Principles of Marketing

Governor Pack Road, Baguio City, Philippines 2600

Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 11- ABM
Email: [email protected]; Website: www.uc-bcf.edu.ph

MODULE 2 – MKTG Subject Teacher: Kenny Jones A. Amlos

Market opportunity analysis: consumer analysis

Learning Objectives:
At the end of this module, student must be able to:
a. Distinguish between strategic and tactical marketing.
b. Analyze the elements of macro and micro-environment.
c. Define marketing research, it’s importance to a business enterprise and identify the steps.
d. Describe consumer and business markets.

In case you are unfamiliar with this person, he is known as Mark Cuban, an American billionaire
entrepreneur, television personality, media proprietor, and investor, whose net worth is an estimated
$4.3 billion, according to Forbes and ranked #177 on the 2020 Forbes 400 list. He is also the owner of
the NBA’s Dallas Mavericks.

He is also a member of the show, Shark Tank. Shark Tank is an American business reality
television series that premiered on August 9, 2009 on ABC. The show is the American franchise of the
international format Dragons' Den, which originated in Japan as Money Tigers in 2001. It
shows entrepreneurs making business presentations to a panel of five investors or "sharks," who decide
whether to invest in their company.

In the show, it is important that participants or arising entrepreneurs have enough knowledge
about their business but must also be knowledgeable about their respective customers. Hence, the
coverage of this module.

In this module and the next module, it will be emphasized to you how important it is to know
your consumer just as how important it is to know your company.

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 Principles of Marketing
Governor Pack Road, Baguio City, Philippines 2600
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 11- ABM
Email: [email protected]; Website: www.uc-bcf.edu.ph

MODULE 2 – MKTG Subject Teacher: Kenny Jones A. Amlos

Strategic Marketing versus Tactical Marketing

Strategic Marketing Planning comes first when you’re creating your marketing plan. It deals
with the direction of your business growth in relation to your competition and the brand image
necessary to advance your market position.

Then comes Tactical Marketing Plan, which consists of planning the actual activities that
improve your competitive position and convey your brand image. Strategic marketing is the idea.
Tactical marketing is the action.

For clarity, the comparison between marketing strategy (strategic marketing) and marketing
tactics (tactical marketing) is shown below.

STRATEGIC MARKETING TACTICAL MARKETING

Concept Thought Process (Big Idea – Big Taking action near term (How
Picture) to)
Purpose To attain the company’s objectives To execute the strategy
Activities  Understanding the environment Promoting and selling to the
 Understanding the industry customers/consumers
 Understanding the customers
 Understanding the competition
 Understanding the brand
Key Concepts STP (Segmentation, Targeting, Marketing Mix (4Ps for products
Positioning) or 7Ps for services, to include
people, process and physical
environment)
Timetable Timeless Time-Bound
Absence of the other side Too much talking – nothing gets Blind action – doing without
done having a plan

A. Strategic Marketing Planning

Planning marketing strategy requires a thorough understanding of trends in your
industry, your competitive position, and the demographics and buying habits of your target
customers. Achieve this understanding through industry and market research; then formulate
your goals. Your strategy is the road map that helps you to achieve your goals and comprises a
financial plan entailing your marketing budget as well as a conceptual plan. If you run out of
money before your strategies can be implemented, your marketing may not achieve your
goals.

Strategic Planning Process

Perform a SWOT analysis to discover the strength, weakness, opportunity, and threat
presented by the industry. Do industry research and market research to develop a thorough
understanding of your company’s business environment. Identify and prioritize the main
opportunities and threats in a single marketing season. Choose only those that are supported
by your company’s strengths and financial capabilities. Don’t hesitate to plan your strategies
around only one element of your findings – too many goals will overwhelm your staff and dilute
the effectiveness of your marketing message. Settle on the brand identity message you wish to
convey and apply SWOT analysis to the messages conveyed by your competition. Use this
analysis to determine where you can fill gaps and take advantage of the weaknesses of your
competition. This is your strategy.

To help you understand better what SWOT analysis is, SWOT stands for Strengths,
Weaknesses, Opportunities, and Threats, and so a SWOT Analysis is a technique for assessing
these four aspects of your business.

