Marketing Midterm Review

Peter Drucker (p 7)

The father of modern management who believed that marketing is the business as seen from the customer’s point of view.

“There is only one value definition of business purpose: to create a customer.” Marketing is so basic that cannot be considered a separation function.

Green Marketing (p 8)

The concept of environmentally friendly marketing, has been a growing trend in socially responsible companies. (Sustainability)

Primary and Secondary data (p 95)

Primary data – Data collected specifically for this research question. (What kind of data do we need?)

Secondary data – Data collected for some other purpose than the problem currently being considered.

(Almost all research involves some secondary data collection)

Types of Research (p94)

There are 3 basics types of research: Exploratory, descriptive and causal. The complexity and methodology changes for each type.

Exploratory Research – About discovery.

Reasons for conducting exploratory research includes:

* Clarify the research problem

* Develop hypotheses for testing in descriptive or causal research

* Gain additional insight to help in survey development or to identify others research variables for study.

* Answer the research question

Descriptive Research – Seeks to describe or explain some phenomenon.

Can includes issues such as:

* Identify the characteristics of our target market

* Assess competitor actions in the market place

* Determine how customers use our product

* Discover differences across demographic characteristics.

Causal Research – Tries to discover the cause and effect between variables.

Environmental Factors (p 40)

An identifiable element in the physical, cultural, demographic, economic, political, regulatory, or technological environment that affects the survival, operations, and growth of an organization.

Competitive Environmental Factors

* Threat of new entrants

* Rivalry among...