study guide

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Management (MGT)
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Chris Bovaird

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Management Lecture 7 Marketing: Chapter 5 -MC or SA just on segmentation -Market research MC or a SA questions Market Research -Well management business shouldnt be preoccupied on selling what its always made, shouldnt sell what it likes to sell, or what it has the marketing concept: What is the marketing concept? MC It says that a business should always and everyone in the business should be customer friendly. - McDonalds customers didnt want burgers because they were unhealthy so they started making salads. -How do you find out what your customers need and what they want? - Subway asks what they want. -Market research: the systematic study of what buyers what or need. Going ot and asking people what they want. Secondary Market Research -Before you go out and ask people what they want, firms go through a secondary market research. This is research using information or data that is already out there. Begin process of finding out about customer, industry. -Employees sit in library for a while, subscribe to magazine to see what industries have already collected. Marketing research you do by sitting on your bum -Business plan you give to investor, banker or capitalist you have an idea and you ask them to help you start up that business or idea. - You answer the general question of what makes you think that someone out there will want to buy this stuff? - not information that you generate yourself, second hand knowledge, stuff people already found out. You do this second.
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