Midterm Review

Midterm Review - BMGT452 Midterm Review Introduction 1....

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Unformatted text preview: BMGT452 Midterm Review Introduction 1. Whats Marketing Research? a. Definition: the planning, collection, and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management b. Importance of Marketing Research b.i. Descriptive Function Describe what is happening now The gathering and presentation of statements of fact EX: what segments text most b.ii. Diagnostic Function Explain why it is happening The explanation of data or actions EX: decline in sales because of long lines b.iii. Predictive Function Predict what will be happening in the future Specification of how to use descriptive and diagnostic research to predict the results of a planned marketing decision EX: toy story 3 products will generate x amount of money c. Different uses of Marketing Research c.i. Identifying and Evaluating Opportunities Market demand Competitive analysis Environmental studies Market segment identification c.ii. Planning and Implementing the Marketing Mix Product Research c.ii..a. Concept Tests, Product Feature Design, Test Marketing Pricing Research c.ii..a. Price Sensitivity, Demand Elasticity Distribution Research c.ii..a. Retail Location Research, Shopper Habit Research, Number and Location of Sales Reps Advertising and Sales Promotion Research c.ii..a. Advertising Testing (pre- & post testing), Media Research, Sales Promotion Effectiveness Studies, Web Research c.iii. Analyzing Marketing Performance Sales, Market share Customer satisfaction, Customer loyalty Brand awareness, Brand perceptions, and Brand equity Product awareness, Product image Store awareness, Store image 2. Applied Research vs. Basic Research a. Basic Research: pure research a.i. Aimed at expanding the frontiers of knowledge rather than solving a specific, pragmatic problem b. Applied Research: solving real-life problem b.i. Programmatic: develop marketing options Market segmentation, Market opportunity analysis, Consumer attitude, Product usage b.ii. Selective: choose between options; test decision alternatives EXAMPLES: Testing concepts for new products, Advertising copy testing, Test marketing b.iii. Evaluative: assess the chosen option; assess program performances Includes tracking advertising recall, doing organizational image studies, and examining customer attitudes on a firms quality of service 3. When to Conduct Marketing Research a. 4. When Research Findings are Adopted a. Factors influencing whether manager uses research data: a.i. Research quality a.ii. Clarity of presentation a.iii. Conformity to prior expectations a.iv. Political acceptability within the firm Fit with firms cultural norms?...
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This note was uploaded on 12/15/2011 for the course BMGT 452 taught by Professor Staff during the Fall '08 term at Maryland.

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Midterm Review - BMGT452 Midterm Review Introduction 1....

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