are brought together that illustrate similar patterns of importance.

· Finally, the concluding clusters are verified and regarded as segment

Segmentation Strategies

Segmentation is an integral part of the company’s marketing strategy. The strategies break down the larger target market into smaller, homogenous groups of the customers that one can market to. Both the business and consumer oriented entities should segment the customers together. With demographics, WCB will divide the larger market to small groups based on race, gender, age, occupation, marital status education and income (Kraenzlin & Nellen, 2014).

The geographic location is used to sell services and products specific to a certain region. Psychographics is used to identify consumer based on the activities and interests of demographics. The behavioral strategy is based on the behavior of the user. Finally, business segmentation is a strategy that includes the geographic, customer based and customer type that includes consumer segmenting, business size, and the nature of the business (Kraenzlin & Nellen, 2014).

Target Marketing

Target Marketing involves breaking the market into segments and then concentrating the efforts of marketing on one or fewer key segments. It is fundamental to attracting the new business and making the small business a success. Targeting makes pricing, promotion and distribution of service and products (Kraenzlin & Nellen, 2014).

Reference

Kraenzlin, S., & Nellen, T. (2014). Access policy and money market segmentation. Journal of Monetary Economics.

Zikmund, W., Babin, B., Carr, J., & Griffin, M. (2012). Business research methods. Cengage Learning.

Hande, P. V., Ghosh, D., & Govil, A. (2015). A Comparative Study on Factors Shaping Buying Behavior on B2B and B2C E-Commerce Platforms in India. Journal of Marketing and Consumer Research, 8, 53-58.

Weinstein, A. (2013). Handbook of market segmentation: Strategic targeting for business and technology firms. Routledge.