Term
| AMA definition of marketing |
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Definition
| The function that links the consumer to the marketer through information |
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Term
| Book definition of marketing (long ugh) |
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Definition
| the identification, collection, analysis, dissemination, and use of information to assist management in decision making |
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Term
| How is information used in market research? |
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Definition
- to identify market opportunities and problems
- to generate, refine and evaluate marketing performance
- to monitor marketing performance (like ROI of ads)
- to improve the understanding of marketing as a process |
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Term
| what is problem identification research? |
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Definition
| Research that is undertaken to help identify problems that are not necessarily apparent on the surface but may exist OR arise in the future |
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Term
| what is market potential? |
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Definition
| the potential for our product in a particular area (ex. would someone buy it it at a store) |
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Term
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Definition
| researching how others see our brand |
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Term
| What is problem solving research and in what areas might you conduct the research? |
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Definition
Research undertaken to help solve specific marketing problems
Areas:
- Segmentation research: break up demographic into smaller segments to better target one group (who might use bikes for fun vs transportation)
- product research: (kellogg might test the look of their new cereal box, dell might test the design of their new keyboard)
- price research: research on elasticity (how much can we charge customers before they won't buy the product)
- promotional research: determine the effectiveness of an ad (do people still like Flo from progressive?)
- distribution research: may look at location of retail outlets, margins throughout the distribution process |
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Term
| What are the 6 steps of the MARKET RESEARCH PROCESS? (overall) |
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Definition
1 - define the problem (make sure you know what your needs are, discuss w/ mkt mgr)
2 - develop an approach to the problem (what steps are you taking to solve the problem?)
3 - formulate the research design (decide how you'll collect the data, ex. figure out who you might survey)
4 - do the field work/collect the data
5 - analyze and prepare the data
6 - prepare and present the report (tell managers how the problem will be solved using your research) |
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Term
| What (4 things) must you do before you begin the PROBLEM DEFINITION PROCESS? |
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Definition
1 - discussion with decision makers
2 - interview with experts
3 - secondary data analysis
4 - qualitative research |
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Term
| What is the first OFFICIAL step of the PROBLEM DEFINITION PROCESS? |
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Definition
| DEFINE THE PROBLEM (lol duh): you do this by taking the management decision problem and turning it into the marketing research problem |
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Term
| turn this management decision problem into a marketing research problem: Should a new product be introduced? |
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Definition
| To determine consumer preferences and purchasing intentions for the proposed new product. |
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Term
| go backwards, turn this marketing research problem into the management decision problem: to determine the price elasticity of demand and the impact on profits of various levels of price changes |
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Definition
| Should the price of our products be increased? |
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Term
| What is the second step of the PROBLEM DEFINITION PROCESS? |
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Definition
Developing an approach to the problem
Components of an approach:
- objective/theoretical foundations
- analytical models
- verbal models
- graphical models (not designed to provide numeric results)
- mathematical models (equation of a line) |
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Term
| What is a research question (RQ) and how are they different than survey questions? |
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Definition
RQ = refined statements of the specific components of the problem (ex. what's the consumer profile of a sears shopper?)
- differ from survey questions b/c you may have 2-3 RQ's corresponding with 20-30 SQ's (SQ: what is your age, gender, income?) |
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Term
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Definition
an unproven statement about a factor that is of interest to the researcher, often is a possible answer to the research question
(ex. RQ: do sears customers exhibit store loyalty? H: customers who are store-loyal are less knowledgeable about the shopping environment) |
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Term
| What is the third step of the PROBLEM DEFINITION PROCESS? |
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Definition
| research design (aaaaand segway to chapter 3) |
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