Intro - VLE 1 Flashcards
What is marketing?
An organisational function and a set of processes for creating, communicating and delivering value to customers, and for managing customer relationships in ways which benefit the organisation and its stakeholders
What is a marketing concept?
Business philosophy which holds that the key to achieving organisational goals consists of the company being more effective than its competitors in creating, delivering and communicating customer value to its chosen markets
What is a marketing strategy?
A 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.
Why is market research?
A firm wants to gather information. It needs to assess consumer needs to know how to satisfy those needs.
What is market research
Market research should ideally result in a detailed understanding about all factors which are likely to influence demand for specific products/services. Inevitably, the factors will be a mixture of controllable and uncontrollable variables.
What are the disciplines of market research? (Which fields of sciences is it connected to)
Combination of
- demography – socio-economic characteristics
- economics – trends, utility
- psychology – perception and learning theories, group influences
- social anthropology – environmental influences, cultural norms and values
- sociology – social class, social mobility, diffusion of innovations, household behaviour, lifestyle
- statistics – sampling, multivariate analysis, modelling.
What are the four ‘p’s?
Product – a tangible good or an intangible service for which decisions about the design, development, testing of a new product, improvement of existing ones, packaging etc. are taken.
Price – an indicator of quality, where pricing decisions will impact profits and the marketing strategy. Price discrimination (charging different prices to different consumers) could be applied, which would require information on different consumers’ price elasticities of demand which quantifies price sensitivities.
Placement – ensuring a firm positions its product in the right place, at the right time, at the right price. Even e-commerce firms need to engage potential customers with appropriate web placement.
Promotion – publicising the product to consumers and differentiating the product from any competitors (helped by a strong brand image), for example through advertising, social media marketing, search engine marketing etc.
What is the duty of a market researcher towards the decision maker?
(How do they support decision making)
Describe the nature and scope of customer groups.
Understand the nature of forces which shape customer groups.
Understand the nature of forces which shape the marketer’s ability to satisfy targeted customer groups.
Test individual and interactive marketing mix variables.
Monitor and reflect upon past successes and failures in marketing decisions.
What are the two broad categories to classify market research in?
- Problem identification research
- Problem-solving research
What do we mean by ‘think, communicate, interpret and integrate’ as a job of a market researcher?
think conceptually, and understand the link between information and important business concepts
communicate using language those who commission research think in and speak
interpret findings in a holistic manner appreciating that the qualitative and quantitative data which are collected, analysed and interpreted are unlikely to be perfectly representative of the respective customer groups
integrate findings with others supporting marketing decision-makers by achieving a broad understanding of the market.
What is the research brief and research proposal?
A typical market research problem always begins with a research brief, outlining the broad objectives of the research. Next, Stage 2 requires the development of a detailed research proposal which provides more detail about how the research project will be conducted.
Research brief: Defines the nature and scope of the research objectives.
Research proposal: Work plan that specifies:
– research problem
– population involved
– factors affecting behaviour
– research methodologies
– estimates of time
– terms of contract, including cost and payment terms.
What is the basic, linear process of market research?
Stage 1:
Research brief (Problem definition)
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Stage 2:
Research proposal
(Research design formulation)
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Stage 3:
Data collection
(Fieldwork/Data collection)
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Stage 4:
Data analysis & Evaluation
(Evaluation and analysis)
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Stage 5:
Preparation & Presentation of Research report
