midterm review

This particular environment has greatly affected

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limit marketing actions. This particular environment has greatly affected marketing worldwide by increasing legislation that regulates business, increasing government agency enforcement and emphasizing ethically responsible companies. 9. The cultural environment consists of institutes and forces that affect a society’s preferences, values, perceptions and behaviors. Today there have been trends towards a distrust of institutions, increased patriotism, changed spiritualism, and an increased appreciation for nature. 10. Marketing is all about the way a company can for see shifts in the way people act, think and ultimately base buying decisions on. They can trace these by looking at trends in behaviors and ideas. They will try to build their product and marketing scheme around the ever changing wants of the people. Adaptation is a major part in marketing.
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Ch. 4 1. A primary reason as to why companies flourish is because of their competitive advantage. Marketers seek to analyze customer’s wants and needs in order to create competitive advantages to differentiate themselves from other companies. By creating customer insight teams, companies are able to discover better information about their customers 2. With marketing information systems, a company is able to assess the information collected about a customer’s insight for research. After, the company is then able to analyze and apply the information to create decisions to reflect the desires of the customers 3. In order to develop marketing information, marketers obtain their sources from internal data, marketing intelligence, and marketing research. Through internal data, a company can seek out opportunities and seize problems. From competitive marketing intelligence, a company is able to lawfully spy on its competitors through public sources. 4. Marketing research is the information and analysis used to understand a customer’s wants, purchase behaviors, and satisfactions. Through this research, a company is able to fulfill the needs of prospective and current buyers. 5. There are several aspects a company must study. When a problem arises, the marketing manager and researcher must set objectives. Exploratory research is used to gather initial info to better define a problem. With descriptive research, a company can describe certain issues more elaborately. Casual research will demonstrate the proposed hypothesis through a cause-and-effect relationship. 6. It is essential for a research plan to be realized in order to be considered for implementation. This plan should be presented in a written proposal with the collection of primary data (most important information) and secondary data (info collected for a different purpose). 7. In able to attain primary data, companies must strategize with deciding on the following research approaches. Observational research discerns a person’s lifestyle. Ethnographic research sends observers to interact with consumers in their natural state.
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This particular environment has greatly affected marketing...

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