________________________ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing
The Marketing Process
1. ____________________ -> 2. _____________________ -> ______________________ -> evaluate
1. Situation Analysis
2. Strategy Development
3. Program Development
Situation Analysis involves
____________________-> ______________________
business objective
marketing objective
Strategy Development involves
1. ________________
2. _______________
3. _______________
1. Segment
2. Target
3. Position
Program Development involves
1. _____________
2. ____________
3. ____________
4. ____________
1. Product
2. Price
3. Place
4. Promotion
Marketing Environment elements
-______________________
-______________________
-______________________
-______________________
-______________________
1. Company
2. Customers
3. Competition
4. Collaborators
5. Climate
What was an issue Costco China encountered?
They sell things in bulk but many Chinese People (mostly older) grocery shop in small amounts but do so everyday.
Promotion issue for Costco China asked whether it should change its image because it was entering into a new market.
blank for now
____________________ is the function that links the ____________________ to the ____________________ through __________________-___________________used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing a
Marketing research
consumer, customer, and public
marketer
information
information
______________________ specifies the _____________________ required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their i
Marketing research
information
Marketing Research Process Eight Steps (first four)
1. ______________________
2. creation of the ______________________
3. choice of ______________________
4. selection of the ______________________
1. Identification of the problem and statement of research objectives.
2. research design
3. method of research
4. selection of the sampling procedure
Marketing Research Process Eight Steps (second four)
5. ______________________
6. ______________________
7. ______________________
8. ______________________
5. collection of data
6. analysis of data
7 writing and presentation of report
8. follow up
Why do Marketers Do Marketing Research
___________________
-Desired change to help the organization grow
For ex: Apple wanting to create the next big thing
Planned Change
Why do Marketers Do Marketing Research
_____________________
-Change in environment
For ex: Apple wondering why its new iphone sales are below its sales projections
Unplanned Change
Why do Marketers Do Marketing Research
_______________________
-Luck or chance
Serendipity
_______________________ asks:
How change can be brought about?
Planned Change
____________________ asks:
What is happening and why?
Unplanned Change
________________________ asks:
How to take advantage of the opportunities?
Serendipity Problem
The emphasis of ______________________ is to shift decision-makers from _______________________ decisions to decisions based on ____________________derived from systematic and objective investigations because information reduces ___________________.
marketing research
risky intuitive
information
uncertainty
How to Do Marketing Research
______________________, ______________________, and ____________________ of data relevant to marketing decision making and ___________________ the results to management
Planning, collection, and analysis
communicating
Benefits of Marketing Research
-_____________________
-_____________________
-_____________________
-Decreased Uncertainty
-Increased chance of correct decision
-improved marketing performance (higher profits)
Costs of Marketing Research
-____________________
-____________________
-____________________
-Research expenditures
-Delay or marketing decision
-possible disclosure of information to rivals
-possible erroneous research results
A research should be done only if the ____________________ of the information is greater than the _____________________ of conducting the research.
value
cost
Marketing Research Costs build up from
-____________________
-____________________
-____________________
-____________________
-____________________
-Focus Groups
-Individual in-depth interviews
-Phone Surveys
-Mail Surveys
-Online Survey
____________________ asks what needs to be done?
____________________ asks what information is needed? How to obtain it?
Decision Problem
Research Problem
Management Decision Problem
-______________________?
-_______________ oriented
-Focuses on ________________
what needs to be done
action
symptoms
Marketing Research problem
-______________________?
-________________ orineted
-Focuses on ______________
what information is needed
information oriented
underlying causes
________________________
Should a specific advertising campaign be introduced to turn around slow sales?
for ex: Michelle Seiler Tucker
Management Decision Problem (MDP)
________________________
What is the effectiveness of a specific advertising
campaign?
for ex: Jonathan Weiss
Marketing Research Problem (MRP)
__________________________ master plan that specifies methods and procedures for collecting data
Research design
Three major research designs
�______________________ If little is known about the problem
�______________________ If the problem is 'somewhat' clear
�______________________ If the problem is very clear
-Exploratory research
-Descriptive research
-Causal research
Exploratory research -> _________________
Descriptive research -> _________________
Causal research -> _____________________
Absolute ambiguity
uncertainty
complete certainty
Exploratory research -> problem is not _________________
Descriptive research -> _________________
Causal research -> problem _____________________
problem not clear
aware of problem
problem clearly defined
Maybe come back to page 9 part one
Maybe come back to page 9 part one
Research Methods and Designs: Qualitative
-__________________
-__________________
-__________________
-Individual In-depth interview
-Focus group
-Observation
Research Methods and Designs: Qualitative
-_________________________
One-on-one interview that probe and elicit detailed answers to questions, often using non-directive techniques to uncover hidden motivations.
-_________________________
Group of 8 to 12
-Individual In-depth interview
-Focus group
-Observation
Research Methods and Designs: Quantitative
-__________________
-__________________
-__________________
-Survey
-Experiment
-Analytics based on Secondary data
Research Methods and Designs: Quantitative
-________________________
A research approach to obtain respondents' information, opinion and
attitudes based on a pre-designed questionnaire.
-_________________________
A research approach in which conditions ar
-Survey
-Experiment
-Analytics based on Secondary data
_______________________ is an important metric at the evaluative stage of the purchasing cycle. By comparing the number of ____________________ to the number of customers who subsequently purchase, we can infer consumers' underlying preference for the pro
Test drive
test drives
Take Rate = Number of __________________ divided by number of __________________
accepted offers
contacts
_______________________ = Percentage of existing customers who stopped purchasing your product
Churn
______________________: the percentage of customers visiting a web who
click on a specific link.
Click-through rate
_______________________: the percentage of customers who purchase after
clicking through to your website
Conversion rate
_______________________: the percentage of customers who leave your web site after spending less than five seconds on your site
Bounce Rate
See some of the stories in this packet (lego, starbucks, etc)
blank
______________________ Stories of positive (or negative) experiences spread by satisfied (or unsatisfied) customers.
Word of Mouth Marketing (WOM)
______________________ Open-ended question in customer satisfaction survey also provide practitioners a chance to understand how consumers feel about the firm.
Customer Satisfaction
_______________________ Measures how many consumers in a market are familiar with the brand and what it stands for
Brand Awareness
Marketing Metrics
-_____________________
-_____________________
-_____________________
-_____________________
-_____________________
-_____________________
-Brand Awareness
-Test Drive
-Take Rate
-Churn
-Customer Satisfaction
-Word of Mouth
Digital Marketing Metrics
-_____________________
-_____________________
-_____________________
-click-through rate
-conversion rate
-bounce rate