Marketing Research & Decision Making

1. What do we sell? 2. How do consumers view our company? 3. What does our company/product mean? 4. What do consumers desire?

4 key questions that help provide answers to help understand

Experimentation

All of the following are examples of exploratory research techniques EXCEPT: 1. previous research 2. pilot studies 3. case studies 4. experimentation

1. idea and theory development 2. problem definition 3. gathering information 4. analyzing data 5. communicating the findings including potential implications

Important aspects of the marketing research process

Experiment

a carefully controlled study in which the researcher manipulates a proposed cause and observes an corresponding change in the proposed effect

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

Literature Review

a directed search of published works, including periodicals and books, that discuss theory and presents empirical results that are relevant to the topic at hand.

more objectively

a possible advantage of an outside research supplier over an in-house research department is that it may be possible for the outside supplier to conduct the project...

Research project

a single study that addresses one or a small number of research objectives

Dynamic Pricing

a systematic adjustment of prices with each transaction in an effort to optimally achieve the firm's margin objectives

Stakeholder Orientation

a way of doing business that recognizes that multiple parties are affected by firm decisions

Integrated Marketing Communication

all promotional efforts should be coordinated to communicate a consistent image

Supply chain

another term for a channel of distribution, meaning the link between suppliers and customers

Marketing Channel

network of interdependent institutions that perform the logistics necessary for consumption to occur

Research Program

numerous related studies that come together to address multiple, related research objectives

Prior knowledge/theroy -> discovery -> hypothesis -> observation/experimentation -> conclusions

order of Scientific Method

Marketing-Metrics

quantitative ways of monitoring and measuring marketing performance

Geo-demographics

refers to information describing the demographic profile of consumers in a particular geographic region

Performance-Monitoring Research

refers to research that regularly, sometimes routinely, provides feedback for evaluation and control of marketing activity

Applied Marketing Research

research conducted to address a specific marketing decision for a specific firm or organization

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 is not aimed at solving a particular pragmatic problem

Product testing

reveals a product prototype's strengths and weaknesses or determines whether a finished product performs better than competing brands or according to expectations

Marketing Research

the application of the scientific method in searching for the truth about marketing phenomena

Promotion

the communication function of the firm responsible for informing and persuading buyers

Marketing orientation

the corporate culture existing for firms adopting the marketing concept. It emphasizes customer orientation, long-term profitability over short-term profits, and a cross-functional perspective.

The Integrated Marketing Mix

the effects of various combinations of marketing-mix elements on important outcomes

Experimental Variable

the proposed cause which the researcher controls by manipulating its value in an experiment

Manipulation

the researcher alters the level of the experimental variable in specific increments

Market Intelligence

the subset of data and information that actually has some explanatory power enabling effective decisions to be made

Electronic data interchange (EDI)

the type of exchange that occurs when one company's computer system is integrated with another company's system

Scientific Method

the way researchers go about using knowledge and evidence to reach objective conclusions about the real world

Cultural cross-validation

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

Total Value Management

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

Basic and Applied

two types of marketing research based on the specificity of its purpose

Exploratory Research

type of research being conducted to answer the question: "would this target market be interested in this type of new product?"

an outside agency may have local expertise allowing it to specialize in research in a foreign market

best reason for hiring an outside agency for the purpose of a company expanding internationally that has done an in-house research but doesn't have the capacity to conduct this type of research in other countries

Relationship marketing

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

Information

data formatted to support decision making or define the relationship between two facts

Product oriented

describes a firm that prioritizes decision making in a way that emphasizes technical superiority in the product. Inputs from technicians and experts in the field are very important in decision making

Production oriented

describes a firm that prioritizes efficiency and effectiveness of the production process in making decisions. Inputs from engineers and accounting becomes important as firms seek to drive costs down

1. identifying and evaluating market opportunities 2. analyzing market segments and selecting target markets - determine which characteristics of market segments distinguish them from the overall market 3. planning and implementing a marketing mix that will provide value to customers and meet organizational objectives 4. analyzing firm performance

developing and implementing marketing strategy involves 4 stages

Forecast Analyst

employee who provides technical assistance such as running computer programs and manipulating data to generate a sales forecast

Concept testing

exposes potential customers to a new product idea to judge the acceptance and feasibility of the concept

Data

facts or recorded measures of certain phenomena

Customer orientation

firms create value for customers

1. has the consumer implicitly or explicitly consented to being traced? 2. does the tracking behavior violate any implicit or explicit contracts or agreements? 3. Can researchers enable users to know what information is available to data miners? 4. Do the benefits to consumers from tracking their behavior balance out with any potential invasion of their privacy?

four factors are relevant for considering the ethics of data gathered through means such as...

Sensing Systems

general term for combined hardware and software that automatically records phenomena

Researcher's need to select specific techniques for solving one-dimensional problems

identifying market segments, selecting the best packaging design, test-marketing a new product

Research

improving efficiency and facilitating profitability

Marketing-oriented firm

1. be customer oriented: describes a firm in which all decisions are made with a conscious awareness of their effect on the consumer 2. emphasize long-run profitability rather than short-term profits 3. adopt a cross-functional perspective, meaning that marketing is integrated across other business functions

Advantages of an outside agency

1. fresh perspective 2. more objectivity 3. special expertise 4. local expertise

Advantages of in-house research

1. quick turn-around 2. better collaboration with employees 3. cheaper costs 4. more secretive

Determination of the need for marketing research

1. time constraints 2. availability of data 3. the nature of the decision to be made 4. value of the research information in relation to costs

Promotion Research

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

Pricing

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