BUSML 4202 Study Guide - Midterm Guide: Toothpaste, Web Design, Response Bias
5 Oct 2018
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Old-time marketing- produce a product and convince people to buy it. Marketing today- understand the market and produce what people want. Descriptive role: gathering statements of fact: ex. Diagnostic/explanatory role: explaining the effects of the current marketing mix and identifying possible new courses of action: ex. Investigate what product changes could potentially be made to better suit a target segment. Predictive role: predicting the results of a planned marketing decision: use mr to predict the demand for a new product, find out whether product modifications will improve customer satisfaction. Situational factors (independent, uncontrollable: demand, competition, political, legal, economic climate, technology, resources. Marketing mix (independent, controllable: price, promotion, product, place/distribution. Behavioral response (dependent: awareness, knowledge, liking, preference, purchase. Performance measures (dependent: sales, market share, profit, roi, cash flow, earnings. If yes to all answers, conduct research, if no to any questions don"t conduct: right to choose, right to safety, right to be informed, right to privacy.