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 Principles of Marketing
Governor Pack Road, Baguio City, Philippines 2600
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 11- ABM
Email: [email protected]; Website: www.uc-bcf.edu.ph

MODULE 2 – MKTG Subject Teacher: Kenny Jones A. Amlos

You can use SWOT Analysis to make the most of what you've got, to your organization's
best advantage. And you can reduce the chances of failure, by understanding what you're
lacking, and eliminating hazards that would otherwise catch you unawares.

Better still, you can start to craft a strategy that distinguishes you from your competitors,
and so compete successfully in your market.

Strengths are things that your organization does particularly well, or in a way that
distinguishes you from your competitors. Think about the advantages your organization has over
other organizations. These might be the motivation of your staff, access to certain materials, or
a strong set of manufacturing processes.

Weaknesses, like strengths, are inherent features of your organization, so focus on your
people, resources, systems, and procedures. Think about what you could improve, and the sorts
of practices you should avoid.

Opportunities are openings or chances for something positive to happen, but you'll
need to claim them for yourself! They usually arise from situations outside your organization, and
require an eye to what might happen in the future. They might arise as developments in the
market you serve, or in the technology you use.

Threats include anything that can negatively affect your business from the outside,
such as supply chain problems, shifts in market requirements, or a shortage of recruits. It's vital to
anticipate threats and to take action against them before you become a victim of them and
your growth stalls.

Here is an example for you.

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 Principles of Marketing
Governor Pack Road, Baguio City, Philippines 2600
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 11- ABM
Email: [email protected]; Website: www.uc-bcf.edu.ph

MODULE 2 – MKTG Subject Teacher: Kenny Jones A. Amlos

B. Tactical Marketing Planning

Advertising, community building and sales promotions are all parts of your tactical
marketing plan. Advertising entails online, radio, television, and print marketing. It
communicates your brand image and informs your target customer of your presence in the
market and any promotional events you’re hosting. Plan only activities that directly support your
strategic marketing plan. If your strategy involves expanding into the high-end consumer
market, your tactics might aim to convey a quality image at a reasonable price. Advertising
and events showcasing the newest products and informational events designed to educate
your customer community about use and maintenance of your products can help to convey
your company’s reliability as a prime reason the customer is better served by purchasing your
high-end product line.

Tactical Plan Preparation

Apportion the budget prepared established in your strategic plan as necessary to
cover your advertising, community building and sales promotions. Set benchmarks for revenue
production and adjust your strategic assumptions if they aren’t met. Tactical marketing is an
ongoing set of activities and evaluations. Schedule your advertising and events to optimize key
times of your marketing season and plan social networking efforts and newsletters to build a
community of current and potential customers. Spread your tactics out evenly through your
marketing season so you maintain the interest of your customer community and prevent your
competition from taking advantage of any lulls in your marketing.

The Marketing Environment

Marketing environment includes the forces outside of marketing, consisting of macro-
environment (national issues) and micro-environment (company issues), both of which can influence
marketing decisions. For macro-environment, 3 popular frameworks are PESTLE trends, Industry Analysis,
as well as Key Factors for Success. For the micro-environment, a popular framework is the 6Cs.

1. Micro-environment
The micro-environment is made from individuals and organizations that are close to the
company and directly impact the customer experience.

Examples would include the company itself, its suppliers, other marketing input from agencies,
the markets and segments in which your business trades, your competition and also those around
you (which public relations would call publics) who are not paying customers but still have an
interest in your business. The micro-environment is relatively controllable since the actions of the
business may influence such stakeholders.

6Cs of Micro-Environment Analysis

a. Company
Think about a value chain within a company where one department supplies another
department’s materials, information and relationships so a company can be both efficient and
effective in creating value to their customers. A company can indicate a plus for relative
strength and a minus for relative weakness for each department’s performance. A weakness in
a specific functional area means improvement projects are needed, which they can learn from
some of the companies cited below.

b. Customers
There are 5 type of customers that have to be considered. Let’s make use of rice as the example
for each.
 Consumer Markets – individual buyers who buy for their own use. Doña Maria rice is an
example.
 Business Markets – organizational buyers who buy as input to their own products. Rice sold
to the Jollibee Food Group becomes a business market.
 Government Markets – government agencies that buy to produce public services. Rice
bought by DSWD that are then given to calamity victims is an example.

