MKT 500 Chapter Notes - Chapter 1: Marketing Intelligence, Market Segmentation, Competitive Intelligence
Document Summary
Marketing research provides necessary information to enable managers to properly market ideas, goods, and services. Marketing concept: business philosophy that holds that the key to achieving organizational goals consist of the company"s being more effective than competitors in creating, delivering, and communicating customer value to its chosen target markets. To make the right decisions, managers must have objective, accurate, and timely information. Marketing research: process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem: process encompasses activities, including market intelligence and survey research, competitive intelligence, data mining, insight, and knowledge management. Market research: systematic gathering, recording, and analyzing of data with respect to a particular market, where. Market refers to a specific customer group in a specific geographic area . Purpose of marketing research is to link the customer to the marketer by providing information that can be used in making marketing decisions.
