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MKT500 Exam Review - Ch. 1,2,3,4,5.docx

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Department
Marketing
Course
MKT 500
Professor
Helene Moore
Semester
Fall

Description
Chapter 1 Introducing Marketing Research th Lecture on: September 4 , 2012 Marketing and its relation to marketing research - (from lecture) What is marketing? o Marketing has been defined by the AMA as: an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders - The purpose of marketing research: o Managers must have information not only about the customer, but also about how to deliver value to the customer - The Right Philosophy The Marketing concept: o Business philosophy that holds that 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 markets o AKA "customer oriented" or "market driven" o Philosophy always puts the customer first - The right marketing strategy: o Consists of selecting a target market and designing the mix to satisfy the needs and wants of the target market, and to it more quicker than the competition What is marketing research? - What is marketing research? o The process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem o market research: refers to applying marketing research to a specific market area o Includes: market intelligence and survey research, competitive intelligence, data mining, insight, and knowledge management What are the applications of marketing research? 1. Identify market opportunities and problems 2. Generate, refine, and evaluate potential marketing actions 3. Monitor marketing performance 4. Improve marketing as a process a. Basic research: conducted to expand our knowledge rather than to solve a specific problem b. Applied research: conducted to solve specific problems The marketing information system (MIS) - Marketing information system: structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute timely, and accurate information to marketing decision makers - Subsystems of MIS: o Internal reports system: information gathered through orders, billing, receivables, inventory levels etc. o Marketing intelligence system: procedures and sources used by managers to obtain everyday information from the external environment o Marketing decision support system: consists of collected data that may be accessed and analyzed to help make decisions o Marketing research system: provides information not available from other components of MIS The marketing research and intelligence association (MRIA) - The Professional Marketing Research Society (PMRS), Canadian Association of Market Research Organizations (CAMRO), and Canadian Survey Research Council (CSRC) all joined together to form the Marketing Research and Intelligence Association (MRIA) Evolution of the Canadian Marketing Research Industry - First continuous and organized research was started in 1911 by Charles Coolidge Parlin, a schoolmaster from a small city in Wisconsin - In Canada, by the end of WW2 in 1845, there were 5 marketing research companies - In 2006, the worlds top 25 marketing/advertising/public opinion firms accounted for over $15 billion of revenue Classifying firms in the marketing research industry - Research suppliers: providers of marketing research information - Internal suppliers: An entity within a firm that supplies marketing research o They can elect several methods to provide the research function: Have their own formal departments Have no formal department but place at least a single individual or a committee in charge Assign no responsibility anyone can be called upon to do it o Departments are usually organized by area of application, marketing function, or research process - External suppliers: outside firms hired to fulfill a firms research needs o Full-service firms o Syndicated data service firms: collect information that is made available to multiple subscribers o Standardized service firms: provide omnibus surveys. Client members receive different data, but the process used to collect the data is standardized o Customized service firms o Online research services firms o Limited-service supplier firms: specialize in one or few marketing research activities Field service firms specialize in collecting data Phone banks specialize in telephone surveying Market segment specialists Sample design and distribution Specialized research technique firms Challenges in the marketing research industry - Marketing researchers: o Should be more involved with their clients o Should focus on diagnosing the market o Should speed up marketing research by using IT o Should take an integrative approach o Should expand their strategic impact - Improvements: o Certification (CMRP) o Education o Auditing Ethics and marketing research - Ethics: defined as a field of inquiry into determining what behaviours are deemed appropriate under certain circumstances - The MRIAs ten core principles: o Consent o Public confidence o Publics right to privacy o Accuracy o Ethical practice o Client rights o Lawfulness o Competency o Familiarity o Professionalism Chapter 2: The Marketing Research Process Lecture on: September 11, 2012 The marketing research process 1. Establish the need for marketing research 2. Define the problem a. Most important step 3. Establish research objectives a. Research objectives: state what the researcher must do in order to carry out the research and solve the managers problem 4. Determine the research design a. Research design: research approach undertaken to meet the research objectives. Three widely recognized research designs: i. Exploratory: casual, informal research that is undertaken to learn more about the research problem, learn terms and definitions, or identify research priorities ii. Descriptive: describes the phenomena of interest iii. Causal: attempts to uncover what factor or factors cause some event; achieved from a class of studies called experiments
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