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Marketing Research Exam 1

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What do managers want to do?Want to use their intuition- but worst thing you can do, don’t do itMake decisions by the numbers, ignore gut feelingMarket Metrics- numbers used to track how well we’re doing; research we overlook thisEvaluation- how you do on a testDiagnostics- figure out why you made a 70, the way you studiedManagement—decisions --researchLearning to be a smarter consumer of research resultsEvery time launch a new initiative, have to figure out projected sales, determine if you can get a significant return on your investmentData- information- knowledge=wisdomData= gather dataInfo=transform data into useful info that managers can use to make decisionsKnowledge=guidelines, how to use the infoInsight- didn’t have understanding, but now we doWisdom= global wisdom on what it isEthics are moral principles and values that govern the way an individual/ group conducts its activitiesMarketing research ethics= principles, values, and standards of conduct followed by marketing researchersAdvocacy research= conducted to support a position rather than to find the truth about an issue fraudulentSugging= contacting people under the guise of MR when the real goal is to sell products or servicesEx.) Coca-Cola wanted to increase sales through BK restaurants. Managers at BK were willing if they did test market indicating it would increase sales of value meals. First week, results were bad so Coke reps rigged the market test by giving $9000 in cash to kid’s clubs to be used to buy value meals—convinced BK to go forward with it & it failed.Chapter 2:3 Types of MR:Marketing Research Exam 1Chapter 1:Marketing Research Notes Marketing- evolving, changing over time, satisfaction becomes a key idea; create exchanges with customers that satisfy the needs of both the customer and the marketer; focus on the four P’s (product, price, placement, promotion)marketing concept= a philosophy of dong business a) customer orientation= focusing in their needs and wants, should be primary objective, deliver value better than your competitors, companies get in trouble because they abandonthis concept (customer Sentric, market sentric)b) profit not sales= people focus on top line (sales), but concept says to optimize your bottom line (profit); can always increase sales, but increasing profit is hard. c) integrate all elements of marketing mix= integrate four P's: price, product, promotion, placementd) future orientation = conditions are going to change-customers change. How do you reactto this? Change is hard. Have to adapt. Computer industry, fashion industry really good at adapting, others get blindsided by companies that have adapted to changeManagement← What do managers want to do?- Want to use their intuition- but worst thing you can do, don’t do it- Make decisions by the numbers, ignore gut feeling← Market Metrics- numbers used to track how well we’re doing; research we overlook this← Evaluation- how you do on a test← Diagnostics- figure out why you made a 70, the way you studied← Management—decisions --researchDecision-making (STP)- identifying target market and then positioning brand to those consumers-segmentation= subdividing a large market into segments based on needs, wants, or demand characteristics-targeting= targeting to a specific audience-positioning= how consumer views your brand compared to competitionPositioning-how consumer sees the brand compared to their competitorsProjective Test= word association is a prototype, people have hidden in their subconscious what they really think of stimuli, but not willing to reveal that to interviewer, or not able to express it, deliberately repressing, tapping the psyche directly -ambiguous stimulus -get down to unconscious mind, and reveal what's down there -sentence completion test, cartoon test, asked to draw pictures and tell stories about their drawingsWhat tools does manager use to position brand?-make decisions about the 4 P'sStrategy= ends(goals), means (resources available-$), ways (actual ways you're going to implement resources); starts with goals, then resources available, then how to implement themMarketing Research-organization’s formal communication link with the environment; organization gathers and interprets data from the environment for use in developing, implementing, and monitoring the firm’s marketing plans; Increasingly important as world moves to global economy;Three major categories of firms conduct MR:1. Producers of products and services- tracking customer satisfaction & usage patterns2. Ad agencies- help measure effectiveness of ad campaigns3. Marketing research companies-many companies specialize in conducting MR- Who? Any decision maker, political research, market researcherPurpose: management- Learning to be a smarter consumer of research resultsQ. What's the first step in mr process?A. Determine the purpose in doing the research/ define marketing problemReview: symptoms-->managerial problem/ opportunities--> strategic decision - Every time launch a new initiative, have to figure out projected sales, determine if you can get a significant return on your investment - Basic research- understand underlying phenomenon- Applied research- to solve our problem- Backward marketing research- dummy tables (pic in text3.3) if that's the info manager wants, then let's do this. If not there's a disjunction, there's a problem - techniques= size of sample, nature of survey, and other details Syndicated research- some firms provide this, collect certain info on a regular basis, which they then sell to interested clients. Not custom designed and collected for particular client, but sold to multiple clients.Ex. Nielsen Company (TV ratings), Arbitron (Radio Ratings)Data—Information—Action:- Data- information- knowledge=wisdomo Data= gather datao Info=transform data into useful info that managers can use to make decisionso Knowledge=guidelines, how to use the info  Insight- didn’t have understanding, but now we doo Wisdom= global wisdom on what it is What are the ethical responsibilities of marketers and market researchers?- Ethics are moral principles and values that govern the way an individual/ group conducts its activities- Marketing research ethics= principles, values, and standards of conduct followed by marketing researchers- Advocacy research= conducted to support a position rather than to find the truth about an issue fraudulent- Sugging= contacting people under the


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