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Department
Marketing
Course
MKT 500
Professor
Mark Speed
Semester
Fall

Description
MKT500: MARKETING RESEARCH CHAPTER 1 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 marketing process.  Optimizing profits by making efficient promotion, distribution, and pricing decisions.  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 competencies are 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. CURRENT THINKING  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 Marketing failure:  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 one lives.  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 competition. 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 strategy.  Must constantly update information to understand when and how to modify their company’s strategies. ---------------------------------------------- MARKETING RESEARCH: 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 area** 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 intelligence  Survey research  Competitive intelligence  Data mining  Insight  Knowledge management  Market research: refers to applying marketing research to a specific market area. 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 marketing decisions.  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 environments 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
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