Lecture 02 - January 22nd.docx

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2320A/B
Professor
Hooymeyer
Semester
Winter

Description
Marketing: Lecture Two – January 22 nd Marketing Attract customers by promising superior value Build long term relationships with customers by providing things that aren’t shitty Core concepts Customers have needs, wants and demands You can offer products, services, information and experiences Customers seek value and satisfaction Markets involve the exchange of things and relationships Markets are made of potential customers Integrated marketing plan Marketing mix: product, price, place, promotion Marketing program: marketing activity that something or other Customer relationships management system Corporate software system that collects and organises customer data and provides information tools: marketing mangers Customer service representatives Sales representative CRM systems attempt to capture information on something Who is responsible for developing marketing research info? MIS (marketing info system): every person or thing involved in collecting, analysing and presenting data for marketing decision Internal: mis department (in house) External: mis e.g. marketing research companies (can be hired or you can buy their research/databases Developing marketing info Internal data- micro environment The collection of information that the company departments/suppliers/re-sellers can supply (Accounting costs, production capacity, marketing/buyer behaviour, sales/competitive actions EDI (electronic data interchange) DM (buy from Dell – what does Dell know about you? Meet yourself) Marketing intelligence – macro environment Systematic collection and analysis of publicly available data (secondary data) Formal (e.g. national statistics, industry watch dogs, internet, financial statements & press releases) Informal (e.g. garbage search, chats, etc.) Marketing research defined Marketing research: systematic design, collection, analysis and reporting of data on a specific marketing situation facing the company Collect primary data: first-hand data collected for a specific research purpose Aimed at satisfying customers to gain their loyalty (repeat buying) Approaches of marketing research Qualitative: Types – exploratory/descriptive/experimental Character – mainly verbal, unit sampling, vertical investigation (answers why, who, how) Tools: participant observer, in-depth interviews, focus groups (group discussion), mini groups, ethnography Quantitative: Type – casual (cause-effect), hypothesis testing/descriptive/experiment Characte
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