Exam One Review

Exam One Review - Exam One Review Chapter One o Marketing...

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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 companys 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 MRs 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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Exam One Review - Exam One Review Chapter One o Marketing...

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