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MKTG 3101 – Mid Term All Answers Correct

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MKTG 3101 – Mid Term All Answers Correct 3 types of Research Design 1. Exploratory 2. Descriptive 3. Causal Exploratory Research Design (Background info) A type of research used to investigate a problem which is not clearly defined. It is conducted to have a better understanding of ...

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  • September 27, 2024
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MKTG 3101 – Mid Term All Answers Correct
3 types of Research Design

1. Exploratory
2. Descriptive
3. Causal

Exploratory Research Design

(Background info) A type of research used to investigate a problem which is not clearly defined. It is
conducted to have a better understanding of the existing problem, but will not provide conclusive
results



Descriptive Research Design

(Understand the problem) A type of research design used to answer specific questions like who, what,
when, where, and how

Causal Research Design

A type of research design that examines cause-and-effect relationships to allow researchers to answer
"what if" types of questions.

Can be considered qualtitative and quantitative

Marketing Myopia

When a companies fail to define products in terms of the customers NEEDS and WANTS and recognizing
that they EVOLVE

Mission Statement

Organization's purpose in the larger environment. MUST be market oriented and defined in terms of the
customer.

Realistic, specific, fit the market, based on distinctive competencies, motivating

A mission statement should be:

BCG Matrix

Star - invest!, Cash Cow - little investment needed, ? - Invest?, Dog - don't invest

, Strategic Planning

Market penetration
Product Development
Market Development
Diversification

Market penetration

existing products + existing markets

Product development

existing markets + new products

Market development

new markets + existing products

Diversification

new market + new product

Downsizing (Con of Diversification)

_________ occurs when company expands too quickly and gets involved in markets where it lacks
experience. Ensures resources are being used on most profitable products/markets

Marketing Strategy

Understand the environment
Develop delivery and Value Prop. (4P's)
Assess performance (ROI)

ROI

______ is the net return from a marketing investment divided by the costs of the marketing investment
(Cost to Profit ratio)

SWOT

Strength, Weakness (Internal)
Opportunities, Threats (External)




Microenvironment

company, suppliers, marketing intermediaries, competitors, publics, customers

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