Week 17 Discussion

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Marketing

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Feb 20, 2024

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1. Value of Market Intelligence Market intelligence allows the relationship between the customer, the marketing environment, and a company’s products or services to advance to a higher level. The value of market intelligence is in the data collected about competitors, industries, or consumer habits, which allows businesses to analyze consumer trends and buying habits and build an effective marketing strategy. The appropriate data can provide insight into customer behavior and general market knowledge that could be critical to marketing success (Dolan & John, 2015). This knowledge helps the company to differentiate itself from its competitors, define the product to bring to market, create an optimal marketing mix, and understand its targeted audience of consumers. In the case of Coca-Cola and New Coke (Dolan & John, 2015), the company had researched its consumers but did not understand their consumers. While the new product won taste tests, it was not a replacement for the classic version. The lack of market intelligence led the product launch to fail miserably. 2. Do companies conduct marketing research before launching a product? According to Harvard Business School professor Clayton Christensen (Deepa & Geeta, 2021), of the 30,000+ products launched each year, approximately 80% of products fail. These failures can be for many reasons, such as poor design, poor marketing, targeting the wrong market, or inability to stand the competition. With all the digital data now available on the internet, market research should be the norm. However, as in the Cocoa Cola example (Dolan & John, 2015), doing research is not always enough, which McDonald’s learned with the launch of the Arch Deluxe. The target market was a cross- section of adults who wanted a grown-up burger with more taste. The research group did not represent the customers who frequent McDonald’s as their customers were more cost-conscious and family oriented versus higher-end burger connoisseurs. The advertising missed the mark and was a marketing failure. In the reading, Dolan & John (2015) provides a valuable research tool (Exhibit 5) representing the intelligence-gathering techniques most used in marketing research that could help avoid research and execution pitfalls. 3. What recent developments in the marketing landscape have affected consumer behavior? Marketers must engage with their customers in new ways, as social media, co-creation and consumer involvement, and conscience marketing have changed consumer behavior (Gourville & Norton, 2019). In recent years, social media has dramatically influenced consumer decision-making, and companies have responded by increasing their presence on social media. This presence includes all phases in the buying process, but the most significant increase has been in the post-purchase phase. Consumers can take to the internet to air their satisfaction but more often dissatisfaction with services or products, and the message reaches far and wide. Co-creation and consumer involvement brings the consumer into the innovation process. Doritos allowed the consumer into the process when it invited consumers to create a Super-Bowl ad and followed up in recent years with product suggestions for flavor combinations of their keystone product. Co-creation should be used strategically as the company runs the risk of damaging the brand image by consumers either intentionally or unintentionally hijacking the process.

Conscience marketing puts the consumer's needs first and focuses on the concerns of socially and environmentally responsible products and services. The largest group of consumers to fall into this class are the millennials – those born between 1983 and 2000 (Gourville & Norton, 2015). If a company is seeking to serve those who are environmentally and socially conscious the focus must be on “them”, the consumer. As Seth Grodin mentions in his video (Grodin, 2019) it is not about the company and the message, but the value and proving this to the consumers. 4. How communicating with customers via social media is similar and different from conducting market research . A significant difference between communicating via social media and conducting market research is that companies push information into social media to reach consumers. In market research, the company is pulling the consumer in to participate in focus groups, surveys, or interviews. Another difference is time, today’s consumer is in a hurry and short on time, and social media is a “quick fix” to communicate or quickly find a product. Market research is a deliberately defined process that can go through several iterations and stages. In market research, many consumer interactions are not as quick as a social media swipe on a smartphone. A similarity between communicating on social media and conducting market research is that both are focused on value. The consumer is searching for a product that meets their needs, while the company is attempting to understand that need and communicate their offering. Another similarity is the amount of data available about each other via social media and market or internet research. The two parties can learn about each other without communicating directly. 5. Discuss Estee’s target selection based on the three criteria from section 2.3 In reading about Estee Foods and visiting their website, www.Estefoods.com , it became apparent that based on the company’s research combined with marketing intelligence, the target segment was selected by grouping common characteristics of individual segments. Estee Foods ultimately created a niche market from a group of niche markets; diabetics, weight-conscious, and health-conscious consumers. This new target group developed a more significant, more unique segment with the potential to drive the market. The firm also focused on its competence in promoting a healthier you and a healthier environment. By aligning the customer’s values with the companies’ or the companies' values with the consumer, the company could better address the target group's needs. Finally, the company adopted an environmentally and socially conscious stand along with their healthy products. Through early adoption of environmental policies and alignment with the consumer, the company was able to create a loyal following not only for their products but for their environment and social stand. This emotional attachment, combined with early entry into the targeted segment and consumer loyalty, creates a bond difficult for competitors to break and a market hard to compete in.

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