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Reference Guide

Marketing - Reference Guides

4 pages396 viewsFall 2015

Department
MBA - Master's in Business Admin
Course Code
MBA 643
Professor
All
Chapter
Permachart

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WHAT IS MARKETING?
w w w . p e r m a c h a r t s . c o m
Marketing includes activities that identify customer and client needs while
matching products and services to those needs
• Includes selling, public relations, & advertising
• It is completed by individual firms but it is also a social process
MARKET RESEARCH
Marketing
Marketing
• Involves the activities of individual firms that, by anticipating the
consumer’s needs, direct flow of goods and services to customers and
clients
MICRO-MARKETING
• Systematic and time-efficient method, involving
people, equipment, and procedures, that results in
the gathering, analysis, evaluation, and distribution
of market information
• Future-oriented and computer-based; allows you to
generate reports
Determine information required Gather
information Process and analyze data Store data
for subsequent use
MARKETING INFORMATION SYSTEM (MIS)
• American
Demographics
• American Public
Opinion Index
• Brands and Their
Companies /
Companies and Their
Brands
• Business Rankings
Annual
• Dun’s Business
Rankings
• Gallop Poll Monthly
• Market Share Reporter
• MSA Profiles
• Moody’s Industrial
Manual
• Standard & Poor’s
Industry Surveys:
Monthly Investment
Review
• Thomas Register of
Products and Services
• U.S. Industry Profiles:
The Leading 100
Internet (individual
firms)
KEY SOURCES OF MARKETING INFORMATION
Primary Sources of Information
• Focus groups
• Surveys (mail, telephone, in-person)
• Observation of people’s actions
• Personal interviews (mail, telephone, in-person)
• Experimental methods
Secondary Sources of Information
• Inside the company (for example, files, reports, sales,
staff, marketing information system)
• Outside the company (for example, government,
Internet, libraries, private research firms,
universities, associations, advertising media,
foundations)
METHODS FOR COLLECTING INFORMATION
• Involves processes in a society that are necessary for economic development
• Societal processes meet the supply and demand of goods and services by
directing them on a mass-market level from producer to consumer
• Different societies have different objectives, resources, and skills
• Therefore, there are different macro-marketing systems
MACRO-MARKETING
MARKETING VS. SELLING CONCEPTS
Marketing All marketing efforts are aimed at providing products and
concept services that consumers want or need more effectively than
their competitors Long-term planning is ongoing for new
products and future growth
Selling Firm develops a product and then determines a sales
concept strategy that meets the seller’s needs Short-term
planning considers today’s markets Typically practiced
with unsought goods (for example, insurance,
encyclopedias)
TARGET MARKETING
• Defines broad product
markets
• Segments broad product
markets into target markets
that have different marketing
mixes
• Each market segment is
defined by homogenous group
of potential consumers
• Each market segment will be
heterogeneous from others
but large enough to be
profitable
• Determine defining criteria
that can be used to sell a
product
MARKET SEGMENTATION
• Marketing mix is developed
specifically for a homogenous
target group of people
• May consist of a large or small
group (niche)
• Understanding target markets will
usually lead to breakthrough
opportunities
TARGET MARKETING
• Trying to sell to everyone
• Marketing mix is aimed at everyone
with no distinctions among different
groups
MASS MARKETING
Define the objective • Determine what the
overall goal will be
Analyze the situation informally Collect
information inside and outside the company (for
example, company library, customers,
competitors, suppliers) Decide whether the
project is economically feasible Conduct
formal research
Select sources and locate problem-specific data
Gather data using appropriate research
method(s)
Analyze and interpret data Prepare a written
report
Solve the problem based on the report
Follow up by evaluating whether report
recommendations are followed
Consumer Psychographics,
segmentation demographics,
geography
Industrial Demographics,
segmentation purchasing
approach,
purchaser’s
characteristics,
operating
variables
Single-segment Choosing one
concentration homogenous
segment
Multiple Choosing more
segmentation than one segment
and marketing to
each separately
Combined Combining several
segmentation segments into one
target group
STEPS IN MARKETING RESEARCH PROCESS
(SCIENTIFIC METHOD)
MARKETING • 1-55080-842-7 1
TM
permacharts
l e a r n r e f e r e n c e r e v i e w
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