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Marketing Research Study Guide

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Marketing Research Study Guide
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Marketing research= is the application of the scientific method in searching for the truth about marketing phenomena The process includes:>idea and theory development >problem definition >gathering information>analyzing data>communicating the findings and their implications
Marketing research information is: not intuitive or haphazardly gathered
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>accurate and objective >relevant to all aspects of the marketing mix >limited by one’s definition of marketing
Applied marketing research=conducted to address a specific marketing decision for a specific firm or organization. EXAMPLE =Should McDonald’s add Italian pasta dinners to its menu?
Basic marketing research= conducted without a specific decision in mind that usually does not address the needs of a specific organization (Attempts to expand the limits of marketing knowledge in general. Not aimed at solving a pragmatic problem) EXAMPLE=Do consumers experience cognitive dissonance in low-involvement situations? Marketing Concept=A central idea of marketing that involves focusing on how the firm provides value to customers more than on the physical product or production process
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Developing and implementing a marketing strategy 4 STAGES:
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1.Identifying and evaluating market opportunities 2.Analyzing market segments and selecting target markets 3.Planning and implementing a marketing mix that will provide value to customers and meet organizational objectives 4.Analyzing firm performance
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Data=Facts or recorded measures of certain phenomena (things or events).
Information=Data formatted (structured) to support decision making or define the relationship between two facts
Exploratory Research=Conducted to clarify ambiguous situations or

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