MARK 302 Study Guide - Midterm Guide: Marketing Mix, Data Analysis, Statistical Hypothesis Testing
26 Apr 2018
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Mark 302 Ch 1-9 (266-293)
Ch1:
Marketing Concept (3 tenants):
1. Consumer Orientation: Identification and focus on ppl/firms most likely to but product and
production of good/service that will meet needs most effectively
2. Goal Orientation: focus on accomplishment of corporate goals; a limit set on consumer
orientation
3. Systems Orientation: creation of systems to monitor external environment and deliver desired
marketing mix to target market
Marketing Mix: unique blend of product/service, pricing, promotion, and distribution strategies
designed to meet needs of a specific target market-making and the communication of the results of this
analysis to management
The nature of marketing research: the planning, collection and analysis of data relevant to marketing
decision-making and the communication of the results of this analysis to management. Maketig
research is really not unique to marketing
Importance of Marketing Research to Management:
Marketing Research (3 functional roles):
1. Descriptive: gathering and presentation of statements and facts
2. Diagnostic: data or actions explained
3. Predictive: specification of how to use descriptive and diagnostic research to predict results of a
planned marketing decision
‘etu o Qualit ‘OQ: Maageet ojetie ased o piipals that…
1) the quality being delivered is at a level desired by the target market
2) the level of quality must have a positive impact on profitability
Importance of keeping existing customers:
Understanding Ever-changing Marketplace:
Proactive Role of Marketing Research:
• Proactive management (opportunity-proactive): alerts the marketing mix to fit newly emerging
patterns in economic, social, and competitive environments.
• Reactive management (threat reactive): waits for change to have a major impact on the firm
before deciding to take action.
• Marketing Strategy: a pla to guide the LT use of a fis esoues, ased o its eistig ad
projected internal capabilities and on projected changes in the external environment.
Applied vs. Basic Research:
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Applied Research: aimed at solving a specific, pragmatic problem – better understanding of the market
place, determination of why a strategy or tactic failed, or reduction of uncertainty in management
decision making
1) Basic (pure) Research: Aimed at expanding the frontiers of knowledge rather than solving a
specific, pragmatic problem
2) Nature of Applied Research: Marketing research studies can be classified into 3 broad categories
1. Programmatic Research: conducted to develop marketing options through market
segmentation, market opportunity analysis or consumer attitude and product usage studies.
Ex.: does the market exhibit any new segmentation opportunities?
2. Selective Research: used to test decision alternatives. Ex. New smoothie has 3 flavors;
company discovered these 3 flavors through selective research (preferred flavors)
3. Evaluative Research: done to assess program performance. Ex.: dairy farmers of Canada
continuously evaluating the effectiveness of their campaigns.
Decision to Conduct Marketing Research: Do not conduct if…
1. Resources are lacking (not enough funds to correctly conduct or insufficient funds to implement
decisions based off research)
2. Research results would not be useful (some marketing research studies measure lifestyle and
personality factors of steady and potential customers which may/may not be useful)
3. Opportunity to successfully enter market has passed/market rapidly approaching saturation
4. Decision has already been made
5. Managers cannot agree on what they need to know to make a decision (in this case, should
conduct preliminary/exploratory studies to better understand nature of problem
6. Decision making information already exists
7. Costs of conducting research outweigh the benefits: willingness to acquire additional decision-
akig ifoatio depeds o a aages peeptio of its ualit, pie, ad timing. Some
managers use Bayesian methods to conduct cost benefit analysis.
8. Determinants of potential benefits = profit margins & market size.
General Rule:
• New products w/ large profit margins = greater potential benefit than products with smaller
profit margins (assuming both items have same sales potential)
• New product opportunities in large markets offer greater potential benefits than those in
smaller markets (assumption competitive intensity same in both markets)
Marketing Research and You: (careers in marketing research:
Junior Analyst => Analyst => Sr. Analyst =>Asst. Director => Director
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Marketing Research Industry structure:
Users of marketing research:
Marketing Research Ethics:
See MRA Code of Standards – section for data collection companies (p. 26 on)
• No. => o adoa eseah
• Nos. 5 & 9 => respondent can quit at any time
• Nos. , , => espet espodets pia
• No. => potet liets eseah ateials
• No. 17 => No conducting research under false pretences, no selling
Unethical behaviour by field service providers:
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Document Summary
Marketing mix: unique blend of product/service, pricing, promotion, and distribution strategies designed to meet needs of a specific target market-making and the communication of the results of this analysis to management. The nature of marketing research: the planning, collection and analysis of data relevant to marketing decision-making and the communication of the results of this analysis to management. (cid:858)ma(cid:396)keti(cid:374)g(cid:859) research is really not unique to marketing. Marketing research (3 functional roles): descriptive: gathering and presentation of statements and facts, diagnostic: data or actions explained, predictive: specification of how to use descriptive and diagnostic research to predict results of a planned marketing decision. Etu(cid:396)(cid:374) o(cid:374) qualit(cid:455) (cid:894) oq(cid:895): ma(cid:374)age(cid:373)e(cid:374)t o(cid:271)je(cid:272)ti(cid:448)e (cid:271)ased o(cid:374) p(cid:396)i(cid:374)(cid:272)ipals that : the quality being delivered is at a level desired by the target market, the level of quality must have a positive impact on profitability. : does the market exhibit any new segmentation opportunities: selective research: used to test decision alternatives.
