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principles of marketing > WEEK 3 > Flashcards

WEEK 3 Flashcards

1
Q

What is the role of information in marketing?

A
  • The backbone of marketing is marketing information
  • The types of information marketers want are :
  • Customer needs and preferences (these change over time)
  • Competitive strategies and tactics
  • Nature and dynamics of the marketing environment
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2
Q

What makes up the typical marketing information system?

A
  • marketing environment
  • marketing information systems
  • marketing decision making
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3
Q

What is involved in the marketing environment?

A
  • The company
  • customers
  • competitors
  • suppliers
  • distributors
  • economic
  • social
  • legal
  • technological
  • physical forces
  • trends

(all the macro and micro components of a market)

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4
Q

What is involved in the marketing information systems?

A
  • Internal conscious data
  • internal ad-hoc data
  • environmental scanning
  • marketing research
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5
Q

What is involved in the marketing decision making?

A

STRATEGIC
- new product
- new markets
- competitive strategy

TACTICAL
- marketing mix planning (4P’s)

OPERATIONAL
- sales force monitoring
- advertising form

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6
Q

What is marketing research?

A

Systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization

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7
Q

what are the typical INTERNAL sources of secondary research?

A

Sales records
- Product
- Prices
- Distributors

Customer records
- Purchase history
- Complaints etc

Company reports
- Marketing Info System
- Salesforce information
- In-house newsletters /papers

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8
Q

what are the typical EXTERNAL sources of secondary research?

A

Published market research
- Keynote / MINTEL

Government statistics
- Office for National Statistics -
- National newspaper
- Trade press
- Companies House
- Economic Intelligence Unit
- Reuters

Internet / online
- Search engines, blogs
- ABI Inform / WARC

Professional / Trade associations
- Kompass / BRAD
- Trade journals eg Campaign
- Exhibitions

Reference library

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9
Q

What does marketing research focus on?

A

Focuses on the more immediate situation, concerned with providing information on different markets or reactions to the 4P’s

Marketing research requires a businesses to actually ask the customers what they think about the quality, price, company reputation etc. and in return they learn detailed information. (washing machine example)

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10
Q

What is a Ad hoc (types of marketing research)

A

Focuses on specific marketing problem and collects data at one point in time from one sample of respondents

Two types:
Custom-designed (specific)
omnibus (generic)

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11
Q

What is a continuous (types of marketing research)

A

Focuses on gathering information from external sources on an ongoing bases

–> loyalty cards, consumer panels, website analysis

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12
Q

What is the marketing research process?

A
  1. Research planning
  2. Exploratory research
  3. Main Data collection
  4. Data analysis and interpretation
  5. Report writing and presentation
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13
Q

In phase one of the marketing research process (research planning) what do you do?

A
  • initial contact
  • research brief
  • research proposal
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14
Q

In phase two of the marketing research process (exploratory research) what do you do?

A
  • Data sources i.e. secondary and primary research
  • qualitative and quantitative methods
  • consultation with experts
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15
Q

In phase three of the marketing research process (main data collection) what do you do?

A
  • Research approach - qualitative or quantitative
  • Sampling process
  • Survey method
  • Questionnaire design
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16
Q

In phase four of the marketing research process (data analysis and interpretation) what do you do?

A
  • Marketing research initially produces raw DATA: questionnaire returns, pages of numbers, hours of video
  • This is no use to the manager
  • The manager needs INFORMATION - the basis for decision
    making
  • ANALYSIS turns DATA into INFORMATION
17
Q

Types of secondary research (exploratory research)

A

Data that comes to companies second hand

  • company reports
  • EU regions specific database
  • Industry specific reports
  • Newspapers, magazines, journals
18
Q

What is primary research?

A
  • Obtained direct from the market
  • surveys, observation eg mystery shopping, experimentation, focus groups
  • Secondary and primary research are used together
19
Q

Types of Primary research (exploratory research)

A

Personal Interviews
* Unstructured
* Structured
* Semi-structured

Group interviews
*Telephone interviews

Observational
– New product trials
– Consumer shopping
– Mystery shopping
– Physiological responses

Experimentation
– Laboratory
– Real-world
– Simulation

20
Q

what are the two Marketing Research
Methodologies

A

qualitative and quantitative

21
Q

What is qualitative

A
  • Offers insights Thoughts / attitudes / feelings i
  • interpretation’s needed
  • Role of interviewer Subjectivity
    e.g. personal interviews
22
Q

What is quantitative

A
  • Findings in quantities / measures
  • Factual recording of what took place Objectivity
    e.g. questionnaires
23
Q

In quantitative data collection, what are the two objective measurments?

A

descriptive- measuring attitudes, opinions, recall of advertisements

experimental - trying to establish cause and effects

24
Q

What are survey collections?

A

Four types: face to face, telephone, mail or internet

During questionnaire it is important to decide the type of question to use

25
Q

what is The Market Research Society (MRS)

A

They are an important organisation in the UK because they govern what should be the best practice when it comes to you conducting research for your employer.

They are ‘champions highest ethical, commercial and
methodological practices in research’

  • Transparency and honesty
  • Clear purpose of data collection.
  • Not unfairly influence views and opinions of participants.
  • Respect confidentiality of information
  • Respect rights and well-being.
  • Not harm or adversely affect.
  • Professionalism - design, conduct, reporting.
  • Training, qualifications, experience.
  • Protect reputation and reinforce rules
    of MRS Code of Conduct.

principles of marketing (9 decks)

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