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Chapter 1

Chapter 1 Introducing Marketing Research.docx

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Department
Marketing
Course
MKT 500
Professor
Tina West
Semester
Winter

Description
MKT500 Marketing Research CHAPTER 1 Introducing Marketing Research MARKETING AND ITS RELATION TO MARKETING RESEARCH  Marketing: set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships o Must have information not only about the customer but also about how to deliver value to the customer o Expected to collaborate with and learn from customers and adapt to their changing needs  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  Marketing strategy: selecting a target market and designing the “mix” (product/service, price, promotion, and distribution) necessary to satisfy the wants and needs of that target market and to do so more quickly and better than the competition o Assumes the marketing concept is adopted which allows the company the right strategy to truly meet the wants and needs of the customers  To make the right decisions, managers must have objective, accurate, and timely information WHAT IS MARKETING RESEARCH?  Marketing research: process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem o 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” WHAT IS THE PURPOSE OF MARKETING RESEARCH?  Purpose of marketing research is to link the customer to the marketer by providing information that can be used in making marketing decisions  Marketing research information collected from customers and on entities, including members of distribution channels, employees, and competitors as well as the economic, social, technological, and other environments  Marketing research studies sometimes lead to the wrong decisions; choosing an acceptable level of accuracy is within control of the researcher WHAT ARE THE APPLICATIONS OF MARKETING RESEARCH? STEP 1: identify market opportunities and problems o Results from studies are used as basis for a new product development, to provide products that can satisfy customer concerns STEP 2: generate, refine, and evaluate potential marketing actions o Marketing actions could be as broad as a proposed marketing strategy or as narrow as a tactic (a specific action taken to carry out a strategy) o Typically deals with one or more of the marketing-mix variables (product, price, distribution, and promotion) STEP 3: monitor marketing performance o Tracking research used to monitor how well products or services are performing in the marketplace over time STEP 4: improve marketing as a process o Marketing research conducted to expand basic knowledge of marketing and attempts to define and classify marketing phenomena and to develop theories that describe, explain, and predict marketing phenomena o Basic research: research conducted to expands our knowledge rather than solve a specific problem o Applied research: research conducted to solve specific problems THE MARKETING INFORMATION SYSTEM (MIS)  Marketing information system (MIS): structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers  Four subsystems of an MIS: 1. Internal reports system: gathers information generated by internal reports, which includes orders, billing, receivables, inventory levels, sales-call records, and so on MKT500 Marketing Research 2. Marketing intelligence system: set of procedures and sources used by managers to obtain everyday information about pertinent developments in the environment 3. Marketing decision support system: collected data that may be accessed and analyzed to help marketers make decisions 4. Marketing research system: provides information not available from other components of the MIS THE MARKETING RESEARCH AND INTELLIGENCE ASSOCIATION (MRIA)  Four professional bodies formed to maintain professional standards among various practitioners and buyers of marketing research in Canada i. Professional Marketing Research Society (PMRS) provides a community for users and practitioners of marketing research ii. Canadian Association of Market Research Organizations (CAMRO) fosters high standards of quality and professionalism  Maintains a standard code of ethics and practice iii. Canadian Survey Research Council (CSRC) is a self-regulated tool for the marketing research industry  Develop a registration system for market and research firms, a government relations program, and a public relations program iv. Marketing Research and Intelligence Association (MRIA) promotes a positive environment that enhances the industry’s ability to conduct affairs effectively and to the benefit of the public and members  Includes all aspects of the industry, including certification, professional development, publications, advocacy and lobbying, ethical and practice standards, career support services, and annual conferences/trade shows CLASSIFYING FIRMS IN THE MARKETING RESEARCH INDUSTRY  Research suppliers: providers of marketing research information  Internal supplier: an entity within a firm that supplies marketing research o Advantage gives staff better insight into identifying opportunities and problems suitable for marketing research action  Internal supplier of marketing research can elect several methods to provide research function 1. Formal departments  Marketing research departments are organized according to one or a combination of the following functions:  Area of application – organize research function around the “areas” to which the research is being applied  Marketing function – product research, ad research, pric
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