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 Principles of Marketing
Governor Pack Road, Baguio City, Philippines 2600
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 11- ABM
Email: [email protected]; Website: www.uc-bcf.edu.ph

MODULE 2 – MKTG Subject Teacher: Kenny Jones A. Amlos

 International Markets – buyers are from countries. Taking advantage of wider flat lands,
50% lower production cost and preferential zero tariff for European countries in Myanmar,
SL Agritech intends to plant their soft and sticky rice in Myanmar and export to the
Philippines and elsewhere.
 Reseller Markets – organizational or individual buyers who buy for resell at a profit without
adding anything to the product. An example would be retailers like Robinson’s supplying
companies as part of employee benefits.

Me dealing with another

weird customer.

c. Competition
The 2 types of competition that need to be considered from customer’s perspectives are:
 Direct Competition – similar offerings from the perspective of customers
 Indirect Competition – offerings deemed as substitutes to another product or service like
chocolate vs. flowers on Valentine’s Day, ow watching a movie vs. walk in the park to
spend 2 hours of discretionary time.

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 Principles of Marketing
Governor Pack Road, Baguio City, Philippines 2600
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 11- ABM
Email: [email protected]; Website: www.uc-bcf.edu.ph

MODULE 2 – MKTG Subject Teacher: Kenny Jones A. Amlos

d. Channel
Individuals or companies who buy and resell the company’s products to final buyers. (this will
be thoroughly discussed in advance modules).

e. Complementors
Individuals or businesses who can help an organization understand, promote and/or sell its
products or services.
 Physical Distribution
 Marketing Agencies
 Financial Intermediaries

f. Communities
Public stakeholders where the organization needs to be sensitive to their public opinions

2. Macro-environment
The macro-environment is less controllable. The macro environment consists of much larger all-
encompassing influences (which impact the microenvironment) from the broader global society.
Here we would consider culture, political issues, technology, the natural environment, economic
issues, and demographic factors amongst others.

PESTLE Analysis
PESTLE analysis, which is sometimes referred to as PEST analysis, is a concept in marketing
principles. Moreover, this concept is used as a tool by companies to track the environment they’re
operating in or are planning to launch a new project/product/service, etc.

PESTLE is a mnemonic which in its expanded form denotes P for Political, E for Economic, S for
Social, T for Technological, L for Legal, and E for Environmental. It gives a bird’s eye view of the
whole environment from many different angles that one wants to check and keep a track of while
contemplating a certain idea/plan.

 Political factors in PESTLE Analysis

These factors determine the extent to which a government may influence the
economy or a certain industry. For example, a government may impose a new tax or duty
due to which entire revenue generating structures of organizations might change. Political
factors include tax policies, Fiscal policy, trade tariffs, etc. that a government may levy
around the fiscal year and it may affect the business environment (economic environment)
to a great extent.
 Economic factors in PESTLE Analysis
These factors are determinants of an economy’s performance that directly impacts a
company and have resonating long term effects. For example, a rise in the inflation rate of
any economy would affect the way companies price their products and services. Adding
to that, it would affect the purchasing power of a consumer and change demand/supply
models for that economy. Economic factors include inflation rate, interest rates, foreign
exchange rates, economic growth patterns, etc. It also accounts for the FDI (foreign direct
investment) depending on certain specific industries who’re undergoing this analysis.
 Social factors in PESTLE Analysis
These factors scrutinize the social environment of the market, and gauge determinants
like cultural trends, demographics, population analytics, etc. An example of this can be
buying trends for Western countries like the US where there is high demand during the Holiday
season.
 Technological factors in PESTLE Analysis
These factors pertain to innovations in technology that may affect the operations of
the industry and the market favorably or unfavorably. This refers to automation, research and
development, and the amount of technological awareness that a market possesses.
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 Principles of Marketing
Governor Pack Road, Baguio City, Philippines 2600
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 11- ABM
Email: [email protected]; Website: www.uc-bcf.edu.ph

MODULE 2 – MKTG Subject Teacher: Kenny Jones A. Amlos

 Legal factors in PESTLE Analysis

These factors have both external and internal sides. There are certain laws that affect
the business environment in a certain country while there are certain policies that companies
maintain for themselves. Legal analysis takes into account both of these angles and then
charts out the strategies in light of these legislations. For example, consumer laws, safety
standards, labor laws, etc.
 Environmental factors in PESTLE Analysis
These factors include all those that influence or are determined by the surrounding
environment. This aspect of the PESTLE is crucial for certain industries particularly for example
tourism, farming, agriculture, etc. Factors of a business environmental analysis include but
are not limited to climate, weather, geographical location, global changes in climate,
environmental offsets, etc.

