BSM 100 - Week 3 Reading
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Jan 9, 2024
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Providing Marketers With Information
Identify the steps in the marketing research process, and explain how
marketers use environmental scanning to learn about the changing
marketing environment
Marketing Research -
marketers will analyze markets to determine
opportunities and challenges, and to find information they need to
make good decisions. This helps to identify what products customers
have purchased in the past, and what changes have occurred to alter
what they want now and what they are likely to want in the future.
-
Conduct research on business trends, ecological impact of
decisions, global trends and more.
-
Not only do they listen to the customers but also the employees,
shareholders, dealers, customers advocates, media
representatives, and other stakeholders
Market research process=
1.
Define - marketers look at the present situation and its
problems/opportunities, its alternatives/what info they need/ analyze
and gather data
2.
Collect - collecting data can be expensive so using
Secondary resources
like journals, books and online media sources are a good starting
point.They will use primary data
such as facts, figures and opinions
they have gathered themselves. A
focus group
is a group of people who
meet under direction of a discussion leader to communicate their
opinions about an organization, its products, or other given issues.
Observation
involves watching how people behave, either mechanically
(e.gNielsen Media Researcher’s
people meter
which is a box attached to
tv sets, cable boxes, and satellite dishes in selected households in
Canada and the United States in order to determine the size of audiences
watching tv programs delivered by the networks) or in person.
Observations may provide insight into behaviors that consumers do not
even know they exhibit while shopping by watching them in person.
3.
Analyze - marketers must turn the data collected in the research process
into useful information.
Big Data
is a vague term generally used to
describe large amounts of data collected from a variety of sources and
analyzed with an increasingly sophisticated set of technologies; this
transformation is accomplished through
data analytics
.
Data mining
is a
component of data analytics - it extracts large
amounts of predictive
information from large databases, one can find statistical links between
consumer purchasing patterns and marketing actions.
4.
Choose - after collecting and analyzing data, marketing researchers will
determine alternative strategies and make recommendations about the next
steps.
The marketing Environment
-
Environmental Scanning
is the process of identifying the factors
that can affect marketing success. The business environment
consists of
6 elements - global, technological (
using customer
databases, blogs, social networking sites so the firm can develop
to customer needs.
The internet of things IoT
is a system of
machines or objects outfitted with data-collecting technologies
so that those objects can communicate with one another -
manufacturing, logistics, transportation and utility industries)
,
social (
must use social media to maintain relationships with
their customers and advertise)
,competitive
(brick-and-mortar
companies must stay aware of online competition)
, economic
(environmental scanning is critical to a company’s success during
rapidly changing economic times)
and legal
(governments enact
laws to protect consumers and businesses as discussed, businesses
must be aware of how these laws may impact their practices.
-
-
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Related Questions
Take a product or service organization you are familiar with:
List the key external environmental opportunities or threats that face the organization.
What do you think are the organization’s main strengths and weaknesses?
Suggest ways in which the organization might respond to external forces.
Recommend a possible marketing strategy that will ensure that the organization Matches its internal capabilities with external opportunities
arrow_forward
does marketing create or satisfy needs?
Marketing has often been defined in terms of satisfying customers' needs and wants. Critics, however, maintain that marketing goes beyond that and creates needs and wants that did not exist before. They feel marketers encourage consumers to spend more money than they should on goods and services they do not really need.
Take a position: Marketing shapes consumer needs and wants versus marketing merely reflects the needs and wants of customers.
arrow_forward
Ethics Some marketers attempt to disguise themselves
as market researchers who want to ask you questions
when their real intent is to sell something to the con-
sumer. What is the impact of this practice on legitimate
researchers? What do you think might be done about
this practice?
arrow_forward
A marketing system should sense, serve, and satisfy consumer needs while also improving the quality of their lives. Marketers may take actions by understanding customer needs and organizational practices, therefore marketing is currently facing many criticisms. Some of them are justified, while others are not. Certain marketing practises according to social critics, harm individual, consumers, and society as a whole, how to formulate this situation?
arrow_forward
A company’s marketing environment consists of actors and forces outside the company that affect marketing management’s ability to develop and keep successful transactions with its target customers. The environment today is changing very quickly, and it is difficult to predict what the future will bring. It is important therefor to monitor the market environment and, if necessary, change the marketing plan to meet new opportunities or threats. It is dangerous for the life of the company to ignore what is going on in the environment.
