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Welcome to M ARKETING RESEARCH

Welcome to M ARKETING RESEARCH. MKTG3342 Fall 2008 Professor Edward Fox. INTRODUCTION TO MARKETING RESEARCH. Outline What is Marketing Research? Applications of Marketing Research. WHAT IS MARKETING?.

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Welcome to M ARKETING RESEARCH

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  1. Welcome to MARKETING RESEARCH MKTG3342 Fall 2008 Professor Edward Fox

  2. INTRODUCTION TO MARKETING RESEARCH Outline • What is Marketing Research? • Applications of Marketing Research

  3. WHAT IS MARKETING? • Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. - AMA 2004 • Marketing is so basic that it cannot be considered a separate function. It is the whole business seen from the point of view of its final result, that is, from the customer’s point of view. - Peter Drucker

  4. WHAT IS MARKETING? • Marketing is [the] “process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others.” - Philip Kotler

  5. WHAT IS MARKETING RESEARCH? Marketing Research involves: • Specifying the information required • Designing the method for collecting information • Managing and implementing the collection of data • Interpreting the results and communicating the findings and their implications Adopted from American Marketing Association (see page 6 of Text)

  6. MARKETING RESEARCH –DEFINITION Marketing research is the planning, collection, and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management (McDaniel and Gatesp. 6)

  7. Marketing Research Enables Implementation of the Marketing Concept Constituents Marketing Research: Understanding customers and marketing environment. Marketing Concept: Developing integrated marketing effort to satisfy customers at the same time realizing company objectives. Economy Social/Cultural Demographics Competitors End Users Suppliers Company Channel of Distribution Customers/ Intermediaries Market Legal/Regulatory Technology

  8. APPLICATIONS OF MARKETING RESEARCH Traditional Marketing Applications • Identifying/evaluating opportunities - New product development • Segmentation/targeting/positioning • Marketing mix decisions • Monitoring and control Non-Marketing Applications • Identifying donor bases for non-profit organizations • Employee satisfaction surveys • Political opinion polls, etc...

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