Mkt research- ch 1 summary PDF

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Chapter 1- The Role of Marketing Research- Spring 2018 1. Marketing Research fulfills the marketing manager’s need to know information about the marketplace 2. What is market research? The American Marketing Association (AMA) defines it as: a. The function which links the consumer, customer, and public to the marketer through information (which is used to identify and define marketing opportunities) b. The systematic and objective process of gathering, recording, and analyzing data for the aid in making prudent decisions; It suggests three things: (1) patient study and scientific investigation, (2) objectivity- impartial, unbiased investigation, and (3) research used by all levels of decision makers throughout organization 3. Basic vs. Applied Research a. Basic research- conducted without a specific decision in mind that usually does not address the needs of a specific organization. It attempts to expand the limits of marketing knowledge in general and is not aimed at solving a particular pragmatic problem. In fact, it often leads to major scientific breakthroughs that could then be used to solve specific problems. b. Applied research- conducted to address a specific marketing decision for a specific firm or organization; undertaken to solve a specific problem. 4. Both use the scientific method. What is the scientific method? The scientific method- formalized research procedures that can be characterized as logical, objective, systematic, reliable, valid, impersonal, and ongoing. **The way researchers go about using knowledge and evidence to reach objective conclusions about the real world (EMPIRICAL EVIDENCE TO ANALYZE AND INTERPRET)- Observation and Experimentation Steps in the method: a. State the problem b. Collect and organize the data c. Experimentation d. Test Hypotheses e. Make Generalization (observations) f. Check truth by mean of more experiments and fact gathering 5. How does marketing research fit into the field of marketing? * Market research allows firms to implement the marketing concept. Marketing Concept- The central idea in modern marketing thinking that focuses on how the firm provides value to customers more than the physical product or production process. It is three fold: (1) customer-oriented, (2) emphasis on long-run profitability, (3) adopts a crossfunctional perspective

6. What is meant by the market-driven versus product-driven approaches? *Market driven- guided by market trends *Product driven- searching for a product niche Chapter 1 Addendum 1. a. b. c. d. e. f.

What is the value of marketing research to management? It reduces uncertainty Defines problems Identifies opportunities Explains why something went wrong Predicts/forecasts future conditions Used to describe the characteristics of the marketplace

2. Every 5 years, the AMA conducts a survey to determining what types of research is being conducted by marketing professionals in the field. a. Advertising research b. Business, Economic, and Corporate research c. Corporate responsibility research d. Product research e. Sales and market research 3. What is a marketing information system? ** A continuing and interacting structure of people, equipment, and procedures designed to: gather, sort, analyze, evaluate, and distribute pertinent; timely and accurate info for use by marketing decision makers to improve their planning, execution, and control 4 subsystems are: (1) internal reports, (2) marketing intelligence, (3) marketing research subsystem, (4) analytical marketing subsystem *The purpose: to manage information systematically through a set of procedures for expediting the flow of info in a timely, accurate, and concise manner to satisfy the info requirements of the organization...