Entrepreneurship-Ch 10

factors affecting the value of a marketing information system

Data reliability, Data usefulness or understandability, Reporting system timeliness, Data relevancy, System cost

areas of market research

The company's major strengths and weaknesses Market profile, Current and best customers, Potential customers, Competition, Outside factors, Legal changes

market segmentation

The process of identifying a specific set of characteristics that differentiate one group of consumers from the rest through demographic variables and benefit variables

consumer behavior

The types and patterns of consumer characteristics including personal and psychological characteristics

social media marketing

The use of social networks, online communities, blogs, wikis, and other online collaborative media tools for marketing purposes.

convenience goods

consumers will want these foods and services but will not be willing to spend time shopping for them -staple goods, emergency goods, impulse goods (checkout counter)

determining who the customers are, what they want, and how they buy

current marketing research

promoting and distributing products according to marketing research findings

current sales analysis

creates value, enables customers, and encourages participation

effective social media

1. Current marketing research 2. Current sales analysis 3. Marketing information system 4. Sales forecasting 5. Evaluation

elements of the marketing plan

identifying and assessing deviations from marketing plans

evaluation

new goods

items that are unknown due to lack of advertising or are new products that take time to be understood

collecting, screening, analyzing, storing, retrieving, and disseminating marketing information on which to base plans, decisions, and actions

marketing information system

the process of determining a clear, comprehensive approach to the creation of customers

marketing plan

disadvantages of secondary data

outdated, lacks specificity, questionable validity

shopping goods

products consumers will take time to examine carefully and compare for quality and price

specialty goods

products or services consumers make a special effort to find and purchase

coordinating personal judgment with reliable market information

sales forecasting

surveys and experimentation

sources of primary data

marketing research

the gathering of information about a particular market followed by analysis of that information

unsatisfied needs that exist within a market

what do benefit variables identify

a geographic and demographic profile of the consumers and their purchasing potential

what do demographic variables determine

co-created, communities, customizable, choice

4 Cs of Marketing

1. Convenience goods 2. Shopping goods 3. Specialty goods 4.Unsought goods 5. New goods

5 major consumer goods classifications

market

A group of consumers (potential customers) who have purchasing power and unsatisfied needs.

demographic variables

Age, marital status, sex, occupation, income, and location

benefit variables

Convenience, cost, style, trends (depending on the nature of the particular new venture)

secondary data

Information that has already been compiled

primary data

Information that is gathered specifically for the research at hand

advantages of secondary data

Less expensive and available

unsought goods

items consumers do not currently need or seek-insurance, encyclopedias, cemetery plots