Marketing Research Approach, Strategy and Tactics
When planning and preparing a marketing approach for Home Depot, the Team has place emphasis on the product and the targeting group. The Team decided on kitchen appliances with energy saving technologies. Kitchen appliances are important to the new home owners, renovating home owners or the home owner that wants to update his/her appliances. When thinking of appliances you think of pricing and brand names. The Team is marketing the energy saving appliances in both name brand and common brands at a reasonable price and to save money in the future.
There are six steps in the marketing research process. They are: • Define the problem, the decision alternatives, and the research objective: pricing for the appliance and savings in the future. The problem cannot be to thin or too wide. The consumers will be the first to receive the offer by commercials, advertising, flyers, and the internet • Develop the research plan: this step has many different things that have to be determined. Data sources usually deals with looking at the lower end of the product. This will determine if Home Depot will have to spend big dollars on the product. Research approaches deal in observational and ethnographic research. The information from customers on the product. The ethnographic research is the cultural differences among people. Doing a survey will assist the company. • Collect the information: This is the step that will cost the company the most money. Home Depot will send out information to consumers, hoping the company will get honest answers. Some people will lie, some people are not going to send the information back, and others may not be home. This step is costly because sometimes it has to be repeated to get a good answer. • Analyze the information: all the information is added up and people have to go through it to get a synopsis of each piece that was gathered. • Present the findings: take all the...
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