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1-1Chapter1
1-2TheNatureofMarketingKeyTerms&DefinitionsADefinitionofMarketing:Theprocessofplanningandexecutingtheconception,pricing,promotion,anddistributionofideas,goods,andservicestocreateexchangesthatsatisfyindividualandorganizationalobjectives.
1-3TheMarketingConceptKeyTerms&DefinitionsTheMarketingConceptiscomposedofthreetenetswhichareinterrelated:ConsumerOrientationGoalOrientationSystemsOrientation
1-4MarketingResearchDefinedMarketingResearchisthefunctionthatlinkstheconsumer,customer,andpublictothemarketerthroughinformationthatisusedtoidentifyanddefinemarketingopportunitiesandproblems;generate,refine,andevaluatemarketingactions;monitormarketingperformance;andimproveunderstandingofmarketingasaprocess.Marketingresearchspecifiestheinformationrequiredtoaddresstheseissues,designsthemethodforcollectinginformation,managesandimplementsthedatacollectionprocess,analyzestheresults,andcommunicatesthefindingsandtheirimplications.KeyTerms&Definitions
1-5Descriptive:ThegatheringandpresentingofstatementsoffactDiagnostic:TheexplanationofdataoractionsPredictive:ThespecificationofhowtousedescriptiveanddiagnosticresearchtopredicttheresultsofaplannedmarketingdecisionTheThreeCriticalRolesofMarketingResearchKeyTerms&Definitions
WhatHolidayInnFound:Theirguestsweremostlybusinessorsalespeopleandgovernmentemployees.Theydidnotwanttojustsitaroundintheirrooms.Theywantedtosocializewhilestayingatthehotel,sothemanagementdecidedthebarshouldplayabiggerandmoresignificantrole.Asasocialhub,thebarcouldoffermorefoodthatcouldbeshared.Theaddedfoodcouldbeservedbybarstaff,insteadofrestaurantworkers,andlaborcostscouldbelowered.1-6DiscoveringOpportunitiesintheMarket
1-7TheExternalMarketingEnvironmentKeyTerms&DefinitionsMarketingMix:Theuniqueblendofproduct/service,pricing,promotion,anddistributionstrategiesdesignedtomeettheneedsofaspecifictargetmarket.Thismixmustbealteredovertimebecauseofchangesintheexternalenvironment.Customersareaddedandsomedropoutoftherelevantmarkets.
1-8Thequalitybeingdeliveredisataleveldesiredbythetargetmarket.Thequalitylevelmusthaveapositiveimpactonprofitability.ResearchValueReturnonQualityKeyTerms&Definitions
1-9Aplantoguidethelong-termuseofafirm’sresourcesbasedonitsexistingandprojectedinternalcapabilitiesandonprojectedchangesintheexternalenvironment.Agoodstrategicplanisbasedongoodmarketingresearch.Ithelpsafirmmeetitslong-termprofitandmarketsharegoals.MarketingStrategyForCustomerRetentionKeyTerms&Definitions
MorepeopleparticipatinginsocialmediaUser-generatedcontentisunsolicited,candid,andpassionatemanytimes.Millionsofcommentsadayaboutproducts/brands—20%ofallTweetsareaboutbrands.ESPNnowgathersdataacross5platforms—radio,TV,smartphones,computersandtablets.SocialMediaandUGC1-10KeyTerms&Definitions
1-11Researchaimedatsolvingaspecific,pragmaticproblem.Researchaimedatexpandingthefrontiersofknowledgeratherthansolvingaspecific,pragmaticproblem.AppliedBasicTypesofResearchStudiesKeyTerms&Definitions
1-12ProgrammaticSelectiveEvaluativeResearchconductedtodevelopmarketingoptionsthroughmarketsegmentation,marketopportunityanalyses,orconsumerattitudeandproductusagestudies.Researchusedtotestdecisionalternatives.Researchdonetoassessprogramperformance.AppliedResearchTypesKeyTerms&Definitions
1-13Reconsiderconductingmarketingresearchunderthefollowingcircumstances:TheresourcesarelackingtodoproperresearchTheresearchresultsmightnotbeusefultomanagement.TheopportunityhaspassedKeyTerms&DefinitionsDecisiontoConductMarketingResearch
1-14Thedecisionasalreadybeenmade,orwillnotbemade.Managerscannotagreeonwhattheyneedtoknowtomakeadecision.Decision-makinginformationalreadyexists.Theresearchcostsoutweighthebenefitsoftheresearch.KeyTerms&DefinitionsDecisiontoConductMarketingResearch
1-15EnablesrapidaccesstoinformationFosterseasierexecutingoffollow-upandlongitudinalstudiesEnablesmanagementtorespondquicklytocustomers’needsCandramaticallyreducedatacollectionandoverallcostsOnecanquicklypublish,report,disseminateresearchresultsHastransformedsecondarydatacollectionTheInternetImpactPositiveAspectsofInternetSurveys:KeyTerms&Definitions
1-16TheInternetImpactMorePositiveAspects:KeyTerms&DefinitionsEnablespersonalizationofsurveysFacilitatesquicksurveyresponse/analysiscapabilitiesProduceshigherresponseratesAbilitytocontactthehard-to-reachRapiddevelopmentandrealtimereportingAbilitytochangetheresearchfocusquickly
ThesamplemightnotberepresentativeofthepopulationEaseofusemightleadtoover-surveyingyouraudienceNoteveryonehasInternetaccessorgoodconnectionspeed.TheInternetImpactNegativeAspectsofInternetSurveys:1-17KeyTerms&Definitions
1-18TheDevelopmentofMarketingResearchUnderstandingtheHistoricalContextInception-Pre-1900:Harrisburg,PA-firstresearchsurveyin1824Mailsurveysintroducedin1895with10%responserateEarlyGrowth-1900-1920:CurtisPublishingstartedfirstresearchdepartmentin1911RecallmeasuresandscalingintroducedKeyTerms&Definitions
TheDevelopmentofMarketingResearchUnderstandingtheHistoricalContextAdolescentYears-1920-1950:A.C.Nielsenbeginsresearchin19221940sfocusgroupsandrandomsamplingbeginsAfterWWII,socialscientistsgetinvolvedMatureYears-1950-2000:Changefromseller’smarkettobuyer’smarketiskeyMarketsegmentationtechniquesdevelop1960spredictiveanddescriptivemathematicsemployed1990sOTCsoftwareenablesmassestoanalyzedata1-19KeyTerms&Definitions
TheDevelopmentofMarketingResearchUnderstandingtheHistoricalContextTheConnectedWord-2000-2010:Somefirmsarefocusingonmobileinterviewing.Fifty-sixpercentofAmericanadultsownasmartphone.Ninety-eightpercentoftheU.S.populationhasinternetaccess.TheEraofBigData-2010-Present:Analysisofmassivequantitiesofinformation.Algorithmsareusedtomeasureunstructuredandfree-formdata.1-20KeyTerms&Definitions
1-21KeyTerms&DefinitionsMarketingMarketingConceptCustomerOrientationGoalOrientationSystemOrientationMarketingMixMarketingResearchDescriptiveFunctionDiagnosticFunctionPredictiveFunctionReturnonQualityMarketingStrategySocialMedia/UGCAppliedResearchBasic,orPure,ResearchProgrammaticResearchSelectiveResearchEvaluativeResearchBigDataLinksandbuttonareactivewhenin“SlideShowMode”KeyTerms&Definitions
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