MKG 350 - Mayer Exam 1

Marketing (brief)

"meeting needs profitably"

2 basic types of descriptive research

- cross sectional studies - longitudinal

When research is NOT the best option

- info is already available - wrong timing - cost outweighs the value

Explore. methods

- secondary data analysis - experience surveys (key info technique) - case analysis - focus groups

Test markets

- standard - controlled - electronic - simulated

Uses of marketing research

1. Identify marketing opportunities and problems 2. Generate, refine, and evaluate potential marketing actions 3. Monitor marketing performance

Modern marketing

Thought holds that firms should collaborate with and learn from consumers.

Marketing concept

a business philosophy that holds that the key to achieving organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its chosen target markets

Symptom

a change in the level of a key monitor that measures the achievement of an objection or a perceived change in the behavior of a market factor that indicates an emerging opportunity

Problem statement

a concise description of the problem or opportunity that management is facing that requires research to make a decision

simulated test markets (STM)

a limited amount of data on consumer response to a new product is fed into a model containing certain assumptions regarding planned marketing programs which generates likely product sales volume

electronic test markets

a panel of customers agree to carry identification cards that are presented when buying goods and services.

experimental design

a procedure for devising an experimental setting such that a change in a dependent variable may be attributed solely to the change in an independent variable

Case Analysis & research type?

a review of available information about a former situation(s) that has some similarities to the current research problem exp

extraneous variables

all of the variables other than the independent variables that may have an effect on the dependent variable

Construct

an abstract idea or concept composed of a set of attitudes or behaviors that are thought to be related

Internal Validity

an experimental study is the extent to which the researcher is certain that a change in a dependent variable is actually due to the independent variable

10 of 11 step process

analyze data

9 of 11 step process

collect data

controlled test markets

conducted by outside research firms that guarantee distribution of the product through prespecified types and numbers of distributors

Marketing strategy

consists of selecting a segment of the market as the company's target market and designing the proper "mix" of the product/service, price, promotion, and distribution system to meet the wants and needs of the consumers within the target market.

2 types of panels

continuous and discontinuous

sample surveys

cross-sectional studies whose samples are drawn in such a way as to be representative of a specific population type of cross sectional

2 of 11 step process

define the problem

Marketing Intelligence System

defined as a set of procedures and sources used by managers to obtain everyday information about pertinent developments in the environment

Marketing decision support system

defined as collected data that may be accessed and analyzed using tools and techniques that assist managers in decision making

7 of 11 step process

design data collection forms

6 of 11 step process

determine methods of accessing data

4 of 11 step process

determine research design

8 of 11 step process

determine the sample plan and size

Information gaps

discrepancies btwn the current info level and the desired level of info at which the manager feels comfortable resolving the problem at hand

3 of 11 step process

establish research objectives

1 of 11 step process

establish the need for marketing research

Situation analysis

form of *exploratory research* undertaken to gather background information and data that may be helpful in properly defining the problem decision.

Exploratory is used for

gaining background information, to define terms, to clarify problems and hypotheses, and to establish research priorities

5 of 11 step process

identify information types and sources

research objectives

is a goal-oriented statement or question that specifies what information is needed to solve a problem

Marketing information system (MIS)

is a structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.

Cross sectional studies & research type?

measure units from a sample of the population at one point in time descriptive

standard test market

one in which the firm tests the product or marketing-mix variables through the company's normal distribution channels

11 of 11 step process

prepare and present the final research report

Experience Surveys & research type?

refer to gathering information from those to be knowledgeable on the issues relevant to the research problem exp

Market research

refers to applying marketing research to a specific market

external validity

refers to the extent that the relationship observed between the independent and dependent variables during the experiment is generalizable to the "real world."

Causality

relationship in which one or more variables affect one or more other variables

logitudinal studies

repeatedly measure the same sample units of a population over a period of time

Exploratory Research

research is unstructured, informal research that is undertaken to gain background information about the general nature of the research problem

Continuous panels

samples of respondents who agree to answer the same questions at periodic intervals

panels

samples of respondents who have agreed to provide information or answer questions at regular intervals

Secondary Data Analysis & research type?

searching for and interpreting existing information relevant to the research topic exp

Problems

situations calling for managers to make choices among deqcision alternatives

Focus Group & research type

small groups brought together and guided by a moderator through an unstructured, spontaneous discussion for the purpose of gaining information relevant to the research problem exp

Marketing (book def)

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

Crowdsourcing

the practice of obtaining services or ideas by asking for assistance from large groups of people, generally online communities

Marketing research

the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem

Information state

the quantity and quality of evidence a manager possesses for each of his or her assumptions

Experiment & research type?

type of study in which one or more independent variables are manipulated to see how one or more dependent variables are affected, while also controlling the effects of additional extraneous variables.

Descriptive Research

undertaken to collect data to examine the characteristics of consumers and/or markets should answer questions like: - who - what - where - when - how

Casual Research

used to measure causality in relationships, such as "if x, then y"

independent variable

variables over which the research has *control* and whites to manipulate

Dependent variables

variables that are measured in response to changes in independent variables

Discontinuous panels (omnibus panels)

vary questions from one panel measurement to the next