There are many templates available for companies to conduct PESTLE analysis. Many
organizations have provided information regarding their PESTLE analysis as case studies
available on the Internet.

Key Factors to Success

Key success factors (or KSF) are business strategies that are critical to a successful relationship
with your customers.

Key success factors are decided by the needs and preferences of your market and
customers, not by your business. However, consumers aren't going to tell you what those KSF
are. Discovering your key success factors requires researching your customers to understand
who they are, what they want from your company, and what prompts them to make a
purchase.

A business generally has three to five key success factors that it needs to focus on to achieve
its goals. Key success factors also may relate to areas of weakness that you must overcome to
create a stronger relationship with your customers.
Once you understand and begin using your key success factors, they become part of your
brand and business style.

Marketing by Using Key Success Factors

Your key success factors influence your marketing choices. When implemented correctly
they result in robust sales, a strong brand, and a loyal relationship with your customers.
Once you have used research and observation to determine your KSF, you can use them to
tailor the message you send through your marketing.

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 Principles of Marketing
Governor Pack Road, Baguio City, Philippines 2600
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 11- ABM
Email: [email protected]; Website: www.uc-bcf.edu.ph

MODULE 2 – MKTG Subject Teacher: Kenny Jones A. Amlos

Example. A major food corporation uses market research to discover that their target customers
are health-conscious mothers between the ages of 25 and 45. Providing a convenient location
is one key success factor for reaching those customers.

To make this KSF part of its business and marketing strategy, the food corporation positions
its grocery stores near gyms, daycare centers, shopping centers, and other areas that its target
customers already frequent. The corporation then creates advertising that highlights the
convenience of shopping at its stores for healthy mothers with busy schedules.

Key success factors can also be applied to individual product launches or events.
Example. A nail salon is advertising its grand opening, and one key success factor of the
opening is having as many people visit the salon as possible that day. To increase customer
turnout, the salon offers a 20 percent discount to the first 50 people who arrive and promotes
this discount in all its marketing.
The Importance of Data Tracking for Key Success Factors
Just as market research is the best way to learn what your customers want, data tracking is
the best way to analyze how well you have identified your key success factors.
Tracking how customers respond to your marketing initiatives will show you whether you are
creating strong relationships with your customers. If your marketing results in strong sales, you've
correctly identified and used your key success factors. If not, you may need to return to the
research and planning stage.

You may also discover that as your business grows and your customer base changes, your
key success factors change as well. Data tracking will help you identify trends over time so that
you can adjust your marketing and sales plans accordingly.

Finding Your Key Success Factors

Each business has different key success factors depending on its industry, location,
competitors, and target customers.

Example. Car buyers expect large yearly sales, so a key success factor for a successful car
dealership is the traditional 4th of July sale. This key success factor wouldn't be appropriate for
service-oriented businesses or those selling products with no margin for discount.

To properly identify and use your key success factors, pay attention to customer retention,
the results of trade show presentations and events, how customers respond to your advertising
and promotions, social sentiment regarding your brand, and media coverage. Then, make sure
that all those things actually translate into sales. If your social sentiment is positive, your media
coverage is growing, and your customers are coming back for more, then you know your
strategies are working.

Principles of Marketing Page 8 of 13

 Principles of Marketing
Governor Pack Road, Baguio City, Philippines 2600
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 11- ABM
Email: [email protected]; Website: www.uc-bcf.edu.ph

MODULE 2 – MKTG Subject Teacher: Kenny Jones A. Amlos

Marketing Research
Market Research is the process of assessing the viability of a new product or service through
techniques such as surveys, product testing, and focus groups.

Market research allows a company to discover who their target market is and what these
consumers think about a product or service before it becomes available to the public.

Market research may be conducted by the company itself or by a third-party company that
specializes in market research. Test subjects are usually compensated with product samples and/or
paid a small stipend for their time.

