2175072
Description
Flashcards by Megan Partridge, updated more than 1 year ago
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Created by Megan Partridge
over 9 years ago
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| Question | Answer |
| Marketing (Definition) | The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. |
| The Marketing Concept is composed of three tenets which are interrelated: | A. Consumer Orientation B. Goal Orientation C. Systems Orientation |
| Marketing Research (Definition) | The function that links the consumer, customer, and public to the marketer through information that is used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions, monitor marketing performance; and improve understanding of marketing as a process. |
| The Three Critical Roles of Marketing Research | Descriptive: The gathering and presenting of statements of fact Diagnostic: The explanation of data or actions Predictive: The specification of how to use descriptive and diagnostic research to predict the results of a planned marketing decision |
| Research Value Return on Quality | The quality being delivered is at a level desired by the target market. The quality level must have a positive impact on profitability. |
| Marketing Strategy for Customer Retention | A plan to quide the long-term use of a firm's resources based on its existing and projected internal capabilities and on projected changes in the external environment. The development of the means by which the firm will position itself in the eyes of the consumer while determining the best course of action to meet the firm's objectives. |
| Social Media and UGC | - More people participating in social media - User-generated content is unsolicited, candid, and passionate many times. - Millions of comments a day about products/brands - Fifty-six percent of social media users check Facebook once a day |
| Two Types of Research Studies | Applied - Research aimed at solving a specific, pragmatic problem. Basic - Research aimed at expanding the frontiers of knowledge rather than solving a specific, pragmatic problem. |
| Three Applied Research Types | Programmatic Selective Evaluative |
| Programmatic Applied Research | Research conducted to develop marketing options through market segmentation, market opportunity analyses, or consumer attitude and product usage studies. |
| Selective Applied Research | Research used to test decision alternatives. |
| Evaluative Applied Research | Research done to assess program performance. |
| Reconsider conducting marketing research under what circumstances: | - The resources are lacking to do proper research - Managers cannot agree on what they need to know to make a decision - The opportunity has passed - The decision has already been made, or will not be made - The research results might not be useful to management -Decision-making information already exists - The research cost outweighs the benefits of the research -You do not have the time to do the research right -The research results will likely only be shelved |
| Positive Aspects of Internet Surveys: | -Enables rapid access to information -Fosters easier executing of follow-up and longitudinal studies -Enables management to respond quickly to customers' needs -Can dramatically reduce data collection and overall costs -One can quickly publish, report, disseminate research results -Has transformed secondary data collection -Enables personalization of surveys -Facilitates quick survey response/analysis capabilities -Produces higher response rates -Ability to contact the hard-to-reach -Rapid development and real time reporting -Ability to change the research focus quickly |
| Negative Aspects of Internet Surveys: | -The sample might not be representative of the population -Ease of use might lead to over-surveying your audience -Not everyone has Internet access or good connection speed |
| The Development of Marketing Research | Inception - Pre-1900 Early Growth - 1900 -1920 Adolescent Years - 1920-1950 Mature Years - 1950-Present |
| Marketing Concept | A business philosophy based on consumer orientation, goal orientation, and systems orientation. |
| Consumer Orientation | The identification of and focus on the people or firms most likely to buy a product and the production of a good or service that will meet their needs most effectively. |
| Goal Orientation | A focus on the accomplishment of corporate goals; a limit set on consumer orientation. |
| Systems Orientation | The creation of systems to monitor the external environment and deliver the desired marketing mix to the target market. |
| Marketing Mix | The unique blend of product/service, pricing, promotion, and distribution strategies designed to meet the needs of a specific target market. |
| Marketing Research | The planning, collection, and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management. |
| Descriptive Function | The gathering and presentation of statements of fact. |
| Predictive Function | Specification of how to use descriptive and diagnostic research to predict the results of a planned marketing decision. |
| Return on Quality | Management objective based on the principles that (1) the quality being delivered is at a level desired by the target market and (2) that level of quality must have a positive impact on profitability. |
| Marketing Strategy | A plan to guide the long-term use of a firm's resources based on its existing and projected internal capabilities and on projected changes in the external environment. |
| Applied Research | Research aimed at solving a specific, pragmatic problem - better understanding of the marketplace, determination of why a strategy or tactic failed, or reduction of uncertainty in management decision making. |
| Basic, or pure, research | Research aimed at expanding the frontiers of knowledge rather than solving a specific, pragmatic problem. |
| Programmatic Research | Research conducted to develop marketing options through market segmentation, market opportunity analyses, or consumer attitude and product usage studies. |
| Selective Research | Research used to test decision alternatives. |
| Evaluative Research | Research done to assess program performance. |
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