Marketing Research: Chapter 1

Distribution Research

(JIT, Netflicks, Redbox, Geo-demographics for site location or health of the community, relationship marketing research for potential community partners). - marketing channels that will physically distribute products from a producer to a consumer

Production oriented

* least likely to focus on marketing research describes a firm that prioritizes efficiency and effectiveness of the production processes in making decisions - large quantities of products - emphasize efficiency and low cost - process research is important - mass markets required - internal focus

Product research

Designed to evaluate and develop new products and to learn how to adapt existing product lines. - Concept testing - Product testing - Brand-name evaluation - Package testing

Pricing Research

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

Relationship marketing

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

Scientific Method (Basic)

contributes to conclusion that over time contribute to the development of general laws about phenomena like price and value

Culturally cross validate

to verify that the empirical findings from one culture also exist and a behave similarly in another culture

When is marketing research needed?

1. Time: sufficient amount of time available before decision is made 2. Data availability: firm does not have aces to data but data can be obtained 3. Nature of decision: Decision is of considerable strategic or tactical importance 4. Benefits vs. costs: Potential value of research exceeds costs of conducting the research

Developing and implementing a marketing strategy involves 4 stages:

1. identifying and evaluating market opportunities 2. Analyzing market segments and selecting target markets 3. Planning and implementing a marketing mix that will provide value to customers and meet organizational objectives 4. analyzing firm performance

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

Customer oriented

Describes a firm in which all decision are made with a conscious awareness of their effect on the consumer

Product Oriented

Describes a firm that prioritizes decision making in a way that emphasizes technical superiority in the product - the goal is to make the best product possible - Technician Opinion Expert Opinion R&D Reverse Engineering Competitive Benchmarking - product research > - narrow or niche markets served - internal focus

Promotion Research

Investigates the effectiveness of advertising, premiums, coupons, sampling, discounts, public relations, and other sales promotions

Integrated marketing communication

Means that all promotional efforts (advertising, public relations, personal selling, event marketing, and so forth) should be coordinated to communicate a consistent image - ex: a change in price should represent the quality of the product

Marketing metrics (Analyzing marketing performance)

Quantitative ways of monitoring and measuring marketing performance.

Applied marketing research

Research conducted to address a specific marketing decision for a specific firm or organization - specific and claims to help a particular organization make better decision regarding the issue - identifies the best segments to approach with its new products - EX: coffee shop decide what other beverages could be profitably sold through its pod systems -Should McDonald's add Italian pasta dinners to its menu? - Wendy's fast food restaurant trying to determine if its new veggie burger will be successful. - PepsiCo deciding if it should launch 100% compostable bag sunchips

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 it is not aimed at solving a particular problem - test validity of a specific marketing theory or learn about a marketing phenomenon like social networking - retail atmosphere and how it influences emotions and behavior -Do consumers experience cognitive dissonance in low-involvement situations? What are the effects of music on consumption in a restaurant setting? What is the impact of noisy packaging on consumer willingness to rebuy?

Performance monitoring research (Analyzing marketing performance)

Research that regularly, sometimes routinely, provides feedback for evaluation and control of marketing activity. - Market-share analysis and sales analysis are the most common forms.

Marketing Research

The application of the scientific method in searching for the truth about marketing phenomena. These activities include defining marketing opportunities and problems, generating and evaluating marketing ideas, monitoring performance, and understanding the marketing process

Promotion

The communication function of the firm responsible for information and persuading buyers

Marketing orientation

The corporate culture existing for firms adopting the marketing concept. It emphasizes: 1. customer orientation 2. long term profitability over short term profits 3. cross functional perspective (marketing is integrated across other business functions ) --Consumer Desires for... Consumer Beliefs about... Consumer Attitudes towards... Consumer intentions... Long-term profitability (over short-term profits or sales) Cross-functional Involvement - external focus - emphasize customer takes and desires - customer research > - pepsi- cups environmentally friendly

Integrated marketing mix

The effects of various combinations of marketing mix elements on important outcomes like sales and image

Scientific method

The way researchers go about using knowledge and evidence to reach objective conclusions about eh real world - start with prior knowledge/ theory OR discovery/ idea generation 1. research/ questions/ hypothesis 2. Hypothesis testing (observation/examination) 3. Conclusions (new knowledge) 4. Then looking back to prior knowledge and the original theory (which will then be proven or modified.)

Total Value Management (Analyzing marketing performance)

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

Scientific Method (Applied)

ensures objectivity in gathering facts and testing creative ideas for alternative marketing strategies

Stakeholder orientation

recognizing that multiple parties are affected by firm decisions - employees, families, owners, society , consumers - external focus - emphasize a balance in satisfying all parties touched by organization - consumer research > - concern for public persona