BU352 Lecture Notes - Lecture 5: Target Market, New Product Development, Research Question
Document Summary
As marketing manager for cat"s pride cat litter, you have seen sales jump 50% in the last year after years of relatively stable sales. 4. 5% share = . 872m in sales (could be wrong!) Target market = children age 5-13 in ontario. If 10% adopt new product and buy once a month = 1. 89 million units at factory selling price of . 89 or . 5 million in sales. Managerial intuition and experience are not sufficient to make risky and important marketing decisions. People are limited and biased information processors: status-quo bias but that"s how we"ve been doing this for years , availability bias our competition"s last marketing campaign was a flop. Marketing research: links the firm to the market. Only 7% of canadians took action after seeing economic action plan ads ( million campaign) Two-phase process: formulate an explicit single sentence research objective to guide the marketing research effort, develop a series of research questions.
