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Summaries of Five Lectures - Research Paper Example
Pages 4 (1004 words)
Summaries of five lectures Customer inserts his/her name Customer Inserts Marketing Research is discussed in Lecture 2 which refers to the systematic gathering, analyzing and reporting of data to assist business decisions…
Often companies overlook the actual cause by focusing on the tip of the iceberg. At this stage, companies also decide whether to undertake exploratory (exploring the motivations of consumers), descriptive (answering questions such as what, where, when, how) or causal (establishing cause-effect relationships in consumer’s behavior) research. Next, a plan is formulated which is implemented by collecting either primary or secondary data is the desired manner. There are two main types of research: qualitative (comprising of focus groups, observations and third-person techniques) and quantitative. Primarily, companies engage in research by employing the four core media; that is, telephone, internet, mail and face-to-face conversations. For instance, Pepsi conducted a blind-taste test (known as Pepsi Challenge) where consumers were told to taste two cups (one with Pepsi one with Coke). The results revealed that Pepsi was the popular choice amongst Americans. Lecture 3 discusses the three core steps of marketing namely segmentation, targeting and positioning. Segmentation refers to grouping the population into categories based on common characteristics pertaining to behavior, psychographic elements or profile of customers. Segmentation based on behavioral aspects tends to focus on the purchase behavior, benefits, features, usage patterns as well as perceptions of the customers. ...
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