Marketing Research is “the process or set of processes that links the producers, customers, and
end users to the marketer through information – information used to identify and define marketing
opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing
performance; and improve understanding or marketing as a process.

Marketing research specifies the information

required to address these issues, designs the method
for collecting information, manages and implements
the data collection process, analyzes the results, and
communicates the findings and their implications.”

It is the systematic gathering, recording, and

analysis of qualitative and quantitative data about
issues relating to marketing products and services.
The goal of marketing research is to identify and
assess how changing elements of the marketing mix
impacts customer behavior.

The term is commonly interchanged with

market research; however, expert practitioners may
wish to draw a distinction, in that market research is
concerned specifically about marketing processes.

Marketing research is often partitioned into two sets of categorical pairs, either by target
market:
 Consumer marketing research, and
 Business-to-business (B2B) marketing research
Or alternatively, by methodological approach:
 Qualitative marketing research, and
 Quantitative marketing research

Importance of Marketing Research in a Business Enterprise

How important is Marketing Information? To answer this question, let’s take a peek at history.

In the 1950’s, the US was richer than ever before and its wealth was spread more widely. The oil
coming from the Arab world was cheap and plentiful, a perfect support system for a nation splurging
on bigger and heavier cars with lots of options. Foreign car makers saw an opportunity; European and,
later, Japanese companies brought in smaller cars – amidst perceptions that American carmakers
clung to their belief that they could roll back the foreigners anytime it wanted. The idea had always
been that the imports could have 5% of the market, nothing more.

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 Principles of Marketing
Governor Pack Road, Baguio City, Philippines 2600
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 11- ABM
Email: [email protected]; Website: www.uc-bcf.edu.ph

MODULE 2 – MKTG Subject Teacher: Kenny Jones A. Amlos

But in the late 60’s, mostly because of Volkswagen (VW), the imports’ share was beginning to
rise, and Detroit, though it did not yet realize it, could not so readily roll it back. For in part, it was a
reflection of the fact that the country was changing, and many middle-class people were changing
their ideas of why they wanted a car and what kind of car they wanted.

In 1966, the import figure reached 10 per cent with VW getting 60% of the total import market…
US carmakers responded by bringing out their new compacts, but the import sales did not collapse…
steadily, Nissan (at that time, known as Datsun) and then Toyota gained on the other imports. Nissan
introduced the small 1600cc car which became known as the first inexpensive fuel-efficient car with
high-tech, high-performance capability. Sales of Nissan cars and other Japanese vehicles went up.
Nissan promptly jumped into third place among the importers. The US carmakers tried to play ‘catch-
up’; they realized that Japanese cars could be more than functional, they could be good. In American
factories, quality began receiving more than mere lip service and US cars started to get better. The
problem was that the Japanese were not standing still. A number of studies by professional
organizations showed that despite the improvements made by Americans, the Japanese were still
significantly ahead in quality… after 1968, the Japanese passed the West Germans to become the No.
2 producer of motor vehicles in the world… (excerpts from The Reckoning, by David Halberstam, 1986,
Avon Books, ISBN 0-380-70447-1)

Steps in Marketing Research

1. Define the Problem or Opportunity
The most important part of the marketing research process is defining the problem. In order to
do any research and collect data, you have to know what you are trying to learn from the research.
In marketing research, defining the problem you need to solve will determine what information you
need and how you can get that information. This will help your organization clarify the overarching
problem or opportunity, such as how to best address the loss of market share or how to launch a new
product to a specific demographic.

Develop questions that will allow you to define your problem (or opportunity), and examine all
potential causes so that the research can be whittled down to the information you actually need to
solve that problem or determine what action to take regarding an opportunity. Oftentimes, these are
questions about who your target market or ideal buyer persona is (for example: “What does our ideal
customer look like?”). These might include questions about demographics, what their occupation is,
what they like to do in their spare time—anything to help you get a clearer picture of who your ideal
buyer persona is. Consider as many variables and potential causes as possible.

