Marketing Research and Strategic Decision-Making
Chapter 1: Marketing Research Fundamentals
Marketing research is the application of the scientific method in searching for the truth about marketing phenomena. The process includes:
- Idea and theory development
- Problem definition
- Information gathering
- Analyzing data
- Communicating the findings and their implications
Digital marketing is a term used to capture all the various electronic, communicative technologies through which marketing enterprises (suppliers, manufacturers, retailers, etc.) work together
Read MoreQuantitative Techniques: Surveys & Questionnaires
Quantitative Techniques
Survey Techniques
Techniques based upon the use of structured questionnaires given to a sample of a population. It is a method based on structured data collection. They can tackle several issues:
- Behavior
- Attitudes
- Awareness
- Motivation (reasons for purchase)
- Demographics (age, life stage, income level)
- Lifestyle (values important to them)
There are four main types of questionnaires that can be applied. All of them have the same purpose (gather structured data) but the methodology
Read MoreMarketing Metrics, Process, and Segmentation Strategies
Marketing Metrics and Formulas
- Growth Ratio (Deviations) = [(Sales Present Period / Sales Past Period) – 1] x 100
- Growth (Absolute Terms) = Sales Present Period x (1 + Growth Ratio)
- Present Value (Absolute Terms) = Sales Future Period / (1 + Growth Ratio)
- Market Share = (Sales of Your Company / Total Sales Market) x 100
- Growth in 3 Years = Sales Present Period x [(1 + Growth Ratio)^3]
- Profit (Absolute Terms) = Sales Present Period x Profit Percentage
Consumer and Volume Calculations
- A. Total Number of Consumers
Marketing Strategies: Planning, Cost, Social, and Growth
Marketing Planning
Marketing planning is the process of defining a company’s marketing goals and creating a detailed plan for achieving them. This typically involves conducting market research, analyzing customer behavior, identifying target markets, and determining the best methods for reaching those markets. The marketing plan typically includes strategies for product development, pricing, promotion, distribution, and customer service. A well-designed marketing plan can help a company achieve
Read MoreUnderstanding Social Minimum, Cultural Frameworks & Economic Freedom
Understanding Key Social Concepts
The social minimum is a defined set of basic conditions and resources necessary for individuals to lead a dignified and decent life in a society. It represents a minimum standard of living, ensuring that everyone has access to essential goods, services, and opportunities. This concept includes fundamental elements like adequate nutrition, shelter, healthcare, and education.
The social minimum is not a fixed set of goods and services but evolves with societal changes
Read MoreAdvertising Fundamentals and Impact on Consumers
Advertising Fundamentals
Advertising is a key component of various marketing activities, specifically promotion. It serves to communicate a sponsor’s message to a specific audience, using paid, impersonal, and far-reaching media such as television, radio, print media, and the Internet, among others. The goal is to achieve predetermined objectives.
Difference Between Advertising, Publicity and Propaganda
Propaganda is generally considered the dissemination of an idea and is usually free. Advertising,
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