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Chapter 5,8-17

MGMA01H3 Chapter Notes - Chapter 5,8-17: Solar Energy Generating Systems, Lunchables, Gilette


Department
Management (MGM)
Course Code
MGMA01H3
Professor
Tarun Dewan
Chapter
5,8-17

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MARKETING
Chapter 5
Domino’s Pizza – completely new recipe, total turnaround, through market research & analysis
To create value for cust, mktrs must gain fresh, deep insights into what cons need and want
These are used to create comp adv
More often, comps are overwhelmed with so much data on soc med; quality > quantity
Quantitative info obtained through customer insights
The real value of mktg research/info lies in how it’s used & the cust insights it provides
Customer insights: fresh understandings of cust & mktplc derived from mktg info
MIS: mktg info system is ppl/procedures for assessing info needs, dvlpg info, and helping decision makers use the info
to generate and validate actionable consumer and mkt insights
MIS gives mngrs right info in right form at right time and help to create cons value & stronger rltshps
Mkt mngrs/other info users assess info needs dvlpg needed info [internal databases(mkt env)mktg intlgncmkt
rsch(m..env)] analyzing &using infomkt mngrs/other info users
Assessing info needs: MIS prime serve company but also provides info to externals; provides what comp wants//needs
Internal databases: collections of cons/mkt info; prvd strong comp adv; must be maintained often as info ages quickly
Competitive Mktg Intlgc: systematic collection/analysis of public avail info about cons/comp/dvlpmts in mktg env
Improve tracking comp actions and providing early warnings of opportunities and threats
Help mktrs gain insights into how consumers talk about and connect with their brands; personal mix/mingle
Ethics questionable; don’t stoop to snoop; lots of info about competitors avail on over 3000 databases
Mkt Rsrch: design, collection, analysis, reporting of data relevant to a specific mktg situation for an organization
3 types of research: Exploratory – gathers preliminary info to help define problem and suggest hypotheses
Descriptive – to describe things, eg. Mkt potential for prod or demographics of consumers
Causal – to test hypotheses about cause-and-effect rltshps
Once you have research objective, you can either buy/search secondary data or research through primary data
Primary data: Observational – observing relevant people, actions, & situations (can obtain info ppl unwilling to
provide)
Ethnographic – sending trained observers to watch and interact w/ customers in natural env.
Survey – gather descriptive info through asking about ppl knowledge/attitude/prefs/buying
beh.
Experimental – select matched groups, give diff treatments, controlling factors, checking
diffs
Implement research plan by collecting info, processing and analyzing it ; interpret findings after and draw conclusions
CRM: cons. Rlshp mgmt.: mngs detailed info abt cust & carefully mng cust touchpoints to maximize customer loyalty
Cons info goes to data warehouses where companies can find any type of info through data mining techs
These results guide promotions
CHAP 8 – STP
Comp must identify parts of market it can serve best and most profitably and build right rlshps with right cust.
Mkt segmtation: dividing mkt into smaller segs of buyers w/ distinct needs/characs/beh. That may require sep mkt
strtgs
Mkt trgt: evaluating each mkt segment’s attractiveness and selecting one or two more market segments to enter
Differentiation: diffn’ firm’s mkt offering to create superior cust value
Positioning: arranging for mkt offering to occupy clear, distinctive, desirable place relative to competing prods
SEG – Geo: divide mkt into diff geo units
Demo: divide mkt into segs based on variables like age/gender/family size/income/occupation/education/etc.
Age&Life Cycle: offer diff products for diff age & life-cycle groups (eg. Lunchables to kids:Deli crtns to
adults)
Gender:divide mkt based on gender (gilette razors for men vs for women)
Income: divide mkt based on income (luxury brands target affluent customers)
Psychographic: divides based on social class/lifestyle/personality (cruise lines target adventure seekers)
Behavioural: based on knowledge/attitudes/uses/responses to product
Occasional: eg. M&M has mothers day special packaged/style chocolate to promote that occasion
Benefit: value seeking moms vs athletic feel vs fit look underwear
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