Question

Question#1:....how would an ice cream vendor created the four types of utility?

Questions#2:... The BCG matrix is a useful approach to evaluate current businesses. Describe a tool that you could use at a firm to divide how to make growth happen?

Question#3:... Describe the basic market research process?

Question #4:... Describe the different types of big data sources available to marketeres. How can marketeres suse this information?

Answer 1

Ans 1) Utility Marketing: It is the tool or process to convince the consumers to buy the product and find it worth the money paid for it. Utility means want-satisfying power, the producer presents its product in such a way that will convince the consumer to buy the product happily. It makes the consumer feels that the product is nice, worth and useful to them. Through utility marketing, the consumer's satisfaction increases and they get attracted to the product. In the case of ice-cream vendor, this utility marketing will enable him to attract the customers to buy more ice-creams. This will make the customers feel that the ice-cream is good and is worth buying. It is the way by which the vendor communicate the value and usefulness of the ice cream. There are four types of utility marketing which can be created by the ice cream vendor which are:

1. Time utility: If the ice cream vendor wants to make the product marketing successful, he/she should create time utility for the ice cream. Time utility states that the product should be available for the consumers when they desire it. Thus the vendor should manage the time between the production of ice cream and the consumption of the same. It should be vigilant and alert by looking at the market desire and keep its product ready for consumption when it is desired. For example- when the summer arises, people demand ice- cream more than any other season and therefore it should keep the ice creams ready to sell. When the consumers get the product when their desire is at the peak, they get maximum satisfaction and this makes the customers loyal. this is how the vendor can create time utility for ice cream.

2. Place utility: This utility states that the product should be available at the places where customers usually visit or where the number of customers is high. Also, the product should be available at the places where it is difficult to expect the product to reach. This helps in bringing in a regular and loyal customer. The ice cream vendor should keep its outlet near the factory or a place where people go for shopping, picnic, schools, offices, colleges or near the factory, etc. This will increase the number of customers and if the customers notice the shop regularly, the tendency to become a regular and loyal customer increase. This is how the vendor can create the place utility.

3. Form utility: This type of utility enables the customers to see the usefulness and worthiness of the product. Consumers buy the finished goods because they cannot put together the raw materials and process it to have a finished product and therefore they buy it. If the consumer, at first sight, get convinced that the product is worth because of its finished form then it is called form utility. The quality of the product should be good in case of ice cream. Ice cream is a product that can be prepared at home but the vendor has to make the production process efficient by making the quality, outer package and the finished product attractive for the customers. This will convince the customers to buy the ice cream. Thus, by making the quality good, and increasing the value of ice cream through the efficient production process, it can create the form utility.

4. Possession utility: When the customers use the product after paying a suitable price with satisfaction then it is known as possession utility. Consumers want the possession of the product once they have paid for it. For example- the possession of unique things increases the satisfaction of the customers. Similarly, possession or the feeling of belongingness is essential for the customers once they have paid for it. In the case of the ice cream vendor, the ice creams should be sold in such a way that the consumers feel happy to own it. It should create a unique way of presenting its product such as mixing of different flavors and giving a heroic or attractive name to the ice cream. Once the consumers buy the ice cream they should feel free to consume it. The vendor should sell the ice cream in a disposable container and not in those which the customer find the liability to return. This is how the vendor can create possession utility.

Ans 3) The basic market research process consists of six steps which are explained as follows:

1. Identify the problem- Before starting any kind of research, one should know the topic of research and the reason for research to be done. Every time the problem or the objective of the research should be identified in order to get the exact result. Defining or identifying of the problem requires the development of questions that will take you to the information that has to be pulled together to get an optimum result. Thus, various questions can be prepared so that the problem is identified. Identification of problem or opportunity will give a proper direction to your research. For example- a company wants to invest to earn profit then market research will be started to gather the information about the different options of investment available in the market. This need is the definition of the problem. Here investment by the company is a problem and thus the researcher now has the objective to do the research. Thus the basic and first step to market research is the identification of the problem.

2. Research plan or research design: Once you know the objective of the research, the immediate step is to make a plan to accomplish your research objective. A proper plan has to be made which includes the step by step process of research. It is the process which will lead you towards the solution to your problem or research. The first step to make a plan is to refer to the previous work done in this field. It is very likely that some work will be already done on your problem on the topic. This relevant research or data will help or guide you to chose your steps or way of research. After looking at the research work done previously, you can check for loopholes in it. This will give you the reason to investigate further. Also, it prevents you to make any mistake. It also saves time as you don't have to do the whole job and then do the research for your problem.

3. Collection of data: There are two types of data primary data and secondary data. Primary data are those which is obtained from the survey, ground, personal interviews, etc. This means these are the data which is obtained personally by the researcher. The secondary data are those which are obtained by the books, newspaper, research work done earlier, internet, blogs or journals. These data plays a very important role in research as these are the skeleton of the research. Any type of findings will be obtained by using these data through statistical or other methods of data processing.

4. Analyzing or processing the data obtained: Once the primary and secondary data is collecting, it has o undergo a process which will give you the solution of the research done. The type of data analysis is always decided at the time of the research design. The research design of the problem has all the process of the research step by step and hence the analyzing part is also done as per the research design. It can be any statistical method which depends on the type of data, for example, t-test, f test, standard deviation, etc. It can also be done through SPSS, Excel, etc types of software which is famous for this process.

5. The report and presentation: Once the result is obtained, a proper report is made so that it becomes clear for the researcher that the problem is solved and the report will show the solution for the same. Then it is presented in such a way that it shows the conclusion of the solution. This is the time when the research work is complete and the researcher has obtained the solution to the problem.

6. Action: Once the report is made and presented, it is the time to adopt the solution and tackle the problem. By this time the researcher will be able to take action on the basis of its research. the conclusion drawn in the previous step will help the research to apply it in the real world. The researcher can go for marketing strategy, campaigns to correct the problem now.

Therefore these are the basic and major step for the market research process.

Ans 4) The different types of big data sources for the marketers are as follows:

a. Business statistics: Before launching any product or taking any important decision, the producer should be aware of the situation in the market. The producer should research about the economy of the state, consumer's demand, their income, the capacity of the producer, the average cost per unit of product, etc. Thus the business stats should be known to the producer to make the business flourish.

b. Web analytics: It is the world of the internet today. The producer should know the updated technology and use them for research, advertisement, etc and become much faster and efficient than before. This helps the producer to not only remain in the market but also to rule the market. The digital market strategy should be made, consumer awareness programs should be built up, communication between customers and the company should be made. Consumer satisfaction can be measured by the survey, etc.

c. Social media analytics: As stated above today is the world of internet, the internet connects the whole world. One of the major connection is through social media. Targeting the audience of a country or region, posting right information, advertising sale and organizing different quiz to attract consumers can be done through social media analytics.

d. Keyword trends: Producers should undergo the courses which teach how to analyze the keywords or should keep one specialist to look after the keyword trends, this help in getting the reviews of the customer and know what they are searching for. This helps the producers to meet the demand technologically.

e. Census data: If the producer can access the census data then, it becomes easier to target the audience or customers of a particular region and country. The information is taken out from here and then the company can make more customers through marketing devices.

Therefore these are the different big data sources and the ways by which they can be used by the marketers.