Summary Class notes - International Marketing Research

Course
- International Marketing Research
- --
- 2019 - 2020
- Erasmus Universiteit Rotterdam (Erasmus Universiteit Rotterdam, Rotterdam)
- International Business Administration
105 Flashcards & Notes
1 Students
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Summary - Class notes - International Marketing Research

  • 1559340000 A. Marketing Research

  • What is the marketing concept?
    Business philosophy based on:
    1. Consumer orientation - identifying target groups most likely to buy product
    2. Goal orientation - Ensuring accomplishment of corporate goals over satisfying customers
    3. Systems orientation - Creating systems that monitor external environment and deliver marketing mix desired by target group
  • What is a marketing mix?
    Unique blend of product/service, pricing, promotion and distribution strategies specifically designed to meet the needs of a target group
  • What is segmentation research?
    Helps identifying the most lucrative opportunities
  • What is marketing research?
    The planning, collecting and analysing of data relevant to marketing decision making and the communication of the results of this analysis to management
  • What are the 3 functional roles of marketing research?
    1. Descriptive function - gathering and presenting factual info
    2. Diagnostic function - explaining data or actions 
    3. Predictive function - forecasting results of the planned marketing decision
  • What 2 principles is return on quality based on?
    1. Quality delivered is equal to/ higher than the quality desired by the target group
    2. Quality and profitability are positively related
  • What is the customer retention rate?
    The number of customers that remain loyal to the firm every time they use their products or services
  • What is the difference between pro-active and reactive marketing research?
    1. Pro-active adjusts marketing mix to new and emerging trends and sees environment as an opportunity
    2. Reactive takes action after change has had large impact on firm, and sees environment as threat
  • What is the difference between applied and basic research?
    1. Applied research is conducted to solve a specific, pragmatic problem 
    2. Basic research is conducted to extend knowledge, usually can't be implemented in the short run
  • What are the 3 types of marketing research studies?
    1. Programmatic research 
    2. Selective research
    3. Evaluative research
  • What is programmatic research?
    Developing marketing options through market segmentation, market opportunity analyses or consumer attitude and product usage studies
  • What is selective research?
    Testing decision alternatives and finding the best option
  • What is evaluative research?
    Assessing marketing programs' performance
  • When is it better to not conduct marketing research?
    1. Lack of resources 
    2. Results of research would not be useful
    3. When the opportunity has passed (product already in late stage of life cycle)
    4. When the decision has already been made 
    5. When the research objectives are not specified 
    6. When the relevant info already exists
    7. When the cost of research outweighs benefits
  • What is the marketing research timeline?
    Pre-1900 - Inception - first use of MR but low response rates

    1900-1920 - Early growth - Consumer demand and mass production grew --> larger and more distant markets --> first formal MR

    1920-1950 - Years of adolescence - First application of scientific research to commercial problems. Changing markets --> systematic research --> growth surveys and focus groups

    1950-2000 - Years of maturity - From sellers market to buyers market --> market intelligence more important. Info about consumers' desires --> effective MR 

    2000-present - MR on the internet
  • What are the advantages of ethnography?
    1. Full immersion and deep understanding of the culture
    2. Less prone to researcher bias
  • What are the disadvantages of ethnography?
    1. Extremely lengthy
    2. Expensive
    3. There is a risk of negative social interactions
    4. Non-acceptance in the researched environment can occur
  • What is the principle of theoretical saturation?
    When no novel insights are arising in a focus group anymore
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