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Managerial Accounting: The Cornerstone of Business Decision-Making
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Chapter 10 / Exercise 10-42
Managerial Accounting: The Cornerstone of Business Decision-Making
Hansen/Mowen
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MKTG2113: Marketing Insights Notes WK1 Lecture 1: Overview of the Research Process What is marketing & the marketing concept? Marketing is a human activity directed at satisfying needs and wants through exchange processes (P.Kotler) The marketing concept is a management attitude in which management dedicates all the efforts of the organisation to understanding the needs and wants of customers, orienting the entire organisation to delivering product and/or service satisfaction better and more effectively than competitors (P.Kotler) Central Idea Consumers have needs and wants Collectively unique … can be grouped into different target markets and segments based n needs, wants trade-offs and choices. Needs change … future needs have to be identified and predicted to maintain customer relationships Therefore we need research to generate… INSIGHTS o A new understanding (in behaviour, belief, need) that inspires/informs thinking ideas and (marketing) decision making. o Reveals something unknown (The Why?... why was an apple product purchased?) o Requires in-depth observation o Robust; supported with evidence o Is not data only, surface observation or obvious. Why organisations need to be insight-driven? Increasingly competitive/dynamic environments/markets We are already living in a disruptive/sharing era Technology advancement Staying in touch with their customers, attracting new customers Developing user/consumer insights-led marketing strategy is crucial Data is everywhere… it is how & where we tap into and use it that matters and always changing Within the digital space o Web Search Data, E-commerce transactions, social media posts and mobile/apps/Bluetooth/Wi-Fi data. The MR industry’s response to a “disruptive” era Challenges/changes how & where we search, gather, store and analyse vast amount of data BIG/small data o What are people doing? o And, why? Hence, there’s a continuing role/demand for researchers using both established/new MR tools to deal with BIG/small data to generate INSIGHTS- core of marketing research. What the MR Industry needs…your passionate curiosity o Soft Skills: interpersonal, story-telling, interpreting, management skills
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Managerial Accounting: The Cornerstone of Business Decision-Making
The document you are viewing contains questions related to this textbook.
Chapter 10 / Exercise 10-42
Managerial Accounting: The Cornerstone of Business Decision-Making
Hansen/Mowen
Expert Verified
o Hard skills: data crunching and analytical, using SPSS, excel, Q, R or similar software What is market (& social) research? According to the Australian Market & Social Research Society (AMSRS): o “Means the systematic investigation of the behaviour, needs, attitudes, opinions, motivations or other characteristics of a whole population or a particular part of a population, in order to provide objective, accurate and timely information to clients (government, commercial and not-for-profit organisations) about issues relevant to their activities, to support their decision-making processes.

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