Chapter 8.class.notes

Chapter 8.class.notes - Chapter 8 Marketing Research...

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Chapter 8: Marketing Research: From (Customer) Insights to (Marketing Firm) Actions Some introductory Thoughts: Knowledge is an operant resource. Knowledge is the foundation of competitive advantage and economic growth and the primary source of wealth. Knowledge consists of propositional knowledge (e.g., which is abstract and generalized), and prescriptive knowledge, which is often referred to as techniques Knowledge is the primary source of wealth (yours’ or your firms’) People never see the same river twice. (Lesson: Things are constantly changing.) “In America, the young are always ready to give to those older than themselves the full benefits of their inexperience” – Oscar Wilde o (Lesson: Don’t get fooled by so-called leaders because of your youth and inexperience.) Marketing Research (Defined): A process that involves collecting and analyzing information relevant to a specific marketing problem or opportunity facing the firm. The marketing research process is conducted for two purposes: o First, to describe the problem or opportunity facing the firm more accurately. 1
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o Second, to develop effective prescriptive inferences regarding how the firm should strategically address the problem or opportunity through thoughtful, informed management of its marketing mix. This process is, in many ways, actually akin to going to the doctor when you have, say, a nasal infection. Generally, the firm that possesses superior information (and the marketing strategy, resource-based ability and managerial willingness to act decisively based on that information) is going to enjoy a significant and sustainable competitive advantage (SCAs) over other firms that are lacking in anyone of those areas. The sort of firm we just described will win, more often than not. Regarding SCA(s), three and only three ways exist through which SCAs (or differentiation) can be achieved. These involve: Achieving greater Customer Intimacy advantages - o To achieve customer intimacy a firm must know more about its customers than its competitors knows about its competitors o Examples of firms … Achieving Technological Advantage - 2
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o To earn technological advantage require knowing more about what customers want or need in the technological realm, and having the capability within the firm or through a partnering relationship with another firm to deliver it. o Examples of firms … Achieving Cost Based advantages – o To achieve cost-based advantages, firms must possess resource (perhaps access protected), technological advantages (perhaps patent protected) or enjoy supply chain or partnership or economy of scale advantages. o As a result of cost-based advantages, firms can actually lower their prices, or opt to keep prices at roughly the same level as competitors while reaping much larger profits than those competitor.
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