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Marketing

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Communication with the consumer. 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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Marketing Concept

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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. Putting customers needs before your needs.

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4 P's of Marketing

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Price, Product, Place, Promotion

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Marketing Strategy

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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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Penetration Pricing

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Low prices

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Skimming

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Going from high to low prices

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High-Low pricing

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Setting prices high and selling them at a discount

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Types of Distribution

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Exclusive, selective, intensive

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Information needed to make the right decision

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Objective, accurate, timely

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Marketing Research

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Process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem.

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Purpose of Marketing 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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Is marketing research infallible?

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No. Some successes have been failures and vice versa.

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Uses of Marketing Research

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1. Identify marketing opportunities and problems. 2. Generate, refine, and evaluate potential actions. 3. Monitor marketing performance 4. Improve marketing as a process.

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When is Marketing Research NOT needed?

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1. Information is already available 2. Decisions must be made now. 3. We can't afford research. 4. Costs outweigh the value of marketing.

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Define the problem

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Problems stem from gaps between what is supposed to happen and what did happen and gaps between what did happen and what could be happening.

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Research Objectives

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Provide information necessary to solve the problem identified. These state what the researchers must do. Totally dependent on the "problem."I

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Exploratory Research

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Collecting information in an unstructured and informal manner. Used when you know very little. Gives you background information.

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Descriptive Research

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Refers to a set of methods and procedures describing marketing variables. Answers who, what, where, when, how and how many. NOT WHY.

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Causal Research

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Allows isolation of causes and effects. Studies are conducted through use of experiments and variables.

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Primary Information

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Information collected specifically for the problem at hand. More expensive but is much more accurate.

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Secondary Information

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Information that has already been collected.

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3 Main Choices of Primary Data

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1. Have person ask questions. 2. Use computer-assisted or direct questioning. 3. Allow respondents to answer questions themselves without computer assistance.

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Sample Plan

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Refers to the process used to select units from the population to be included in the sample. Gives you representativeness.

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Sample Size

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Refers to determining how many elements of the population should be included in the sample. Gives you accuracy.

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Population

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All possible customers

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Sample

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The ones you actually survey.

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Data Collection

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Very important because regardless of the data analysis methods used, data analysis cannot fix bad data. Non sampling errors may occur during data collection.

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Data Cleaning

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Process by which raw data are checked to verify that the data have been correctly inputted from the data collection form to the computer software program.

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Data Analysis

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Involves entering data into computer files, inspecting data for errors, and running tabulations and various statistical tests.

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Most important part of research process?

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The Problem

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Two sources of problems

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1. Problem (gap between what was supposed to happen and what did happen) 2. Opportunity (gap between what did happen and what could happen)

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ITB

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Invitations to Bid

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RFP

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Request for Proposals

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Constructs-What to measure

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1. Brand Awareness 2. Brand Familiarity 3. Brand Loyalty

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Research Design

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Set of advanced decisions that make up the master plan specifying the methods and procedures for collecting and analyzing the needed information.

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Types of Research Design

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1. Exploratory 2. Descriptive 3. Causal

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Exploratory Research Uses

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1. Gain background information 2. Define terms. 3. Clarify Problems and Hypothesis 4. Establish research priorities.

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Secondary Data Analysis

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Already collected information. Cheap and readily available.

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Experience Surveys

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Information of knowledgable people.

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Case analysis

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Comparing TVS in the past to cell phones now.

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Focus Groups

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Unstructured and very spontaneous.

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Projective Techniques

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Ask open ended questions. Trying to find what customers motives are.

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Cross Sectional Studies

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Measure Units from a sample of the population at only one point in time.

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Longitudinal Studies

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Repeatedly measure the same sample units of a population over time. Often make use of a panel which represents sample units who have agreed to answer questions at periodic intervals.

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Continuous Panels

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Ask panel members the same questions on each panel measurement. Used to gain insights into changes in consumers' purchases, attitudes, etc.

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Discontinuous Panels

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Vary questions from one panel measurement to the next. Can access large groups of people who have made themselves available for research. Represent sources of information that may be quickly accessed for a wide variety of purposes.

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Experiments

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Defined as manipulating an independent variable to see how it affects a dependent variable, while also controlling the effects of additional extraneous variables.

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Independent Variable

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Those variables which the researcher has control over and wishes to manipulate.

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Dependent Variables

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Those variables that we have little or no direct control over, yet we have a strong interest.

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Extraneous Variables

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Ma have some effect on a dependent variable yet are not independent variables. Must be controlled through proper experimental design.

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Experimental Design

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Procedure for devising an experimental setting such that a change in a dependent variable may be attributed solely to the change in and independent variable.

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Internal Validity

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Measures the extent to which the change in the dependent variable is actually due to the change in the independent variable. Usually done in a lab.

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External Validity

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Extent that the relationship observed between the independent and dependent variables during the experiment is generalized to the "real world."

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Laboratory Experiments

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Those in which the independent variable is manipulated and measures of the dependent variable are taken in a contrived, artificial setting for the purpose of controlling the many possible extraneous variables that may affect the dependent variable.

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Field Experiments

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Those in which the independent variables are manipulated and the measurements of the dependent variable are made on test units in their natural setting.

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Test Marketing

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Term used to indicate an experiment, study, or test that is conducted in a field setting.

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Standard Test Market

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One in which the firm tests the product and/or marketing mix variables through the companies normal distribution channels.

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Controlled Test Markets

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Ones that are conducted by outside research firms that guarantee distribution of the product through pre specified types and numbers of distributors.

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Electronic Test Markets

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Those in which a panel of consumers has agreed to carry identification cards that each consumer presents when buying goods and services.

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Simulated Test Markets

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Those in which a limited amount of data on consumer response to a new product is fed into a model containing certain assumptions regarding planned marketing programs, which generates likely sales volume. Use more of a guessing technique.

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Lead country test market

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Test marketing conducted in specific foreign countries that seem good predictors for an entire continent.

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Criteria for Selecting test market cities.

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1. Representativeness 2. Degree of Isolation 3. Ability to control distribution and promotion.

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Representativeness

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Do demographics match total market?

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Degree of Isolation

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Good because then other people won't wonder why they can't get certain products in their stores.

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Ability to control distribution and promotion

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Are there preexisting arrangements to distribute the new product in selected channels of distribution? Are local media designed to test variations in promotional messages.

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Pros of Test Marketing

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1. Allows most accurate method of forecasting future sales. 2. Allow firms the opportunity to pretest marketing mix variables.

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Cons of Test Marketing

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Does not yield infallible results, it is expensive, exposes the new product or service to competitors, takes time to conduct.

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Advantages of Secondary Data

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1. Obtained quickly 2. Inexpensive 3. Usually available 4. Enhances existing primary data

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Disadvantages of Secondary Data

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1. Mismatch of the units of measurement 2. Differing definitions used to classify the data. 3. Timeliness of secondary data. 4. Lack of information needed to assess the credibility of the reported data.

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Internal Secondary Data

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Data that have been collected within the firm.

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Internal databases

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Collection of data and information describing items of interest. Consists of information gathered by a company typically during the normal course of business transactions

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Types of Internal Databases

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1. Sales data 2. Financial Data 3. Transport Data 4. Storage Data

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Standardized Information

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Type of secondary data in which the data collected and/or the process of collecting the data are standardized for all users

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Geodemographics

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Term used to describe the classification of arbitrary, usually small, geographic areas in terms of the characteristics of their inhabitants.

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