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Chapter 1MarketingThe process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectivesMarketing Mix:PriceProductPromotionPlaceMarketing 5 P’sProductPricePromotionPeopleMarketing 5 C’sCustomerCompanyCompetitionCollaboratorsContextMarketing ConceptA business philosophy based on consumer orientation, goal orientation, and systems orientationConsumer orientationThe identification of and focus on the people or firms most likely to buy a product and the production of a good or service that will meet their needs most effectivelyGoal OrientationA focus on the accomplishment of corporate goals, a limit set on consumer orientationSystems OrientationThe creation of systems to monitor the external environment and deliver the desired marketing mix to the target marketMarketing StrategyA plan to guide the long-term use of a firm’s resources based on its existing and projected internal capabilities and on projected changes in the external environment.Marketing Research-the planning, collection, and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management-3 functional rolesDescriptive FunctionGathering and presentation of statements of factDiagnostic FunctionThe explanation of data or actionsPredictive FunctionSpecification of how to use descriptive and diagnostic research to predict the results of a planned marketing decisionApplied Vs. Basic ResearchApplied ResearchResearch aimed at solving a specific, pragmatic problem. Better understanding of the market-place, determination of why a strategy or tactic failed, or reduction of uncertainty in management decision makingEx: What name should Toyota select for a new sedan? Should the price of DiGiorno frozen pizza be raised 40 cents?Basic Research(or pure research) research aimed at expanding the frontiers of knowledge rather than solving a specific, pragmatic problemused to validate an existing theory or learn more about a conceptex: test hypothesis about high-involvement decision making or consumer information processing.Ex: companies that do basic research are Microsoft, IBM, Xerox, and Hewlett-Packard.Programmatic Research vs. Selective vs. EvaluativeProgrammaticResearch conducted to develop marketing options through market segmentation, market opportunity analyses, or consumer attitude and product usage studiesSelectiveResearch used to test decision alternativesEx: testing concepts for new products, advertising copy testing, and test marketingEvaluativeResearch done to assess program performanceEx: includes tracking advertisement recall, doing organizational image studies, and examining customer attitudes on a firm’s quality of service.Extra info from book about marketing research:A tool for discovering opportunities in the marketplaceIdentified market leadersDetermined why specific brands are popularAscertained which market segments for new products are growing and which are decliningWho influences their (consumers) purchase decisionsChapter 2Producers of Goods and ServicesProctor & Gamble and American Airlines are the ultimate users of research data. Their primary business is sale of products and services.General Categories of Organizations Involved in Marketing ResearchOrganization:Consumer and Industrial goods and services producersFirms such as Kraft General Foods, Proctor & Gamble, Ford Motor,Media CompaniesAdvertising agencies such as J. Walter Thompson, Young & Rubican. Public relations companies such as Hill and Knowlton. Sales promotion firms such as Acosta.Syndicated Service FirmsMarketing research data gathering and reporting firms such as Nielsen, Arbitron, and Symphony IRI, which collect data of general interest to many firms but for no one firm in particular. Anyone can buy the data they collectOnline Tracking Firms:Companies like Nielsen, buzz metrics, on social media sites such as Twitter, along with blogs and discussion board. Buzz metrics collects information from 130 million blogs and 8,000 message boards. Firms like Clearspring and Rap Leaf, and Google’s Double Click gather information about a person’s online activities. This data is sold to firms to be used for targeted advertising.Custom Research Firms:Marketing research consulting firms such as Ipsos DSS Research, which do customized marketing research projects that address specific problems for individual clientsField Service Firms:Firms that collect data only, on a subcontract basis, for corporate marketing research departments, ad agency research departments, custom research firms, or syndicated research firms.Specialized Service FirmsFirms that provide specialized support services to the marketing research industry, such as SDR in Atlanta, which provides sophisticated quantitative analysis or SSI, which provides samples for marketing research suppliesOthersGovernment agencies, university research bureaus, individual university professors, and database providers.Structure of the Marketing Research Industry:Players in the Marketing Research IndustryFederal, state, and local governmentsMedia companiesManufacturersMarketing research suppliersMarketing research supplier service firmsResearch Suppliers:Custom Research firmsCustomized research projects that address specific problems for individual clientsMillward Brown, SMS, Lieborman ResearchSyndicated Research firms:Collect data of general interest and sell information to many clients/firmsNielson, Arbitron, Mintel, SRDS, GFK MRIField Service FirmsCompanies that only collect survey data for corporate clients or research firmsData collection specialistsResearch PanelA group of individuals who agree to participate in a series of research studies over time.Advantages?Users of Marketing ResearchExternal ClientsThe company’s vendorsStrategic partnership- an alliance formed by two or more firms with unique skills and resources to offer a new service for clients, provide strategic support for each firm, or in some other manner create mutual benefits.FranchisesInternal ClientsMarketing DepartmentLogistics/sales/advertising and promotion/new product development/brand managers/pricing committeeOther departmentsProduct engineers/finance/manufacturing/legal/human resources managementSenior ManagementLook for the danger signals when evaluating research suppliersMagic Techniques- exotic approaches. Revolutionary technology. Let

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KU JOUR 460 - Study Guide

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