Chapter 1 Summary

· Describe and explain the impact marketing research has on marketing decision.

Marketing research is the set of activities central to all marketing-related decisions regardless of the complexity or focus of the decision. Marketing research is responsible for providing managers with accurate, relevant, and timely information so that they can make marketing decisions with a high degree of confidence. Within the context of strategic planning, marketing research is responsible for the tasks, methods, and procedures a firm will use to implements and direct its strategic plan.

· Understand the relationship between marketing research and customer relationship management (CRM).

Marketing research is the backbone of any CRM process through the data collection operations of the research process. Specifically, marketing research facilitates the CRM process through the generation of customer/market knowledge, data integration, information technology, and the creation of customer profiles.

· Demonstrate how marketing research fits into the strategic planning process.

The key to successful strategic planning is accurate information. Information related to product performance, distribution efficiency, pricing policies, and promotional efforts is crucial for developing the strategic plan. The primary responsibility of any marketing research endeavor is to design a project that yields the most accurate information possible in aiding the development of a strategic plan.

· Provide examples of marketing research studies.

The scope of marketing research activities extends fat beyond examination of customer characteristics. The major categories of marketing research tasks include, but are not limited to, (1) situation research efforts (which include opportunity assessment, benefit and lifestyle studies, descriptive studies, and importance-performance analysis); (2) strategy-driven research efforts (which include target-market analysis, positioning or perceptual mapping, concept and product testing, and text marketing); (3) program development research (which includes customer satisfaction studies, service quality studies, cycle time research, retailing research , logistic assessment, demand analysis, sales forecasting, advertising effectiveness studies, attitudinal research, and sales tracking); and (4) performance analysis (which includes product analysis, environmental forecasting and marketing decision support systems).

· Understand the scope and focus of the marketing research industry.

Generally, marketing research projects can be conducted either internally by an in-house marketing research staff or externally by independent or facilitating marketing research firms. External research suppliers are normally classified as custom to standardized, or as brokers or facilitators.

· Understand emerging trends and new skills associated with marketing research.

Just as the dynamic business environment causes firms to modify and change practices, so does this environment dictate change to the marketing research industry. Specifically, technological changes will affect how marketing research will be conducted in the future. Necessary skills required to adapt to these changes include (1) the ability to understand and interpret secondary data, (2) presentation skills, (3) foreign-language competency, (4) negotiation skills, and (5) computer proficiency.