MK 370 Lecture Notes - Lecture 1: Starbucks
22 Aug 2016
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Document Summary
Chapter 1: the role of marketing research in management decision making. Marketing (creating, communicating, and delivering value to customers; managing customer relationships in ways that benefit the organization and its stakeholders). 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). 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: descriptive (what; the gathering and presenting of statements of fact. Starbucks doesn"t make chocolate bars: diagnostic (why; the explanation of data or actions). It is a very health-oriented society: predictive (what can be done; the specification of how to use descriptive and diagnostic research to predict the results of a planned marketing decision).
