Marketing Exam 1
Purpose of gathering marketing information
businesses need better information, not more - information leads to customer insights -unique customers insights lead to competitive advantage
what can marketers not control but must take into account?
buyer's characteristics
4 buyer's characteristics
cultural, social, personal, psychological
Types of marketing research
exploratory, descriptive, causal
Primary research techniques (tools)
focus groups, IDI, observational, survey, and experimental
What is primary vs secondary data?
secondary is data that is already collected by someone else that may be useful in what you are trying to find. saves a lot of time and resources -downside, might not be exactly what you are looking for primary - has a specific purpose (what is my objective?)
Consumer Buyers
Major factors influencing buyer behavior -buyer decision process and application -new product adoption process -adopter categorization
Business Buyers
Major forces buyer behavior -buyer decision process
What is quantitative research?
Numerical (stats)
competitive marketing intelligence techniques
-observing consumers -quizzing company's employees -monitoring internet buzz -=actively monitoring competitors' activities
Microenvironment Forces
Affect a company's ability to serve its customers (close to company) - The company, suppliers, marketing intermediaries, customer markets, competitors and publics
Macroenvironmental Factors
Broader forces that affect actors in the microenvironment (large societal forces) -demographic, economic, natural, technological, political, and cultural forces
sources of marketing information
Continuous types -Internal reports and decision support systems -Market intelligence (includes competitive marketing intelligence) Market research (not continuous) - project based has a beginning and an end focused on customers
Types of marketing research
Quantitative and qualitative
Consumer Relationship management
Use existing data on past customers etc to know what what promotions would work best on them
Big Data
machine (AI) can take a lot of data and then make suggestions to marketer based on data on a customer -big challenge is knowing when a line of privacy has been crossed vs what a customer would view as convenient and helpful
How do changes in the microenvironment and macroenvironment affect marketing decisions?
need top type of a small essay here
What is qualitative research?
nonnumerical (understanding a "why")
Consumers buy for what reason?
personal consumption
Importance of information in gaining customer insights about marketplace and customers
write small essay
