MKT 415 Guaranteed A+
The Value of Marketing Research ️It facilitates the identification and definition of market-driven
opportunities and problems, the development and evaluation of marketing actions
Marketing Research ️The function that links and organization to its market through the g...
MKT 415 Guaranteed A+
The Value of Marketing Research ✔️It facilitates the identification and definition of market-driven
opportunities and problems, the development and evaluation of marketing actions
Marketing Research ✔️The function that links and organization to its market through the gathering of
information.
Tasks involved in the marketing research process ✔️- Designing methods for collecting data
- Managing the information collection process
- Analyzing and interpreting results
- Communicating findings to decision makers
Relationship marketing and the marketing research process ✔️exploratory research, conclusive
research and performance-monitoring research
Marketing's purpose and definition ✔️the act of selling and buying in a market
Relationship Marketing and Customer Relationship Management ✔️CRM = A widely used model for
managing a company's interactions with customers, clients and sale perspectives.
The overall goals are to attract and gain new clients, nurture and retain those that the company already
has.
Relationships Marketing definitions ✔️Aimed to develop and maintain trusting long term relationships
with larger customers.
Customer profile, buying patterns and history of contacts are maintained.
Customer Relationship Marketing ✔️a company-wide business strategy designed to reduce costs and
increase profitability by solidifying customer satisfaction, loyalty, and advocacy.
Four CRM fundmental concepts ✔️Correlate, combine, connect, cognize
,Three areas of planning process ✔️situation analysis, strategy design, program development
Purpose of situation analysis ✔️Monitor marketing programs and determine whether changes are
necessary
Marketing research's relevance for situation analysis ✔️When conducting a situation analysis market
research should:
1. Locate and identify new market opportunities for a company
2. Identify groups of customers in a product/market who possess similar needs, characteristics and
preferences
3. Identify existing and potential competitors' strengths and weaknesses
Three common approaches to collecting information which can be used to forecast and interpret the
future to the benefit of the firm ✔️situation analysis, strategy design, program development
Marketing research's relevance for market segmentation (lifestyle studies, etc.) ✔️Benefit and lifestyle
studies can examine similarities and differences in consumers' needs.
Researchers use these studies to identify two or more segments within the market for a particular
company's prooducts
Marketing research's relevance for competitive analysis (the role of importance-performance analysis,
etc.) ✔️Importance-performance analysis can be used to evaluate competitors' strategies, strengths,
limitations and future plans.
Attributes examined include price, product, performance, product quality, accuracy of shipping and
delivery, and convenience of store location.
Target market analysis ✔️Identifies segments the company wishes to serve as well as the needs of
those groups
- new product opportunities
- demographics, psychographics, attitudes
- user profiles, usage patterns
, - effectiveness of current strategy
Positioning (definition, purpose and benefits) ✔️A process in which a company seeks to establish a
meaning or general definition of its product offering that is consistent with customers' needs and
preferences
The information requirements for marketing program development (ex. product portfolio analysis,
distribution decisions) ✔️Product portfolio - total product line is the focal point; design studies that
help product managers make decisions about reducing costs, altering marketing mixes and
changing/deleting product lines (ex. customer satisfaction studies and service quality studies)
Distribution Decisions - Involves distributors and retailers that link producers with end users. The
distribution channel used by a producer can influence a buyer's perception of the brand
Test-market (definition, types, roles) ✔️Collecting research information for decisions on product
improvements and new product introductions
Marketing research industry's fundamental skills and specific skills ✔️(1) Ability to understand and
interpret secondary data
(2) Presentation skills
(3) Foreign-language competency
(4) Negotiation skills
(5) Computer proficiency
Ethics in marketing research practices (examples of unethical activities by client/research user, research
provider or company, researcher-respondent relationship) ✔️Research Provider - General business
practices, conducting research below professional standard, respondent abuse, privacy invasion,
internet issues
Client/Research Buyer - Requesting proposals without intent to purchase, promising future business,
overstating research findings
Unethical Activity by Respondent - Providing dishonest answer or faking behavior
The role of marketing research codes of ethics ✔️Make sure there is an ethical environment
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