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?

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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

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