MKT 460 Exam 1 review - MKT 410: Final exam topic list 1....

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MKT 460 Exam 1 review What is marketing research? Obtaining and analyzing the information necessary to make marketing decisions Information is the link 1. Specifying information requirements 2. Collection of information 3. Analysis of data collected 4. Converting information into actions The marketing process: I. Situation analysis: business objective marketing objective 5 C’s: company, competition, customers, collaborators, climate (political, laws, social/cultural, economic, technology, demographic, trends) - Problem detection, monitoring competitive activity, monitoring the environment II. Strategy development STP: segmentation – identify customers needs, wants and benefits sought Target – evaluate segments. Who should we target? Positioning – communication. Where do we stand in the mind of our target market? - Which segment should we serve? - Are there unfulfilled niches in the categories we serve? - How will we compete in this market? How will we position ourselves? III. Program development - Product decisions: Product feature. New products – concepts, pretests, timing. Really new products – create new categories. - Pricing decisions: price gap relative to competitors? How should product price change over time? - Advertising and promotion decisions: allocation of budget between advertising and sales promotion. Level of spending. Media decisions, copy decisions. - Distribution (placement) decisions: choice of distribution channel and channel members. Location decisions – sales reps, warehouses IV. Evaluation - Feedback on performance of marketing program relative to measurable objectives Sales, market share, profits. Customer satisfaction, brand perception. Advertising recall, persuasion. Marketing Research Process (6-steps): I. Formulate the problem From decision problem (manager) to a research problem (researcher). Decision problem Research problem - What is the purpose of the study? To solve a problem? To identify an opportunity? II. Determine research design Exploratory research secondary data qualitative Descriptive research & causal research primary data quantitative - How much is already known? Can a hypothesis be formulated? What types of questions need to be answered? III. Design data collection method and forms Observation/survey? (open-ended or closed?) - Can existing data be used to advantage? What is to be measured and how? What is the source of the data? IV. Design sample and collect data Who? How? How many? Errors, validity, reliability - Who is the target population? Is a list of population elements available? How large should the sample be? V. Analyze and interpret the data Editing, coding, tabulation, identify relations - Who will handle the editing of the data? How will the data be coded? Who will supervise the coding? VI.
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This note was uploaded on 10/11/2011 for the course MKT 460 taught by Professor Staff during the Spring '08 term at University of Texas at Austin.

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MKT 460 Exam 1 review - MKT 410: Final exam topic list 1....

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