Marketing 182 Quiz 1

Front 1

Marketing Concept and the 3 orientations associated with it.

Back 1

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.

Front 2

What is marketing research?

Back 2

The planning, collecting, and analysis of data for informed marketing decision making and the communication of the results of the analysis to management.

Front 3

3 functions of marketing research

Back 3

1.Descriptive – Gathering and presenting facts.
2.Diagnostic – Explanation of data and recommended action.
3.Predictive – Predict the results of a marketing decision.

Front 4

Problem vs. Symptom

Back 4

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.

Front 5

Research method (data collection method)

Back 5

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)