Marketing Research Chapter 1,3,4,5

Marketing Research Summary CH 1,3,4,5

Chapter 1:

Marketing is making needs profitable (short definition)

The marketing concept is a business philosophy that holds the key to achieving organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its chosen target markets.

Marketing Research is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific problem.

Marketing Research is part of MIS. Marketing Research is only one of four subsystems making up an MIS. Other subsystems include internal reports, marketing intelligence, and decision support systems.

Consumers have been given the power through these online innovations, to generate their own information, creating “consumer-generated-media”

Businesses must react and even anticipate what these changes will mean for their market.

Market research is part of marketing, but what is marketing? According to the American Marketing Association (AMA), it is “an activity, set of instructions and process of creating, communications, delivering and exchanging offerings that have value for customers, clients, partners and a society at large.”

Marketing research provides information to decision makers.

Service-dominant logic for marketing: under this philosophy, firms adopt a service-cantered view of marketing that (a) ID’s core competencies and (b) ID’s potential customers who can benefit from these core competencies, (c) cultivates relationships with these customers by creating value that meets their specific needs, and (d) gauges feedback from the market, learn from the feedback and improve the values offered to the public.

When firms make the right decision, they produce products and services the their targets market perceives to be of value, thus generating sales, profits and a positive ROI.

The philosophy of the market concept guides managers decisions. Your philosophies “dictate” how you are going to act every day… Your business can have different types of philosophies: product oriented, sales oriented, etc…

Marketing concept is a business philosophy that holds that the key to achieving organisational goals consist of the company being more effective than competitors in creating, delivering and communicating customer value to its chosen target markets.

The right marketing strategy — planning, consists of selecting a segment of the market as the company target makers and designing the proper “mix” of product, service, price, promotion and distribution system to meet the wants and needs of the consumer within the target market.

Many decisions must be made to develop the right strategy, and to make these right decisions, miners must have objective, accurate and timely information.

What is marketing research? It’s the process of designing, gathering, analysing, and reporting information that may be used to solve a specific marketing problem. Marketing research is the function that links the consumer, customer and public to the marketer through information.

Marketing research vs market research: marketing research is what the AMA has defined in the previews paragraphs, where as market research is a subset in marketing research, defining the size, location and or make up of the target for a product or service.