(i). Identify the two main forces and explain how each affects companies marketing efforts to survive in business environment.
arrow_forward
Does Marketing Create or Satisfy Needs?
Marketing has often been defined in terms of satisfying customers' needs and wants. Critics, however, maintain that marketing goes beyond that and creates needs and wants that did not exist before. They feel marketers encourage consumers to spend more money than they should on goods and services they do not really need.
arrow_forward
Think of a specific product or service and then formulate a concrete marketing strategies that can gain valuable feedback and how to improve your product or service that will meet the needs of your target market. Discuss.
arrow_forward
How can marketing research helps a firm's sustainability?
arrow_forward
“Market Segmentation: Still the Bedrock of Commercial Success”
(Source: https://www.marketingjournal.org/market-segmentation-still-the-bedrock-of-commercial-success-malcolm-mcdonald/)
In light of the phenomenal advancements in marketing technology, it is important to dispel some of the popular myths surrounding market segmentation and explain why needs-based segmentation is still the main route to commercial success.
The most common objective of modern commercial organizations is the sustainable creation of shareholder value. This can be achieved only by providing shareholders with a total return, from capital growth and dividend yield, that exceeds their risk-adjusted required rate of return for this particular investment. In today’s highly competitive environment, the major sources of shareholder value creation are the intangible marketing assets of the business, such as brands, customer relationships and channels of distribution, the 70% of the company’s value that does not…
arrow_forward
Respond to the following in a minimum of 175 words:
How can a company’s marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to these competitors? Provide an example.
arrow_forward
please read Principles of Marketing e-text: Chapter 1: Available at: http://open.lib.umn.edu/principlesmarketing/
then post your response to the question below
"Cite real live examples of the different marketing practices you have observed around you in your everyday life and explain what marketing principles you believe these practices illustrate, based on your reading of the text"
Base on the examples given, discuss the different ways companies undertake marketing“.
arrow_forward
Give several examples of marketing metrics. how might a marketer use each metric to track progress of some important element of a marketing plan?
arrow_forward
'Marketing research is carried out to define the probable market for particular
product and to find out general market conditions and tendencies’.
Appraise various functions of marketing research and state how these functions
are relevant. Please provide justifications for your answer.
arrow_forward
Marketing concepts and marketing managers
article to support each of the
marketing concept:
1Product profitablility models
2Strategies to engage shareholders in new product
development
3Evaluate marketing mix alternatives
4Internal/External risks associated wiht new product
development
Provide a brief explanation of why each article was chosen
and what specific advice it offers to the Marketing Managers Can you do this
separately for each article as well as provide the full reference for the
article thanks
arrow_forward
The marketing research process has several very distinct and important stages that need to be followed. In your opinion, which is the most important? Justify your view on this.
arrow_forward
What Is the Best Type of Marketing Research?
Many market researchers have their favorite research approaches or techniques, although different researchers often have different preferences. Some researchers maintain that the only way to really learn about consumers or brands is through in-depth, qualitative research. Others contend that the only legitimate and defensible form of marketing research uses quantitative measures.
Take a position: The best marketing research is quantitative in nature versus the best marketing research is qualitative in nature.
arrow_forward
List and briefly explain two reasons why studying consumer behavior is relevant to effective marketing planning.
define consumer behavior;
describe a market controlled information source;
list and describe two factors that may influence the level of consumer involvement.
arrow_forward
Discuss the reasons why customer experience is getting more attention in marketing today and how marketers can use information from studying customer experience to make better marketing decisions. Also, what are some ways in which marketers can best study customer experience?
arrow_forward
Choose any organization of your own choice and identify the products offered and what are the key components of the marketing environments that affects a firm’s marketing effort. Prepare the report.
