Marketing Chapter 8
Marketing Chapter 8 MAR 250
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This 4 page Class Notes was uploaded by Melanie Guerrero on Sunday February 28, 2016. The Class Notes belongs to MAR 250 at Pace University taught by Harvey Markowitz in Winter 2016. Since its upload, it has received 16 views. For similar materials see Principles of Marketing (20335) in Marketing at Pace University.
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Date Created: 02/28/16
Marketing – Chapter 8 Vocabulary: Constraints – a decision are the restrictions placed on potential solutions to a problem Cross tabulation – a method of presenting and analyzing data involving two or more variables to discover relationships in the data Data – the facts and figures related to the project, are divided into 2 main parts (1) secondary data and (2) primary data Information technology – involves operating computer networks that can store and process data Marketing research – the process of defining a marketing program and opportunity Measures of success – criteria or standards used in evaluating proposed solutions to the problem Observational data – facts and figures obtained by watching, either mechanically or in person, how people actually behave Primary data – facts and figures that are newly collected for the project Questionnaire data – facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors Sales forecast – the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts Secondary data – are facts and figures that have already been recorded prior to the project at hand I. The role of Marketing Research A. What is marketing research? 1. Vocab** B. Five-step Research approach 1. Define the problem 2. Develop the research plan 3. Collect relevant information 4. Develop findings 5. Take marketing actions II. Define the problem A. Set research objectives 1. Exploratory research 2. Descriptive research 3. Casual research B. Identify possible marketing actions 1. Measures of success – vocab** III. Develop the research plan A. Specify constraints 1. Constraints – vocab** B. Identify data needed for marketing actions 1. Effective marketing research studies focus on collecting data that will lead to effective marketing actions C. Determine how to collect data 1. Concepts a. Concepts b. New-product concept 2. Methods a. Sampling b. Statistical inference 3. Data a. Vocab** b. Secondary data – vocab** c. Primary data – vocab** IV. Collect relevant information A. Secondary Data: internal 1. Marketing input data – the effort expended to make sales 2. Marketing outcome data – the results of the marketing efforts B. Secondary Data: external 1. External secondary data is published data outside the organization C. Advantages and disadvantages of secondary data 1. Advantages a. The tremendous time savings because the data have already been collected and published b. The low cost, such as free or inexpensive Census reports 2. Disadvantages a. The data may be out of date b. They may not be specific enough for the project D. Primary Data: Watching people 1. Observational data – vocab** 2. Mechanical methods a. “People meter” for gathering TV research 3. Personal methods a. Ethnographic research – specialized observational approach in which trained observers seek to discover subtle behavioral and emotional reactions as consumers encounter products in their “natural use environment” b. Useful and flexible, but can be costly and unreliable 4. Neuromarketing methods E. Primary data: Asking people 1. Idea generation methods – coming up with ideas a. Individual interview b. Focus groups 2. Idea evaluation methods – testing an idea a. Personal interview surveys b. Mail surveys c. Telephone surveys d. Online surveys 3. Questions a. Open-ended question (free response) b. Closed-end or fixed alternative questions (yes or no) c. Scale (rate 1-10) F. Primary Data: other sources 1. Social Media 2. Panels and Experiments 3. Information technology a. Vocab** 4. Data mining a. Extraction of hidden information from large databases to find statistical links between consumer purchasing patterns and marketing actions G. Advantages and disadvantages for Primary data 1. Advantages a. More flexible b. More specific to the problem being studied 2. Disadvantages a. More costly b. More time consuming H. Analyzing primary data using cross tabulations 1. Developing cross tabulations a. Vocab** 2. Interpreting cross tabulations V: Develop findings A. Analyze the data B. Present the findings Ex: 1. Annual sales 2. Average annual sales 3. Annual sales per household by household size 4. Average annual sales per household by age of children VI: Take Marketing Actions A. Make action recommendations B. Implement the action recommendations C. Evaluate the results 1. Evaluating the decision itself 2. Evaluating the decision process used VII: Sales Forecasting Techniques A. Sales forecast 1. Vocab** *3 Main sales forecasting techniques* B. (1) Judgements of the decision maker 1. Direct forecast- estimating value to be forecast without any intervening steps 2. Lost-horse forecasting – starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making a final forecast C. (2) Surveys of knowledgeable groups 1. Survey of buyers’ intentions forecast – asking perspective customers if they are likely to buy the product some future time period 2. Salesforce survey forecast – asking the firm’s salespeople to estimate sales during a forthcoming period D. (3) Statistical Methods 1. Trend extrapolation – involves extending a pattern observed in past data into the future 2. Linear trend extrapolation – when the pattern is described with a straight line