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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.
