• emerging methods of data collection
• in store analytics: how retailers track our movements
• trends in POS data collection
• Trends in-store analytics
• syndicated data - data purchased from another
• converting data into information
• describe
• review descriptive statistics ( percentages, means, standard deviation)
• Interpret
• explain and predict
• Action plan and implementation
• Research supported recommendations offered
• next steps determined and implemented
• ongoing monitoring of outcomes
• the marketing research process: new coke scenario
• why is coke losing market shares to pepsi
• how can they fix it
• step 3: data collection
• coke executives initially consult secondary sources for leads
• market analysts predict that any future growth opportunities in the soft drinks industry would likely come from younger drinkers
• based on this assessment, Coca-Cola executives develop and test a new formula
• step 4 : analyzing data and developing insights
• key finding of the test
• consumers like the taste of new coke over pepsi
• 53% of the loyal coke drinkers consumers like the taste of new coke over pepsi
• post implementation
• overwhelmingly negative consumer response
• consumer stockpiling behavior
• consumer boycotts
• consumer protest groups formed around the country
• boycotts of new coke
• songs written to honor "old" coke
• protests at coke events in Atlanta headquarters
• decline in sales
• original formula reintroduced - 75 days later
• coc cola classic launched
• losses recovered ( sales increased 10x )
• stock price increased by 35%
• both new and classic coke sold in stores initially
• old coke eventually removed from US market
• coca- cola received 31600 positive phone calls over the 2 days following the announcement of "classic"
• what went wrong?
• they didn't account for psychological attatchment
• taste was assumed to be the only deciding factor for consumers
• the symbolic value of original coke was overlooked
• was new coke's failure due to faulty or inadequate research
• failure was largely due to inadequate research

• 5 segmentation methods - geographic, psychographic, demographic, benefits, and behavioral
• 4 common targeting strategy - undifferentiated, differentiated, concentrated, micromarketing
• what does positioning refer to ? - positioning approaches - value, product attributes, symbol, competition
• competition - positioning their products in comparison with their competitors
•  marketing research : consisting of a set of techniques and principles for systematically collecting, recoding, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services or ideas
• marketing research increases decision making power by
• identifying the sources of business problems
• enhancing, understanding of market trends
• enabling strategic managerial action
• the marketing research process
• problem recognition
• defining objectives and research needs
• what is the problem that needs solving - why??? ... sales declines, loss of market share, customer dissatisfaction - evaluating the potential problems it could be
• what is the value of the problem -   
• what information is needed to answer the research questions
• Designing the research
• identifying the type of data needed
• determining the type of research necessary to collect it
• primary vs secondary data
• primary data: data collected for the first time to adess specific need
• secondary data: previously collected data available from external sources
• may be freely available
• secondary data: syndicated data insights : Mintel
• charred and smoked flavors excite appetites
• secondary data : scanner research
• involves data obtained from scanner readings of UPC codes at check-out counters
• retail sales research
• macro level data collection
• Point of sale data collection
• facilitates price experiments 
• micro-level data collection
• consumer reported  
• qualitative vs quantitative data
• qualitative data : descriptive data
• informal research methods
• generates " soft" information
• used to understand phenomenon of interest
• quantitative data : quantifiable data
• structured research
• generates statistically measurable information
• often used to confirm insights generated by qualitative research
• data collection
• secondary data - marketing data - primary data
• qualitative data : descriptive data
• informal research methods
• generates "soft" information
• used to understand phenomenon of interest
• observation
• in-depth interviews
• focus groups
• social media
• quantitative data: quantifiable data
• structured research methods
• generates statistically measurable information
• often used to confirm insights generated by qualitative research
• expirements
• survey
• scanner
• panel
• emerging methods of data collection
• in store analytics: how retailers track our movements
• rends in store analytics

