[MKT 337] - Final Exam Guide - Everything you need to know! (29 pages long)
Document Summary
Chapter 8: marketing research from customer insights to actions. Marketing research- is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions. Research to reduce risk of and thereby improve marketing decisions. Whatever the marketing issue involved, good marketing research is challenging. Marketing research must overcome difficulties and obtain the information needed so that marketers can make reasonable estimates about what consumers want and will buy. A business firm segments its markets so it can respond more effectively to the wants of groups of potential buyers and thus increasing its sales and profiles. Market segmentation- aggregating prospective buyers into groups that (1) have common needs and (2) will respond similarly to a marketing action. Market segments- relatively homogenous groups of prospective buyers that result from the market segmentation process. Product differentiation- existence of different market segments has caused firms to use a strategy called product differentiation.
