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Marketing Management

Trevor Henry

Argosy University

Professor Walker

11/30/2016

Market Research

Research Methods & Data Mining

The primary and secondary research will be used in the identification of target markets. According to Hawkins (2016), primary research will involve direct contact with the potential customers. The firm will employ researchers to the market to collect raw data about High Mist. The success rate of primary research is that the process will start by identifying a sample market. A sample market is a representation of the target market used for research purposes to gauge views of customers' tastes and preferences. Samples of already packaged bottles of High Mist will be distributed to the market. Each respondent should get at least 15 bottles of water. The assumption relayed on is that a family will have a minimum five members who will consume to bottles of water before their views are collected. The interview question will involve gauging the tastes of the water, the preferred mode of sale, the attractiveness of the bottles, affordability, and adherence to ethical production. Secondary research will involve contracting a statistics company to run a market evaluation of reception of High Mist bottled water. Second research is an indirect method by a firm goes collect demand and preferences data in the market.

Market Research Process

Specific research will be used to research about demand and improvements for High Mist. Direct mail or online questionnaires will be sent to potential candidates. Some benefits come with the usage of questionnaires in market research. The questions are brief, and to exhaustive meaning, useful data will be collected within a short time. Kurtz (2012) stated that the questionnaires will only send to potential consumers who give their details in the social media platforms like using the private and confidential Facebook page inbox messaging services. The questionnaires will have a cover page that explains the purpose of market research is to evaluate demand and preferences for High Mist bottled water over rival products. Potential customers can be enticed to reply to questionnaires by stating that a 10 percent discount will be offered for the ten orders of High Mist bottled water.

Consumer Behavior

B2C vs. B2B

High Mist bottled water will prefer B2B over B2C business systems. B2B business system involves interacting with distributors, wholesalers, and retailers instead of the customer. The customers are dealt with indirectly by a firm. The benefits are that the burden of having personal distribution fleet is eliminated for third party logistics can be used. B2B allows the firm to reach wider markets with easy for distributors; wholesalers and retailers are picked based on different locations in the market (Hawkins, 2016). The location in the market of the sellers is done based on market segmentation. B2B business systems involve interacting with the customers directly. The advantage is that customer needs, tastes and preferences are identified easily making it easy to implement continuous improvement to the product.

Consumer Decision Making Process

The consumer decision-making process of purchasing High Mist bottled water will follow five stages. According to Kurtz (2012), the stages are problem identification, search process, analyzing alternatives, selection stage and evaluating a decision. Thirsty will drive the consumers to purchase bottled work among a rival of companies. Search process involves looking for bottled products in the local market. The evaluation stage involves comparing benefits of a bottled water product from different firms. Choice of the bottled products will be based on the one with more benefits over its rivals like nutritional value and freshness. Evaluation a decision is made after consumption is done to see if there was a better decision that was not taken.

Factors Affecting B2C and B2B consumer behavior

Hawkins (2016) says that availability of goods, payment modes, the cost of products and quality of products determine the B2B and B2C consumer behavior. If High Mist bottled water products are in the market, they would be chosen over those of rivals. If the payment method adopted is credit facilities by the bottling company, the products are highly taken than those of rival offering cash sales. Consumers take up products that are cheap for it will save their money. High-quality High Mist bottled water will make it the preferred product by the consumers.

Market Segmentation

Market Segmentation Concepts

Marketing segmentation concept is based on three important aspects. The aspects are differences among customers, differences in customers demand and segments of customers found in the overall market. Differences among customers are based how they view a product based on how it is presented in the market (Kurtz, 2012). The marketing used will determine whether it attracts the young or the old people. Differences in customer’s demand are displayed in parameters of the quantity purchased. Customers may choose to buy a 5-one liter bottle or a 1-five liter which makes the customers different. In the market, there are customers who are quality or price sensitive.

Segmentation Process

The segmentation Process in use by High Mist bottled company should include an explicit aspect. An explicit aspect of market segmentation views the market as being outside them beyond the water company environment. A low high pricing segmentation will be used for its high products. That is sales-based segmentation. According to Hawkins (2016), when a low price is charged on high quality, it becomes easy to attract more customers. The numerous sales will build up to ensure that the water company makes profits.

Segmentation Strategies

The segmentation strategies to be employed is price scheming. Kurtz (2012) stated that segments should be divided based on high quality of products and affordability on price insensitive and sensitive markets respectively. The price-insensitive market segmentation will present the High Mist bottled water as high quality and healthy drink. The clients will overlook the price and focus on the quality and health benefits of the product. More sales will be achieved using the concept of profit maximization where a high price has seen indicator of high quality. The price sensitive clients will want affordably priced products to make maximum sales using sales maximization concept.

Target Marketing

The target market for High Mist bottled water will be apartments, companies, institutions, motels, supermarkets and restaurants. The markets present an ideally three diverse markets. The markets are young people in institutions, motels; the mature and business people in restaurants, companies, and apartments and the public that visit supermarkets (Hawkins, 2016). Different media can be used to reach the different groups. The young people can be reached via social media advertising of products. Social media advertising will include Facebook, WhatsApp, Twitter, and Instagram. Young people are tech savvy people and can be reached via digital marketing. Advertising to business people can be done via executive journals and newspapers. The journals and executives are relied upon by the business people in their work for information and news. Advertising to the public will be done via posters, billboards, and roadshows. Posters, billboards, and roadshow attract the attention of the public. Social media, posters and billboards; and journals and magazines supper both visual, and an audio message that is critical in marketing High Mist bottled water.

References

Hawkins, G. (2016). Plastic Water. The MIT Press.

Kurtz, D. L. (2012). Boone & Kurtz contemporary marketing. Mason, OH: South-Western Cengage Learning.