Marketing Quiz2 Outline - Intro to Marketing Quiz#2 Outline...

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Intro to Marketing Quiz #2 Outline Marketing Research Marketing Research : The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. i) Function i.A) Link the consumer, public, and marketer through information. i.B) Identify Opportunities i.C) Select/evaluate marketing decisions i.D) Monitor marketing performance i.E) Understand the marketing process ii) Role of Marketing Research ii.A) Clarify and resolve issues and help determine choices among decision alternatives present in each stage of the marketing planning process. I) 5-Step Marketing Research Process i) Define the Problem i.A) Set the Research Objectives (i.A.a) Specific, measurable goals the decision maker seeks to achieve in conducting the marketing research. (i.A.b) Clear purpose of the research that leads to marketing actions (i.A.c) Three types of marketing research: (Cont. III/i,ii,iii) (i.A.c.1) Exploratory Research (i.A.c.2) Descriptive Research (i.A.c.3) Causal Research i.B) Identify possible marketing actions (i.B.a) Develop specific measures of success (i.B.a.1) Criteria or standards used in evaluating proposed solutions to the problem. (i.B.b) Marketing research should be done if different outcomes will lead to different marketing actions based on measures of success. ii) Develop the Research Plan ii.A) Specify Constraints (ii.A.a) Constraints: restrictions placed on potential solutions to a problem. (ii.A.a.1) Ex) Time limit & money(budget) ii.B) Identify data needed for marketing actions (ii.B.a) Collecting important & relevant data that will help managers make a clear marketing action decision. (ii.B.b) Avoid collecting a lot of interesting but irrelevant data. ii.C) Determine how to collect data (ii.C.a) Concepts (ii.C.a.1) Ideas about products or services (ii.C.a.2) New-product concept: a picture or verbal description of a product or service the firm might offer for sale. (ii.C.b) Methods (ii.C.b.1) Approaches that can be used to collect data to solve all or part of a problem.
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(ii.C.b.2) Sampling Selecting a group of distributors, customers, or prospects, asking them questions, and treating their answers as typical of all those in whom they are interested. (ii.C.b.3) Statistical inference Generalize the results from the sample to much larger groups of distributors, customers, or prospects to help decide on marketing actions. iii) Collect Relevant Information iii.A) Secondary Data: Facts and figures already recorded before the project. (iii.A.a) Internal (iii.A.a.1) Marketing inputs: related to effort expended to make sales (iii.A.a.2) Marketing outcomes: related to the results of marketing efforts (iii.A.b) External (iii.A.b.1) Published data from outside the organization (iii.A.b.2) Syndicated panel – data that economically answer questions that require consistent data collection over time. Ex) Nielson (iii.A.b.3) The US Census Bureau (iii.A.c) Advantages (iii.A.c.1) Time saving (iii.A.c.2) Low cost (iii.A.c.3) Greater level of detail (iii.A.d) Disadvantages (iii.A.d.1) Out of date (iii.A.d.2)
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