marketing strategy
16. Name and briefly discuss two situations in which it is best not to conduct marketing research
When there is no high level of uncertainty. For example, when company understands the characteristics of the target customers and their likes and dislikes regarding existing products, under this circumstances, further research would be repetitive and waste money
When the value of research information is not greater than the cost of generating the information.
15. Discuss the three major benefits of marketing research to managers
Marketing research is the process of planning, collecting and analyzing data relevant to a marketing strategy
Marketing research can help managers improve the quality of decision making. Managers can sharpen their decision making by using marketing research to explore the desirability of various marketing alternatives
Trace the problems. Managers also use marketing research to find out why a plan backfired. Was the initial decision faulty? Did an unforeseen change in the external environment cause the plan to fail? How can the same mistake can be avoided in the future
Help a manager focus on the paramount importance of keeping existing customers, aid them in better understanding the marketplace take advantage of the opportunities and alert them to marketplace trends. Long term relationship does not just happen, they are grounded in the delivery of service and value by the company 14. Name and briefly discuss four bases that firms use for positioning or repositioning
Attribute. A product is associated with an attribute, product feature or customer benefit. For example, Kleenex offers an anti-viral tissue that contains substances to kill both viruses and germs in an effort to differentiate its product from competing tissues
Price and quality. This positioning base may stress high price as a signal of quality or emphasize low price as an indication of value. For example, Denmark-based Lego Building Blocks uses the high-price
When there is no high level of uncertainty. For example, when company understands the characteristics of the target customers and their likes and dislikes regarding existing products, under this circumstances, further research would be repetitive and waste money
When the value of research information is not greater than the cost of generating the information.
15. Discuss the three major benefits of marketing research to managers
Marketing research is the process of planning, collecting and analyzing data relevant to a marketing strategy
Marketing research can help managers improve the quality of decision making. Managers can sharpen their decision making by using marketing research to explore the desirability of various marketing alternatives
Trace the problems. Managers also use marketing research to find out why a plan backfired. Was the initial decision faulty? Did an unforeseen change in the external environment cause the plan to fail? How can the same mistake can be avoided in the future
Help a manager focus on the paramount importance of keeping existing customers, aid them in better understanding the marketplace take advantage of the opportunities and alert them to marketplace trends. Long term relationship does not just happen, they are grounded in the delivery of service and value by the company 14. Name and briefly discuss four bases that firms use for positioning or repositioning
Attribute. A product is associated with an attribute, product feature or customer benefit. For example, Kleenex offers an anti-viral tissue that contains substances to kill both viruses and germs in an effort to differentiate its product from competing tissues
Price and quality. This positioning base may stress high price as a signal of quality or emphasize low price as an indication of value. For example, Denmark-based Lego Building Blocks uses the high-price