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MKTG 470 - Chapter 1

Midterm

QuestionAnswer
Marketing Research Function that links an organization to its market through the gathering of information. Identify new product opportunities, develop advertising strategies, implement new data-gathering to better understand customers.
Marketing Situation Analysis Monitor marketing programs and determine whether changes are necessary.
3 Decision Areas of Marketing Situation Analysis market analysis, market segmentation, competition analysis
Market Analysis Research task related to opportunity assessment. Involves collecting market info to forecast changes.
Market segmentation examines similarities and differences in customer needs. Objective is to collect info about customer characteristics, product benefits, and brand preferences.
Competitive analysis evaluates competitor's strategies, strengths, limitations, and future plans. Asks consumers to identify key attributes that drive their purchase behavior.
Marketing Strategy design info collected during situation analysis to design a marketing strategy
target marketing analysis info for identifying those people that org wishes to serve
positioning company seeks to establish a meaning or general definition of its product offering that is consistent with customers' needs and preferences
product portfolio analysis total product line is focal point, studies are designed to help managers make decisions
marketing program development product, distribution, pricing, promotion
internal research firm benefits include research method consistency,shared info across company, lower research costs, ability to product actionable research results
external research firm perform all aspects of research such as questionnaire production, study design, interviewing, data analysis, report preparation
customized research firm focus on specific areas such as brand-name selection, new product development
standardized research firms follow established common approach in research design so results of study for one client can be compared to studies done for others
Created by: lucynguyen08
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