Week 3 Flashcards
Environmental scanning
the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
Social forces
- generational cohorts
- culture environment
- changing values (6)
- value consciousness is
- multicultural marketing consists of combinations of
Economic Forces
- economic environment includes
- macro economics
- microeconomics
gross income, disposable income, discretionary income
technology forces
- technology is
- electronic commerce (e-commerce) is
- internet of things is
Competitive Forces
- need competitive analysis on:
- existing competitors and substitutes
- bargaining power of buyers and suppliers
- barriers to entry
Marketing research is
process of defining a marketing problem and opportunity
5 Step marketing research
- define the problem
- develop the research plan and determine how to collect the data
- collect relevant information or data
- develop finding/analyze the data
- take marketing actions
5 Step marketing research
1. define the problem
set the research objectives
types of marketing research:
- exploratory
- descriptive
- casual
5 Step marketing research
2. develop the research plan and determine how to collect the data
- specify constraints
- identify data needed for marketing actions
- determine how to collect data
5 Step marketing research
3. collect relevant information
primary and secondary data
primary and secondary data
- pros and cons
- examples
5 Step marketing research
4. develop findings/analyze the data (3)
- data analytics
- big data
- data mining
data analytics
a process of inspecting, cleansing, transforming, and modeling data with the goal of discovering useful information, suggesting conclusions, and supporting desicion-making
big data
large amount of data collected from a variety of sources and analyzed with a sophisticated set of technologies
data mining
the exaction of hidden predictive information from large databases to find statistical links between consumers purchasing patterns and marketing actions
5 Step marketing research
5. take marketing actions
- make actions recommendations
- implement the action recommendations
- evaluate the results
an information- and communication-
based electronic exchange environment mostly
occupied by sophisticated computer and
telecommunication technologies and digitized
offerings
marketspace
any activity that uses some
form of electronic communication in the inventory,
exchange, advertisement, distribution, and payment
of products and services
electrical commerce
network of products embedded
with connectivity-enabled electronics
internet of things
regulatory forces
- price related legislation
- price fixing
- price discounting (quantity discounts and promotional allowances) - distribution related legislation
- exclusive dealing
- requirement contracts
- exclusive territorial distributorships
- tying arrangement
primary data - question formats (5)
- open ended questions
- closed end or fixed alternative questions
- dichotomous questions
- semantic differential questions: 5 points scale
- likert scale questions
Step 3 Collect Relevant Data
Cross tabs is, advantages, disadvantages
cross tabs: a method of presenting and analyzing data involving two or more variables to discover relationships in the data
advantages: simple format, flexible
disadvantages: misleading if too few observations, can hide relationships due to only showing two to three variables
Sales forecast
judgments of the decision maker:
- direct forecast
- lost-horse forecast
statistical methods
- trend extrapolation
- linear trend extrapolation
