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Things I'm thinking I may need to know for the quizes and tests and all that jazz
marketing
meeting needs profitably
marketing (AMA defenition)
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
marketing concept
a business philosophy that holds that the key to achieving organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its target markets.
marketing strategy
consists of selecting a segment of the market as the company’s target market and designing the proper “mix” of product/service, price, promotion, and distribution system to meet the wants and needs of the consumers within the target market.
marketing research
the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem.
market research
a process used to define the size, location, and/or makeup for a product or service.
function of marketing research
to link the consumer to the marketer by providing information that can be used in making marketing decisions.
basic research
the aim of this is to expand our knowledge rather than to solve a specific problem.
applied research
research conducted to solve specific problems
marketing information system (MIS)
a structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.
marketing intelligence system
a set of procedures and sources used by managers to obtain everyday information about pertinent developments in the enviroment.
internal reports system
gathers information generated within a firm, including orders, billing, receivables, inventory level, stockouts, and so on.
marketing decision support system (DSS)
collected data that may be accessed and analyzed using tools and techniques that assist managers in decision making.
Charles Coolidge Parlin
the “Father of Marketing Research”, started the first continuous and organized research in 1911
client-side research
research that is conducted within an organization
DIY research
refers to forms conducting their own marketing research.
supply-side research
research that is conducted by an outside firm to fulfill a company’s marketing research needs.
agency or suppler
a firm that is engaged in supply-side marketing research.
two main categories firms in the research industry can be classified as
full-service supplier firms and limited-service supplier firms.
full-service supplier firms
have the capability to conduct the entire marketing research project for buyer firms.
limited-service supplier firms
specialize in one or at most a few marketing research activities.
frugging
fund raising under the guise of research
Transparency Initiative
launched in 2014 to encourage the routine disclosure of methods used in research information that is released to the public
National Do Not Call Registry
established in 2003, allows U.S. residents to registers their telephone numbers to be protected from receiving unsolicited telemarketing calls.
ethical conduct
Fair dealings with respondents, fair dealings with clients and subcontractors, maintaining research integrity, concern for society.
marketing research system
gathers information not gathered by the other MIS component subsystems
Step One: Establishing the need for marketing research
weighing the value that may be possibly obtained from conducting marketing research and having the information at hand with the cost of obtaining the information
why is marketing research not always the best solution?
If the information is already available, the timing is wrong to conduct marketing research, or the costs outweigh the value of marketing research
Step two: define the problem
the most important step, if the problem is not correctly defined, all that follows is wasted effort. At this stage a problem statement should be developed that summarizes the problem.
Step 3: Establish research objective
research objectives tell the researcher exactly what information needs to be gathered and analyzed to allow managers to make decisions related to the problem. Need to be clear because they will determine the methods used and the content of the measurement instrument.
step 4: determine research design
research design is referring to the research approach used to meet the research objectives.
Three widely recognized research designs are…
exploratory, descriptive, and casual
exploratory research
a form of casual, informal research that is undertaken to learn more about the research problem, learn terms and definitions, or identify research priorities. Conducted early to help clients determine research objectives.
descriptive research
research that describes the phenomena of interest
casual research
attempt to uncover what factor or factors cause some event. Ex. “will a change in our package size of our detergent cause a change in sales?” Achieved from a class of studies called “experiments”
Step 5: identify information types and sources
because research provides information to help solve problems, researchers must identify the types and sources of information they will use in this step. Two types of information are primary and secondary.
primary research
information collected specifically for the problem at hand
secondary research
information that is already collected - secondary information should always be sought first because it is cheaper and faster to collect.
step 6: determine methods of accessing data
data may be accessed through a variety of methods. Through observation of consumers, by monitoring information available online, by using surveys, or by using multiple methods.
Step 7: design data collection forms
involves designing the form for data collection. This could be a questionnaire, or a focus group guide. Questions must be phrased properly to generate answers that satisfy the research objectives. They must also be clear and unbiased.
step 8: determine the sample and plan size
in many cases, marketing research studies are undertaken to learn about populations by taking a sample of that population
population
consists of the entire group about which the researcher wishes to make inferences based on information provided by the sample data.
sample
a subset of the population
sample plans
describe how each sample element or unit is drawn from the total population
sample frame
list of the population elements or units
step 9: collect data
there can errors in this process
field research firms
companies that specialize in data collection
Step 10: analyze data
marketing researchers transfer data from the data collection forms and enter the data into software packages that aid them in analyzing the data. The objective is to use statistical tools to present data in a form that fulfills the research objective
Step 11: prepare and presenting the data
presenting the research in marketing research report. The report is essential because it is often the clients only record of the research project.
problems
situations calling for managers to make choices among decision alternatives
marketing opportunity
defined as a potentially favorable circumstance in which a company can perform sucessfully
symptoms
changes in the level of some key monitor that measures the achievement of and objective
situation analysis
a form of exploratory research undertaken to gather background information and data that may be helpful in properly defining the problem decision.
decision alternative
all marketing action that the manager thinks may resolve the problem
consequences
the results of marketing actions
assumptions
assertions that certain conditions exist or that certain reactions will take place if the considered alternatives are implemented.
information state
the quantity and quality of evidence a manager possesses for each of his or her assumptions
information gaps
discrepancies between the current information level and the desired level of information.
hypotheses
statements that are taken as true for the purpose of argument or investigation
construct
an abstract idea or concept composed of a set of attitudes or behaviors that are thought to be related.
variables
elements of a construct that can be measured or quantified
operational definition
a construct, such as intention to buy or satisfaction, in terms of the operations to be carried out for the construct to be measured empirically.
action standard
the predesignation of some quantity of a measured attribute or characteristic that must be achieved for a predetermined action to take place
the marketing research proposal
the contract that documents what the marketing researcher pledges to deliver as a result of the marketing research process.
Invitation To Bid (ITB) or Request For Proposal (RFP)
when a client first contacts a marketing research supplier to conduct research they will go through these processes as a proposal for working with the firm
