marketing 473 test one study guide notes
marketing 473 test one study guide notes mkt 473
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This 11 page Study Guide was uploaded by Mallyna Sessions on Tuesday February 9, 2016. The Study Guide belongs to mkt 473 at University of Alabama - Tuscaloosa taught by Dr. Reynolds in Winter 2016. Since its upload, it has received 140 views. For similar materials see Marketing in Marketing at University of Alabama - Tuscaloosa.
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Date Created: 02/09/16
MKT 473 Notes 1/21-2/9 Chapter 1: 1) The Nature of Marketing a) Marketing and The Marketing Concept: discovering and satisfying customer needs i) EX: chocolate covered fries from McDonalds ii) EX: Oreos debuted during the Bachelor iii) EX: AT&T during the National Championship 2) Marketing Research Defined a) Information b) Marketing opportunities and problems c) Marketing actions marketing performance d) Understanding e) Information f) Methods g) Analysis of results h) Findings and implications 3) Three Critical Roles of Marketing Research a) Descriptive: describe something i) Ex: survey to find customer demographics b) Diagnostics: data or actions are explained c) Predictive: try and predict what effect will happen and its results (1)These are more sophisticated as you go down 4) External Marketing Environment a) Mix Marketing: the four Ps i) Product ii) Price iii) Place iv) Promotion (1)Ex: social media- crispy M&Ms relaunch in 2015 5) Research Value Return on Quality a) Target market: what do they want in terms of quality b) Profitability: level of value delivered product; is it going to be profitable or not 6) Marketing Strategy a) Use of firm’s resources correctly b) A good strategic plan i) Profitability and customer retention (1)EX: British Airways in Book (2)Twist that dish- Kraft (a)User generated content (b)Pantry audit (c)Also got info from the magazine 7) Types of Research Studies a) Applied: most companies do; determine what needs to be done. i) Three Types (1)Programmatic: find problems (2)Selective: decide which is best with testing (3)Evaluative: is it effective? (a)EX: Proctor and Gamble: test mom, dads, and babies (diapers) b) Basic: done to expand knowledge; not to make a decision. Most universities do this. 8) Decision to Conduct Marketing Research a) Reconsider conducting marketing research under these circumstances i) If what you need to do is massive and you don’t have the money to do it, don’t ii) If the info isn’t that important, don’t do it iii) If marketing opportunity has passed, don’t do it iv) If everyone cant agree, don’t do it v) If you’ve already made up your mind, don’t do it vi) If the research is already out there, don’t do it vii) If the cost outweighs the benefits, don’t do it Ch 2. 1) The Marketing Research Industry Members a) Consumer and industrial goods and services producers i) Need to know about target b) Media Companies i) Ad agency, PR agency c) Syndicated services i) Gather a ton of data to sell d) Custom research firms i) Do research for yourself e) Field services firms i) Collect data f) Specialized services firm g) Online and mobile tracking firms i) Track us h) Big data analytical firms i) Analyze data i) Other i) Trade associations, govt (1)Ex: article in Wall Street: what consumers are doing- expiration dates, keep or throw away stats- 30-40% of all food is wasted in America. Ag department did the study. 2) The marketing research Industry Structure a) MARKETING RESEARCH supplier services firms i) Field services firms ii) Specialized service firms b) MARKETING RESEARCH SUPPLIERS i) Customer research firms ii) Syndicated research firms iii) Limited function research firms iv) Online tracking firms c) Information users (Clients) i) Consumer and industrial goods and services producers ii) Federal, state, and local governments iii) Media companies iv) Retailers and wholesalers (1)Ex: commerce dept. collects data on retail, automobile sales, for economy data 3) Primary Information Users a) Federal, State, and Local Governments b) Media Companies c) Retailers and Wholesales d) Manufacturers e) Marketing Research Suppliers f) Marketing Research Supplier Service Firms i) Ex: Dove- trends with women and their hair- 1/3 women say they’ll skip showers or workouts to preserve their hair 4) Research Suppliers a) Syndicated i) The Nelson Company- tv ratings, scanner based data, wholesale/ retail audits, internet research ii) FIND/SVP New York, NY- large variety of industry/product studies iii) Maritz Marketing Research Inc. Fenton, MO- customer satisfaction studies iv) GfK NOP New York, NY- public opinion surveys, lifestyle data, media/ advertising effectiveness data v) Symphony IRI Chicago- scanner-based data (1)Ex: women’s clothing- what women wear to work; interview: consumer tracking service: comfy and style. b) Custom- many services offered across companies i) Custom projects ii) Online and mobile tracking iii) Syndicated services if needed (1)EX: McDonalds- all day breakfast; new customers and lapsed customers did study with a panel, 27,000 people, saved their receipts, a lot of people went to McDonalds and bought more food. 5) Types of MR supplier Service Firms a) Field service firm- collect data b) Sampling firms- generate samples c) Software firms- sells software for analysis d) Other service companies- consulting, magazines and directories 6) Users of Marketing Research a) External Clients i) The companies vendors ii) Franchisees iii) Marketing department (1)Logistics (2)Sales (3)Advertising and promotion (4)New product development (5)Brand managers (6)Pricing committee b) Internal Clients i) Senior management ii) Other departments (1)Product engineers (2)Finance (3)Legal (4)Manufacturing (5)Human resources management (a)Can do their own research and use it or hire a company to research for us 7) Strategic Partnering a) Appropriate use of synergy between partners i) Like to work together and do what you’re supposed to do. 8) Marketing Research Ethics and Theories a) Ethics are moral principles or value generally governing the conduct of an individual or group i) Proper procedures are followed, your employees are treated well, don’t force anyone to participate 9) Respondents’ Rights a) Right to choose to participate b) Right to safety c) Right to be involved d) Right to privacy Ch 3. 