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Summary Marketing and Research full study notes for first year students
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This document contains full notes for exam Marketing research and statistics at HvA in the first year.
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1.INTRODUCTION TO MARKETING RESEARCH1.1 Marketing Research Is Part Of Marketing
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing thought has evolved to a service-centered view that:
(a) identifies core competencies
(b) identifies potential customers who can benefit from these core competencies
(c) cultivates relationships with these customers by creating value that meets their specific needs
(d) collects feedback from the market, learns from the feedback, and improves the values offered to
the public
Modern marketing thought holds that firms should collaborate with and learn from consumers.
Crowdsourcing is the practice of obtaining services or ideas by asking for assistance from large
groups of people, generally online communities.
The marketing concept is a business philosophy that holds that 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.
A marketing strategy consists of selecting a segment of the market as the company’s target market
and designing the proper “mix” of product/service, price, promotion, and distribution system to
meet the wants and needs of the consumers within the target market.
1.2 What Is Marketing Research
Marketing research is the process of designing, gathering, analyzing, and reporting information that
may be used to solve a specific marketing problem.
Market research as a process used to define the size, location, and/or makeup of the market for a
product or service.
Function of marketing research is to link the consumer to the marketer by providing information
that can be used in making marketing decisions.
,1.3 What Are The Uses Of Marketing Research
Different uses of marketing research:
(1) identifying market opportunities and problems
(2) generating, refining, and evaluating potential market actions
Marketing research is conducted in a variety of areas, including:
- Determining target markets (determine size of various market segments)
- Conducting product research (constantly looking for new products)
- Pricing research (determine value that consumers perceive)
- Promotion research (effectiveness of different media)
- Distribution research.
(3) monitoring marketing performance
The aim of basic research is to expand our knowledge rather than to solve a specific problem.
Research conducted to solve specific problems is called applied research, which represents the vast
majority of marketing research studies.
MARKETING RESEARCH IS NOT ALWAYS CORRECT!
1.4 The Marketing Information System
An MIS is a structure consisting of people, equipment, and procedures to gather, sort, analyze,
evaluate, and distribute needed, timely, and accurate information to marketing decision makers.
Information is gathered and analyzed by the four subsystems of the MIS:
(a)internal reports
internal reports system gathers information generated within a firm, including orders, billing,
receivables, inventory levels, stockouts, and so on. In many cases, the internal reports system is
called the accounting information system.
(b)marketing intelligence
marketing intelligence system is defined as a set of procedures and sources used by managers to
obtain everyday information about pertinent developments in the environment. Consequently, the
intelligence system focuses on bringing in information generated outside the firm. Such systems
include both informal and formal information-gathering procedures.
(c)marketing decision support
marketing decision support system (DSS) is defined as collected data that may be accessed and
analyzed using tools and techniques that assist managers in decision making.
(d)marketing research
marketing research system gathers information not gathered by the other MIS component
subsystems: Marketing research studies are conducted for a specific situation facing the company.
, 2. THE MARKETING RESEARCH INDUSTRY
2.1 Who Conducts Marketing Research And Industry Structure
Any company seeking to understand its customers, distributors, competitors, or the environments in
which they operate may conduct marketing research.
Client-side research is research that is conducted within an organization.
DIY marketing research, or do-it-yourself marketing research, refers to fi rms conducting their own
marketing research.
Supply-side marketing research is research that is conducted by an outside fi rm hired to fulfill a
company’s marketing research needs. A supplier fi rm may be referred to as an agency or simply as a
supplier.
Full-service supplier firms have the capability to conduct the entire marketing research project for
buyer firms. They conduct a large variety of research.
Limited-service supplier firms specialize in one or, at most, a few marketing research activities.
2.2 Industry Initiatives
The marketing research industry has been proactive in terms of self-improvement, largely through
industry initiatives, extensive continuing education programs, and certification.
(1) Best Practices
(2) Maintaining Public Credibility of Research
Sugging, or “selling under the guise of research,” is illegal. Frugging, or “fund raising under the guise
of research,” is unethical but not yet illegal.
The Transparency Initiative is a program by the AAPOR to encourage the routine disclosure of
methods used in research that is released to the public.
(3) Monitoring Industry Trends
(4) Improving Ethical Conduct
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