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1: Marketing Research for Decision Making

1: Marketing Research for Decision Making. ESSENTIALS OF MARKETING RESEARCH Hair/Wolfinbarger/Ortinau/Bush. Marketing. Marketing is the process of planning and executing the pricing, promotion, distribution of products, services, and ideas in order to create exchanges that satisfy

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1: Marketing Research for Decision Making

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  1. 1: Marketing Research for Decision Making ESSENTIALSOF MARKETING RESEARCH Hair/Wolfinbarger/Ortinau/Bush

  2. Marketing Marketing is the process of planning and executing the pricing, promotion, distribution of products, services, and ideas in order to create exchanges that satisfy both the firm and its customers

  3. Marketing Research Marketing research is the function that links an organization to its market through the gathering of information

  4. Tasks in the Process • Designing methods for collecting data • Managing the information collection process • Analyzing and interpreting results • Communicating findings to decision makers

  5. Research Benefits Marketing Decisions • Situation analysis • Strategy design • Program development

  6. Marketing Situation Analysis • Monitors the appropriateness of a firm’s marketing strategy and determines whether changes are necessary • Market analysis • Market segmentation • Competition analysis

  7. Opportunity assessment • Collecting market information to forecast changes using • Content analysis • In-depth interviews • Formal rating procedures

  8. Market Segmentation • Examine similarities and differences in consumer’s needs using • Benefit and lifestyle studies

  9. Competition Analysis • Evaluates competitor’s strengths, weaknesses, and future plans using • Importance-performance analysis

  10. Marketing Strategy Design • Information collected can be used to design marketing strategy • Target market analysis • Positioning • New product planning

  11. New Product Planning • Provides information for improving products and planning new products • Concept and product testing • Test marketing

  12. Marketing Program Development • Gathers information for total marketing mix • Product portfolio analysis • Distribution decisions • Pricing decisions • Integrated marketing communications

  13. Desired Skills (Specific) • Ability to understand and interpret secondary data • Presentation skills • Foreign-language competency • Negotiation skills • Computer proficiency

  14. Emerging Trends • Secondary data • Technology-based data management • Digital information acquisition and retrieval • A broader International client base • From data analysis to Information management

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