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BUS M 241 WEEK 3

by: Morgan Christensen

BUS M 241 WEEK 3 BUS M 241

Morgan Christensen

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CH 4: Ethics and Social Responsibility CH 5: Marketing Research
Marketing Management
Michael J Swenson
Class Notes
ethics, Marketing
25 ?




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This 4 page Class Notes was uploaded by Morgan Christensen on Monday September 19, 2016. The Class Notes belongs to BUS M 241 at Brigham Young University taught by Michael J Swenson in Fall 2016. Since its upload, it has received 3 views. For similar materials see Marketing Management in Business Management at Brigham Young University.

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Date Created: 09/19/16
BUS M 241 WEEK 3: 09/13 – 09/15 Chapter 4: Ethics and Social Responsibility  Ethics — ethos (character), defines morally what decisions are right and what are wrong  The Fraud Triangle — used to explain and predict fraud/unethical behavior o Opportunity→ Companies can eliminate this o Motivation/pressure o Rationalization Personal Ethical Understanding→ Application of Ethics to Business →Ethical Courage (stand up for what is right) → Ethical Leadership Understanding (help others to be ethical) o Ethical Behavior in Business o Golden Rule o Would you do it in front of your professional colleagues? o Would you explain it on TV, front page of newspaper, or in Sunday School? o When in doubt, don’t. o Slippery Slope o Would you do it with your mother watching? o Never knowingly do harm o Ethical leadership o If it’s weak then the swing group (between honest and dishonest employees) will feel permitted to behave dishonestly. o If it’s strong then the swing group will act honestly.  Customer Power vs. Unethical Marketing o “United Breaks Guitars” … Dave Carroll complained about United Airlines breaking his guitar. When they refused to buy him a new one, he wrote a song, created a YouTube video that went viral, and even wrote a book. Complaining made him a national icon. o Those who don’t complain, 80% leave.  Enlightened Marketing Concept o Social Responsibility→ businesses and organizations are accountable to society for their actions; society’s long-term interests o Sustainability — organizations should focus on social problems in the world and use them to build profits and help the world.  i.e. Organic foods o Green Marketing→ products designed to minimize negative effects on the environment  Energy Star light bulbs BUS M 241 WEEK 3: 09/13 – 09/15  American Marketing Association (AMA)’s Ethical Norms (3) o Do no harm o Foster trust in the marketing system o Embrace ethical values  Consumer-Protection Agencies o Federal Trade Commission (FTC)  MISSION  Prevent businesses from being unfair to customers  Help customers understand businesses & competition so they can make better decisions  Do this without affecting business activity  7 Divisions  Advertising practices  Consumer & business education  Enforcement  Financial practices  Marketing practices  Planning and information  Privacy and Identity Protection o Federal Drug Administration (FDA)  Myths of Unethical Marketing o Marketers push products consumers don’t want to buy.  The whole purpose of Marketing is to get customers what they want. It focuses on the customer because if they don’t value the product, then it won’t sell. o Consumers are no match for the power of marketing.  Marketing doesn’t make us buy stuff. We, as consumers, have the power. We complain about things and review products/ places. o Marketing is deceptive and not truthful or honest.  If customers don’t trust the company, they most likely will not buy from them, so marketing stays honest to keep customers. o Marketers believe in planned obsolescence.  i.e. The company purposely has a car engine die four years after you buy it simply so you can buy another one in four years.  This is a myth because customers would stop buying from them. The company would get such a bad reputation, and customers may even boycott their product. It’s also bad, because there are always going to be competitors out there that offer products that last longer. Chapter 5: Marketing Research BUS M 241 WEEK 3: 09/13 – 09/15  Marketing Research helps make marketing decisions regarding the 4Ps.  Good Marketing Research o Research questions address specific marketing issues important to the client. o Data sample consists relevant people. o Analytical methods give clear answers to marketing issues. o Recommendations support marketing decisions. o Research report is full of “voice of customer” quotations.  Research Process: o Define the Problem o Design the Project  Review secondary data (data that already exists), saves time and money compared to creating your own primary data  Screen for appropriate sample (VERY IMPORTANT) o Collect Data  Asking People Questions  Observing People  Types of Error  Sampling Error — small samples from large populations; simply increase the sample size  Measurement Error — asking questions that have nothing to do with what you want to measure; simply ask appropriate questions  Coverage Error — When the sample population doesn’t represent the population of interest; simply screen your sample  Non-response Error — obtained sample is different from the original selected sample; simply understand the differences between those who respond and those who don’t o Analyze Data  Methods to Know (what is it and what does it provide for us) (8)  Cross tabs o Frequency counts o i.e. number of people prefer chocolate over vanilla frosty  Analysis of variance o Average in variability o i.e. average sales in units of cereal boxes of width and placement on shelf  Regression analysis o relationship b/w dependent and independent variables o i.e. weekend ticket sales at a ski resort or sale of hamburger buns (take into consideration weather, day of month, close to holiday, etc) BUS M 241 WEEK 3: 09/13 – 09/15  Factor analysis o Group highly correlated variables into factors, reduce data o i.e. customer attitude about store (1-up to date quality products; 2-fast and exciting for customers; 3- friendliness in store; 4-satisfaction with shopping experience)  Cluster analysis o Groups based on similarities, dividing the market  Discriminant analysis o Discriminate in categories, perceptual maps depicting brands  MaxDiff analysis o Measure the most/least important or most/least appealing to determine choice preferences  Conjoint analysis o Develop new products and identify alternate pricings o Take Action  Market Research: helps us understand the demographics of a marketplace  Once we’ve decided on a market, Marketing research helps us decide on what to do with the 4Ps.  Common Research Mistakes o Blindly listening o Blindly ignoring o Bias:  Sampling error  Measurement error  Coverage error  Non-response error


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