M4A2

Market Research & Target Marketing

Student Name

University Affiliation

Market Research & Target Marketing

Market Research

Research Methods & Data Mining

There are many research methods that the Waters Bottling Company (WBC) of Munsonville, NH can use to market its bottled drinking waters. In order to critically examine the behavior of customers, mapping to will a valuable asset by marketing team (Churchill & Iacobucci, 2006). The WBC’s marketing team will conduct marketing research about the performance of the company’s bottled waters in the market. The mapping tool concept relies heavily on set objectives and research hypotheses right at the onset of the marketing research. Data mining is important in allowing the company to improve on its marketing, sales, and customer support operations through a better understanding of its customers taste and preferences (Churchill & Iacobucci, 2006).

Sources of data used by the WBC and their significance as far as data mining is concerned. The company can extract the primary data from various sources, chiefly from the customers. Such crucial information from the buyers can be used by marketing team in their efforts to improve to improve sales through demand-orientated production methods (Churchill & Iacobucci, 2006). Secondly, the company can use economic factors to determine the purchasing powers of the consumers and how such factors inform on their purchasing decisions. The marketers can use the customer feedbacks and objectives raised concerning the bottled drinking waters to enable them take appropriate action. This can enable the company take necessary customer support services and significantly improves sales (Churchill & Iacobucci, 2006).

Market Research Process

The market research processes can be boiled down into five main stages or processes. Firstly, the preliminary stage where market researchers come up with problems can the research will undertake to look into. Secondly, assign duties to individuals in the marketing team and setting possible duration for the research. Thirdly, implementation of research process by marketing team. The fourth stage mainly consist of research data analysis mainly effected through critical analysis and comparison of research data. Finally, the fifth and the final stage entails mainly the implementation of results arising from the analyzed data to solve problem (Churchill & Iacobucci, 2006).

Consumer Behavior

B2B vs. B2C Markets

Normally, the bottled drinking waters sold by the company have a direct impact on B2C markets. The B2c markets are influenced by factors such as consumer’s demographic information. These include; consumer’s age, religion, feedback, and cultural beliefs among other considerations. On the other hand, B2B markets basically are dependent upon the sales of bottled drinking water produced by the company. Many factors affect B2B markets, the main ones being consumer tastes and preferences. Any change in the consumers’ tastes and preferences will significantly affect the B2B markets. For example, changes in in weather patterns especially the cold weather seasons can negatively impact the sales of bottled drinking waters thus reducing the sales volume (Dowling, 2002).

Consumer Decision Making Process

Factors Affecting B2C and B2B consumer behavior

Many factors affect both types of consumers, that is, the B2C and B2B consumers when making purchasing decision regarding bottled drinking water. In B2C consumers, decisions are influenced with emotion coming into play thus affecting demographic, physiological, situational, socioeconomically and motivational factors. Conversely, in B2B consumers, purchasing decisions are not influenced by emotion, consumers are mainly faced with factors economic, organizational, interpersonal, and personal traits factors that have huge impact on consumers’ decision making process (Dowling, 2002).

Market Segmentation

Market segmentation is necessary is critical as far as the sale of bottled drinking water is concerned. This is important in capturing all preferences in term of quantities of water needed by prospective buyers in the market. With our water we will segment as well offering multiple sizes of bottles of water. Moreover, segmentation is crucial in allowing the company to effectively sell its products to all categories of customers including those demanding relatively small quantities and those demanding small quantities of drinking water, thus enhancing customers’ shopping experience. Therefore, the marketing team will mainly focus on advertising the availability of varies sizes of bottled drinking water. Similarly, the company may want to indicate its commitment in looking into the possibility of creating new brands of bottled drinking water such as flavored water (Dickson & Ginter, 1987).

Segmentation Process

Marketing segmentation process include efforts made by marketing team in finding the vital market information. Such market information can be used in developing sales and marketing strategy to be used in the selected markets. The market surveys can involve finding out consumers’ preference in terms of size and quantities of bottled drinking water they may want to purchase. Such information is important when deciding on which bottle sizes to take to certain market locations as compared to other places (Dickson & Ginter, 1987).

Segmentation Strategies

Upon the critical analysis of the market information, the marketing team can determine the sizes of bottled drinking waters that need to be taken to a given market place depending on customers’ preferences on sizes. The quantity of water supply to the market places will therefore, be greatly be affected by this information (Dickson & Ginter, 1987).

Target Marketing and Product

The target customers for the bottled drinking water will be determined by various factors. Health benefits, tastes and preference are going to be the main factors in determining the target market. Therefore, the target market is going to be made up of health conscious consumers as well as those who prefers ordinary drinking water to flavored waters. Therefore, the company will introduce smaller sizes of bottled waters in the first phase, targeting the new market segment, thus enabling the company to reach for more customers (Cahill , 1997). The bottled waters will also be packed in bottles with various designs in terms of shapes and sizes.

Reference

Cahill , J. D. (1997). Target marketing and segmentation: valid and useful tools for marketing. Management Decision, 35(1), 10-13.

Churchill, A. G., & Iacobucci, D. (2006). Marketing research: methodological foundations. New York: Dryden Press.

Dickson, R. P., & Ginter, L. J. (1987). Market segmentation, product differentiation, and marketing strategy. The Journal of Marketing, 1-10.

Dowling, G. (2002). Customer relationship management: in B2C markets, often less is more. California Management Review, 44(3), 87-104.