The big essay: Be able to discuss how marketing research relates to customer orientation, CRM, and marketing planning. -how long does this have to be and is this on the right track?
Customer orientation, CRM, and marketing planning are all related to market research because each are steps in order to market properly to your customer. Customer orientation is where you will assess your customer in finding trends in their needs/wants, and customer insight. Then find the segment between customers/consumers with the regards to needs/wants and linking the differences to existing or achievable competitive advantage. The customer relationship management (CRM) will then collect the data of the customers and serves as a model for managing the company’s interaction with the customers. You will then devise a marketing plan that will include a list of actions or outline of the organization’s marketing efforts.
Be able to design and diagram a marketing experiment, including a description of manipulations, sample/data, data sources, and any outcome measures/scales. Be able to describe how your design would account for factors affecting internal and external validity.
List conditions under which marketing research should not be used and why: know 4 of them and their implications. • The research are lacking
• The research results might not be useful
• The decision has already been made
• Managers cannot agree on what they need to know to make a decision • The research cost outweighs the benefits of the research • You do not have the time to do the research right
• The research results will likely only be shelved
The three conditions for inferring causality
• Concomitant Variation: are they correlated; the degree to which a proposed cause and effect occur or vary together. Response values for x and y move together • Temporal Sequence: an appropriate causal order of event; x always comes before y • Spurious Association: a relationship between a presumed cause and effect that occurs as a result of an unexamined variable; z is not causing both x and y.
Meaning of the iceberg principle and how it relates to marketing research: you will have to describe in own words in 2-3 sentences; • The iceberg principle states that in many business problem situations the decision maker is aware of only 10% of the problem. It is thought that the problem is nothing more than an observable outcome or symptom, while 90 percent of the problem is not visible by the decision maker. The real problem is submerged below the waterline where marketer researcher’s job is supposed to know.
6 areas of importance for research methods (BBQ Blues slides, notes, and see emails) 1. Type of study
2. Study participants
3. Setting of study
4. Task performed in study
5. How questions were asked/answered
6. How the data were analyzed
Identify research problems vs. hypotheses.
• Separate root problems from observable/measurable symptoms. • Determine the unit of analysis (individuals, households, geographical areas, etc.) • Determine the variables relevant to the situation
o Identify independent and dependent variables
o Information and specific constructs are relevant
• Research statement: a remark about what the researcher wants to learn-without making a claim about what might be causing the issue at hand. • Research Hypothesis: a conjectural statement about a relationship between two or more variables that can be tested with empirical data. A claim or argument about your theory of what is causing a phenomenon to occur that you test by analyzing research data. Usually specifies how two or more measureable variables are related.
List activities of market-oriented organizations, incl. but not limited to Collect, Share, Act (CSA) • Customer Research: needs/wants
• Segmentation: product, place, promotion, price
• Generate market intelligence
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