Professional Documents
Culture Documents
A Definition of Marketing:
Marketing Mix:
The unique blend of product/service, pricing, promotion,
and distribution strategies designed to meet the needs of a
specific target market.
Major Developments
Digital age
Globalization
Ethics and social responsibility
Not-for-profit marketing
1-7
The New Marketing Landscape
The New Digital Age
Recent technology has had a major impact on the ways
marketers connect with and bring value to their
customers
Market research
Learning about and tracking customers
Create new customized products
Distribution
Communication
Video conferencing
Online data services
1-8
The New Marketing Landscape
The New Digital Age
1-9
Marketing professionals track
trends and consumer attitudes to
understand buying decisions.
Marketing and the Marketing Concept
Needs Wants
marketing concept
The idea that a business should strive to satisfy customers’ needs
and wants while generating a profit for the business.
Who is the customer?
Consider an adult who buys the following as a gift.
Who is the customer?
1-13
Understanding Customer Needs
1-14
Gathering Customer Information
Interviews
Observations
Surveys
Focus groups
Example: Design of a Cordless Screwdriver
Marketing Research Defined
Marketing Research is the function that links the
consumer, customer, and public to the marketer through
information that is used to identify and define marketing
opportunities and problems; generate, refine, and evaluate
marketing actions; monitor marketing performance; and
improve understanding of marketing as a process. Marketing
research specifies the
information required to address these
issues, designs the method for collecting
information, manages and implements the data
collection process, analyzes the results,
and communicates the findings and their
implications.
The Three Critical Roles of
Marketing Research
Descriptive:
The gathering and presenting of
statements of fact
Diagnostic:
The explanation of data or actions
Predictive:
The specification of how to use
descriptive and diagnostic research
to predict the results of a planned
marketing decision
Discovering Opportunities in the Market
The added food could be served by bar staff, instead of restaurant workers,
and labor costs could be lowered.
Types of Research Studies
Applied Basic