MAR 4613 Brown Suter STUDY GUIDES CHAPTER ONE INTRODUCTION 1 What is marketing Marketing Business function Interface interact with customers stakeholders a b Profit generate sales 2 What is the Marketing Concept and what are its four elements Marketing Concept how marketing should operate should focus on customers Four elements a Customer orientation satisfy customer needs and wants b Profit not sales return on investment c d Future orientation future won t be same as present need to create future Integrate all elements of marketing mix 4 P s 3 What is the defining characteristic of management Decision makers uncertainty can t see future very well a Creative thinking devise original solution to problem b Critical thinking make choices from option Marketing decisions Target Market Segmentation Pricing Place Promotion Product 4 What is Marketing Management Marketing management is defined as the process of overseeing and planning new product development advertising promotions and sales An example of marketing management is creating an advertising plan and implementing that plan Tasks a Market Segmentation identify market opportunities b Product positioning develop marketing strategies 4 P s c New product development 5 What is a marketing strategy Marketing strategy the fundamental goal of increasing sales and achieving a sustainable competitive advantage Steps in Marketing Management Process a R market research b STP segmentation target positioning c MM marketing mix d e C control research again metrics performance monitioring I implementation 6 What is marketing research and what is its purpose Marketing research is the organization s formal communication link with the environment Purpose to uncover the truth about the topic of interest NOT to produce a result that the managers or researchers want to see 7 What are the ethical responsibilities of marketers and market researchers Marketing research ethics The principles values and standards of conduct followed by marketing researchers Marketing researchers must recognize that their jobs depend on the goodwill of the public Bad research that violates the trust of study participants will only make it more difficult and costly to recruit participants for data collection Even researchers who don t care about whether their actions are right or wrong ought to be concerned about such issues from a business perspective 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 KEY TERMS Marketing research is the organization s formal communication link with the environment Research process a general sequence of steps that can be followed when designing and conducting research Marketing research ethics The principles values and standards of conduct followed by marketing researchers Advocacy research Research that is conducted to support a position rather than to find the truth about an issue Sugging Contacting people under the guise of marketing research when the real goal is to sell products or services CHAPTER TWO Research Question 1 What is a symptom Symptom indicates that something needs attention 2 What are some of the most common symptoms in a marketing diagnosis Project model of what the problem could be a Declining sales b Changing buying patterns c d e Slow growth Increased competition Increased sale expenditures 3 What is a managerial problem and what is a managerial opportunity A marketing manager might face a situation that has obvious negative ramifications for the organization e g unexpected decreasing sales for an existing product These situations are normally thought of as problems Managerial problem define information needs On the other hand the marketing manager might face a situation with potentially positive results for the organization e g researchers have developed a new product with certain advantages over competing products Marketers must decide how to exploit these opportunities at all 4 How do marketers use models to help them define problems and potential solutions Projects what the problem could be using market monitoring and metrics Managerial problem define info needs research problem what information is needed to have manager change problem design study implement report results 5 What is a research problem and what connects a managerial problem to a research problem Research problem a restatement of the decision problem I research terms or what the information needs are to have manager change problem Gap between what is happening and what should be happening Gap between what is and what could be missing opportunity May need to Backward marketing problem connects managerial problem to research problem design new products Create dummy table 6 How do managers and researchers arrange the formal relationship when they work together Research request agreement Research proposal Request for Proposal RFP KEY TERMS Normal thinking A routine way of looking at a business situation Researchers should o er a new perspective on the situation if possible Decision problem The basic problem facing the manager for which marketing research is intended to provide answers Discovery oriented decision problem A decision problem that typically seeks to answer What or Why questions about a problem opportunity The focus is generally on generating useful information Strategy oriented decision problem aims more directly at making decisions A decision problem that typically seeks to answer How questions about a problem opportunity The focus is generally on selecting alternative courses of action Research problem A restatement of the decision problem in research terms Research request agreement A document prepared by the researcher after meeting with the decision maker that summarizes the problem and the information that is needed to address it Includes Background events that led to manager s decision problem Decision problem underlying question confronting manager Research problem range of research problems that would provide input to the decision problem Use the way the info will be used Population and subgroups groups from whom the info will be gathered Logistics estimates of time and money available to conduct research Research proposal A written statement that describes the marketing problem the purpose of the study and a detailed outline of the research methodology Request for proposal RFP A document that describes the
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