arrow_forward
1. Marketing involves, among others, "the delivery of value to consumers." However, the value a
consumer places on a particular product or service is subjective. If you are a marketer, how can
you increase your customer's assessment of your product/service. Use a product of your choice
as an example.
arrow_forward
Your firm, selling business products is now diversifying into consumer goods too and so entrusting you to do market research to identify potential of the consumer market. Enumerate the differences between Consumer & Business Marketing Research
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
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Related Questions
- Take a product or service organization you are familiar with: List the key external environmental opportunities or threats that face the organization. What do you think are the organization’s main strengths and weaknesses? Suggest ways in which the organization might respond to external forces. Recommend a possible marketing strategy that will ensure that the organization Matches its internal capabilities with external opportunitiesarrow_forwarddoes marketing create or satisfy needs? Marketing has often been defined in terms of satisfying customers' needs and wants. Critics, however, maintain that marketing goes beyond that and creates needs and wants that did not exist before. They feel marketers encourage consumers to spend more money than they should on goods and services they do not really need. Take a position: Marketing shapes consumer needs and wants versus marketing merely reflects the needs and wants of customers.arrow_forwardEthics Some marketers attempt to disguise themselves as market researchers who want to ask you questions when their real intent is to sell something to the con- sumer. What is the impact of this practice on legitimate researchers? What do you think might be done about this practice?arrow_forward
- A marketing system should sense, serve, and satisfy consumer needs while also improving the quality of their lives. Marketers may take actions by understanding customer needs and organizational practices, therefore marketing is currently facing many criticisms. Some of them are justified, while others are not. Certain marketing practises according to social critics, harm individual, consumers, and society as a whole, how to formulate this situation?arrow_forwardA company’s marketing environment consists of actors and forces outside the company that affect marketing management’s ability to develop and keep successful transactions with its target customers. The environment today is changing very quickly, and it is difficult to predict what the future will bring. It is important therefor to monitor the market environment and, if necessary, change the marketing plan to meet new opportunities or threats. It is dangerous for the life of the company to ignore what is going on in the environment. (i). Identify the two main forces and explain how each affects companies marketing efforts to survive in business environment.arrow_forwardDoes Marketing Create or Satisfy Needs? Marketing has often been defined in terms of satisfying customers' needs and wants. Critics, however, maintain that marketing goes beyond that and creates needs and wants that did not exist before. They feel marketers encourage consumers to spend more money than they should on goods and services they do not really need.arrow_forward
- Think of a specific product or service and then formulate a concrete marketing strategies that can gain valuable feedback and how to improve your product or service that will meet the needs of your target market. Discuss.arrow_forwardHow can marketing research helps a firm's sustainability?arrow_forward“Market Segmentation: Still the Bedrock of Commercial Success” (Source: https://www.marketingjournal.org/market-segmentation-still-the-bedrock-of-commercial-success-malcolm-mcdonald/) In light of the phenomenal advancements in marketing technology, it is important to dispel some of the popular myths surrounding market segmentation and explain why needs-based segmentation is still the main route to commercial success. The most common objective of modern commercial organizations is the sustainable creation of shareholder value. This can be achieved only by providing shareholders with a total return, from capital growth and dividend yield, that exceeds their risk-adjusted required rate of return for this particular investment. In today’s highly competitive environment, the major sources of shareholder value creation are the intangible marketing assets of the business, such as brands, customer relationships and channels of distribution, the 70% of the company’s value that does not…arrow_forward
- Respond to the following in a minimum of 175 words: How can a company’s marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to these competitors? Provide an example.arrow_forwardplease read Principles of Marketing e-text: Chapter 1: Available at: http://open.lib.umn.edu/principlesmarketing/ then post your response to the question below "Cite real live examples of the different marketing practices you have observed around you in your everyday life and explain what marketing principles you believe these practices illustrate, based on your reading of the text" Base on the examples given, discuss the different ways companies undertake marketing“.arrow_forwardGive several examples of marketing metrics. how might a marketer use each metric to track progress of some important element of a marketing plan?arrow_forward
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