Principles of Marketing Page 10 of 13

 Principles of Marketing
Governor Pack Road, Baguio City, Philippines 2600
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 11- ABM
Email: [email protected]; Website: www.uc-bcf.edu.ph

MODULE 2 – MKTG Subject Teacher: Kenny Jones A. Amlos

2. Develop Your Marketing Research Plan

After you’ve examined all potential causes of the problem and have used those questions to
boil down exactly what you’re trying to solve, it’s time to build the research plan. Your research plan
can be overwhelming to create because it can include any method that will help you answer the
research problem or explore an opportunity identified in step one.
To help you develop the research plan, let’s review a few techniques for conducting research:
 Interview prospects and customers. Oftentimes, you get the best feedback by using this tactic
because you’re going straight to the source. This might take the form of a focus group or one-
on-one interviews. Use your defined research problem to help select the right people to
interview.
 Conduct a survey using SurveyMonkey(Online) or another tool.
 Run user tests on your website or landing page(s). This is a cost-effective approach that can
provide a lot of insight and data on how your customers or potential customers behave or
respond to something, whether it’s new messaging or branding or a modified product or service
you are thinking about offering.

Oftentimes, we do all of this work and gather all of the data—only to realize that we didn’t
have to reinvent the wheel because someone had already run a similar, credible study or solved the
same problem. That doesn’t mean you don’t need to do any research, but learning about what other
organizations have done to solve a problem or seize an opportunity can help you tweak your research
study and save you time when considering all of the research options. In marketing research, this is
called secondary data because it has been collected by someone else, versus the primary data that
you would collect through your own research study.

3. Collect Relevant Data and Information

In marketing research, most of the data you collect will be quantitative (numbers or data)
versus qualitative, which is descriptive and observational. Ideally, you will gather a mix of the two types
of data. For example, you might run an A/B test on your website to see if a new pricing tier would bring
in more business. In that research study, you might also interview several customers about whether or
not the new pricing tier would appeal to them. This way, you’re receiving hard data and qualitative
data that provide more color and insight.

When collecting data, make sure it’s valid and unbiased. You should never ask a research
interviewee, “You think that we should offer a higher pricing tier with additional services, correct?” This
type of question is clearly designed to influence the way the person responds. Try asking both open-
ended and closed-ended questions (for instance, a multiple-choice question asking what income
range best describes you).

4. Analyze Data and Report Findings

Now that you’ve gathered all of the information you need, it’s time for the fun part: analyzing
the data. Although one piece of information or data might jump out at you, it’s important to look for
trends as opposed to specific pieces of information. As you’re analyzing your data, don’t try to find
patterns based on your assumptions prior to collecting the data.

Sometimes, it’s important to write up a summary of the study, including the process that you
followed, the results, conclusions, and what steps you recommend taking based on those results. Even
if you don’t need a formal marketing research report, be sure that you review the study and results so
that you can articulate the recommended course of action. Sharing the charts and data you collected
is pointless if it doesn’t lead to action.

Was your hypothesis proven wrong? Great—that’s why you do testing and don’t run with
assumptions when making decisions that could have a major impact on your organization. It’s always
better to take the results as they are than to twist the data to prove yourself right.

Principles of Marketing Page 11 of 13

 Principles of Marketing
Governor Pack Road, Baguio City, Philippines 2600
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268 Grade Level/Section: Grade 11- ABM
Email: [email protected]; Website: www.uc-bcf.edu.ph

MODULE 2 – MKTG Subject Teacher: Kenny Jones A. Amlos

5. Put Your Research into Action

Your research is complete. It’s time to present your findings and take action. Start developing
your marketing strategies and campaigns. Put your findings to the test and get going! The biggest
takeaway here is that, although this round of research is complete, it’s not over.

The problems, business environment, and trends are constantly changing, which means that
your research is never over. The trends you discovered through your research are evolving. You should
be analyzing your data on a regular basis to see where you can improve. The more you know about
your buyer personas, industry, and company, the more successful your marketing efforts and company
will be. When you look at it that way, you should start to wonder why so many organizations don’t
budget time and resources for marketing research.

It is important to take note that there are a lot more to the marketing research process than
these five core steps, but these are enough to get you started. Good luck, and be sure to share any
tips you have discovered for conducting marketing research!

References:
 Go, J., & Escareal-Go, C. (2017). Principles and Practices in Marketing in the Philippine Setting.
14 Ilang-Ilang St., New Manila, Quezon City, Philippines: Josiah and Carolina Go Foundation.
 Medina, R. (2008). Principles of Marketing. Manila Philippines: Rex Bookstore, Inc.
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