netrashetty
Netra Shetty
Alliant Energy Corporation (NYSE: LNT) is a public utility holding company that incorporated in Madison, Wisconsin in 1981. It consists of two subsidiaries:[3]
Interstate Power and Light Company (IPL) is a public utility that generates and distributes electricity, and purchases and distributes natural gas in Iowa and Minnesota.
Wisconsin Power and Light Company (WPL) provides similar services as IPL in Wisconsin.
Sales Promotion Strategies
Sales promotion is a key ingredient in many marketing campaigns of a diverse collection of incentive tools designed to stimulate trial, or quicker or greater purchase of particular products or services by consumers.
Promotion Tools
Samples – Stobo Castle can offer a free amount of the spa service to the target market.
Coupons – Stobo Castle can make use of certificates offering a stated saving on the purchase of the service.
Premiums – Stobo Castle can offer merchandise at a low or no cost as an incentive to purchase the service.
Patronage Awards – These can be values in cash or points given to loyal guests to reward their continued patronage.
marketing research and interest in customer views on anything of importance on the wane? The thought was triggered by Steve Jobs' initial response to reports that customers were having trouble with the antennae on Apple's iPhone 4, its latest "superproduct." It was reported that he commented that iPhone 4 users would have to learn not to hold the phone by its lower left-hand corner, precisely the way many of us seem to grasp it naturally. Remember, this is a company that has been described by a number of its chroniclers, rightly or wrongly, as being somewhat averse to the use of marketing research as opposed to following the dreams and preferences of its product developers. Apple is perhaps the latest incarnation of SONY, which is said to have avoided such research in favor of its designers' opinions in coming up with products such as the Walkman. Apparently, the thinking is: Who needs customers' opinions or reactions when you can come with ideas and products like these?
It prompted me to go back to a very popular book of five years ago, Blue Ocean Strategy, to check my recollection of what the authors had to say about the role of the customer in fashioning a strategy that would enable an enterprise to escape from red, blood-strewn, competitive waters and fashion a course into the open, blue waters of market dominance, mainly through the design of new businesses and products before the competition might get to them. They wrote, "To set a company on a strong, profitable growth trajectory … it won't work to benchmark competitors … Nor is conducting extensive customer research the path to blue oceans [italics mine]. Our research found that customers can scarcely imagine how to create uncontested market space. Their insight also tends toward the familiar 'offer me more for less.' And what customers typically want 'more' of are those product and service features that the industry currently offers."
That brings me to a new book, Different, by Youngme Moon, a member of the marketing faculty at the Harvard Business School. She reacts to the proliferation of products and advertising that are so much alike that they create a blur in consumers' minds. Her call is for methods that will lead to counter-intuitive product development and marketing efforts—products, for example, that provide breakthroughs by offering less for much less or even more for much less, but products that meet needs that most of us can't even imagine. She describes how, by testing various product attributes through marketing research and shoring up the weakest, all competitors' products take on the same characteristics. As she puts it, "Meanwhile, the very instruments that these managers are relying on to establish and reinforce differentiation—competitive metrics, positioning maps, and customer surveys—have devolved into their obverse. They contribute to the herding behavior as opposed to protect against it [italics mine]. It's as if the entire community has been betrayed by the tools of their trade."
I have no particular brief for traditional marketing research. But is there a pattern here? Is it possible that "asking the customer" about anything of strategic importance is on the wane? If so, what are the implications for customers
Success depends on a lot of things, but when you have information about a particular market segment, a geographic area, or customer preferences, you'll be better prepared to make the decisions that can make or break your business.
Many companies use market research as a guide. Whether you want to expand your business into a new area or introduce a new product, primary and secondary market research can provide valuable insight to help you shape your business and prevent costly missteps.
Secondary Research
If you’re considering extending your business into new markets or adding new services or product lines, start with secondary research. This type of research is based on information gleaned from studies previously performed by government agencies, chambers of commerce, trade associations, and other organizations. This includes Census Bureau information and Nielsen ratings.
You can find much of this kind of information in local libraries or on the Web, but books and business publications, as well as magazines and newspapers, are also great sources.
Although secondary research is less expensive than primary research, it's not as accurate, or as useful, as specific and customized research. For instance, secondary research will tell you how much teenagers spent last year on basketball shoes, but not how much they're willing to pay for the shoe design your company has in mind.
Primary Research
Simply put, primary research is research that's tailored to a company's particular needs. By customizing tried-and-true approaches — focus groups, surveys, field tests, interviews or observation — you can gain information about your target market. For example, you can investigate an issue specific to your business, get feedback about your Web site, assess demand for a proposed service, gauge response to various packaging options, and find out how much consumers will shell out for a new product.
Primary research delivers more specific results than secondary research, which is an especially important consideration when you're launching a new product or service. In addition, primary research is usually based on statistical methodologies that involve sampling as little as 1 percent of a target market. This tiny sample can give an accurate representation of a particular market.
But professional primary research can be pricey. Tabs for focus groups can easily run from $3,000 to $6,000, and surveys cost anywhere from $5,000 to $25,000 and up. Do-it-yourself research is, of course, much cheaper. Services that provide online survey tools usually charge a flat fee (typically around $1 or more per response) plus a setup fee. There are also a host of software products available that will help you conduct your own online and offline primary research.
Using Both for Your Business
Savvy entrepreneurs will do secondary research first and then conduct primary research. For example, the owner of a video-rental shop would want to know all about a neighborhood before opening a new store there. Using information gleaned from secondary sources, the owner can leard all kinds of demographic data, including detailed income data and spending patterns.
