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    Marketing Research and Essentials

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    1. What good is a mission statement?
    Mission statements are often the product of much deliberation and discussion. At the same time, critics claim they sometimes lack "teeth" and specificity, or do not vary much from firm to firm and make the same empty promises. Take a position: Mission statements are critical to a successful marketing organization versus Mission statements rarely provide useful marketing value.

    2. One of the issues that we have in regard to forecasting is that it never seems to be reliable. In many cases it is either too aggressive or inadequate when compared to actual demand. Does this mean that we don't adequately define our market demand? After all forecasting is an estimate of expected demand. How does one distinguish between when market demand has not been adequately defined versus the normal differences between forecast and actual demand based on the fact that it is just an estimate?

    3. One of the widely debated issues in developing marketing programs that target certain age groups is how much consumers change over time. Some marketers maintain that age differences are critical and that the needs and wants of a 25-year-old in 2010 are not that different from those of a 25-year-old in 1980. Others argue that cohort and generation effects are critical, and that marketing programs must therefore suit the times.
    Take a position: Age differences are fundamentally more important than cohort effects versus Cohort effects can dominate age differences.

    4. What is the best type of marketing research?
    Many market researchers have their favorite research approaches or techniques, although different researchers often have different preferences. Some researchers maintain that the only way to really learn about consumers or brands is through in-depth, qualitative research. Others contend that the only legitimate and defensible form of marketing research uses quantitative measures. Take a position: The best marketing research is quantitative in nature versus The best marketing research is qualitative in nature.

    5. Explain the five types of needs: stated needs, real needs, unstated needs, delight needs, and secret needs.

    6. Difference between marketing and advertising. Explain their importance.

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    Solution Preview

    1. Mission Statements are critical for successful marketing because these statements define a company's products, services, goals and organizational culture to prospective customers, employees, suppliers, customers, vendors, and the media. Therefore, consumers will understand uniqueness of a company's brand and what separates it from the competition. In addition a company's Mission Statement can assure consumers that the company's business activities are in alignment with ethical business practices as well as goals and values that consumers possess.


    2. Estimates must be made in forecasting despite the fact that actual demand based may not reflect these estimates. A organization has to do this before making plans, and little can be done without some form of estimation regardless of the degree of accuracy involved. Forecast errors represent the difference between the actual or real and the predicted or forecast value of a time series or any other phenomenon of interest.


    3. Cohort theory is correct in my opinion because I believe that important ...

    Solution Summary

    This solution provides answers to various questions regarding marketing essentials.