EXAM 1 STUDY GUIDE STUDY GUIDE FOR CHAPTER ONE INTRODUCTION What is marketing Interacts with customers Where the money comes from generates profit Given various goals o Sales Profit growth trial o Survival of company depends on achieving these goals o Achieve by making long term customer relationships o Going to involve existing brands and new products Marketing Decisions o Analysis planning implementation o information comes from marketing research What is the Marketing Concept and what are its four elements Marketing Concept principles o Success depends on customer satisfaction o Profit not sales o Integrate strategies o Future orientation What is the defining characteristic of management Chance intuition evidence What is Marketing Management Brand Management o Principles are always exactly the same o Resources Brand manager needs to use budget in the most cost effective and efficient way to optimize profit Gives you a budget in dollars sometimes physical resources o Decision making problem solving Under uncertainty Marketing Management o Three ways to make decisions Chance sometimes determine the probability of success but success rate would be small Intuition gut feeling Evidence based decision making information What is a marketing strategy Marketing strategy o STP o Segmentation dividing it up o Targeting intended customers o Position position the brand 4 P s product price place promotion What is marketing research and what is its purpose The organizations formal communication link with the environment Through marketing research the organization gathers and interprets data from the environment for use in developing implementing and monitoring the firms marketing plans What are the ethical responsibilities of marketers and market researchers Marketing research ethics the principles values and standards of conduct followed by marketing researchers Good ethics is good business and virtually all marketing and public opinion research associations have developed codes of ethics to guide the behaviors of their members Two types of unethical research o Advocacy research research that is conducted to support a position rather than to find the truth about an issue o Sugging contacting people under the guise of marketing research when the real goal is to sell products or services STUDY GUIDE FOR CHAPTER TWO Research Question What is a symptom Effects from the root problem What are some of the most common symptoms in a marketing diagnosis 5 Declining sales slow growth changing buying patterns increasing competition and increasing sales expenditures What is a managerial problem and what is a managerial opportunity Problem a specific area identified where additional information is needed about the marketing environment A manager may face a situation that has obvious negative ramifications unexpected dec in sales Opportunity A situation with potentially positive results for the organization researchers have developed a new product with certain advantages over competing products How do marketers use models to help them define problems and potential solutions The problem formulation process 1 Meet with client to obtain management statement of problem opportunity background info management objectives for research and possible managerial actions to result from research 2 Clarify the problem opportunity Question managerial assumptions and gather additional info from managers and or others as needed Perform exploratory research as necessary 3 State the manager s decision problem Including source planned change or unplanned change in environment and type discovery strategy oriented 4 Develop full range of possible research problems that would address the managers decision problem 5 Select research problem s That best address the manager s decision problem based on an evaluation of likely costs and benefits of each possible research problem 6 Prepare and submit research request agreement To client Revise in consultation with client What is a research problem and what connects a managerial problem to a research problem Research problem A restatement of the decision problem in research terms It states specifically what research can be done to provide answers to the decision problem Connects them A research problem helps define the root problem facing the manager How do managers and researchers arrange the formal relationship when they work together Research proposal Lays out the proposed method of conducting the research provides the opportunity to make sure the researcher will provide info needed to address the decision maker s problem Research proposals are written in response to a request for proposal Issued by an organization that is seeking to choose a vendor to provide research services A document that describes the problem for which research is sought and that asks providers to offer proposals including cost estimates about ho STUDY GUIDE FOR CHAPTER THREE Exploratory Descriptive Causal Research What are the three main types of marketing research defined by their purpose Exploratory Descriptive and Casual What distinguishes these three types of research Descriptive Research Exploratory Research design in which the major emphasis is on gaining ideas and insights qualitative vs quantitative determining the frequency with which something occurs or the extent to which two variables covary cause and effect relationships research design in which the major emphasis is on research design in which the major emphasis is on determining Casual Research What are the main types of exploratory research Literature Search a search of popular press newspapers magazines trade literature academic literature or published statistics from research firms or governmental agencies for data or insight into the problem at hand interviews with people knowledgeable about the general o Quickest and least costly Depth Interviews subject being investigated o Can be very expensive o One respondent at a time o Structured steps Focus Groups an interview conducted among a small number of individuals simultaneously the interview relies more on group discussion than on directed questions to generate data o 8 12 people directed by a moderator o group interaction is key to note o want people to be as similar as possible o Disadvantages 1 if the moderator is biased then he will easily find evidence from the focus group that can support his view 2 overused Case Analyses intensive study of selected examples of the phenomenon of
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