1) The Problem Definition Process a) Recognize the problem or opportunity b) Find out why the information is being sought c) Understand the decision making environment i) Exploratory Studies- small scale research to help understand the research/ problem (1)Purposes (a)Define terms (b)Clarify problems (c)Develop theories (d)Establish priorities (e)Gain general information (i) Focus group, pilot study, secondary data, experience studies, case analysis d) Use the symptoms to help clarify the problem e) Translate management problem to marketing research problem f) Determine whether the information already exists g) Determine whether the question can be answered h) State the research objectives 2) Research Hypothesis vs. Research Question a) Research hypothesis: statement to support/ reject your research; “sales are declining because of competition” b) Research Question: “we don’t know why sales are declining, so lets research the problem to find out” 3) Marketing Research process a) Identification of the Problem and Statement of the Research Objectives i) Management decision problem ii) Marketing research problem iii) Marketing research objective b) Creation of the research design i) The plan to be followed to answer the marketing research objectives (1)Descriptive research: describes target market (a)Purpose: (i) Confirm theories (ii)Brand loyalty measure (iii) Describe population (iv) Build customer profile (v)Gain specific information (b)Key methods (i) Secondary data (ii)Cross sectional surveys 1. You survey group of people one time (iii) Longitudinal surveys 1. Survey the same people over time (iv) Statistical data analysis (2)Casual Research Studies: study relations; use experiments (a)Purpose (i) Confirm theories (ii)Identify cause and effect (iii) Relationships among variables (b)Key methods (i) Surveys (ii)Experiments (iii) Time sequence (iv) Secondary data (v)Systematic elimination (c)Dependent variable- sales (d)Independent variable- new marketing strategy; new price (i) Ex: Macy’s- tried to locate the market around it, called my Macy’s, started around 2007, recession came, implemented in random locations- independent variable, tested results. Sales went up. Independent variable effected dependent. c) Choice of method of research i) Observation research ii) Experiments iii) Survey research iv) Other qualitative research d) Selection of the sampling procedure i) Probability sampling- everybody chosen: probability, #, certain numbers; equal and known chance for people ii) Nonprobability sampling- convenience iii) Sample size- vary; depends on time, resources, money, etc. e) Collection of the data i) Survey (1)Interviewer (a)In person (b)Telephone (2)No interviewer (a)Mail (b)Internet ii) Observation (1)In person (2)Machine iii) Experiments f) Analysis of the data i) Use a variety of quantitative and qualitative analytical techniques (1)Qualitative- focus groups, depth interview, straight forward data/ info, reading through many times and find themes, no numbers (2)Quantitative- surveys, mean, median, mode ii) Interpret and draw conclusions from the mass of collected data g) Writing and presentation of the repot i) Judging the quality of a report ii) Prepare a written and oral presentation h) Follow up i) Will the findings be used? ii) Why will they be used or why not? Chapter 5 1) The Nature of Qualitative Research a) Qualitative: Not subject to quantification or quantitative analysis. Based on subjective observations and analysis. b) Quantitative: Uses mathematical analysis. Done using measurable and numeric standards. 2) General Limitations of Qualitative Research a) Differences revealed during qualitative research might not be easily measured. b) Often not statistically representative of the general population. c) Anyone can purport to be an expert. 3) Focus Groups a) Definition i) A group of eight to 12 participants who are led by a moderator in an in-depth discussion on one particular topic or concept. b) Key characteristics i) Good for idea generation, brainstorming, and understanding customer vocabulary ii) Can be helpful in gaining insight to motives, attitudes, perceptions iii) Can reveal needs / likes & dislikes / prejudices driven by emotions iv) Group Dynamics. The moderator must manage c) Conducting a focus group i) Step 1 (1)Decide on the key focus group objectives (2) Use secondary research to hone questions (3) Select focus group facility and participants (4) Begin recruiting after deciding on participant incentives ii) Step 2 (1)Select a moderator (2)Develop a moderator guide to chart flow of focus group iii) Step 3 (1)Conduct the focus group - generally about two hours iv) Step 4 (1)Review the video tape and analyze the results (2)Prepare a written report d) Participants i) Selection process: (1) Potential opinion leaders are best (2) Participants must be screened for relevance to the topic e) The Facility i) A focus group facility - A research facility consisting of a conference room or living room setting and a separate observation room with a one-way mirror or live audiovisual feed. f) The Moderator i) A person hired by the client to lead the focus group; this person should have a background in psychology or sociology or, at least, marketing. ii) Create moderator's guide to include: (1)Building rapport with participants (2)Timetable, clear goals/questions to be answered (3)Strategy for keeping group on task / focused (4)Managing the group dynamics g) Advantages i) Interactions among respondents can stimulate new ideas and thoughts. ii) Opportunities to observe customers or prospects through one- way mirrors. iii) They can be executed more quickly than many other research techniques. (1)Bass Pro in Memphis pyramid- teaching and entertainment (2)Wild turkey- repurchased and revamped labels (3)Delta- target college students with senior focus groups h) Disadvantages i) Managers can be misled instead of informed. ii) Recruiting for focus group participants can be a problem. 