MKT 500 Study Guide - Knowledge Management, Marketing Intelligence, Decision Support System
Document Summary
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: create meaningful relationships with customers, create, communicate and deliver value to customers, gauge customers acceptance and, 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.
