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A snapshot of the summary - Essentials Of Marketing Research
1 The role of market research
1.1 What is market research?
What does market research?
It provide info to businesses by defining marketing opportunities and problems, generating and evaluating marketing ideas, monitoring performance and understanding the marketing process. The supply of this information reduces uncertainty in decision making.
What is Applied Marketing research?
Research conducted to adress a specific firm or organization. It facilitates managerial decision making.
What is Basic Marketing research?
Not specific. It attempts to expand the limits of marketing knowledge in general and its not aimed at solving a particular problem.
1.2 Marketing research and strategic management orietnation
What is product oriented?
Emphasize producing a sophisticated product that is also technologically advanced. The product is the priority.
What is production oriented?
Efficiency and effectiveness of the production and output process in making decisions is the priority. Generally it leads to an emphasis on low-cost production and low-cost positioning in the market place.
What is a Marketing concept?
Focuses on how the firm provides value to customers more than on the physical product or the production process.
What is Marketing orientation?
It emphasizes customer orientation, long-term profitability over short-term profits, and a cross functional perspective. Those companies tend to do more marketing research and emphasizes marketing research more than other firms.
What is Customer oriented?
All decisions are made with a conscious aware of their effect on the customer. Those companies have close contact with their customers because they providing a high value experience is their central focus.
1.4 Marketing research and strategic marketing management
How do you develop a marketing strategy?
- Identifying and evaluating marketing opportunities
- Analyzing market segments and selecting target markets
- Planning and implementing a marketing mix that will provide value to customers and meet organizational objectives ( 4 P's )
- Analyzing firm's performance. ( Better than competitors? )
( 2. Analyzing marketing segments and selecting target markets )
What are Geo-Demographics?
Refers to the information describing the demographic profile of customers in a particular geographic region.