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Marketing 145 week 1 notes

by: rihonna

Marketing 145 week 1 notes MKT 145

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notes cover week one of lectures
Principles of Marketing
Dr. Jarrell
Class Notes
25 ?




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This 4 page Class Notes was uploaded by rihonna on Sunday September 25, 2016. The Class Notes belongs to MKT 145 at Grand Canyon University taught by Dr. Jarrell in Fall 2016. Since its upload, it has received 2 views. For similar materials see Principles of Marketing in Marketing at Grand Canyon University.


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Date Created: 09/25/16
Marketing research and strategy Building blocks of successful businesses Executive team- Vision/mission-Where do you want to be in 3-5 years? What is your company’s purpose? Functional managers-objectives-What do you want to accomplish in 1 year? Functional team-strategies-How will you accomplish these objectives team-tactics-what are the detailed plans? Marketing research is the collection, recording, and analysis of information to aid in making marketing decisions Marketers use marketing research to • understand the nature and characteristic s of the markets they serve • identify specific groups of perspective customers and their needs and wants- segmentation and targeting • assess the current situation of the business within the marketplace Categories of marketing data Categories- types of marketing data collected Marketing- competition, economic shifts, technological trends, available opportunities, ad potential threats audience- consumer buying habits, demand estimation, and price sensitivity firm- strengths and weaknesses, current perceptions and positions, channels of distribution, and feedback on marketing efforts Uses of marketing research • identify marketing opportunities and problems • generate, refine, and evaluate potential marketing actions • monitor marketing performance Identifying marketing opportunities and problems • market-demand determination (how much will consumer buy?) • market segments identification (who are the consumers?) • marketing audits- SWOT analysis (what are the SW and OT for our product?) • Problem: Does our advertising work? Generating, refining, and evaluating potential marketing actions • proposed marketing-mix evaluation testing (strategies and tactics) • new-product prototype testing • advertising pre-testing Monitoring marketing performance • image analysis, i.e. bank image analysis (what do consumers think and feel about our bank?) • teaching studies, i.e. sales, market shares of all brands in our category • product or service quality studies • customer satisfaction studies Improving marketing as a process • the purpose of these studies is to expand knowledge (basic research) of marketing as a process rather than to solve a specific problem (applied research) Marketing research improves decision making. Data collection is the gathering of information in a structured way in order to answer research questions two categories of data collection • secondary data are the information collected by another person 1 internal sources include accounting and financial records , previous research, company experts etc 2 external sources include published articles, reports, and studies, industry experts, industry trade associations, financial analyses Secondary data sources should be analyzed carefully to ensure accuracy and timeliness • primary data is what we do 1 qualitative research is defined as open-ended research meant to better understand the consumer reasoning and includes focus groups, interviews, and observational studies 2 quantitative research is structures research that is meant to answer a question in a way that can be communicated through numbers or statistics and includes surveys, behavioral and psychological research, analytics, and experiments Mixed method research uses both Five step marketing research approach define the problem-> develop research plan-> collect relevant information-> develop findings-> take marketing actions Marketing segmentation is the dividing of the entire market into groups of consumers with similar characteristics like wants and needs target market is a segment of the population selected by the company as the one to which it will direct its marketing efforts ideal target markets are: large, identifiable,reachable,available, and profitable The market-product grid is the framework that matches market segments and their relative size on one side of a table to products offered on the other side in order to spot underserved needs, primary markets, or secondary markets Approaches to Market Segmentation • geographic • demographic • psychographic-how consumers act and think • behavioral-what consumers do Differentiation is creating points of difference in the mind of the consumer that allows a company to stand apart from its competitors, without differentiation a company or product just looks like everyone else, which can mean a slow demise in the marketplace Positioning is defined as owning a unique and compelling spot in he consumer’s mind that is different from any of your competitors Positioning statement is a declaration of a product or brand’s uniqueness in the market Six components of a positioning statement • for- the identification of the target market with all the segmentation characteristics • who need- the identification of the emotional need driving the purchase • the brand- the category in which the brand competes • that-statement of how the brand solves the emotional need identified above • we provide- list of differentiators that set the brand apart from the competitive options perceptual map is a tool that uses two variables to graphs the position Repositioning means changing the consumers mind about the product or service: • often requires adjustments to the marketing mix • can require adjusting to consumers' priorities


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