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Lecture 6

ADM2320 Lecture 6: Untitled6

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Gurprit Kindra

—> Focus on the attributes that are most important, Vary by target market iii. Benefits and Symbolism – e.g. Ralph Lauren polo player iv. Competition – e.g. head to head, differentiation —> Position against a specific competitor —> Position against an entire product classification v. Market Leadership – e.g. leadership position within an industry Perceptual Maps: ——————————————————————————-> Repositioning: —> Repositioning is a strategy in which marketers change a brand’s focus to target new markets or realign the brand’s core emphasis with changing market preferences. e.g, Geographic segmentation is most useful for companies whose products satisfy needs that vary by __________. A) gender B) region C) age D) nationality e.g, Which of the following products is most likely to use an undifferentiated segmentation strategy? A) shoes B) jewellery C) cereal D) flour e.g, Positioning strategies generally focus on either how the product or service affects the consumer or how it is _______________. A) better than the previous year’s product line B) advertised on the Internet C) better than competitors’ products and services D) positioned relative to the company mission statement Chapter 7 Marketing Research: Marketing research = Consists of a set of techniques and principles for systematically collecting, recording, analyzing and interpreting data that can aid decision makers —> involved in marketing goods, services or ideas The marketing research process: Step 1: Define the research problem & objectives —> Helps to know what you are looking for! —> Objectives guide the entire process and helps to keep the scope of the project What information is needed to answer specific research questions? How should that information be obtained? Step 2: design the research plan —> Project objectives drive the type of data needed Identify —> type of data needed (secondary and/or primary data) Determine -> type of research necessary to collect the data (exploratory and/or conclusive (descriptive or causal)) Spells out: a. the specific research approaches (observation, survey, and experiment) b. contact methods (mail, telephone, in person, and online) c. sampling plans (sampling unit, sample size, and sampling procedure) d. instruments to gather data (questionnaire) Step 3: Collect data a. Secondary Data = Pieces of information that have been collected prior to the start of the focal project b. Primary Data = Data collected to address specific research needs Step 4: analyze data & develop insights —> Converting data into information to describe, explain, predict and/or evaluate a particular situation. Step 5: present action plan a. PREPARE the results —> Executive summary, Body of the report (objectives, methodology, findings), Conclusions/Recommendations, Supplemental tables/appendices b. PRESENT the results —> Short & to the point, Interesting & appropriate to style of audience, No technical jargon!, Recommendations
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