Senger - BUS 345 - 1.2

Senger - BUS 345 - 1.2 - week2 MLKDay 1 week3 chapters1and2

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1 MLK Day week 2
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2 chapters 1 and 2 next week: quiz, chapter 3 week 3
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3 agenda attendance form groups (4 groups of 3+) honomichl 50 discussion chapter 1 chapter 2
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4 agenda attendance form groups (4 groups of 3+) honomichl 50 discussion chapter 1 chapter 2
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5 agenda attendance form groups (4 groups of 3+) honomichl 50 discussion chapter 1 chapter 2
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6 agenda attendance form groups (4 groups of 3+) honomichl 50 discussion chapter 1 chapter 2
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7 Big Picture Chapter 1: Nature & Scope of  MR
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8 MR Basics How would you define Marketing Research? Set of techniques and principles for systematically  collecting, recording, analyzing and interpreting data that  can aid decision makers involved in marketing. Basic principles: Attend to the timeliness and relevance of research VW launched an SUV as the market was turning away Define objectives carefully and clearly Beer maker instituted consumer segmentation with no action Do not conduct research to support decisions already  made Sony MiniDisc – great in Japan, not in US because of iPod
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9 Role of MR in Decision Making Marketing plan – formal document which  specifies strategy, objectives, organizational  resources, implementation and  measurement. Marketing plan has 3 major components: Identifying marketing opportunities and constraints Marketing concept – philosophy that emphasizes consumer  needs Understanding competitive environment Developing and implementing marketing strategies Remember the 4 P’s? Evaluating effectiveness of marketing plans “I always knew I was wasting half of my advertising 
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10 Role of MR in Decision Making
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11 MR as a Decision Support  System Does MR make the final decisions? The power of MR is unlocked when data is  translated into information, which informs  decisions. From Art Nielsen (father of MR, 1923): Marketing research  brings democracy to the boardroom.  Consumers are  given a “vote” by their purchases or their  opinions/perceptions.
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This note was uploaded on 06/17/2011 for the course BUS 345 taught by Professor Matthewsenger during the Spring '11 term at St. Xavier.

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Senger - BUS 345 - 1.2 - week2 MLKDay 1 week3 chapters1and2

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