MKTG 460 Chapter Notes - Chapter 1,2: Marketing Mix, Data Analysis, Confirmation Bias
Document Summary
Marketing research: the process of gathering and interpreting data for use in developing, implementing, and monitoring the firm"s marketing plans. Basic function is to gather information that is needed to help managers make better decisions. Task of marketing: create exchanges with customers that satisfy the needs of both the customer and marketer. Managers focus efforts on the 4 p"s (marketing mix in one environment does not necessarily work in another ex. Goal is to develop marketing strategy that combines the marketing mix elements. Market research is firm"s formal communication link with the environment! Marketing research involved with all phases of the information management process: The interpretation of that information with respect to the objectives that motivated the study in the first place. 5 for figure of the environments affecting marketing . Planning: deals largely with determining which marketing opportunities are worthwhile and which are not.
