MARK 302 Lecture Notes - Lecture 1: Customer Satisfaction, Customer Retention, Continual Improvement Process

• School: Concordia University
• Department: Marketing
• Course: MARK 302
• Professor: Bonnie Feigenbaum

Document Summary

Chapter 1: role of marketing research in management. Marketing: the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives: builds and maintains profitable customer relationships. Marketing concept: a business philosophy based on consumer, goal, systems, and marketing mix orientations. Market research: the planning, collection, and analysis of data relevant to marketing decision-making and the communication of the results to management. Why should market research be conducted? marketing mixes: to understand customer wants and needs, to identify target markets and creating matching brand identities and, to understand changes in the external environment that help , to identify opportunities and threats. Types of research studies: applied: help solve a specific problem and better understand the marketplace, determine why strategy failed, reduce uncertainty in decision-making, basic: expand on knowledge, validate a theory, learn about a concept. The decision to conduct research: costs vs. benefits.