Chapter 9

• The STP process segmentation
• targeting
• positioning
• marketing mix
• set strategy or objectives
• select segmentation
• segmentation: the separation of markets into distinctive groups based on similar characteristics
• 5 methods of market segmentation
• demographic grouping individuals in personal attributes i.e. age, gender, income, family size, occupation, religion, education, ethnicty
• geographic - location based factors  i.e. country, region, state, city
• psychographic - groping according to how they describe themselves i.e. lifestyle, self-concept, self-value (goals, personality, interests, opinions, attitudes 
• benefits - grouping based n the benefits derived from the product / service i.e. convince, economic, prestige : consumers can solve the problems in these categories with the product  
• behavioral - grouping based on actual behavior towards product i.e. user status, occasion, brand loyalty, readiness to buy
• geodemegraphic segmentation - the grouping of consumers on the basis of a combination of geographic, 

Chapter 6 : Consumer Behavior

• consumer behavior : The study of consumers and the processes that govern their selection, consumption, and disposal of products and services and the impacts that these processes have on the consumer and society 
• Reffered to as "the psychology of marketing" 
• 5 stages to the consumer decision making proccess model 
• step 1 : need recognition , functional needs and psychological needs
• functional needs: performance of the product or service 
• psychological needs: personal sense of gratification associated with the product or service  
• step 2 : information search : internal and external search 
• internal search : memory or prior knowledge 
• external search: everything but memory, marketing or non marketing
• consumer assesment of aternatives 
• universal set : all possible choices 
• retrieval set: brands ( or stores) readily remembered 
• evoked set: brands ( or stores) considered when purchasing
• ideally marketers want their brands and products to be in the consumers evoked set 
• step 3: purchase 
• when and where do I purchase 
• step 4: post purchase 
• satisfaction - customer loyalty ( repeat purchase), positive word of mouth 
• dissatisfaction - product returns, complaint/ negative word of mouth 
• buyers remorse - sense of regret or fear of having made the wrong choice, frequently associated with expensive items (i.e. house, cars)
• one strategy they use to alleviate buyers remorse is return policies and warranties  

• Conduct a situation analysis: SWOT Matrix 
• strengths - what is the firm particularly good at? 
• weakness -what areas are in need of improvement 
• Opportunities- what trends in the marketplace could exploit
• Threats - who are re they more the new competitors entering the market?. How fast are they growing? Are they more innovative? 
• Firms have the means to exploit the trends because they have the resources and knowledge to exploit it 
•    coca cola strength - Strong marketing and advertising, strong brand, world's largest beverage company
• weakness - over reliance on carbonated drinks, lack of diversification, negative publicity
• Opportunities- Growth in beverage consumption, increased demand for bottled water, reduced price of production material
• Threats - Changing user demand for healthier ( competitor) drinks 
• imitation products- coke maintains strong marketing and advertising   

Chapter 2: developing marketing strategies and market plan

• A market plan is a comprehensive blueprint which outlines an organization's overall marketing efforts 
• Step 1: Buisness mission and objectives 
• Step 2: situation analysis 
•  Step 3 : Identify oppurtunities 
• segmentation 
• targeting 
• positioning 
• Step 4 : implement marketing mix 
• culture - 
• product 
• price 
• place 
• promotion 
• Step 5 : evaluate performance using marketing metrics 
• Buisness mission and objectives 
• a mission statement is a broad description of a firm's objectives and the scope of activities it plans to undertake 
• Nike's mission statement " To bring inspiration an innovation to every athlete in the world" - BIll Bowerman 
• Google " To organize the world's information and make it universally accessible and useful" \
• Apple - " To make a contribution to the world by making tools for the mind that advance humankind' 
•  macro  (marketing) environments 
• culture - country v regional 
• norms jargan 
• political/ legal 
• political climate 
• laws / regulations 
• e.g FDA, FCC, SEC 
•  economic 
• economys performane 
• interest rates 
• inflation rates 
• consumer disposable income
• consumer demand and spending 
• business lifestyle 
• Technology 
• new products 
• new forms of communication 
• new retail channels 
• social 
• trends shaping values and shopping behavior 
• health conscious 
• green 
• thrifty 
• privacy concerns time-poor society 
• demographics 
• age gender roles 
• income distribution 
• education 
• ethnicity 
• geographic description