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WSU MKTG 368 - Exam 1 Study Guide
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MKTG 368 1st EditionExam # 1 StudyGuideChapter 1 -What is Marketing Research?-Marketing Research: Is the function that links the consumer, and public tothe marketer through information. It is the application of the scientific method in searching for the truth about marketing phenomena. -Process includes:-Idea and theory development-Problem definition-Gathering information-Analyzing data-Communicating the findings and their implications -Applied Marketing Research vs. Basic Marketing Research-Applied: Research conducted to address a specific marketing decision for a specific firm or organization-Ex. Pasta noodles in Italian at McDonald’s-Basic: Research conducted without a specific decision in mind that usuallydoes not address the needs of a specific organization. Expand the limits of marketing knowledge in general and is not aimed towards solving a particular pragmatic problem -Marketing Research and Strategic Management Orientations-Product Orientation-Technical superiority-Production Orientation-production efficiency and effectiveness-Marketing Orientation-Marketing concept adaptation, culture-Customer orientation-Long-term profitability-Cross-functional perspectives-Customer Orientation- Long-Term profitability-Stakeholder Orientation -Four stages of Marketing Research in a firm’s strategic marketing management-Identifying and Evaluating Market Opportunities-Monitoring competitive environments and consumer needs- SWOT analysis - Opportunities vs. Threats- 3C analysis (Company, Competitor, Customer)- Porter’s 5 Forces analysis - supplier, buyer, substitute, new entry, within-industry rivalry-Analyzing and Selecting Target Markets-Target marketsi. Demographic segmentationii. Geographic seg.iii. Psychographic segiv. Behavioral seg. Segments should be measurable, accessible my channels, different in its response, durable, substantial (profitable)-Planning and Implementing a marketing mix that will provide value to customers and meet organizational objectives-Product Researchi. Concept testingii. Product testingiii. Brand-nameiv. Package-Pricing Research: Monetary sacrifice of the value customers under market constraints-Distribution Researchi. Market channelii. Supply chain-Promotion researchi. Advertisingii. Premiumsiii. Coupons etc., sampling, discounts, public relations, -Analyzing Firm Performance-Total Value Management: monitoring evaluative feedbacks of, and controlling marketing programs-Performance monitoring research-UPC-Marketing metrics- ROI associated with marketing activities -When is Marketing Research Needed?-Marketing research studies often investigate the effects of various combinations of marketing mix elements on the important outcomes like sales and brand image-Time Constraints: Sufficient time vs. time pressure-Availability of Data: Not immediately accessible but obtainable vs. data on hand but not obtainable-Nature of Decision: Strategic or tactical importance, little risk-Benefits vs. Costs: Value>cost, Value< cost Chapter 2 -Definitions among Data, Information, and Market Intelligence-Data: Facts or recorded measures of certain phenomena (things or events)-Information: Data formatted (structured) to support decision making or define the relationship between two facts-Market Intelligence: The subset of data and information that actually has explanatory power enabling effective decisions to be made. -Characteristics of Valuable Information-Relevance: How pertinent these particular facts are to the situation at hand. -When data is relevant a change in that fact is associated with a change in an Important outcome. -Completeness: Having the right amount of information-Quality: How accurately the data actually match reality-Timeliness: Data is not so old that it is irrelevant -What are the Decision Support Systems (DSS) and Customer Relationship Management (CRM)?-Decision Support Systems (DSS): A computer-based system that helps decision makersconfront problems through direct interaction with databases and systems- Database:A collection of raw data arranged logically and organized in a form that can be stored and processed by a computer- Data Warehousing: The process plowing important day-to-day operational data to be stored and organized for simplified access- Data Warehouse: The multitier computer storehouse of current and historical data- Data sources for DSS- Internal records- Proprietary marketing research- Salesperson Input- Behavioral Tracking- Web Tracking- Outside vendors and External distributors -Customer Relationship Management (CRM): Data relevant to the exchanges between the firm and its customers-Sources of Databases- Statistical databases- Numerical data for market analysis and forecasting- Geographical data bases combining with marketing variables- Financial databases- Financial data of competitors and customers: income statement and balance sheets- Video databases - Monitoring online advertising and “likes”Chapter 3 -Exploratory vs. Descriptive vs. Causal research-Exploratory: Conducted to clarify ambiguous situations or discover ideas that may be potential business opportunities-Does not provide conclusive evidence and required subsequent research-Descriptive: characteristic of objects, people, groups, organization, or environments-Who, what, where, when, why, and how questions-Does not provide direct evidence of causality-Diagnostic Analysis: Specifically trying to understand consumers feedbacks aboutattitudes towards the competing products-Causal: Conducted to identify cause and effect relationships-Causality vs. correlation-Three evidences of causal evidenceTemporal Sequence: The appropriate causal order of eventsConcomitant Variation: Concomitant variation (correlation)- two phenomena vary togetherNonspurious Association: An absence of alternative plausible explanationsoWhat is an Experiment?Experiments: A carefully controlled study in which the researcher manipulates a proposed cause and observes any corresponding change in the proposed effect.Experimental Variable: Represents the proposed cause and is controlled by the researcher by manipulationManipulation: The researcher alters the level of the variable in specific incrementsTest-market: Experiment in actual market conditions oStages in the Research ProcessDefining Research


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WSU MKTG 368 - Exam 1 Study Guide

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