Flashcards in Chapter 1 Deck (32):
What are 4 external factors surrounding a company?
2. Financial Services
and in lecture we also identified suppliers and distributors
What connects the company to the environment?
What is the role of Marketing Research?
Link the customer to the marketer through information
What are three things that Market-oriented firms do?
1. Generate Market Intelligence
2. Share intelligence across departments
3. Develop strategy based on intelligence
What are 4 things marketing research information is used for?
1. Idenfity and define MARKETING PROBLEMS
2. Generate and evaluate MARKETING ACTIONS
3. Monitor PERFORMANCE
4. Improve understanding of the MARKETING PROCESS
What are 4 Marketing Research Careers?
1. Market Research Analyst
2. Senior Market research Analyst
3. Market Research Manager
4. market Research director
From entry level to Director, what is average income?
$55,196 - $149,727
What are 6 skills required of a marketing research career?
1. Research design skills
2. Data collection skills
3. Data analysis skills
4. Interpretation skills
5. Presentation skills
6. Project Management skills
Why do producers of products and services conduct marketing research (3 things)
1. Assess market needs
2. Test new products before launch
3. Track customer satisfaction
why do ad agencies conduct marketing research? (2 things)
1. Pre-Campaign testing of advertising effectiveness
2. Post-campaign evaluation of success
What is marketing research performed by market research companies called?
What are 3 types of Custom-designed Research?
1. Field Service: Collect Data
2. Limited Service: Collect/analyze
3. Full service: Design/collect/analyze
What are 3 things marketing managers do with marketing research?
1. Evaluate strengths/weaknesses of information
2. Rely on high-quality information
3. Ignore low-quality information
How did market research influence Scion?
They found consumers wanted individuality, expression, diversity, style, and didn't want commercialism. So the marketing decisions from this was PRODUCT customization, and COMMUNICATION of "United by Individuality"
What is the 5 step marketing research process?
1. Problem Identification
2. Research design
3. Data collection
4. Data prep and analysis
5. Report Preparation
What purpose is the 1st step of market research, what is goal?
purpose: Identify the purpose of marketing research
Result: Clearly defined marketing research question
Problem definition step turns ____ into _____
Turn managerial problem into marketing research problem
What are the 4 steps to the second step of market research, RESEARCH DESIGN
1. Define needed information (market research question)
2. Select method (focus group, survey, etc)
3. Develop Measures (interview guides, metrics etc)
4. Sample (Accessibility, cost)
How does the 3rd step of market research (data collection) collect data?
-Personal interviews (face to face)
- Telephone interviews
-Electronic mail / online surveys
What are the two steps to the 4th step of market research (data preparation and analysis)?
Bring data into format that can be analyzed
Choose method of analysis for format and type of data being looked at
In the 5th step of market research (Report Preparation and Presentation), what are the 6 parts of the report?
Hint: helps to think of second coop report
a. Executive Summary
b. Background / Problem Definition
c. Method (sampling and design)
What are 4 ethical issues with marketing research?
1. Using surveys as a guise for selling
2. Changing design and data collection to get desired results
3. Biased Reporting
4. Misleading decision-makers with false data
What is market-orientation firms?
These companies put consumers in the focus, and they try and understand them, and sell to them. This is most common
What is product orientation?
When company is completely focused on products, and their focus is making the manufacture design etc of product the best and efficient it can be
Advertising has two key objectives, what are they?
Awareness, and brand perception (usually wanting their own to be positive)
What is the Marketing Process?
It is really how we create value for our client/business. So what do the brand's customers like, respond to, preferences, etc
What are the two main places a Marketing Researcher could work?
Marketing Research Firms
Large Consumer Goods/Services Firms
What was the problem Toyota was looking to solve?
Gen Y was not buying Toyota cars
What was the marketing research question for Toyota case study?
What analyzes did these focus on
Why aren't Gen Y buying Toyota cars?
includes analyses on customer preferences, brand image, customer purchasing power etc
What was the qualitative data and quantitative methods did toyota use?
What kind of results did Toyota find from market research, and what were the marketing actions?
They found new target audience which liked individuality etc.
This resulted in marketing actions such as concert sponsorships, customizable car options etc