UB MGM 301 - marketing 301 test (15 pages)

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marketing 301 test



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marketing 301 test

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Pages:
15
School:
University at Buffalo, The State University of New York
Course:
Mgm 301 - Principles of Marketing
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Marketing Chapter 4 notes Customer Insight fresh marketing information based understandings of customers and the marketplace that become the basis for creating customer value engagement and relationships o o o Insights come from marketing info Customer insights used to develop competitive advantage Ex Pinterest popular because of unique customer insight people want to collect o organize and share things on the internet related to their interests and passionsNeeds and buying motives are not obvious usually can t tell you what they need and o why they buy Marketers must effectively manage marketing info from a wide range of sources Big Data o term big data refers to the huge and complex data sets generated by todays sophisticated information generation collection storage and analysis technologies consumers generate tons of info through their smartphones PCs and tablets via online browsing and blogging apps and social media interactions texting and video and geolocation data marketers are overloaded and overwhelmed with data 90 of all data in the world has been created in the past 2 years don t need more info need better data and make better use of data Marketing Information System MIS people and procedures dedicated to assessing info needs developing the needed info and helping decision makers to use the info to generate and validate actionable customers and market insights o the MIS begins and ends with users assessing their info needs and then delivering info o o and insights that meet those needs First it interacts with info uses to assess info needs Next it interacts with the marketing environment to develop needed info through internal company databases marketing intelligence activities and marketing research o Finally helps uses to analyze and use info to develop customer insights make marketing decisions and manage customer engagement relationships o MIS primarily serves the company s marketing and other managers may also provide info to external partners suppliers resellers marketing services agencies Ex Walmart their retail link system gives key suppliers access to info on buying patterns store inventory levels how many items they ve sold in 24 hrs etc Good MIS balances info that users would like to have against what they really need and what is feasible to offer Expensive Internal Data collections of consumer and market info obtained from data sources within the company network o Info can come from many sources furnished data on customer characteristics in store o o and online sales transactions and web and social media site visits Customer service keeps track of customer satisfaction or service problems Accounting dep detailed records of sales costs and cash flows o o o o o Operation production shipments inventories Sales force reseller reactions and competitor activities Marketing channel partners and provide data on sales transactions Pros Can be accessed more quickly and cheaply than other info sources Cons Often collected for other purposes info may be incomplete or wrong form for making marketing decisions Data ages quickly have to keep database current Info of a large company requires sophisticated equipment and techniques Competitive Market Intelligence systematic monitoring collection and analysis of publicly available info about consumers competitors and developments in the marketplace o Goal improve strategic decision making by understanding the consumer environment assessing and tracking competitor s actions and providing early warnings of o opportunities and threats Techniques range from observing consumers firsthand to quizzing the company s own employees benchmarking competitors products online research and monitoring social o o media buzz Can help gain insights into how consumers talk about and engage with their brands Send out teams of trained observers to mix and mingle personally with customers as o they use and talk about the company s products Also need to actively monitor competitors activities to gain early insights into competitor moves and strategies and to prepare quick response Marketing Research the systematic design collection analysis and reporting of data relevant to a specific marketing situation facing an organization o Whereas marketing intelligence involves actively scanning the general marketing environment marketing research involves more focused studies to gain customer o o insights related to specific marketing decisions Gives marketers insights into customer motivations purchase behavior and satisfaction Can help marketers assess market potential and market share or measure the o effectiveness of pricing product distribution and promotion activities 5 STEP APPROACH TO MARKET RESEARCH 1 2 3 4 5 Define the problem and Research Objectives Develop the Research Plan for Collecting Information Collecting Relevant Information Develop Findings Recommendations Evaluate Results Take Market Action Exploratory Research gathers preliminary info that will help define problems and suggest hypotheses provides idea about relatively vague problem What you do in early stages of market research not really sure what you re looking for but very open minded Observations watch consumers set up ways to mirror Depth interviews bring consumers in for interview very expensive not done often Focus group like depth interview but usually have about 10 consumers at a time good for getting ideas but not for representation Descriptive Research research to better describe marketing problems situations or markets such as the market potential for a product or the demographics and attitudes of consumers who buy the product Trying to find frequency that something occurs or extent of relationship between 2 factors very specific about info you want usually info to describe some characteristic of population Observations a lot more qualification personal observation Fischer Price has little kids test out toys more natural than survey automated observation IRI scanner panel data have databases of what people are buying how much they are paying Survey most common way can choose different methods most common is survey through mail even though low response rate 15 20 You don t know what info u have because not everyone responds Trying to describe specific population but typically can t do a census only gov can afford If cannot afford census take a subset of people chosen from population 2 key Factors Population and Sample Sample good sampling need to choose certain people


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