The generation and use of market research enables a management team to learn about changes in the market faster

than the competition, making it a major component of competitive rationality and competitive advantage. Peter R.Dickson

 Review the importance of Marketing Research

Examine the Marketing Concept: Philosophy,

Segmentation and Consumer Orientation Establish the area vital to Marketing Planning Characteristic the marketing stages Discuss telemarketing and Internet tools for Marketing Discuss the key features of a pricing strategy

The study suggested the following set of question:

Identify where potential customer go to purchase the good or service in

question

Why do they choose to go there? What is the size of the market? How much of it can the business

capture?

How does the business compare with competitor? What impact does the business promotion have on customer? What type of product or services are desired by potential customer?

Many fail to do it: Cost Complexity

Strategic Decision
Irrelevancy

 Marketing Philosophy

Three distinct types of marketing philosophies exist Production driven, Sales driven and Consumer driven
Market Segmentation

Process of identifying a specific set of characteristic that differentiate one group of consumer from the rest
Consumer Behavior

Focus on two consideration Personal characteristic and psychological characteristic

Process of determining a clear and comprehensive approach to the creation of customer.

Marketing Research: determining who the customer are,

what they want and how they buy.

Sales Research: promoting and distributing product

according to marketing research findings

Marketing information system:

collecting,screening,analyzing,storing,retreive and disseminating marketing information on which to base plans decision and action

 Sales forecasting: coordinating personal judgment with

reliable market information

Marketing Plans: formulating plans for achieving long-

term marketing and sales goals

Evaluation: identifying and assessing deviation from

marketing

 Telemarketing the use of telephone to communicate

to sell merchandise directly to consumer

Discuss the advantages and disadvantages

The Internet Marketing The Internet can assist new venture in four ways :
To increase its presence and brand equity in the

marketplace. To cultivate new customer Improving customer service by allowing customer to serve themselves when and where they choose. Benefit to marketer relate to transfer informations.

 The quality of a product in some situations is interpreted by

according to the level of item price Some customer shy away where no price schedule is available Emphasis on monthly cost of purchasing Most buyer expect to pay even-numbered for prestigious items and odd-numbered prices for commonly available goods The greater number of meaningful customer benefit the seller can convey about a given product, generally the less will be the price resistance.
consider such factors as marketing competitiveness, consumer demand, life cycle of goods or services being sold and prevailing economic conditions.

Pricing strategies are the reflection of marketing research and must

 Case of New F&B Business Venture in Port Dickson ,

Negeri Sembilan
Gather and summarize the most recent data on domestic

tourism segment. Clarify the opportunities and threat for F&B industry of any trend or issue you can identify from analyzing the data From this opportunities and threat detail what an individual F&B operator should include as priority in their 12 month operational management plan. Detail the reason why there may be threats to counteract or opportunities to capitalize on.