Chapter 13

Key Steps of Marketing Research

1. Define the problem or opportunity and determine the present situation 2. Collect research data 3. Analyze the research data 4. Choose the best solution and implement it

Consumer Decision Making Process

1. Problem Recognition 2. Information Search 3. Evaluate Alternatives 4. Purchase Decision 5. Post-purchase Evaluation

Focus Group

A group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues.

Brand name

A word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors.

Product

Any physical good, service, or idea that satisfies a want or need, plus anything that would enhance the product in the eyes of consumers, such as the brand name.

Promotion

Consists of all the techniques sellers use to inform people about and motivate them to buy their products or services. Includes advertising, personal selling, public relations, publicity, word of mouth, and various sales promotions.

Price

Depends on a number of factors and must consider the costs of producing, distributing, and promoting the product. Some businesses charge less to attract business while others offer high-quality products for which customers are willing to pay a higher price.

Mass marketing

Developing products and promotions to please large groups of people.

Demographic Segmentation

Dividing a market by age, income, education level, race, religion, or occupation.

Geographic Segmentation

Dividing a market by cities, counties, states, or regions.

Secondary data

Existing data; what marketers gather first to avoid incurring unnecessary expense.

Niche Marketing

Identifying small but profitable market segments and designing or finding products for them.

Marketing Research

Marketers analyze markets to determine opportunities and challenges, and to find the information they need to make good decisions. Helps identify what products customers have purchased in the past, and what changes have occurred to alter what they want now and what they're likely to want in the future.

The Four P;s of Marketing

Product, price, place, promotion

Target Marketing

Selecting which groups or segments an organization can serve profitably.

Psychographic Segmentation

Studying a group's values, attitudes, and interests

Relationship Marketing

Tends to lead away from mass production and toward custom-made goods and services.

Marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. The activities buyers and sellers perform to facilitate mutually satisfying exchanges.

Intermediaries

The middle links in a series of organizations that distribute goods from producers to consumers.

Marketing Segmentation

The process of dividing the total market into groups with similar characteristics

Primary data

The results of new studies. Is often gathered by conducting a survey or interviewing focus groups.