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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: 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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