Marketing Research 1
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12 terms
Terms | Definitions |
|---|---|
 marketing | an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders |
| marketing concept | 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 its chosen target markets |
| marketing strategy | consists of selecting a segment of the market as the companies target market and designing the proper mix (4 Ps) to meet the wants and needs of the consumers in a particular market |
| marketing research | process of designing, gathering, analyzing, and reporting information that can solve a marketing problem |
| market research | the systematic process of gathering, recording, analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographical area |
| basic research | conducted to expand our knowledge rather than to solve a specific |
| applied research | research conducted to solve a specific problem |
| marketing information system | a structure consisting of people, equipment, and procedures to gather, sort,m analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers . Included internal reports, marketing intelligence, marketing decision support, and marketing research |
| internal reports system | gathers information generated by internal reports, which includes orders, billing, receivables, inventory levels, stockouts, etc. |
| marketing intelligence system | a set of procedures and sources used by manager to obtain everyday information about pertinent developments in the environment |
| marketing decision support system | collected data that may be accessed and analyzed using tools and techniques that assist managers in decision making |
| marketing research system | gathers information not gathered by the other MIS component subsystems. Research studies are conducted for a specific situation facing the company |
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