1-1 chapter 1. 1-2 the nature of marketing key terms & definitions a definition of marketing:...
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1-2
The Nature of Marketing
Key Terms & Definitions
A definition of marketing:
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
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The Marketing Concept
Key Terms & Definitions
The marketing concept is composed of three tenets which are interrelated:
A. Consumer orientation
B. Goal orientation
C. Systems orientation
Consumer orientation: identification of the target market for good or service
Goal orientation: focus on how target market helps meet corporate goals
Systems orientation: developing the tools to monitor the target market and their market opportunities
The Marketing Concept
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Marketing Research Defined
Marketing research is the function that links the consumer, customer, and public to the marketer through information that is used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collectinginformation, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.
Key Terms & Definitions
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Descriptive:The gathering and presenting of statements of fact
Diagnostic:The explanation of data or actions
Predictive:The specification of how to use descriptive and diagnostic research to predict the results of a planned marketing decision
The Three Critical Roles of Marketing Research
Key Terms & Definitions
Cited as Favorite Percent
Cover Girl 14
Clinique 10
Maybelline and
Mary Kay 81-7
Opportunistic Nature
Age Range Product Usage
Tweens (8-12) Increased
Teens (13-17) Decreased
Young women (18-24) Decreased1-8
Usage Among Young Women
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The quality being delivered is at a level desired by the target market.
The quality level must have a positive impact on profitability.
Research Value Return on Quality
Key Terms & Definitions
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A plan to guide the long-term use of a firm’s resources based on its existing and projected internal capabilities and on projected changes in the external environment
The development of the means by which the firm will position itself in the eyes of the consumer while determining the best course of action to meet the firm’s objectives
Marketing StrategyFor Customer Retention
Key Terms & Definitions
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Marketing research for British Airways discovered that first-class passengers really wanted to sleep over most amenities. So they:
• Offered premium flyers a meal on the ground before takeoff• Pajamas when they board, real pillows and blankets• An interruption free flight• At their destination, first-class passengers can shower and
dress in fresh pressed clothing as well as have breakfast
Marketing StrategyFor Customer Retention
Key Terms & Definitions
• More people participating in social media• User-generated content is unsolicited,
candid, and passionate many times• Millions of comments a day about
products/brands• Fifty-six percent of social media users
check Facebook once a day
Social Media and UGC
1-12Key Terms & Definitions
• 56% of social media users check Facebook once a day
• 12% check Facebook every two hours• 48% check Facebook or Twitter before
bed, during the night and when they wake up
• People under 25 were more likely to check social media during the night
Social Media and UGC
1-13Key Terms & Definitions
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Research aimed at solving a specific, pragmatic problem
Research aimed at expanding the frontiers of knowledge rather than solving a specific, pragmatic problem
Applied Basic
Types of Research Studies
Key Terms & Definitions
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Programmatic
Selective
Evaluative
Research conducted to develop marketing options through market segmentation, market opportunity analyses, or consumer attitude and product usage studies.
Research used to test decision alternatives.
Research done to assess program performance.
Applied Research Types
Key Terms & Definitions
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ProgrammaticResearch conducted to develop marketing options through market segmentation, market opportunity analyses, or consumer attitude and product usage studies.
Applied Research Types
Key Terms & Definitions
• Has the target market changed? How?• Does the market exhibit any new segmentation
opportunities?• Do some segments appear to be more likely candidates
than others for the firm’s marketing efforts?• What new product or service opportunities lie in the various
segments?
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Selective Research used to test decision alternatives.
Applied Research Types
Key Terms & Definitions
When multiple opportunities exist, selective research can help managers make the best decision.
In 1985, the Coca Cola company reformulated it’s coke product. New Coke was a marketing disaster that could have benefited from selective research.
Learning from that mistake, soda companies introduce new drinks but not in place of consumer favorites.
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Evaluative Research done to assess program performance.
Applied Research Types
Key Terms & Definitions
Apple for example takes a very proactive stance with regard to their technology products. They listen to their consumers and consumer requests, allowing them to measure program and hardware performance. The company continually evaluates performance and success to apply to their next generation of cutting edge products.
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Reconsider conducting marketing research under the following circumstances:
• The resources are lacking to do proper research.
• Managers cannot agree on what they need to know to make a decision.
• The opportunity has passed.
• The resources are lacking to do proper research.
• Managers cannot agree on what they need to know to make a decision.
• The opportunity has passed.
Key Terms & Definitions
Decision to Conduct Marketing Research
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• The decision as already been made, or will not be made.
• The research results might not be useful to management.
• Decision-making information already exists.
• The decision as already been made, or will not be made.
• The research results might not be useful to management.
• Decision-making information already exists.
Key Terms & Definitions
Decision to Conduct Marketing Research
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• 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 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.
Key Terms & Definitions
Decision to Conduct Marketing Research
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• Get the right goods or services to the right people at the right time at the right price with the right promotion
• Work within an internal environment of an organization and the external environment over which he or she has little control.
• Focus on customer satisfaction and retention
• Get the right goods or services to the right people at the right time at the right price with the right promotion
• Work within an internal environment of an organization and the external environment over which he or she has little control.
• Focus on customer satisfaction and retention
Key Terms & Definitions
Marketing Research helps Managers
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Key Terms & Definitions
• Marketing• Marketing Concept• Customer Orientation• Goal Orientation• System Orientation• Marketing Mix• Marketing Research• Descriptive Function• Diagnostic Function
• Predictive Function• Return on Quality• Marketing Strategy• Social Media/UGC• Applied Research•
Basic, or Pure, Research• Programmatic Research• Selective Research• Evaluative Research
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