Marketing Management Assignment
1. A marketing intelligence system is a set of procedures and sources managers use to obtain __________.
2. A trend is __________.
3. __________ shapes the beliefs, values, and norms that largely define tastes and preferences.
4. The last step in the marketing research process is __________.
5. Research that is designed to capture cause-and-effect relationships by eliminating competing explanations of observed findings is called ___________.
6. _____ is a coordinated collection of data, systems, tools, and techniques with supporting software and hardware by which an organization gathers and interprets relevant information from business and environment and turns it into a basis for marketing action.
Exercises:
1. What are the steps a company can take to improve the quality of its marketing intelligence?
2. The text describes ten megatrends that help shape the consumer landscape. Name these trends.
3. Online research interviewing is estimated to make up 33% of all survey-based research in 2006. Discuss the pros and cons of using this method of data collection.
Case Study: 800
How does a company known for being conservative attract a non-conservative target market?
As the company's ad says, "You're in good hands with Allstate!" Allstate Insurance has used this famous phrase to attract customers for some time. This mainstream market approach has served the company well. But even though the company is one of the industry's leaders, observers began to notice an erosion of market share in some non-traditional sectors. Lifestyle strategies had not received much attention at Allstate. Motorcycle riders, for example, chose competitors Progressive and Geico over Allstate and other conservatively oriented companies. Why would Allstate be interested in targeting motorcycle riders?
The motorcycle market is growing thanks to increased interest from baby boomers and Generation Y consumers. In 2006, 1.2 million motorcycles were sold according to the Motorcycle Industry Council, and sales have been steadily climbing for the last five years. Allstate decided it was time to conduct targeted marketing research or risk losing this growing market. In addition to learning some interesting facts about today's motorcycle riders, the company's market research also found that over 600 of its 14,800 agents were devout motorcycle riders themselves. This interesting fact led the company to completely revamp some of its advertising and marketing strategies.
To target motorcycle riders, Allstate has begun featuring some of their bike-riding agents in their ads. The ads indicate that Allstate knows the needs of motorcycle riders better than competitors because the "good hands" are on handle bars. And who knows the needs of bikers better than other bikers? Acting on additional research information, the company has also begun sponsoring motorcycle rallies and music downloads via Rolling Stone magazine for those people who love the feel of the open road. Follow-up research will determine the success of Allstate's attempt to bond with this market segment.
Adapted from "Let's Ride-The Wild Ones at Allstate," by Burt Helm, Business Week, October 1, 2007, p. 16.
Case study developed by Dr. John R. Brooks, Jr., Houston Baptist University.
Questions:
1. What marketing research facts led Allstate to review its advertising and marketing strategies with respect to the motorcycle market?
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.