Marketing 1-2 Market Research
Terms in this set (15)
the process and methods to gather information, analyze it and report findings related to marketing goods and services
Marketing Information System
set of procedures and methods that regularly generates, stores, analyzes and distributes information for use in making marketing and other business decisions
answers the question "how many" or "how much"
answers the questions "why" or "how"
determines how people feel about a product, service, company or idea
determines the size & location of a market, the competition and the segmentation within a market
focuses on media effectiveness, selection, frequency and ratings
evaluates product design, package design, product usage and consumer acceptance of new and existing products
Who conducts marketing research?
1st reason why marketing research is important...
The information obtained helps businesses increase sales & profits.
2nd reason why marketing research is important...
Tells you---what to produce, identifies wants/needs, solves problems
3rd reason why marketing research is important...
Evaluates the effectiveness of current marketing plans
Explain the current trends in market research and how businesses must adapt...
It affects the global marketplace, international competition, it results in frequent changes in product quality & features. Companies must respond proactively.
Advantages held by the large companies in the global marketplace...
Must utilize market research focusing on customer satisfaction & product quality. They have the financial resources to make this happen.
Advantages held by the small companies in the global marketplace...
They're more focused & can make decisions quickly to adapt to changes that come quickly.