Marketing Researach

* The AMA has defined marketing as 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.

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* The marketing concept is a business philosophy that holds that the key to achieving organizational goals consists of the company's being more effective than competitors in creating, delivering, and communicating customer value to it's chosen target markets.

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* The Right Marketing Strategy - PLAN

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* A marketing strategy consists of selecting a segment of the market as the company's target market and designing the proper "mix" of product/service, price, promotion and distribution system to meet the wants and needs of the customers within the target market.

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* Company has to develop the "right " strategy . In order to make the Right decisions, managers must have objective, accurate and timely information.

* Since environments are forever changing, this means marketers constantly need updated information about those environment.

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* What is Marketing Research ?

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* Marketing research is the process of designing, gathering analyzing and reporting information that may be used to solve a specific marketing problem.

* Marketing research is a process that results in reporting information and that information can be used to solve marketing problem.

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* AMA definition : Marketing research is the function that links the consumer, customer, and public to the marketer though information - information used to identify and define marketing opportunities and problems; generate, refine and evaluate marketing actions; monitor marketing performange and improve the understanding of marketing as a process.

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* Purpose of marketing research

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* The purpose of marketing research is to link the consumer to the market by providing information that can be used in making marketing decisions.

* Sometimes marketing research predicts failure yet the product or service is a success and vice versa.

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* The Uses of marketing research:

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* Identifying market opportunities and problems

* Generate, refine and evaluate potential marketing actions

* Monitor marketing performance ( monitor effectivness)

* Improve marketing as process ( by expanding our basic knowledge of marketing to solve specific problems)

Classifying marketing research studies

Studies that identify marketing opportunities and problems:

* Market-demand determination

* Market segments identification

* Marketing audits - SWOT analysis

* Product/service use studies

* Environmental analysis studies

* Competitive analysis

Studies that generate, refine, and evaluate potential marketing actions:

* Proposed marketing-mix evaluation testing

* New-product prototype testing

* Advertising pretesting

* Pricing tests

* Concept