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Midterm

Exam 1 Review Essay Section (Got A+ on the test)

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Department
Marketing
Course
MKT 3413
Professor
All Professors
Semester
Spring

Description
Marketing 3413Exam 1 Review Essay MaterialIntroduction to Marketing ResearchMarketing Concept oWay companies are successful oNeed to make a productservice and develop a demand for it Definition of Marketing o1935 Performance of business activities that direct the flow of goods and services from producers to consumers Mass Marketing Erao1985 process of planning and executing the conception pricing promotion and distribution of ideas goods and services to create exchanges that satisfy individual and organizational objectivesTarget Marketing Erao2004 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 Relationship Marketing EraPage1 o2007 marketing is the activity set of institutions and processes for communicating delivering and exchanging offerings that have value to customers clients and society at large ExperientialSocietal Marketing EraDefinition of Marketing Research oMarketing research is the process of designing gathering analyzing and reporting information that may be used to solve a specific marketing problemPage 8Characteristics of Marketing Research Central Characteristics oSystematicstep by step oObjectivewant to be as accurate as possible oApplied to Marketing Problemsmarketing researchOther CharacteristicsoErrorPronedo not want to make mistakes oTimeSensitiveneed it done NOW oBudget Constrainedalways try to spend wisely Learning by Seeing How Can Marketing Research Help Raising Canes Started at LSU run and operated by studentscomfort zone Expanded to other universities Eventually went to all other areas Marketing 3413Exam 1 Review Essay MaterialHow Does Mkt Research Help a Marketing Decision MakerSales and Market Share Satisfaction and Performance Expand by offering sauce in retail locations Late night cravings after drinkingWhat Have We Learned About Informative and Marketing Decisions More information you have better off you areRelevant information is necessaryTells you how likely something will happen probabilityInformation increases your confidence that you are making the right decisionWhats Hot in Marketing Research Marketing research is being profoundly affected and changed by oTechnology oSocietal Trends oGlobalizationOnline Marketing ResearchoUse of computer networks including the Internet to assist in any phase of the mkt research process including development of the problem research design data gathering analysis and report writing and distributionReasons for Exploding Growth oNew tools oFaster in data collection oEasier point and clickoCheaper Page3
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