Marketing Ch. 8

Marketing

76 cards   |   Total Attempts: 182
  

Cards In This Set

Front Back
Marketing Research
Is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions
Decision
Is a conscious choice from among two or more alternatives
Decision Making
Is the act of consciously choosing from alternatives
Exploratory Research
Provides ideas about a relatively vague problem.
Ex: General Mills discovered that the initial version of its Hamburger Helper wasn't satisfactory for many consumers, so it interviewed them to get ideas to improve the product
Descriptive Research
Generally involves trying to find the frequency that something occurs or the extent of a relationship b/w two factors.
Ex: When General Mills wants to study how loyal consumers are to its Wheaties, it can obtain data on the number of households buying Wheaties and competitive products.
Causal Research
(the most sophisticated) Tries to determine the extent to which the change in one factor changes another one.
Ex: Fisher-Price decided changing the toy designs is related to changes in the amount of time children play with the toy. Experiments and test markets are examples of causal research.
Research Objectives
Are specific, measurable goals the decision maker seeks to achieve in conducting the marketing research.
Measures of Success
Criteria or standards used in evaluating proposed solutions to the problem.
Measures of Success are decided before the research begins
Constraints
Restrictions placed on potential solutions to a problem.
Ex of Constraints
The limitations on the time and money available to solve the problem.
Fisher price might set 2 constraints on its decision to select either the old or new version of the the chatter telephone: decision must be made in 10 weeks, and no budget is available beyond collecting data in a nursery school.
Concepts
Ideas about products or services
New Product Concept
A picture or verbal description of a product or service the firm might offer for sale
Methods
Are the approaches that can be used to collect data to solve all or part of a problem
Sampling
A technique to select a group of distributors, customers, or prospects and treating the information they provide as typical of all those in whom they are interested
Statistical Inference
Used to generalize the results from the sample to much larger groups of distributors, customers, or prospects to help decide on marketing actions