Marketing Exam Study Sheet Review PDF

Review 4. Marketing Research Process Wednesday, October 9, 2024 3:41 P...

Review 4. Marketing Research Process Wednesday, October 9, 2024 3:41 PM 1. Define objectives Marketing Exam Study Sheet 2. Identify data needs 1. Business Functions and POLC Model 3. Collect data Functions: HRM, Marketing, Finance/Accounting, Operations, R&D, MIS 4. Process data POLC: Planning, Organizing, Leading, Controlling 5. Report results 2. Marketing Basics Data Types Marketing Process Quantitative vs. Qualitative Understand market Primary vs. Secondary Develop strategy 5. Understanding Customers Marketing mix Business Customers (B2B) Implementation Focus: Profit indicators Customer relationships Process: Need recognition → Info search → Supplier selection → Buy Marketing Mix → Evaluation 4P's: Product, Price, Place, Promotion Consumers (B2C) Extended 7P's: + People, Process, Physical Evidence Focus: Satisfaction Key Concepts Process: Need recognition → Info search → Evaluation → Buying → P Needs: State of lack (invisible) purchase behavior Buying Process Participants Wants: Choices to satisfy needs (visible) Initiator, Influencer, Decider, Buyer, User Customer Cost: Total spend (often more than perceived) Key Points to Remember Customer Value: Perceived benefits Marketing creates mutual value exchange between business and 3. Marketing Environment customers External Macro (PESTLE) Distinguish between needs (universal) and wants (varied by values, Political/Legal, Economic, Social/Cultural, Technological, Environmental choices) External Micro Know components of internal and external environments Suppliers, Competitors, Customers, Intermediaries, New Entrants, Understand when to use primary vs. secondary data Substitutes Business customers buy for use, don't see true value/cost Internal Consumers buy for personal use Resources, Culture 1. Human Resource Management (HRM) 1. Operations/Production ○ Definition: Manages the company's workforce ○ Definition: Oversees the production of goods or delivery of services Examples: ○ Examples: ○ § Managing supply chain and inventory § Recruiting and hiring new employees § Overseeing manufacturing processes § Managing employee benefits and compensation § Implementing quality control measures § Conducting performance reviews § Scheduling production § Organizing training and development programs § Managing facilities and equipment maintenance § Handling employee relations and conflict resolution 2. Marketing 2. Research & Development (R&D) ○ Definition: Identifies customer needs and determines how to meet them ○ Definition: Develops new products or improves existing ones Examples: ○ Examples: ○ § Conducting scientific research for new technologies § Conducting market research to identify new product opportunities § Developing prototypes of new products § Developing advertising campaigns § Improving existing product features § Managing social media presence § Filing for patents § Setting pricing strategies § Collaborating with universities or research institutions § Organizing product launches and promotions 3. Management Information Systems (MIS) 3. Finance/Accounting ○ Definition: Manages the company's information technology and data ○ Definition: Manages the company's financial resources and records systems ○ Examples: ○ Examples: § Preparing financial statements Managing cash flow § Implementing and maintaining company-wide software § Budgeting and forecasting systems § Handling payroll § Managing data security and privacy § § Providing IT support to employees § Making investment decisions § Developing custom software solutions § Ensuring tax compliance § Managing the company's hardware infrastructure ying Post- a