MKT500: MARKETING RESEARCH
WHAT IS MARKETING?
Marketing: defined by the Canadian Marketing Association (CMA), as a set of
business practices designed to plan for and present an organization’s product
or services in ways that build effective customers relationships.
Marketing research helps marketers make decision throughout the
Optimizing profits by making efficient promotion, distribution, and pricing
Firms are expected to collaborate with and learn from customers and adapt
to their changing needs.
Decision makers need information in order to know what their real core
o Create meaningful relationships with customers;
o Create, communicate and deliver value to customers;
o Gauge customers acceptance and
o Determine appropriate responses to the feedback.
Managers must have information not only about the customers but also how
to deliver value to the customers.
Marketing research provides the necessary information to enable managers
to properly market ideas, goods, and services.
Managers should have the right philosophy to guide their daily decisions;
they should adopt the marketing concept.
1. Marketing goes beyond manufacturing a tangible product.
We have to be more than customer oriented (what customers want/need)
but we also have to Collaborate with + learn from customers in order to
adapt to their changing needs. 2. Products are not viewed as separate from services
Second Cup is a service, but has a by-product- Coffee
decision makers need information on what makes second up competent
(their customer relationships? Value delivered, customer acceptance?)
Marketing decisions require CONSUMER INFORMATION
company fails to find target market, their needs
no proper marketing research information
marketing research is misleading
Marketing research helps:
with customer information
deliver value to a customer
managers to properly market ideas, goods and services
THE RIGHT PHILOSOPHY: THE MARKETING CONCEPT
A philosophy – a system of values/principles by which one lives.
a manager’s philosophy affects how they make day-to-day decisions
THE “RIGHT PHILOSOPHY”: THE MARKETING CONCEPT
Philosophy: can be thought of as a system of values, or principles, by which
A manager’s philosophy affects how he or she makes day-to-day decisions in
running a firm.
Philip Kotler’s The Marketing Concept: is a business philosophy that holds
the key to achieving organizational goals consists of the company’s being
more effective than competitors in creating, delivering, and communicating
customer value to its chosen target market.
Marketing concepts is often used interchangeably with other terms such as
customer oriented, or market driven.
o Key point is that this philosophy puts customers first.
MARKETING CONCEPT (a marketing philosophy):
a business philosophy that holds the key to achieving organizational goals
consists of the company’s being more effective than competitors in creating,
delivering, and communicating customer value to its target markets.
puts customers first MARKETING STRATEGY:
Selecting a target market and designing the MIX (product/service, price, promotion,
distribution) necessary to satisfy the wants/needs of that market better than
THE “RIGHT MARKETING STRATEGY”
Marketing Strategy: consists of selecting a target market and designing the
“mix” (product/service, price, promotion, and distribution) necessary to
satisfy the wants and needs of that target market and to do so more quickly
and better than the competition.
o Without a strategy, a manager would not be concerned with
consumers’ wants and needs.
In order to make the right decisions, managers must have objective, accurate,
and timely information.
o Not only do managers need information to implement the right
Must constantly update information to understand when and how to modify
their company’s strategies.
Process of designing, gathering, analyzing and reporting information that may be
used to solve a marketing problem.
**Market research = refers to applying marketing research to a specific market
WHAT IS MARKETING RESEARCH?
Marketing research: is the process of designing, gathering, analyzing, and
reporting information that be used to solve a specific marketing problem.
o This process encompasses many activities including:
Market research: refers to applying marketing research to a specific market
o One definition of market research is: The systemic gathering, recording, and analyzing of data with
respects to a particular market, where market refers to a
specific customer group in a specific geographic area.
MARKETING RESEARCH PURPOSE:
to link the consumer to the marketer by providing info that can be used in making
so… marketing research represents the consumer
marketing research is consistent with marketing concept because it LINKS THE
CONSUMER TO THE MARKETER
HELPS PREDICT CONSUMER BEHAVIOR
Marketing Intelligence is also collected to help managers understand consumers:
distribution channels, employees, competitors, economic, social, tech
WHAT IS THE PURPOSE OF MARKETING RESEARCH?
The purpose is to link the consumer to the marketer by providing
information that can be used in making marketing decisions.
o Such as, the info provided by marketing research for decisi