4) New Trends in Focus Group Method a) Online and Mobile Groups b) Focus Group Panels c) “Prosumers”—Marketing Professionals Used as Respondents. See the WD-40 Company and the No-Mess Pen example in the text. 5) Other Qualitative Methods a) Depth Interviews (IDIs) i) One-on-one interviews that probe and elicit detailed answers to questions, often using non-directive techniques to uncover hidden motivations. (1)Interviewer and interviewee- one on one (2)Keep track of nonverbal Qs (3)Good for sensitive topics b) Advantages of IDIs i) Group pressure is eliminated ii) Respondent feels important and truly wanted iii) Respondent attains a heightened state of awareness iv) Encourages the revelation of new information v) Respondents can be questioned at length to reveal feelings and motivations vi) Allow greater flexibility to the direction of questioning vii) The interviewer becomes more sensitive to nonverbal feedback viii) A singular viewpoint can be obtained without influence from others ix) Interviews can be conducted anywhere (1)Oprah- weight watchers (2)jansport- digital burrito (3)Hillshire farms- ham label (4)Tropicana- label change was bad (5)Whirlpool- family oriented (6)Campbell’s- changed from cans c) Disadvantages i) Costs in terms of time and money ii) Less client involvement iii) Do not cover much material in one day iv) Do not allow for a group discussion and resolution v) Some respondent reactions cannot be generated from a one- on-one session 6) Other Qualitative Methods a) Hermeneutic Research i) Doing an unstructured depth interview; open ended and free flowing b) The Delphi Method i) Way of getting expert opinions on something; usually in new products; focus group format, then do specific questions for experts, back and forth c) Projective Tests i) Techniques that tap into respondents’ deepest feelings by having them project those feelings into an unstructured situation. (1)Examples (a)Word Association Test (b) Analogy (c) Personification (d) Sentence and Story Completion Test (e)Cartoon Tests and Photo Sorts (f) Customer Drawings (g) Storytelling (h) Third Person Technique 7) The future of Qualitative Research a) Because consumer behavior has emotional and subconscious content, qualitative research will continue to be used. b) Respondents verbalize their emotions and feelings best by indirect communication techniques, so focus groups will grow in importance. Chapter 7 1) Online Secondary Data Resources- very useful in your research as a company; use search engine a) Newsgroups- a lot of information about particular topics; on things like health, psychology, learning a foreign language, business groups b) Blogs or weblogs i) Blogs- online publications; companies, regular people, professional bloggers; typically people who are looking at a blog are interested in that area; there is a lot of info that can help companies get started on their research projects. 2) Online research a) Focus groups- video conferencing, chat/messaging; you don’t see facial expressions if you don’t use video chat b) Online Communities and Panels i) Online communities- interest based; marketing research online companies to brainstorm and test ii) Panels- marketing research owned and company owned panels (a)Wallstreet journal, New York times, etc. (b)Survey software (c)qualtrix c) Surveys>> d) Mobile>> e) Social Media>> 3) Online Survey Research a) Make sure the person knows exactly how long it takes, make it not take too long, sometimes give incentives b) Advantages i) Rapid deployment, real-time reporting – data is automatically entered ii) Reduced costs – iii) Ready personalization – different surveys sent to different groups of people iv) Higher response rates – v) Ability to contact the hard-to-reach – busier people respond vi) Simplified and enhanced panel management c) Disadvantages i) Misrepresentation – make sure there is a spot they can put their opinion on there if there is not an answer they like ii) Unrestricted Internet sample – iii) May be no sample frame – iv) Lack of “callback” – a lot of times we don’t re email people v) Programming errors – make sure there is no glitches in the system vi) Lack of bandwidth- nothing too fancy that wont load 4) Mobile Internet Research a) We want people to be able to answer surveys wherever they are; were super busy and want things to be convenient on my phone or tablet b) We can also track people with their mobile devices – geoloacting and geofencing- send us stuff for their store if were close; ex: pocket points and hooked 5) Social Media Marketing Research i) Companies can scan social media; some companies heir people to analyze social media; try and recruit people b) Who are our fans? c) What can our fans teach us about our brand? d) What factors do customers use to determine value? e) How do customers talk about the brand, service, or product?
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