How does marketing research help managers reach their goals? How did the field of marketing research evolve? What big changes are occurring? We will explore this topic in Chapter 1. Chapter 1 - The role of marketing research in management decision making. | 1-1 Chapter 1 1-2 The Nature of Marketing Key Terms & Definitions A Definition of Marketing: The activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients partners, and society at large. 1-3 The Marketing Concept Key Terms & Definitions The Marketing Concept is composed of three tenets which are interrelated: Consumer Orientation Goal Orientation Systems Orientation 1-3 The Marketing Concept Key Terms & Definitions Consumer Orientation- identification of and focus on the people or firms most likely to buy a product and the production of a good or service that will meet their needs effectively Goal Orientation- a focus on the accomplishment of corporate goals; a limit set on consumer orientation 1-3 The Marketing Concept Key Terms & Definitions Systems Orientation- the creation of systems to monitor the external environment and deliver the desired marketing mix to the target market What . | 1-1 Chapter 1 1-2 The Nature of Marketing Key Terms & Definitions A Definition of Marketing: The activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients partners, and society at large. 1-3 The Marketing Concept Key Terms & Definitions The Marketing Concept is composed of three tenets which are interrelated: Consumer Orientation Goal Orientation Systems Orientation 1-3 The Marketing Concept Key Terms & Definitions Consumer Orientation- identification of and focus on the people or firms most likely to buy a product and the production of a good or service that will meet their needs effectively Goal Orientation- a focus on the accomplishment of corporate goals; a limit set on consumer orientation 1-3 The Marketing Concept Key Terms & Definitions Systems Orientation- the creation of systems to monitor the external environment and deliver the desired marketing mix to the target market What Holiday Inn Found: Their guests were mostly business or sales people and government employees. They did not want to just sit around in their rooms. They wanted to socialize while staying at the hotel, so the management decided the bar should play a bigger and more significant role. As a social hub, the bar could offer more food that could be shared. The added food could be served by bar staff, instead of restaurant workers, and labor costs could be lowered. 1- Discovering Opportunities in the Market 1-7 The External Marketing Environment Key Terms & Definitions Marketing Mix: The unique blend of product/service, pricing, promotion, and distribution strategies designed to meet the needs of a specific target market. This mix must be altered over time because of changes in the external environment. Customers are added and some drop out of the relevant markets. 1-4 Marketing Research Defined Marketing Research is the planning, collection, and analysis of data relevant to market decision .
