Flashcards
Chapter 1: The Role of Marketing Research in Management Decision Making
Cards in this deck (31)
- 1Marketing (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.
- 2The Marketing Concept is composed of three tenets which are interrelated:A. Consumer Orientation
B. Goal Orientation
C. Systems Orientation - 3Marketing 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.
- 4The Three Critical Roles of Marketing ResearchDescriptive: 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 - 5Research Value Return on QualityThe quality being delivered is at a level desired by the target market.
The quality level must have a positive impact on profitability. - 6Marketing Strategy for Customer RetentionA 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. - 7Social 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 - 8Two Types of Research StudiesApplied - Research aimed at solving a specific, pragmatic problem.
Basic - Research aimed at expanding the frontiers of knowledge rather than solving a specific, pragmatic problem. - 9Three Applied Research TypesProgrammatic
Selective
Evaluative - 10Programmatic Applied ResearchResearch conducted to develop marketing options through market segmentation, market opportunity analyses, or consumer attitude and product usage studies.
- 11Selective Applied ResearchResearch used to test decision alternatives.
- 12Evaluative Applied ResearchResearch done to assess program performance.
- 13Reconsider 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 - 14Positive 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 - 15Negative 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 - 16The Development of Marketing ResearchInception - Pre-1900
Early Growth - 1900 -1920
Adolescent Years - 1920-1950
Mature Years - 1950-Present - 17Marketing ConceptA business philosophy based on consumer orientation, goal orientation, and systems orientation.
- 18Consumer OrientationThe 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.
- 19Goal OrientationA focus on the accomplishment of corporate goals; a limit set on consumer orientation.
- 20Systems OrientationThe creation of systems to monitor the external environment and deliver the desired marketing mix to the target market.
- 21Marketing MixThe unique blend of product/service, pricing, promotion, and distribution strategies designed to meet the needs of a specific target market.
- 22Marketing ResearchThe planning, collection, and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management.
- 23Descriptive FunctionThe gathering and presentation of statements of fact.
- 24Predictive FunctionSpecification of how to use descriptive and diagnostic research to predict the results of a planned marketing decision.
- 25Return on QualityManagement 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.
- 26Marketing StrategyA 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.
- 27Applied ResearchResearch 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.
- 28Basic, or pure, researchResearch aimed at expanding the frontiers of knowledge rather than solving a specific, pragmatic problem.
- 29Programmatic ResearchResearch conducted to develop marketing options through market segmentation, market opportunity analyses, or consumer attitude and product usage studies.
- 30Selective ResearchResearch used to test decision alternatives.
- 31Evaluative ResearchResearch done to assess program performance.
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- Marketing Research Flashcards on Chapter 1: The Role of Marketing Research in Management Decision Making, created by Megan Partridge on 03/03/2015.
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