Marketing Research & Decision Making
1. What do we sell? 2. How do consumers view our company? 3. What does our company/product mean? 4. What do consumers desire?
4 key questions that help provide answers to help understand
Experimentation
All of the following are examples of exploratory research techniques EXCEPT: 1. previous research 2. pilot studies 3. case studies 4. experimentation
1. idea and theory development 2. problem definition 3. gathering information 4. analyzing data 5. communicating the findings including potential implications
Important aspects of the marketing research process
Experiment
a carefully controlled study in which the researcher manipulates a proposed cause and observes an corresponding change in the proposed effect
Marketing concept
a central idea in modern marketing thinking that focuses on how the firm provides value to customers more than on the physical product or production process
Literature Review
a directed search of published works, including periodicals and books, that discuss theory and presents empirical results that are relevant to the topic at hand.
more objectively
a possible advantage of an outside research supplier over an in-house research department is that it may be possible for the outside supplier to conduct the project...
Research project
a single study that addresses one or a small number of research objectives
Dynamic Pricing
a systematic adjustment of prices with each transaction in an effort to optimally achieve the firm's margin objectives
Stakeholder Orientation
a way of doing business that recognizes that multiple parties are affected by firm decisions
Integrated Marketing Communication
all promotional efforts should be coordinated to communicate a consistent image
Supply chain
another term for a channel of distribution, meaning the link between suppliers and customers
Marketing Channel
network of interdependent institutions that perform the logistics necessary for consumption to occur
Research Program
numerous related studies that come together to address multiple, related research objectives
Prior knowledge/theroy -> discovery -> hypothesis -> observation/experimentation -> conclusions
order of Scientific Method
Marketing-Metrics
quantitative ways of monitoring and measuring marketing performance
Geo-demographics
refers to information describing the demographic profile of consumers in a particular geographic region
Performance-Monitoring Research
refers to research that regularly, sometimes routinely, provides feedback for evaluation and control of marketing activity
Applied Marketing Research
research conducted to address a specific marketing decision for a specific firm or organization
Basic Marketing Research
research conducted without a specific decision in mind that usually does not address the needs of a specific organization. It attempts to expand the limits of marketing knowledge in general and is not aimed at solving a particular pragmatic problem
Product testing
reveals a product prototype's strengths and weaknesses or determines whether a finished product performs better than competing brands or according to expectations
Marketing Research
the application of the scientific method in searching for the truth about marketing phenomena
Promotion
the communication function of the firm responsible for informing and persuading buyers
Marketing orientation
the corporate culture existing for firms adopting the marketing concept. It emphasizes customer orientation, long-term profitability over short-term profits, and a cross-functional perspective.
The Integrated Marketing Mix
the effects of various combinations of marketing-mix elements on important outcomes
Experimental Variable
the proposed cause which the researcher controls by manipulating its value in an experiment
Manipulation
the researcher alters the level of the experimental variable in specific increments
Market Intelligence
the subset of data and information that actually has some explanatory power enabling effective decisions to be made
Electronic data interchange (EDI)
the type of exchange that occurs when one company's computer system is integrated with another company's system
Scientific Method
the way researchers go about using knowledge and evidence to reach objective conclusions about the real world
Cultural cross-validation
to verify that the empirical findings from one culture also exist and behave similarly in another culture
Total Value Management
trying to manage and monitor the entire process by which consumers receive benefits from a company
Basic and Applied
two types of marketing research based on the specificity of its purpose
Exploratory Research
type of research being conducted to answer the question: "would this target market be interested in this type of new product?"
an outside agency may have local expertise allowing it to specialize in research in a foreign market
best reason for hiring an outside agency for the purpose of a company expanding internationally that has done an in-house research but doesn't have the capacity to conduct this type of research in other countries
Relationship marketing
communicates the idea that a major goal of marketing is to build long-term relationships with the customers contributing to their success
Information
data formatted to support decision making or define the relationship between two facts
Product oriented
describes a firm that prioritizes decision making in a way that emphasizes technical superiority in the product. Inputs from technicians and experts in the field are very important in decision making
Production oriented
describes a firm that prioritizes efficiency and effectiveness of the production process in making decisions. Inputs from engineers and accounting becomes important as firms seek to drive costs down
1. identifying and evaluating market opportunities 2. analyzing market segments and selecting target markets - determine which characteristics of market segments distinguish them from the overall market 3. planning and implementing a marketing mix that will provide value to customers and meet organizational objectives 4. analyzing firm performance
developing and implementing marketing strategy involves 4 stages
Forecast Analyst
employee who provides technical assistance such as running computer programs and manipulating data to generate a sales forecast
Concept testing
exposes potential customers to a new product idea to judge the acceptance and feasibility of the concept
Data
facts or recorded measures of certain phenomena
Customer orientation
firms create value for customers
1. has the consumer implicitly or explicitly consented to being traced? 2. does the tracking behavior violate any implicit or explicit contracts or agreements? 3. Can researchers enable users to know what information is available to data miners? 4. Do the benefits to consumers from tracking their behavior balance out with any potential invasion of their privacy?
four factors are relevant for considering the ethics of data gathered through means such as...
Sensing Systems
general term for combined hardware and software that automatically records phenomena
Researcher's need to select specific techniques for solving one-dimensional problems
identifying market segments, selecting the best packaging design, test-marketing a new product
Research
improving efficiency and facilitating profitability
Marketing-oriented firm
1. be customer oriented: describes a firm in which all decisions are made with a conscious awareness of their effect on the consumer 2. emphasize long-run profitability rather than short-term profits 3. adopt a cross-functional perspective, meaning that marketing is integrated across other business functions
Advantages of an outside agency
1. fresh perspective 2. more objectivity 3. special expertise 4. local expertise
Advantages of in-house research
1. quick turn-around 2. better collaboration with employees 3. cheaper costs 4. more secretive
Determination of the need for marketing research
1. time constraints 2. availability of data 3. the nature of the decision to be made 4. value of the research information in relation to costs
Promotion Research
investigates the effectiveness of advertising, premiums, coupons, sampling, discounts, public relations, and other sales promotions
Pricing
involves finding the amount of monetary sacrifice that best represents the value customers perceive in a product after considering various market constraints