Understanding Markets, Market Demand,

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Understanding Markets, Market Demand, the
Marketing Environment
Chapter 5
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Marketing Information System

• Consists of the _____________, _________ and
  ___________ to gather, sort, analyze, _______,
  _______________ necessary accurate information in
  a timely fashion to marketers.

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• The need for marketing information is stronger
  than ever because of companies expanding their

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Marketing Intelligence

• A set of procedures and sources used by managers
  to obtain _______ information about developments
  in the ________ _______________.

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Marketing Research

• The systematic _______, ______, and ______ of
  data relevant to specific problems.
• Companies normally budget marketing research at
  __________of company sales.

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• A large portion of the budget is spent with
  outside research firms Specialty-line
  (___________) Customer Mkt. Research Firms
  (_______) Syndicated-Service
  (__________________________)

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Marketing Research Process
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I. Define the Problem Research Objectives

• Exploratory Research its goal is to shed light
  on the ____________ of the problem to

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• Descriptive describes relationships i.e.,
• Casual test cause and effect relationships.
  i.e.,

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II. Develop the Research Plan

• Secondary Data data that was gathered for
  another ___________ and ______________________.
• Primary Data data gathered for a
  ________________________ or a specific research
  project.

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Research Approaches

• Observational

• Focus-Group _____ people

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• Survey best suited for _________ research such
  as learning about peoples ___________, ________,
  preferences, and ______________, and measuring
  these magnitudes in the ______________.

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• Behavioral Data Customers leave traces of their
  purchasing behavior in store ___________ data,
  catalog ____________

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• Experimental helps explain ______________________
  __ relationships.

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Research Instruments

• Questionnaires and Mechanical Devices
• Closed-End Questions ________ all of the
  possible answers easy to ________________________
  ___.

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• Open End Questions allows respondents to answer
  ________ ________________________.
• Sampling Plan
• Sampling Unit ___________?
• Sample Size

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• 3. Sampling Procedure
• Probability Sampling researchers can calculate
  their ____________ in the ______________ of their
  findings.
• Nonprobability Sampling

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Mkt. Research Contact Methods

• Mail

• Telephone

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• Personal Interview

• On-line Interview __________ and easily recruit
  survey participants

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Marketing Research Process (Cont.)

• III. Collect the Information
• IV. Analyze the Information
  V. Present the Findings

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Market

• The set of all _____________________ buyers of a
  market offer.
• Potential Market the set of consumers who have a
  sufficient level ________ ________________________
  ______.
• Available Market the set of consumers, who have
  interest, ______ ______________________________

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• Target Market (Served Market) the part of the
  qualified available market (those with the
  ______, _______, _______, ___________ to
  respond to a product offer) the company decides
  to pursue.
• Penetrated Market_______________
  ______________________________

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Market Demand

• The ______________ that would be bought by a
  __________ customer group in a ________
  geographical area in a _________ time period in a
  ___________ environment under a __________
  marketing program.

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• Mkt. demand not a ___________ but a function of
  the _______________.
• i.e.,.

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Market Potential

• The _________ approached by market demand as
  industry marketing _______________ approach
  infinity for a ______ marketing environment.
• What a whole market segment might buy. i.e.,

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Company Demand

• The company's share of market demand at
  _________________ of marketing effort.
• Company Sales Forecast the _____________ level
  of company sales based on a _________ marketing
  plan and ____________ ___________________________.

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Sales Quota

• The __________ set for a product _______,
  ________ division, or sales _________________.

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Sales Budget

• A ____________ estimate of the expected sales
  volume, and is used primarily for making ______
  purchasing, product, and ______________
  decisions.

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Companies commonly use a three-stage procedure to
prepare a sales forecast
1st.
2nd.
3rd.