CLEP PRINCIPLES OF MARKETING CH 2 Flashcards

Terms Definitions
marketing research
planning, collecting, analyzing, and communicating information relevant to marketing decisions
primary marketing research activities
sit. analysis, strategy develop, mktg plan develop, monitoring performance plans
what does situation analysis examine?
*econ *tech *soci, legal & poli changes *existing & potential mkt size *mkt growth *buyer behavior *brand loyalty
questions that strategy development addresses
what business should I be in? how will we compete? what are the goals for the business?
what questions does Marketing Plan Development address?
*how the 4 P's can be best used *mkt segmenting *product differentiation *product positioning *trgt mkt selection
how is marketing plan performance monitored
collection of qualitative or quantitative info. may include sales, cust satisfaction, brand switching etc.
mktg research process yields
reliable and objective answers to specific marketing questions.
steps of the Mktg Research Process?
*define objective *determine type *determine approach *select data collection method *analyze results *report findings
research objective
the question to be answered and the information needed
mktg research types
exploratory: identify problems descriptive: inf about existing mkt conditions causal: identify cause & effect
2 research approaches in the mktg research process
qualitative: observation, in-depth interviews, focus groups - quantitative: experiments, questionnaires
data collection methods
mail, telephone, personal interviews
what does the research design specify?
the plan for collecting & analyzing data. identifies the nature of the data, the procedures, and the pop studied.
sampling
gathering data from a subgroup of the pop of interest. should reflect the characteristics of the whole pop.
what are probability samples?
samples of persons randomly selected from the population.
what are non-probability samples?
nonrandom samples
why does sample size matter?
larger samples yield more reliable results, but are more expensive than smaller samples.
what is Primary Data?
information collected specifically for the current research study.
what is Seondary Data?
information that has already been colected for reasons not directly related to the currrent study.
what is Survey Research?
a means of systematically acquiring info from individuals by communicating directly w/ them.
what is a Focus Group?
an in-person data collection procedure in which the inerviewer meets with five to ten persons at the same time.
what is Observation?
an unobtrusive data colleciton procedure where subjects behavior are observed w/out their knowledge.
what is the disadvantage of Observation?
the individuals' attitudes cannot be known from observing behavior exclusively.
what is Experimental Research?
a comp of the impact of mktg variables on individuals' responses in a controlled setting.
advantages of experimental research
advantage: indentifies cause/effect
what is Simulation?
a technique that utilizes computer-based programs to assess the impact of alternative marketing strategies.
how does simulation work?
mathe models simulate real world effects stemming from both the controllable and un controllable.
what are the advantages of simulation?
direct contact with the customer is unnecessary.
Mktg Information System (MIS)
system of pple, equip, & procedures to gather, sort, analyze, evaluate and dist info to mktg decision makers.
what is forecasting?
estimating the demand for a brand or product category based on either qualitative or quantitative techniques.
what are the qualitative techniques in forecasting?
*internal expert op *consult'g panels *scenario bldg
what are the quantitative forcasting methods?
analysis of hist trend data. mathe models that inc multi decision variables. multi regression anlysis
what term do short-term forecasts predict & how are they used?
predict sales for the next month or 1/4. used for production scheduling and evaluating the impact of short-term promotions.
how often & what do medium-term forecasts predict?
provide input to annual marketing plan review & revision. typically done anually.
how often are long-term forcasts made and how are they used?
every five years and play a significant role in strategic planning.
disadvantages of experimental research
disadvantage: high costs and artificial "laboratory" settings.
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