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25 Cards in this Set
- Front
- Back
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Marketing research
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application of the scientific method in searching for the truth about marketing phenomena.
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The process of marketing research
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idea and theory development
problem definition gathering information analyzing data communicating the findings and their implications |
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marketing research information
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not intuitive or haphazardly gathered
accurate and objective relevant to all aspects of the marketing mix limited by one’s definition of marketing |
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Applied marketing research
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conducted to address a specific marketing decision for a specific firm or organization.
Example: Should McDonald’s add Italian pasta dinners to its menu? |
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Basic marketing research
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conducted without a specific decision in mind that usually does not address the needs of a specific organization.
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What does basic marketing research do?
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Attempts to expand the limits of marketing knowledge in general.
Not aimed at solving a pragmatic problem. |
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Scientific Method
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The way researchers go about using knowledge and evidence to reach objective conclusions about the real world.
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Marketing Research and Strategic Management Orientation
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Product-oriented
Production-oriented Marketing-oriented |
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Marketing Concept
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idea of marketing that involves focusing on how the firm provides value to customers more than on the physical product or production process.
Emphasis on long-run profitability rather than short-term profits or sales volume. |
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Customer-oriented
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decisions are made with a conscious awareness of their effect on the consumer.
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Cross-functional perspective
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marketing is integrated across other business functions.
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Relationship Marketing
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major goal of marketing is to build long-term relationships with the customers contributing to their success
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marketing strategy involves four stages:
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1.Identifying and evaluating market opportunities
2.Analyzing market segments and selecting target markets 3.Planning and implementing a marketing mix that will provide value to customers and meet organizational objectives 4.Analyzing firm performance |
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Identifying and Evaluating Opportunities
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Monitoring the competitive environment for signals indicating a business opportunity:
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Geo-demographics
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Information describing the demographic profile of consumers in a particular geographic region.
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Product Research
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Designed to evaluate and develop new products and to learn how to adapt existing product lines.
Concept testing Product testing Brand-name evaluation Package testing |
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Pricing Research
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Involves finding the amount of monetary sacrifice that best represents the value customers perceive in a product after considering various market constraints.
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Distribution Research
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Studies aimed at selecting retail sites or warehouse locations in support of the distribution channel.
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Marketing Channel
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A network of interdependent institutions that perform the logistics necessary for consumption to occur.
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Supply Chain
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Another term for a channel of distribution, meaning the link between suppliers and customers.
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Total Value Management
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Trying to manage and monitor the entire process by which consumers receive benefits from a company.
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Performance-Monitoring Research
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Research that regularly, sometimes routinely, provides feedback for evaluation and control of marketing activity.
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Marketing Metrics
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Quantitative ways of monitoring and measuring marketing performance
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Communication Technologies
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Always “connected”—time, place, and distance are irrelevant.
Decreases in information acquisition, storage, access, and transmission costs. |
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Global Marketing Research
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Business research is increasingly global.
Cultural cross-validation Empirical findings from one culture also exist and behave similarly in another culture. |
