Marketing Research Chapter 1

What is Marketing?
The AMA has defined this as an organizational function and a set of processes for creating, communicating and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders.
What is the Marketing Concept?
A business philosophy that holds that the key to achieving organizational goals consists of the company’s being more effective than competitors in creating, delivering, and communicating customer value to its chosen markets.
What is Marketing Strategy?
Consists of selecting a segment of the market as the company’s target market and designing the proper “mix” of the product/service, price, promotion, and distribution system to meet the wants and needs of the consumers within the target market.
To make the “right” decisions, the following kind of information is needed:
objective
accurate
timely
What is Marketing Research? (Burns/Bush Definition)
The process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem.
What is Marketing Research? (AMA Definition)
The function that links the consumer, customer, and public to the marketer through information.
Marketing Research vs. Market Research
Market research: the “systematic gathering, recording, and analyzing of data with respect to a particular market, where ‘market’ refers to a specific group in a specific geographic area.”
What is the purpose of Marketing Research?
To link the consumer to the marketer by providing information that can be used in making marketing decisions.
What are the uses of Marketing Research?
Identify marketing opportunities and problems
Generate, refine, and evaluate potential marketing actions
Monitor marketing performance
Improve marketing as a process
What is Marketing Information System?
A structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.
What are the Components of an MIS?
Internal Reports System
Marketing Intelligence System
Marketing Decision Support System (DSS)
Marketing Research System