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Chapter 1

MARK312 Chapter Notes - Chapter 1: Tripadvisor, Achievement Orientation, Customer Relationship Management


Department
Marketing
Course Code
MARK312
Professor
Webb Dussome
Chapter
1

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Ch. 1 The role of Marketing Research in Management Decision-Making
The Nature of Marketing
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 right principle - attempt to get the right goods to the right people at the right place at the right
time at the right price using the right promotion strategies
The process of planning and executing the conception, pricing, promotion and distribution of
ideas, good and services to create exchanges that satisfy individual and organization objectives.
The Marketing Concept
To effectively accomplish their goals, firms today have adopted the marketing concept, which
requires two orientations:! consumer, system
marketing concept - a business philosophy based on consumer orientation, goal orientation, and
systems orientation
Consumer orientation - the identification of and focus on the people (or firms) most likely to buy
their products (the target market) and to produce a good or offer a service that will meet the
needs of target customers most effectively in the face of competition.
System orientation - involves the creation of systems (an organized whole, or a group of diverse
units that form an integrated whole functioning in unison) to monitor the external environment
and deliver the desired marketing mix to the target market.
goal orientation - a focus on the accomplishment of corporate goals; a limit set on consumer
orientation
The Insightful Nature of Marketing Research
gives much need insight into the customers needs and wants
marketing mix - the unique blend of product/service, pricing, promotion, and distribution
strategies designed to meet the needs of a specific target market
The External Marketing Environment
The environment in which consumers and businesses exist, work, compete and make
purchasing decisions.!
New consumers and business will become part of the target market, while others will drop out!
Those who remain may have different tastes, needs, incomes, lifestyles and purchasing habits
than the original target consumers
One of the biggest challenges - Marketers used to create their message and then traditional
media (TV, print, radio, billboards) delivered the message to the target market.!
Now, people often participate in blogs, forums, online communities, product/service reviews
(eg. Trip Advisor) and social media sites that create user-generated content (UGC)
these unsolicited, typically honest, candid and passionate opinions are very influencing!
Social media (Twitter, Facebook, LinkedIn) generate millions of comments a day about products
and services
~20% of all tweets are about brands
This can also be a good thing, researchers can tap into online services to:!
determine what people think about their products and services
determine what people think about the competition
to build new products and services
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