Session One 🥳

Question 1

What can marketing research help with?

Answer 1

Guide and help improve managers’ marketing decisions.

Question 2

Marketing:

Answer 2

Processes for creating, communicating, delivering, and exchanging offerings that have value for customers.

Question 3

What are some elements that are marketed?

Answer 3

• Goods
• Services
• Organizations (HKU)
• Places (Capilano Suspension Bridge)
• Persons (Artists)
• Ideas
• Information (Scam safety)

Question 4

The information collected in marketing research is used to:

Answer 4

• Find market opportunities and problems (to find solutions for)
  –> For example: Selecting a market and finding the right marketing mix to satisfy their wants and needs (may change due to the opportunities and problems).
• Help decided if a marketing action is good, and refine them.
• Monitor one’s marketing performance.
• Improve one’s marketing process.

Question 5

Example of a product research question:

Answer 5

Product research: What are the motives for purchasing hybrid cards?

Motivation for purchasing a product.

Question 6

Price research:

Answer 6

Understanding consumer’s reactions to different levels of prices.

Question 7

Promotion research:

Answer 7

Researching to see the effects of a campaign.

For example: If a campaign increased product awareness or not.

Question 8

Placement research:

Answer 8

Researching if its a good idea to put a product in a specific location.

For example: Should we expand our stores to another country?

Question 9

What does “improving our understanding of marketing as a process:”

Answer 9

• Defining and classifying marketing phenomena.
• Developing theories that describe, explain, and predict marketing phenomena.

Question 10

Marketing Research Process (General): Step 1:

Answer 10

Step 1: Establish the need for the marketing research.

Question 11

Marketing Research Process (General): Step 2:

Answer 11

Step 2: Define the problem.

Question 12

Marketing Research Process (General): Step 3:

Answer 12

Step 3: Establish the goals of the research.

Question 13

Marketing Research Process (General): Step 4:

Answer 13

Step 4: Determine the design of the research.

Question 14

Marketing Research Process (General): Step 5:

Answer 14

Step 5: Collect data.

Question 15

Marketing Research Process (General): Step 6:

Answer 15

Step 6: Analyze and interpret the data.

Question 16

Marketing Research Process (General): Step 7:

Answer 16

Step 7: Report the results.

Question 17

Step 1: Establish the need for marketing research

Answer 17

There are costs and benefits to do marketing research. Evaluate if doing so would be worth it.

Benefits:
- Decreased uncertainty on whether a decision is good idea or not.
- Improved marketing performance and higher profits by going with the decision that was chosen based on the research.

Costs:
- Cost of doing the research.
- Delay of choosing marketing decisions and the information might get revealed to competitors.

Question 18

Step 2: Define the problem: Problems

Answer 18

Problems: Situation where managers need to choose between different alternatives.

Problems in marketing can be identified by external sources, top management or consumers too.

There are two parts to problems: Recognizing the problem and then determining what decisions need to be made.

Question 19

Step 2: Define the problem: Recognize the situation: Two main sources of problems:

Answer 19

One can find the problems in marketing (situations needing decision-making to improve):

1) Failure to meet objectives.

2) Opportunities

Question 20

Step 2: Define the problem: Determine what decisions need to be mad:

Answer 20

Determine all the decision alternatives (possible actions the manager thinks may resolve or take advantage of the problem).
-> Ex: Modifying the product, promotion, changing the price, adjusting the distribution channels.

Compare them to one another by their consequences.

Question 21

Step 3: Establish research objectives:

Answer 21

Research objectives: A statement or question that expresses what kind of information one wants to find to a solve a problem.

Example: To develop a marketing strategy for the American Red Cross -> To identify the incentives that would encourage students to donate blood.