Exam 1 Study Guide Essay

Submitted By aruss1206
Words: 1118
Pages: 5

Chapter 1 Marketing Concept | Satisfaction of customer needs and wants | Market Research | The systematic and objective process of gathering, recording, and analyzing data for aid in making marketing decisions-helps implement marketing concept-provides managers with continuous info needed to determine 4 p’s 1.) broad general scope- all disciplines dealing with data2.) systematic- follows the scientific method, measurable and repeatable3.) objective | Role of Marketing Research | -effective decision making-creates value for customers | 4 P’s | Product, price, place, promotion | Customers make purchases when: | 1.) benefits exceed the costs2.) the product/service offers superior value compared to the alternative | Function of Mkt Research | Links the consumer, customer, and public to the marketer through information.-managers use it for planning, problem solving, and control ex: monitoring | Who does Mkt Research | -most organizations have a mkt research department-specialized mktg research firms, the government, and universities | Syndicated Research | A firm collects certain info on a regular basis, which they then sell to interested clientsEx: ACNielson & NPD Group | Marketing Research is involved in: | 1.) the specification of what info is needed2.) the collection and analysis of the info3.) the interpretation of that info | Field Service | Collecting data for the research sponsor (U.S spends the most on mktg research) | Full Service research suppliers | Help the clients in the design of the research as well as in collecting and analyzing the data | Organization of Market Research | -depends largely on the size/structure of the company-the organizing of the mktg research function is Dynamic | Decentralized companies | Each unit may have their own mktg research division-allows research people to get valuable knowledge about divisional markets, products, practices, and problems | Centralized Companies | There may only be one main mktg research division-allows for greater coordination and control, economy, and greater usefulness to corporate mgmt. in planning | Organizational Forms | 1.) By areas of application (product line, brand, geographic area, etc.)2.) By marketing function (sales analysis, research, planning, etc.)3.) By research technique (statistical models, interviews, surveys, focus groups) |

Chapter 2 Mktg Information Systems (MIS) | Set of procedures and methods for the regular, planed collection, analysis, and presentation of information for use in making mktg decisions | Decision Support System (DSS) | A coordinated collection of data, system tools, and techniques that an organization uses to interpret relevant information from business and the environment and turns it into a basis for mktg decisions | MIS & DSS | -they form customer relationship mgmt. (CRM)-provide a steady flow of info (unlike a project approach)-each manager has different needs-systems tend to need continuous updating-allow managers to play ‘what-if’ scenarios | Data Systems | The processes used to capture data and store itEx: customer info, general demographic info, etc.-helps to forecast sales of new products | Models Systems | A preconceived idea of how something works- what is interesting and worthwhile to have in the dataEx: frequencies, percentages, etc. to analyze data | Data Mining | Crunches large databases for relevant information-uses massively parallel processing (MPP) and symmetric multiprocessing (SMP) | Interface Systems | The dialog system in the interface permits managers to explore the databases, using the system models to predict reports that are relevant | Text Mining | Can use for written things rather than numbers |

Chapter 3 Program Strategy | Specifies the types of studies to be conducted and their purposes | Project Study | Deals with how a study should be conducted | Research Process | 1.) Formulate/define the problem2.) Determine the research design