Mktg 202 Notes

MARKETING 202 NOTES

CHAPTER 1

MARKETING RESEACH = systematic and objective process of generating information to aid in decision making

BASIC (PURE) RESEARCH= > expands limit of knowledge or learn more about concept

> not aimed at solving pragmatic problem

> verify acceptability of certain theory

APPLIED RESEARCH= > conducted when a decision needs to be made about specific real life problem

> studies undertaken to answer specific question (our focus)

SCIENTIFIC METHOD= > techniques and procedures used to recognise and understand marketing phenomena

4 STAGES OF DEVELOPING AND IMPLEMENTING MARKETING STRATEGIES:

1. Identifying and evaluating opportunities

2. Analyse market segment and select target markets

3. Planning and implementing a marketing mix that will satisfy customers’ needs and meet objectives of the organisation

4. Analysing market performance

TYPES OF RESEARCH FOR PLANNING AND IMPLEMENTING MARKETING MIX:

1. Product research = to evaluate new products or adapt old products

= concept testing: new product idea to judge acceptance and feasibility of concept

= product testing: reveals strengths and weaknesses and performs better than competition

= brand name evaluation: is name appropriate for the product

= package testing: assesses size, colour, shape, ease of use + other attributes of package

2. Pricing research = evaluate how much customer is willing to pay for product, finds ideal price and suitable timing for discounts or whether there is price gaps. And answers questions such as:

= Is there need for seasonal or quantity discount?

= Are coupons more effective or...