Marketing Research- Ch.1: The Role of Marketing Research

Production orientation

- An orientation that describes a firm which prioritizes efficiency and effectiveness of the production processes in making decisions. - qualities include: 1. Internal Focus. 2. Emphasis on efficiency and low costs. 3. Process research is important. 4. Mass markets often required for success.

Product orientation

- An orientation that describes a firm which prioritizes making a decision in a way that emphasizes technical superiority in the product. - qualities include: 1. Internal Focus. 2. Emphasis of product superiority. 3. Product research is critical. 4. Narrow or even niche markets served.

Stakeholder orientation

- An orientation that recognizes that multiple parties are affected by their firm's decisions. - qualities include: 1. External Focus. 2. Emphasis on a balance in satisfying all parties Touch by organization. 3. Consumer research important. 4. Selection of segments served balanced with great concern for public persona.

Marketing orientation

- The corporate culture existing for firms adopting the marketing concept, which emphasizes customer orientation, long-term profitability over short-term profits, and a cross functional perspective. - qualities include: 1. External Focus. 2. Emphasis on customer tastes and desires. 3. Customer research is essential. 4. Identifiable market segments matched with unique product.

What are the four stages of developing and implementing a marketing strategy?

1. Identifying and evaluating Market opportunities. 2. Analyzing market segments and selecting target markets. 3. Planning & implementing a marketing mix that will provide value to customers, meeting organizational objectives. 4. Analyzing foreign performance.

Marketing channel

A network of interdependent institutions that perform the logistics necessary for consumption to occur.

Marketing concept

A central idea in modern marketing thinking that focuses on how the firm provides value to customers and more than on the physical product or production process.

Integrated marketing communication

All promotional efforts (Advertising, PR, Personal Selling, Event Marketing) should be coordinated to communicate a consistent image.

Customer orientation

An orientation which describes a firm in which all decisions are made with the conscious awareness of their effect on the consumer.

Supply chain

Another term for channel distribution, meaning the link between suppliers and customers.

Relationship marketing

Communicates the idea that a major goal of marketing is to build long-term relationships with the customers contributing to their success.

Geo-demographics

Information ― used when analyzing / selecting target markets ― describing the demographic profile of consumers and particular geographic region.

Pricing

Involves finding the amount of monetary sacrifice that best represents the value customers perceive in a product after considering various Market constraints.

Basic marketing research

Marketing research that doesn't address the needs of a specific organization and doesn't typically address a specific business decision.

Applied marketing research

Marketing research that is conducted to address a specific marketing decision for a specific firm or organization.

Promotion research

Research that investigates the effectiveness of advertising, premiums, coupons, sampling, discounts, public relations, and other sales promotions.

Performance-monitoring research

Research that regularly, sometimes routinely, provides feedback for evaluation and control of marketing activity.

Monitoring the environment

Scanning the business environment for signals indicating a business opportunity. (Identifying and Evaluating market opportunities)

Promotion

The communication function of the firm responsible for informing and persuading buyers.

Integrated marketing mix

The effects of various combinations of marketing mix elements on important outcomes.

Scientific method

The way researchers go about using knowledge and evidence to reach objective conclusions about the real world.

Total value management

Trying to manage and monitor the entire process by which consumers receive benefits from a company.

Online sentiment analysis

Using data indicating the turtle positive or negative mentions of a brand on the internet to assess and understand the strength of the brand.