Marketing Research: Concepts, Techniques, and Applications, Exams of Marketing

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Marketing Research - ANS process of designing, gathering, analyzing, and reporting research that can be used to solve a marketing problem; product development, product pricing, pricing strategy, customer satisfaction Applied Research - ANS research designed to solve a specific problem, usually for a specific company (consulting) Basic Research - ANS research designed to extend knowledge of a marketing phenomena Market Research Process - ANS problem definition, research design, sampling, data gathering, data analysis, report preperation Where did market research come from? - ANS 1980's TQM Movement book explained customer orientation Why is market research important? - ANS gives managers answers to important questions, the foundation for marketing strategy decisions Cluster Analysis - ANS statistical analysis technique that identifies customer segments, identifies groups of customers that have similar characteristics Problem Definition - ANS define problem vs symptom, includes exploratory (qualitative) research Research Design - ANS methods of research used to gather information about the problem; includes exploratory, descriptive, casual approaches Primary Data - ANS information that has been gathered specifically for the research objectives at hand Secondary Data - ANS information that has been collected for a purpose other than the research objectives on hand Exploratory Research - ANS describes less structured data collection methods; focus groups, qualitative research, secondary info Descriptive Research - ANS describes the characteristics of a population; surveys through mail, phone, online, in-person Casual Research - ANS defines cause and effect between variables; experiments, correlation does not always equal causation

Examples of Marketing Research - ANS never ending soup, McDonald's complaints, women and cars, Disney wait times Market Segmentation - ANS the process of dividing up a market into smaller groups that have similar wants and needs so companies can tailor products to different groups Targeting Strategies - ANS undifferentiated, differentiated, concentrated Undifferentiated Targeting - ANS entire market is target market, 1 marketing mix, everyone has similar needs (radio, television, billboards) Differentiated Targeting - ANS two or more segments, more than 1 marketing mix (Banana Republic, Gap, Old Navy) Concentrated Targeting - ANS 1 market segment, 1 marketing mix, customized for a specific market (Amish dating site, body art site) Segmentation Bases - ANS demographic, geographic, psychographic (lifestyle, personality), behavioristic (usage/volume, loyalty, benefits) Use-Related Segmentation - ANS usage rate, awareness status, brand loyalty VALS - ANS Values and Lifestyles Survey, helps classify customers based on psycological characteristics that are correlated with purchasing behavior and related to key demographics Nielsen's Claritas - ANS firm that provides market research and target marketing, offers Prizm which is a geo-demographic segmentation tool Sales Forecast - ANS the amount of sales a company expects during a specific period of time at a specified level of marketing activities Time Series Analysis - ANS using historical sales data to uncover patterns in the firm's sales; trend analysis, cycle analysis, seasonal analysis, regression analysis Trend Analysis - ANS using aggregate sales data for many years to determine general trends Cycle Analysis - ANS analyzing sales for 3 to 5 years to assess consistent fluctuations Seasonal Analysis - ANS analyzing daily, weekly, or monthly Regression Analysis - ANS predicting sales based on past sales and one or more independent variables

Test Market - ANS making a product available to buyers in one or more test areas; time consuming and expensive, information about actual purchase behavior instead of intended Product Positioning - ANS the process of developing and maintaining a product image in the mind of consumers; perceived in comparison to competitors products Perceptual Mapping - ANS technique used by marketers to visually display the company's products in comparison to competitors (BMW map) Repositioning - ANS redefining a product in the eyes of a customer Consumer Behavior - ANS the study of how consumers make decisions Consumer Irrationality - ANS spikes in sales for a specific product with no rational related cause (Halloween and orange, linguine and health report) Groupon and Social Influence - ANS "group" took the negative connotation out of using coupons Coherent Arbitrariness - ANS social security number translated to dollars where people with higher numbers spent more High-Involvement Products - ANS purchased only after careful consideration, risky and expensive Low-Involvement Products - ANS less expensive and less associated risk Consumer Buying Behaviors - ANS routinized response, limited problem solving, extended problem solving, impulse buying Routinized Decision Making - ANS purchases made with little to no conscious effort Limited Problem Solving - ANS requires a moderate amount of time for decision making, familiar with the product class but not brand Extended Problem Solving - ANS consumer tries to gain as much information as possible from both internal (memory) and external (advertising) sources; consider all attributes and how each brand rates on each attribute Impulse Buying - ANS little thought prior to purchase, brand recognition Consumer Decision Process - ANS problem recognition, information search, evaluation of alternatives, purchase, post-purchase evaluation

Consideration/Evoked Set - ANS consider products already in the memory as well as those prominent in retail Heuristics - ANS mental shortcuts that lead to speedy decisions Cognitive Dissonance - ANS a buyers doubts shortly after a purchase about if the decision was a right one Influences on Decisions - ANS situational (physical surrounding, time, mood), psychological (motives, selective exposure, learning), social influences (opinion leaders, family, culture) Maslow's Hierarchy - ANS (base) psychological needs, safety needs, social needs, esteem needs, self-actualization needs (top) Global Markets - ANS how will foreign markets react to a domestic product? Cultural Preferences - ANS China and DIY, Germany and labor unions, Australia and coffee Balance of Trade - ANS (trade deficit) reflects a country's difference between imports and exports over a certain period Largest US trade deficit countries - ANS China, Germany, Japan, Mexico, Canada Global Market Forces - ANS sociocultural (language), economic (BRICS), political legal and regulatory (tariffs, embargos), ethical and social responsibility (corruption), competitive, technological Adaptation - ANS modifying elements of the marketing program to accommodate specific customer requirements in individual foreign markets; similar to segmentation Standardization - ANS efforts to make marketing programs uniform so as to target entire regions of countries or even global marketplaces with a similar product or service, not usually advisable Global Market Entry Models - ANS importing and exporting, trading companies, licensing and franchising, contract manufacturing, joint ventures/strategic alliances, direct ownership/foreign direct investment Gray Marketing - ANS legal importation of genuine products into countries by someone other than the authorized intermediaries