College 1
The marketing system
Target the marketing with the 4 P’s (product, price, promotion and placement)
Why do firms do research in marketing?
Marketers use the ‘’right’’ principle ‘to do’ marketing
Get the right products to the right people at the right place at the right time at the
right price using the right promotion techniques
To be ‘’right’’ in marketing: need for decision making information that reduces
uncertainty to aid in smarter managerial decision making
Marketing research
- Planning, collection, and analysis of data relevant to marketing decision making
and the communication of the results of this analysis to management
- It can be micro-level (individual) or macro-level (market) in nature
- The value of marketing research
o Decreased uncertainty
o Increased likelihood of a correct decision
o Improved marketing performance and resulting higher profits
Identifying the problem and problem definition
• A good problem definition is super important!
• ‘The formulation of the problem is often more essential than its solution’
• A good start is half the work!
,Fundamental distinction
The iceberg principle
Not to do what is just asked but even more, using dating is there another cause?
From survival to thriving in the post-covid era
Because of covid more online shopping and more data available, this data we can use
for use-full insights.
‘’More than ever, the CMO is in the right position to bring the voice of the customer on
the table. This resides I the ability of the CMO to respond to three challenges: turning
customer data into actionable insights, creating relevant customer engagement and
building the organization that delivers. Without data sources connected from inside and
outside the organization and discipline in place for data quality, customer insights
simply can’t materialize. At the same time, carefully aligning technology and data with
human values and identity is a must for attracting customer.
Analytics = most desirable skill (and largest talent gap)
Top organizational capability gaps identified by marketing leaders
Real study stuff
Classifying marketing research
1. By type of data
o Quantitative research
▪ Nominal, ordinal, interval, ratio level of measurement
o Qualitative research
2. By research design
, o Exploratory research
o Descriptive and predictive research
o Causal research
3. By data source
o Secondary data
▪ Syndicated research
o Primary data
By type of data
Variables
A variable need to vary or change the
A variable is the header in the data set (e.g. gender, age)
A variable needs to have variation to learn something about it
, Answers
Need for uniqueness: interval - there is a 7-point scale and there is nu true zero point
Gender: Nominal – we can create categories but there is no order
Clothing size: Ordinal – there is an order
Company’s profit: Ratio – it can be zero, so zero truly means something
THIS IS AN EXAM QUESTION ABOUT THIS – THE BASICS
Tips ask yourself while looking at the data
1. What are the variables
2. What are their levels
By research design – exploratory research
Research in which the major emphasis is on going ideas and insights
Purpose:
• Increase familiarity with problem
• Clarify concepts
• Develop specific hypotheses
Approaches:
The marketing system
Target the marketing with the 4 P’s (product, price, promotion and placement)
Why do firms do research in marketing?
Marketers use the ‘’right’’ principle ‘to do’ marketing
Get the right products to the right people at the right place at the right time at the
right price using the right promotion techniques
To be ‘’right’’ in marketing: need for decision making information that reduces
uncertainty to aid in smarter managerial decision making
Marketing research
- Planning, collection, and analysis of data relevant to marketing decision making
and the communication of the results of this analysis to management
- It can be micro-level (individual) or macro-level (market) in nature
- The value of marketing research
o Decreased uncertainty
o Increased likelihood of a correct decision
o Improved marketing performance and resulting higher profits
Identifying the problem and problem definition
• A good problem definition is super important!
• ‘The formulation of the problem is often more essential than its solution’
• A good start is half the work!
,Fundamental distinction
The iceberg principle
Not to do what is just asked but even more, using dating is there another cause?
From survival to thriving in the post-covid era
Because of covid more online shopping and more data available, this data we can use
for use-full insights.
‘’More than ever, the CMO is in the right position to bring the voice of the customer on
the table. This resides I the ability of the CMO to respond to three challenges: turning
customer data into actionable insights, creating relevant customer engagement and
building the organization that delivers. Without data sources connected from inside and
outside the organization and discipline in place for data quality, customer insights
simply can’t materialize. At the same time, carefully aligning technology and data with
human values and identity is a must for attracting customer.
Analytics = most desirable skill (and largest talent gap)
Top organizational capability gaps identified by marketing leaders
Real study stuff
Classifying marketing research
1. By type of data
o Quantitative research
▪ Nominal, ordinal, interval, ratio level of measurement
o Qualitative research
2. By research design
, o Exploratory research
o Descriptive and predictive research
o Causal research
3. By data source
o Secondary data
▪ Syndicated research
o Primary data
By type of data
Variables
A variable need to vary or change the
A variable is the header in the data set (e.g. gender, age)
A variable needs to have variation to learn something about it
, Answers
Need for uniqueness: interval - there is a 7-point scale and there is nu true zero point
Gender: Nominal – we can create categories but there is no order
Clothing size: Ordinal – there is an order
Company’s profit: Ratio – it can be zero, so zero truly means something
THIS IS AN EXAM QUESTION ABOUT THIS – THE BASICS
Tips ask yourself while looking at the data
1. What are the variables
2. What are their levels
By research design – exploratory research
Research in which the major emphasis is on going ideas and insights
Purpose:
• Increase familiarity with problem
• Clarify concepts
• Develop specific hypotheses
Approaches:
