Marketing Test 1- Chapter 1

marketing

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.

modern marketing thought

holds that firms should collaborate with and learn from consumers

crowdsourcing

the practice of obtaining services or ideas by asking for assistance from a large group of people, generally online communities.

a common contemporary practice

the marketing concept

a business philosophy that holds that 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 target markets.

marketing strategy

consists of 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.

marketing research

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

Marketing research AMA definition

the function that links the consumer, customer, and public to the marketer through information – information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve the understanding of marketing as a process

marketing or market research

Marketing research: a process used by businesses to collect, analyze, and interpret information used to make sound business decisions and successfully manage the business

Market research: a process used to define the size, location, and/or makeup of the market for a product or service

marketing research links

the consumer to the marketer by providing information that can be used in making marketing decisions

uses of marketing research

Identify marketing opportunities and problems

Generate, refine, and evaluate potential marketing actions

Monitor marketing performance

identfy market opportunities and problems

Some marketing research studies are designed to find out what consumers’ problems are and to assess the suitability of different proposed methods of resolving those problems.

generate, refine and evaluate potential marketing action

Selecting target markets

Product research

Pricing research

Promotion research

Distribution research

monitor marketing performance

Tracking data collected at point-of-sale terminals as consumer packages goods are scanned in grocery stores, mass-merchandisers, and convenience stores

Tracking social media

basic research

conducted to expand our knowledge rather than to solve a specific problem

applied research

conducted to solve specific problems

marketing research is sometimes wrong

Most marketing research studies are trying to understand and predict consumer behavior, which is a difficult task.

The 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.

Components of an MIS

•Internal Reports System

•Marketing Intelligence System

•Marketing Decision Support System (D S S)

•Marketing Research System

Marketing research system

It gathers information for a specific situation -- not gathered by the other MIS component subsystems.

Marketing research projects are not continuous -- they have a beginning and an end.

Marketing Decision support system

collected data that may be accessed and analyzed using tools and techniques that assist managers in decision making.