Answered: Drag each example to the corresponding…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Transcribed Image Text:Superior Razors: The Marketing Research Process Firms invest billions of dollars in marketing research every year. Why do marketers find this research valuable? First, it helps to reduce some of the uncertainty under which they constantly operate. Successful managers know when research might help their decision making, and they take appropriate steps to acquire the information they need. Second, marketing research provides a crucial link between firms and their environments, which enables firms to be customer-oriented because they build their strategies using customer input and continual feedback. Third, by constantly monitoring their competitors, firms can respond quickly to competitive moves. This activity is important because it helps contextualize a firms' marketing research investment. Marketing research involves five key steps. The goal of this activity is to define those steps and to help you recognize the actions that must take place within each step. First, read about Superior Razors' plans to determine how well its men's shaving products are performing against the competition. Then click and drag each action to the corresponding step in the marketing research process that represents that action. The marketing team at Superior Razors, a producer of a national brand of men's shaving products, is trying to find out how well the company is doing in comparison to its competition and to hypothesize how it will fare in the near future. Superior Razors is evaluating its competitive position in the shaving products market. Superior has already determined its market share by evaluating the company's sales during a particular time frame relative to total industry sales. Next, it wishes to determine how to achieve the best sales results over the next two years. It will identify the type of data that should be collected and the type of research needed to collect the data. Past research has shown that loyalty is often, but not always, an important decision influencer for men's shaving products. After re-interpreting data collected from prior research projects, researchers at the firm conclude that when women do the shopping, they are loyal to a specific brand, whereas men are most interested in spending less. The company wants to determine through a questionnaire which group to target: married women, emphasizing the current promotional message, or single men, offering a new price performance message. Drag each example to the corresponding step in the process. Conduct a survey to explore brand loyalty Defining Objectives Recommend which segment to target Evaluate and improve current market position Designing the Research Project Assess male/female differences Data Collection Need primary data to answer current questions Analyzing Data Recommend which segment to target Presenting Results 5

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