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Unformatted text preview: Exam One Review • Chapter One o Marketing Research is the set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data to aid marketing decision makers. MR helps but does not replace decision making o 3 Roles of Marketing Research Identifying opportunities and constraints • Embrace the marketing concept o MC is an organizational philosophy that emphasizes determining the customers’ needs first and then coordinating all activities to satisfy those needs. • Understand the competitive environment Developing and implementing market strategies • To fully benefit from the uncovered opportunities a firm must develop a marketing strategy with an effective marketing mix. • MM = Product, Price, Placement, Promotion Evaluating the effectiveness of marketing plans • To succeed the firms must monitor market conditions, usually by obtaining feedback from customers • Marketing research helps with controlling • Control Function is an important component of the planning and decision- making process, and another area in which marketing research provides solutions. o 3 Principles of MR Attend to the timeliness and relevance of research Define objectives for research carefully and clearly Do not conduct research to support decisions already made o 4 Stages of Market Planning Process Situation analysis (SWOT) • Analyzes… • general environment o Political o Economic o Social changes/buying behavior o Technological developments o Environment o Legal • marketing characteristics • company’s position • consumer behavior Strategy development • 3 critical decisions o What business should we be in? o How will we compete? o What are the objectives? • After strategy phase, managers can move to the marketing program development and implementation phases. Marketing program development Implementation • Chapter 2 o Ethics: different professional marketing organizations have their own written codes of marketing research ethics: ESOMAR ICC o Ethical Issues Management Budget MR process Client confidentiality MR’s personal issues o Code of Ethics Principles of conduct governing the marketing research profession: Prohibits selling or fundraising under the guise of conducting research Avoiding misrepresentation and omission of pertinent research data Treating outside clients and suppliers fairly o Respondent Bill of Rights Privacy, including contact information, maintained Identity of research company and nature of the survey revealed No selling or donation solicitation under the...
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- Summer '10
- Marketing, researcher, secondary data