MKTG 3101 – Mid Term All Answers Correct
3 types of Research Design
1. Exploratory
2. Descriptive
3. Causal
Exploratory Research Design
(Background info) A type of research used to investigate a problem which is not clearly defined. It is
conducted to have a better understanding of ...
MKTG 3101 – Mid Term All Answers Correct
3 types of Research Design
1. Exploratory
2. Descriptive
3. Causal
Exploratory Research Design
(Background info) A type of research used to investigate a problem which is not clearly defined. It is
conducted to have a better understanding of the existing problem, but will not provide conclusive
results
Descriptive Research Design
(Understand the problem) A type of research design used to answer specific questions like who, what,
when, where, and how
Causal Research Design
A type of research design that examines cause-and-effect relationships to allow researchers to answer
"what if" types of questions.
Can be considered qualtitative and quantitative
Marketing Myopia
When a companies fail to define products in terms of the customers NEEDS and WANTS and recognizing
that they EVOLVE
Mission Statement
Organization's purpose in the larger environment. MUST be market oriented and defined in terms of the
customer.
Realistic, specific, fit the market, based on distinctive competencies, motivating
A mission statement should be:
BCG Matrix
Star - invest!, Cash Cow - little investment needed, ? - Invest?, Dog - don't invest
, Strategic Planning
Market penetration
Product Development
Market Development
Diversification
Market penetration
existing products + existing markets
Product development
existing markets + new products
Market development
new markets + existing products
Diversification
new market + new product
Downsizing (Con of Diversification)
_________ occurs when company expands too quickly and gets involved in markets where it lacks
experience. Ensures resources are being used on most profitable products/markets
Marketing Strategy
Understand the environment
Develop delivery and Value Prop. (4P's)
Assess performance (ROI)
ROI
______ is the net return from a marketing investment divided by the costs of the marketing investment
(Cost to Profit ratio)
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