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Chapter 1

Ch.1 - Introducing Marketing Research

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Ryerson University
MKT 500
Helene Moore

Chapter 1 – Introducing Marketing Research th Lecture on: September 4 , 2012 Marketing and its relation to marketing research - (from lecture) What is marketing? o Marketing has been defined by the AMA as: an 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 - The purpose of marketing research: o Managers must have information not only about the customer, but also about how to deliver value to the customer - The “Right Philosophy” The Marketing concept: o Business philosophy that holds that the key to achieving organizational goals consists of the company's being more effective than competitors in creating, delivering, and communicating customer value to its chosen target markets o AKA "customer oriented" or "market driven" o Philosophy always puts the customer first - The “right marketing strategy”: o Consists of selecting a target market and designing the “mix” to satisfy the needs and wants of the target market, and to it more quicker than the competition What is marketing research? - What is marketing research? o The process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem o “market research”: refers to applying marketing research to a specific market area o Includes: market intelligence and survey research, competitive intelligence, data mining, insight, and knowledge management What are the applications of marketing research? 1. Identify market opportunities and problems 2. Generate, refine, and evaluate potential marketing actions 3. Monitor marketing performance 4. Improve marketing as a process a. Basic research: conducted to expand our knowledge rather than to solve a specific problem b. Applied research: conducted to solve specific problems The marketing information system (MIS) - Marketing information system: structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute timely, and accurate information to marketing decision makers - Subsystems of MIS: o Internal reports system: information gathers through orders, billing, receivables, inventory levels etc. o Marketing intelligence system: procedures and sources used by managers to obtain everyday information from the external environment o Marketing decision support system: consists of collected data that may be accessed and analyzed to help make decisions o Marketing research system: provides information not available from other components of MIS The marketing research and intelligence association (MRIA)
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