Chapter 1: Intro – Flashcards
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What is marketing? What is the marketing concept? What is marketing strategy?
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To understand Marketing Research, we must answer these questions:
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Marketing has been defined by the AMA as an organizational function and a set of processes for creating, communicating and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders.
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What is Marketing?
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The Marketing Concept is a business philosophy that holds that the key to achieving organizational goals consists of the company's being more effective than competitors in creating, delivering, and communicating customer value to its chosen markets.
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What is the Marketing Concept?
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A Marketing Strategy consists of selecting a segment of the market as the company's target market and designing the proper "mix" of the product/service, price, promotion, and distribution system to meet the wants and needs of the consumers within the target market.
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What is Marketing Strategy?
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Managers must make decisions. To make the "right" decisions, the following kind of information is needed: objective accurate timely
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To Practice Marketing, Implement the Marketing Concept, or Develop the "Right" Strategy:
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Marketing research is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem.
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What is Marketing Research?(Burns/Bush Definition)
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Marketing research: the function that links the consumer, customer, and public 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 the understanding of marketing as a process.
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What is Marketing Research?(AMA Definition)
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Marketing Research vs. Market Research
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the "systematic gathering, recording, and analyzing of data with respect to a particular market, where 'market' refers to a specific group in a specific geographic area."
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Market research:
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To link the consumer to the marketer by providing information that can be used in making marketing decisions
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What is the purpose of Marketing Research?
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Identify marketing opportunities and problems Generate, refine, and evaluate potential marketing actions Monitor marketing performance Improve marketing as a process
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What are the uses of Marketing Research?
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Market-demand determination Market segments identification Marketing audits - SWOT analysis
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Studies that identify marketing opportunities and problems:
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Proposed marketing-mix evaluation testing New-product prototype testing Advertising pretesting
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Studies that generate, refine, and evaluate potential marketing actions:
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Image analysis Tracking studies Customer satisfaction studies
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Studies that monitor marketing performance:
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Purpose is to expand knowledge (basic research) of marketing as a process rather than solve a specific problem
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Studies that improve marketing as a process
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structure consisting of...people, equipment, and procedures...to gather, sort, analyze, evaluate, and distribute...needed, timely, and accurate information to marketing decision makers.
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Marketing Information System
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1. Internal reports system 2. Marketing intelligence system 3. marketing decision support system (DSS) 4. Marketing research system
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MIS components (4):
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1. Gathers information not gathered by other MIS components 2. Marketing research studies are conducted for specific problems 3. MRP are not continuous - unlike other components
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Marketing Research System's roles in MIS (3):
