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ize customer satisfaction with purchase ? identity aftersale services ? prevent mercialization of products that are not consumeroriented ? identify optimal pricing to maximize profitability ? increase sales efficiency through effective use of market data. 16 169。 2023 Thomson/SouthWestern. All rights reserved. The Managerial Value of Marketing Research for Strategic Decision Making ? Developing and implementing a marketing strategy involves four stages: 1. Identifying and evaluating market opportunities 2. Analyzing market segments and selecting target markets 3. Planning and implementing a marketing mix that will provide value to customers and meet anizational objectives 4. Analyzing firm performance 17 169。 2023 Thomson/SouthWestern. All rights reserved. Identifying and Evaluating Opportunities ? Monitoring the petitive environment for signals indicating a business opportunity: ? Helps managers recognize problems and identify opportunities for enriching marketing efforts ? Motivates a firm to take action to address consumer desires in a way that is beneficial to both the customers and to the firm. ? Identifies changes in customer needs, uses, and demand for products. 18 169。 2023 Thomson/SouthWestern. All rights reserved. Analyzing and Selecting Target Markets ? GeoDemographics ? Refers to information describing the demographic profile of consumers in a particular geographic region. ? Once the pany knows the geodemographics of a market segment, it can effectively municate with those customers by choosing media that reach that particular profile. ? Example: Architectural Digest magazine 19 169。 2023 Thomson/SouthWestern. All rights reserved. Planning and Implementing a Marketing Mix ? Marketing research can be used to support specific decisions about aspects of the marketing mix. ? It is essential that an overall research plan involve all elements of marketing strategy. 20 169。 2023 Thomson/SouthWestern. All rights reserved. Types of Marketing Mix Research ? Product Research ? All applications of marketing research that seek to develop product attributes that will add value for consumers. ? Concept testing ? Brandname evaluation ? Package testing ? Pricing Research ? Involves finding the amount of moary sacrifice that best represents the value customers perceive in a product after considering various market constraints. 21 169。 2023 Thomson/SouthWestern. All rights reserved. Types of Marketing Mix Research (cont’d) ? Distribution Research ? Studies aimed at selecting retail sites or warehouse locations in support of the distribution channel. ? Marketing Channel ? A work o