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Market Research Chapter 1 Notes

by: Sarah Quinn

Market Research Chapter 1 Notes MARK 4311-001

Marketplace > University of Texas at Arlington > Marketing > MARK 4311-001 > Market Research Chapter 1 Notes
Sarah Quinn
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About this Document

These notes contain notes from chapter 1 of the book and highlights from the lectures.
Marketing research
Class Notes
Marketing, research, marketing research




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This 2 page Class Notes was uploaded by Sarah Quinn on Thursday February 4, 2016. The Class Notes belongs to MARK 4311-001 at University of Texas at Arlington taught by Hanson in Spring 2015. Since its upload, it has received 86 views. For similar materials see Marketing research in Marketing at University of Texas at Arlington.


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Date Created: 02/04/16
Exam: multiple choice is lecture and book, true false is book, short answer is lecture.  Marketing was historically product focused. Product orientation. Order of operations: product  research, pricing/promotion research, target market research, distribution research.  Now  shopper/consumer focussed. Marketing concept. Order of operations: target market research,  product research, distribution research, pricing/promotion research. Stabilization is great time to  introduce market research. Marketing research uses identifying opportunities/problems, generate, refine and evaluate potential actions, monitor performance, and improve marketing process.  Charles Coolidge Parlin is Father of marketing research. Internal vs external research. Internal:  cost, industry and company knowledge. External: time, resarch expertise, specialized services.  Research suppliers­ full service: broad capabilities and services. Jack­of­all­trades, vendors,  partnerships, conglomerate. Limited service: specialized services. Specialty services, boutique  firms, innovative services.  Chapter 1: Introduction to Marketing Research Marketing Research Is Part of Marketing Marketing: the activity, set of institutions, and processes of creating, communicating, delivering,  and exchanging offerings that have value for customers, clients, partners, and society at large.  Service­dominant logic for marketing: view of marketing that identifies core competencies,  potential customers who can benefit from these core competencies, cultivates relationships with  these customers by creating value that meets their specific needs, and gauges feedback from teh  market, learn from the feedback, and improve the values offered to the public. More than  customer oriented. Collaborate and learn from customers. Marketing research provides the  necessary information to enable managers to market ideas, goods, and serevices properly. The  Philosophy of the Marketing Concept Guides Managers' Decisions­ Marketing concept: a  business philosophy that holds that hte key to achieving organizational goals consists of the  company being more effective than competitors in creating, delivering, and communicating  customer values to its chosen target market. Like market driven or customer oriented. The  "Right" Marketing Strategy­ Another name for planning. Marketing strategy: selecting a segment of the market as the company's target market and designing the proper "mix" of product/service,  price, promotion, and distribution system to meet the wants and needs of the consumers withing  the target market. Managers must have objective, accurate, and timely information. What Is Marketing Research? Marketing research: the process of designing, gathering, analyzing, and reporting information  that may be used to solve a specific marketing problem. Is a Process. Is It Marketing Research  Or Market Research?­ Market research: a process used to define the size, location, and/or  makeup of the market for a product or service. Sometimes used interchangeably. The Function of Marketing Research­ Function of marketing research: to link the consumer to the marketer by  providing information that can be used in making marketing decisions. What Are the Uses of Marketing Research?  Identifying Market Opportunities And Problems­ Generate, Refine, And Evaluate Potential  Marketing Actions­ Selecting Target Markets, Product Research, Pricing Research, Promotion  Research, Distribution Research. Monitor Marketing Performance­ Monitor companys sales as  well as competitors with pos terminals and skus. Improve Marketing As A Process­ Basic  research: conducted to expand our knowledge rather than to solve a specific problem. Applied  research: research conducted to solve specific problems. Marketing Research Is Sometimes  Wrong­ Understanding and predicting consumer behavior is difficult.  The Marketing Information System­ Marketing information system (MIS): a structure consisting  of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed,  timely, and accurate information to marketing decision makers. Determines decision makers'  information needs, acquire the needed information, and distribute that informmation to teh  decision makers in a form and at a time when they can use it for decision making. Components  of an MIS­ 4 subsystems: internal reports, marketing intelligence, marketing decision support,  and marketing research. Internal Reports System­ Internal reports system: gathers information  generated by internal reports, which includes orders, billing, receivables, inventory levels,  stockouts, and so on. Also called accounting information system. Marketing Intelligence System­ Marketing intelligence system: a set of procedures and sources used by managers to obtain  everyday information about pertinent developments in the environment. Marketing Decision  Support System (DSS)­ Marketing system support system DSS: collected data that may be  accessed and analyzed using tools and techniques that assist managers in decision making.  Marketing Research System­ Marketing research system: gathers information not gathered by  other MIS component subsystems. Provides info for a specific problem. Market research studies  called projects.


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