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5 Cards in this Set

  • Front
  • Back
Marketing Concept and the 3 orientations associated with it.
Marketing Concept – Deliver what the customer needs and wants
Consumer orientation – Identify a target market and produce a good or offer a service that will meet the needs of the target customers most effectively in the face of competition
Goal orientation – A firm must be consumer-oriented only to the extent that it accomplishes corporate goals, e.g. financial criteria like a 15% ROI. Achieve company goals. A limit set on consumer orientation.
Systems orientation – The creation of systems to monitor the external environment and deliver the desired marketing mix to the target market.
What is marketing research?
The planning, collecting, and analysis of data for informed marketing decision making and the communication of the results of the analysis to management.
3 functions of marketing research
1.Descriptive – Gathering and presenting facts.
2.Diagnostic – Explanation of data and recommended action.
3.Predictive – Predict the results of a marketing decision.
Problem vs. Symptom
1. Symptom – A phenomenon that occurs because the existence of something else. Focusing on symptoms causes managers to fail to comprehend and confront the deeper problem.
a) Example: Sales dropped 7% this year
2. Problem – The root cause. Need to ask “What caused this?” until the question can no longer be asked. The true problem must be defined.
Research method (data collection method)
1. Primary Data – New data gathered to help solve the problem under investigation. Collect the data for your own research. Specific to your marketing problem, unique, expensive.
a) Observation Method – Watch people. Typically, descriptive research that monitors respondents’ actions without direct interaction. (e.g. watching/video taping people, bar code scanners)
b) Survey Method – Ask people. Research in which an interviewer interacts with respondents to obtain facts, opinions, and attitudes.
c) Experimental Method – Test people. Research to measure causality, in which the researcher changes one or more independent variables and observes the effect of the changes on another (dependent) variable. (e.g. test marketing)