Defining The Problem And Research Objectives

Marketing managers and research must work closely together to define the problem and agree on research objectives. The manager best understands the decision for which information is needed the researcher best understands marketing research and how to obtain the information. Defining the problem and research objectives is often the hardest step in research process. The manager may know that something is wrong, without knowing the specific causes.

After the problem has been defined carefully, the manager and researcher must set the research objectives. A marketing research project might have one of three types of objectives. The objective of exploratory research is to gather  preliminary information that will help define the problem and suggest hypotheses. The objective of descriptive research is to describe things, such as the market potential for product or the demographics and attitudes of consumers who buy the product. The objective of causal research is to test hypotheses about cause and effect relationships. For example would a 10 percent decrease in tuition at a private college result in an enrollment increase sufficient to offset the reduced tuition? Managers often start with exploratory research and later follow with descriptive or causal research.

The statement of the problem and research objectives guides the entire research process. The manager and researcher should put the statement in writing to be certain that they agree on the purpose and expected results of the research.

Preparing and Integrated Marketing Plan and Program

The company’s marketing strategy outlines which customers the company will serve and how it will create value for these customers. Next the marketer develops an integrated marketing program that will actually deliver the intended value to target customers. The marketing program builds customers relationships by transforming the marketing strategy into action. It consists of the firm’s marketing mix, the set of marketing tools the firms uses to implement its marketing strategy.

The major marketing mix tools are classified into four broad groups, called the four Ps of marketing product, price, place, and promotion. To deliver on its value proposition, the firm must first create a need satisfying market offering (Product). It must decide how much it will charge for the offer (Price) and how it will make the offer available to target consumers (Place). Finally it must communicate with target customers about the offer and persuade them of its merits (Promotion). The firm must blend all of these marketing mix tools into a comprehensive, integrated marketing program that communicates and delivers the intended value to chosen customers. We will explore marketing programs and the marketing mix.

What Is Marketing?

Marketing more than any other Business function, deals with customers. Although we will soon explore more detailed definition of marketing perhaps the simplest definition is this one: Marketing is managing profitable customer’s relationships. The twofold goal of marketing is to attract new customers by promising superior value and keeps and grew current customers by delivering satisfaction.

Wal-Mart has become the world’s largest retailer and one of the world’s largest companies by delivering on its promise. “Always low prices. Always!” At Disney theme parks, “imagines” work wonders in their quest to “make a dream come true today.” Dell leads the personal computer industry by consistently making good on its promise to “be direct.” Dell makes it easy for customers to custom-design their own computers and have them delivered quickly to their doorsteps or desktops. These and other highly successful companies know that if they take care of their customer’s market share and profits will follow.

Sound marketing is critical to the success of every organization. Large for profit firms such as Procter & Gamble, Toyota, Target, Apple, and Marriott use marketing. But so do not for profit organizations such as colleges, hospitals, museums, symphony orchestras, and even churches.

You already know a lot about marketing it’s all around you. You see the results of marketing in the abundance of products in your nearby shopping mall. You see marketing in the advertisements that fill your TV screen, spice up your magazines, stuff your mailbox, or marketing in almost everything you do. Yet, there is much more to marketing than meets the consumer’s casual eye. Behind it all is a massive network of people an activities competing for your attention and purchases.

Business Marketing Definition

What is marketing? Many people think of marketing only as selling and advertising. And no wonder every day we are bombarded with television commercials, direct-mail offers, sales calls, and internet pitches. However, selling and advertising are only the tip of the marketing iceberg.

Today marketing must be understood not in the old sense of making a sale “telling and selling” but in the new sense of satisfying customer needs. If the marketer understands consumer need; develops products and services that provide superior customer value and prices. Distributes and promotes them effectively these products will sell easily in fact according to management guru Peter Drucker “The aim of marketing is to make selling unnecessary. “Selling and advertising are only part of larger” marketing mix a set of marketing tools that work together to satisfy customer needs and build customer relationships.

           

Broadly defined marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. In a narrower business context, marketing involves building profitable, value-laden exchange relationships with customers. Hence we define marketing as the process by which companies create value for customers and build strong customers relationships in order to capture value from customers in return.