Chapter 1 outline

Chapter 1 outline - MGM 403 Chapter 1 THE ROLE OF MARKETING...

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MGM 403 Chapter 1 THE ROLE OF MARKETING RESEARCH IN MANAGEMENT DECISION MAKING I) Nature of Marketing - Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, & exchanging offerings that have value for customers, clients, partners, & society at large - To make the “right” decisions, management must have timely decision – making information = marketing research provides that information A) The Marketing Concept 1. To efficiently accomplish their goals, firms today have adopted marketing concept which requires: a) Consumer orientation – that firms strive to identify the people (or firms) most likely to buy their product (the target market) & to produce a good or offer a service that will meet the needs of target customers most effectively in the face of competition b) Goal orientation – a firm must be consumer-oriented only to the extent that it also accomplishes corporate goals c) Systems orientation – an organized whole – or a group of diverse units that form an integrated whole-functioning or operating in unison 2. Systems must be established to find out what consumers want and to identify market opportunities B) Opportunistic Nature of Marketing Research 1. The modern cinema environment provides advertisers with multiple opportunities to connect with consumers C) External Marketing Environment 1. The marketing mix must be altered because of changes in the environment in which 2. Managers can control the marketing mix, they cannot control elements in the external a) Marketing research = a key means for understanding the environment II) Marketing Research and Decision Making - Marketing research plays two key roles in the marketing system: 1 st – As part of the marketing intelligence feedback process, marketing research provides decision makers w/ data on the effectiveness of current marketing mix & offers insights into necessary changes
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2 nd – Marketing research is the primary tool for exploring new opportunities in
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Chapter 1 outline - MGM 403 Chapter 1 THE ROLE OF MARKETING...

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