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MARK312 Study Guide - Comprehensive Final Exam Guide - Internet, Marketing Mix, Canada


Department
Marketing
Course Code
MARK312
Professor
Webb Dussome
Study Guide
Final

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MARK312

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MARK 312 - MARKETING RESEARCH
CHAPTER 1: THE ROLE OF MARKETING RESEARCH IN MANAGEMENT
DECISION-MAKING
Introduction
The Marketing Concept
to effectively accomplish their goals, firms today have adopted the marketing concept, which
requires two orientations - consumer, system
The Value of Marketing Research - two examples
want to avoid consideration of poor info, so need to have understanding of research techniques
need to have good information to make good decisions
research is a supplement to experience in the field and gut instinct
make sure that you as a manager can evaluate information and know if you can rely on it
Customer Relationship Management (CRM)
market knowledge - using it to develop satisfied customers
bad profits - bad profits are done at the expense of someone else
e.g. realtor ‘selling’ land to someone, not getting them to sign, then the next day actually selling
it to someone else first
good profit - when someone walks out the door thinking it was a good experience and want to
invest more in it
effective training programs - so employees understand proper customer data collection
techniques
people stopped believing that spending more and more money on advertising was not actually
helpful - a diminishing returns effect
started shifting money from external spending to internal spending - better training of
employees, invest the extra money in training, better recruitment, etc.
staff teamwork and empowerment - e.g. real time problem solving
empowerment - the ability to make on the spot problem solving
CRM is meant to acquire market driven data to assess customers’ needs and behaviours to
deliver added value and satisfaction
overarching goal - provide technology and data to examine changes in customer needs while
developing and maintaining customer relationships
Lack of Managerial Control
changes in the external environment causes changes in the marketing mix
MR used to provide insight for necessary changes
Marketing Research and Decision Making
Marketing Research Defined
the planning, collection, and analysis of data relevant to market decision making and
communication of the results of this analysis to management
Who Does Marketing Research?
producers of products/ services
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MARK 312 - MARKETING RESEARCH
publishers and broadcasters
large retailers
financial institutions
legal departments - want to make sure that if a claim is made it is correct
e.g. “our product is preferred by….” then it better be right
if you say you are the number one brand it means that you have the most market share
advertising agencies
pre-testing and ad development
do a lot of marketing research - focus groups, etc
The Role of Marketing Research in Decision Making
marketing research plays some key roles
1. it is part of the marketing intelligence feedback process -
can be descriptive - what is it? what are peoples attitudes towards it, how many?
diagnostic - some action wrapped around, diagnose the situation, how can we better
change our products?
predictive - trying to make a prediction you can make a decision on
2. primary tool for exploring new opportunities in the marketplace - to help reduce risk and
uncertainty
3. customer retention - marketing research can help organizations retain customers by asking
them what they want
marketing research can help organizations retain customers by asking them what they want
trend analysis
others
comparison of performance vs objectives
!! "!# that we can think about doing marketing research
!
The Decision to Conduct Market Research !
Why Study Marketing Research?
Career - one of the key traits of a marketing researcher is being curious (looking out for
opportunities)
Smart consumer of research results - to understand questions that will assist in evaluating
validity of results
Can I rely on the research?
!Gain an appreciation of the process, what it can and cannot do - So will understand what to
expect
Keep in mind there will always be a margin of error
!
When Research is not Warranted
e.g. resource limitations, cost/benefit, secondary data can answer the research question
-Do you really need to do this or do you need to do something different?
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find more resources at oneclass.com
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