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Mktg 202 Notes

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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…...

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