They can then send out a questionnaire to a sampling of households to find out what kinds of movies people like to rent. That primary-research technique will help when it comes time to stock the store with the latest Hollywood releases.
Interstate Power and Light Company (IPL) is a public utility that generates and distributes electricity, and purchases and distributes natural gas in Iowa and Minnesota.
Wisconsin Power and Light Company (WPL) provides similar services as IPL in Wisconsin.
Sales Promotion Strategies
Sales promotion is a key ingredient in many marketing campaigns of a diverse collection of incentive tools designed to stimulate trial, or quicker or greater purchase of particular products or services by consumers.
Promotion Tools
Samples – Stobo Castle can offer a free amount of the spa service to the target market.
Coupons – Stobo Castle can make use of certificates offering a stated saving on the purchase of the service.
Premiums – Stobo Castle can offer merchandise at a low or no cost as an incentive to purchase the service.
Patronage Awards – These can be values in cash or points given to loyal guests to reward their continued patronage.
marketing research and interest in customer views on anything of importance on the wane? The thought was triggered by Steve Jobs' initial response to reports that customers were having trouble with the antennae on Apple's iPhone 4, its latest "superproduct." It was reported that he commented that iPhone 4 users would have to learn not to hold the phone by its lower left-hand corner, precisely the way many of us seem to grasp it naturally. Remember, this is a company that has been described by a number of its chroniclers, rightly or wrongly, as being somewhat averse to the use of marketing research as opposed to following the dreams and preferences of its product developers. Apple is perhaps the latest incarnation of SONY, which is said to have avoided such research in favor of its designers' opinions in coming up with products such as the Walkman. Apparently, the thinking is: Who needs customers' opinions or reactions when you can come with ideas and products like these?
It prompted me to go back to a very popular book of five years ago, Blue Ocean Strategy, to check my recollection of what the authors had to say about the role of the customer in fashioning a strategy that would enable an enterprise to escape from red, blood-strewn, competitive waters and fashion a course into the open, blue waters of market dominance, mainly through the design of new businesses and products before the competition might get to them. They wrote, "To set a company on a strong, profitable growth trajectory … it won't work to benchmark competitors … Nor is conducting extensive customer research the path to blue oceans [italics mine]. Our research found that customers can scarcely imagine how to create uncontested market space. Their insight also tends toward the familiar 'offer me more for less.' And what customers typically want 'more' of are those product and service features that the industry currently offers."
That brings me to a new book, Different, by Youngme Moon, a member of the marketing faculty at the Harvard Business School. She reacts to the proliferation of products and advertising that are so much alike that they create a blur in consumers' minds. Her call is for methods that will lead to counter-intuitive product development and marketing efforts—products, for example, that provide breakthroughs by offering less for much less or even more for much less, but products that meet needs that most of us can't even imagine. She describes how, by testing various product attributes through marketing research and shoring up the weakest, all competitors' products take on the same characteristics. As she puts it, "Meanwhile, the very instruments that these managers are relying on to establish and reinforce differentiation—competitive metrics, positioning maps, and customer surveys—have devolved into their obverse. They contribute to the herding behavior as opposed to protect against it [italics mine]. It's as if the entire community has been betrayed by the tools of their trade."
I have no particular brief for traditional marketing research. But is there a pattern here? Is it possible that "asking the customer" about anything of strategic importance is on the wane? If so, what are the implications for customers
Success depends on a lot of things, but when you have information about a particular market segment, a geographic area, or customer preferences, you'll be better prepared to make the decisions that can make or break your business.
Many companies use market research as a guide. Whether you want to expand your business into a new area or introduce a new product, primary and secondary market research can provide valuable insight to help you shape your business and prevent costly missteps.
Secondary Research
If you’re considering extending your business into new markets or adding new services or product lines, start with secondary research. This type of research is based on information gleaned from studies previously performed by government agencies, chambers of commerce, trade associations, and other organizations. This includes Census Bureau information and Nielsen ratings.
You can find much of this kind of information in local libraries or on the Web, but books and business publications, as well as magazines and newspapers, are also great sources.
Although secondary research is less expensive than primary research, it's not as accurate, or as useful, as specific and customized research. For instance, secondary research will tell you how much teenagers spent last year on basketball shoes, but not how much they're willing to pay for the shoe design your company has in mind.
Primary Research
Simply put, primary research is research that's tailored to a company's particular needs. By customizing tried-and-true approaches — focus groups, surveys, field tests, interviews or observation — you can gain information about your target market. For example, you can investigate an issue specific to your business, get feedback about your Web site, assess demand for a proposed service, gauge response to various packaging options, and find out how much consumers will shell out for a new product.
Primary research delivers more specific results than secondary research, which is an especially important consideration when you're launching a new product or service. In addition, primary research is usually based on statistical methodologies that involve sampling as little as 1 percent of a target market. This tiny sample can give an accurate representation of a particular market.
But professional primary research can be pricey. Tabs for focus groups can easily run from $3,000 to $6,000, and surveys cost anywhere from $5,000 to $25,000 and up. Do-it-yourself research is, of course, much cheaper. Services that provide online survey tools usually charge a flat fee (typically around $1 or more per response) plus a setup fee. There are also a host of software products available that will help you conduct your own online and offline primary research.
Using Both for Your Business
Savvy entrepreneurs will do secondary research first and then conduct primary research. For example, the owner of a video-rental shop would want to know all about a neighborhood before opening a new store there. Using information gleaned from secondary sources, the owner can leard all kinds of demographic data, including detailed income data and spending patterns.
They can then send out a questionnaire to a sampling of households to find out what kinds of movies people like to rent. That primary-research technique will help when it comes time to stock the store with the latest Hollywood releases.