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Lecture 1

MK 370 Lecture 1: The Role of Marketing Research in Management Decision Making

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Department
Marketing
Course Code
MK 370
Professor
Chowdhury

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Anisha Manglani
MK370*03
Chapter 1: The Role of Marketing Research in Management Decision Making
August 26, 2014
Marketing (creating, communicating, and delivering value to customers; managing customer
relationships in ways that benefit the organization and its stakeholders).
Customer centrucity.
Marketing Strategy (selecting a segment of the market as the company’s target market and
designing the proper “mix” of the product/service, price, promotion, and distribution system to
meet the wants and needs of the consumers within the target market).
“How do you market?”
Marketing Research (the planning, collection, and analysis of data relevant to marketing
decision-making and the communication of the results of this analysis to management).
Collecting data to make sense of it.
Three Critical Roles:
oDescriptive (what; the gathering and presenting of statements of fact.
Starbucks doesn’t make chocolate bars.
oDiagnostic (why; the explanation of data or actions).
It is a very health-oriented society.
oPredictive (what can be done; the specification of how to use descriptive and
diagnostic research to predict the results of a planned marketing decision).
Starbucks may introduce some chocolate bars during the holidays.
Types of Research Studies
Applied (aimed at solving a specific pragmatic problem such as better understanding of
the marketplace, determining why a strategy or tactic failed, or reduction of uncertainty
in management decision making).
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put a 3-day hold on a check I deposit? 30% switch over the last 6 months.
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Description
Anisha Manglani MK370*03 Chapter 1: The Role of Marketing Research in Management Decision Making August 26, 2014 Marketing (creating, communicating, and delivering value to customers; managing customer relationships in ways that benefit the organization and its stakeholders). • Customer centrucity. Marketing Strategy (selecting a segment of the market as the company’s target market and designing the proper “mix” of the product/service, price, promotion, and distribution system to meet the wants and needs of the consumers within the target market). • “How do you market?” Marketing Research (the planning, collection, and analysis of data relevant to marketing decision-making and the communication of the results of this analysis to management). • Collecting data to make sense of it. • Three Critical Roles: o Descriptive (what; the gathering and presenting of statements of fact. ▪ Starbucks doesn’t make chocolate bars. o Diagnostic (why; the explanation of data or actions). ▪ It is a very health-oriented society. o Predictive (what can be done; the specification of how to use descriptive and diagnostic research to predict th
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