MKT 460 Exam 1 review
What is marketing research?
Obtaining and analyzing the information necessary to make marketing decisions
Information is the link
Specifying information requirements
Collection of information
Analysis of data collected
Converting information into actions
The marketing process:
Situation analysis: business 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
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?
New products – concepts, pretests, timing.
Really new products – create new categories.
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.
decisions, copy decisions.
Distribution (placement) decisions:
choice of distribution channel and channel members.
Location decisions – sales reps, warehouses
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):
Formulate the problem
From decision problem (manager) to a research problem (researcher).
What is the
purpose of the study? To solve a problem? To identify an opportunity?
Determine research design
Descriptive research & causal research
How much is already known? Can a hypothesis be formulated? What types of questions need to be answered?
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?
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?
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?