UA MKT 473 - Exam 1 Study Guide (15 pages)

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Exam 1 Study Guide



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Exam 1 Study Guide

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Pages:
15
Type:
Study Guide
School:
University of Alabama
Course:
Mkt 473 - Marketing Research
Marketing Research Documents

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MKT473 Exam 1 Study Guide Lectures 1 2 3 5 6 Chapter 1 Marketing Concept Is a business philosophy based on consumer orientation goal orientation and systems orientation Consumer orientation The identification of and focus on the people or firms most likely to buy a product their target market and the production of a good or service that will meet their needs most effectively Goal orientation A focus on the accomplishment of corporate goals a limit set on consumer orientation Return on investment Systems orientation The creation of systems to monitor the external environment and deliver the desired marketing mix to the target market Marketing Mix The 4 P s Product Price Promotion Place 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 o Descriptive function The gathering and presentation of statements of facts Ex describing a process of how to open a package of bacon o Diagnostic function The explanation of data or actions Ex impact of sales with changing the bacon package o Predictive function Specification of how to use descriptive and diagnostic research to predict the results of a planned marketing decision Ex Take advantage of what the next thing is like low carb then Kraft came out with South Beach Diet products Two types of marketing research Applied vs Basic research o o Applied Research aimed at solving a specific pragmatic problem better understanding of the marketplace determination of why a strategy or tactic failed or reduction of uncertainty in management decision making Basic Research aimed at expanding the frontiers of knowledge rather than solving a specific pragmatic problem Applied can be o Programmatic research conducted to develop marketing options through market segmentation market opportunity analyses or consumer attitude and product usage studies o Selective Research used to test decision alternatives o Evaluative Research



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