TERMS TO KNOW: Analysis Experiments Focus Group Input Output Marketing Research Observation Survey Test Market Random Sampling Sample Simulations Storage Primary Data Secondary Data
Consumer Differences Page 122 All consumers have different needs and wants. How can business best meet the unique needs and wants of different market segments? How do fast food restaurants meets unique needs/wants of customers?
Expanding Choices Page 122-123 Consumers have many more choices of products and services, and much more information about those choices, so their decisions are more informed. When was a time that you were overwhelmed with too many choices? Or not enough choices?
Competition Page 123 More and more intense. Gather info about competitors products/services to determine strengths and weaknesses. How are you going to make sure your products stands out among competition?
Approaches to Planning Page 124-125 Read – Approaches to Planning
How will each of the companies decide whether to make designs to use for the next year?
Which of the companies do you believe will make decision that are most likely to be successful?
What is the biggest difference in the way the companies make decisions?
Categories of Information Page 125 Consumers Marketing Mix Business Environment
1. See problem Page 136-138 TERM - Marketing Research Define the problem. Analyze the situation. Develop a Data-Collection Procedure.