Main Concepts Flashcards
Five Steps in Marketing Research
- Define research problem and objectives
- Design research process
- Collect data
- Analyze data
- Present action plan
Microenvironment
-Company, competition (competitive intelligence), corporate partners
Macroenvironment
Culture, demographics, Political, Economic, Social, Technology
Primary Research
- is specific to the immediate data needs and topic at hand
- offers behavioural insights generally not available from secondary research
Secondary Research
- saves time since data is already collected
- reduces data collection costs
Exploratory Research
attempts to begin to understand the phenomenon of interest; also provides initial information when the problem lacks any clear definition
Secondary Research
provides the information needed to confirm preliminary insights, which managers can use to pursue appropriate courses of action
Consumer Decision Process
- Need recognition
- Information search
- Alternate evaluation
- Purchase decision
- Post purchase
Factors influencing buying decisions
Psychological factors, situational factors, social factors
Degree of consumer behaviour
High, low
B2B market characteristics
Marketing characteristics, product characteristics,buying process characteristics, marketing mix characteristics
B2B
process of buying and selling goods or services to be used in the production of other goods and services, for consumption by the buying organization, or for resale by wholesalers and retailers
B2C
One buyer, usually for personal consumption
B2B Markets
Manufacturers/Producers, Re-sellers, Institutions, Government
Buying Process
- Need recognition
- Product specification
- Request for proposal process
- Proposal analysis and supplier selection
- Order specification
- Vendor/Performance assessment
