452 Midterm Review

452 Midterm Review - BMGT452-Mid Term Review Guide Fall...

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BMGT452-Mid Term Review Guide Fall 2010 1: Introduction: o What’s Marketing Research? o Definition: Marketing research is the planning, collection, and analysis of data relevant to marketing decision-making and the communication of results of this analysis to management. o Importance of Marketing Research 3 important functions: Descriptive function: what is happening right now? Diagnostic function: why is this happening? Predictive function: what will be happening in the future? o Different uses of Marketing Research Identifying and Evaluating Opportunities through market demand, competitive analysis, environmental studies, and market segment identification Planning and implementing the marketing mix through product research, pricing research, distribution research, and advertising and sales promotion research Analyzing marketing performance via sales, market share, customer satisfaction, customer loyalty, brand/product awareness, brand perceptions, and brand equity, product/store image, store awareness o Applied Research vs. Basic Research o Basic research = pure research; has the goal of expanding the frontier of knowledge o Different Types of Applied Research Programmatic: used to develop marketing options Selective: used to test decision alternatives/choose between options Evaluative: used to assess program performance o When to Conduct Marketing Research o When there is sufficient time and money available to carry out research o When pre-existing research and information isn’t adequate o When resulting decisions are very important to business strategy o When the value of information exceeds expected cost o When Research Findings are Adopted o Factors influencing usage: Research quality Clarity of presentation Conformity to prior expectations Political acceptability within the firm (fit with the firm’s cultural norms?) o Marketing Research Industry o Users and Suppliers Users Manufacturers, retailers and wholesalers, media companies, government, CEOs, marketing VPs, brand managers, new product managers, pricing managers, advertising managers, sales force managers Suppliers Internal research departments, syndicated research firms, custom research firms, limited function research firms o Current Trends $8.6 billion U.S. marketing research revenue in 2009 3.1% decrease since 2008 Qualitative research vendors decreased 7% 54% of marketing research revenues comes from markets outside the U.S.
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Top 5 research firms: Nielsen, IMS Health Inc, Kantar group, IRI, Westat Inc. o Skills Required for Marketing Research Career o Junior level Analytical skills Communication skills Teamwork spirit o Mid level Project management skill o High level Client development Team management skills o Marketing Research Ethics o Unethical practices—research suppliers Low-ball pricing Allowing subjectivity into the research Abusing respondents
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452 Midterm Review - BMGT452-Mid Term Review Guide Fall...

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