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Marketing Science is a field that applies scientific methods to the study and practice of marketing. It’s more comprehensive than marketing research^[1], focusing not only on gathering data but also on developing strategies based on that data. This field has its roots in the works of Frank Bass and John Little, and was institutionalized with the founding of the Marketing Science Institute in 1961. The 1980s and 90s witnessed a surge in interest in this field, especially with the advent of electronic POS data and barcode readers. Today, marketing science utilizes big data^[3] to study broad consumer^[4] behavior patterns and improve business outcomes. The field is distinct from traditional marketing research and aims to understand and fulfill customer^[2] needs through rigorous data analysis.

Terms definitions

1. ↑ marketing research. Marketing research is a crucial business strategy that involves the systematic collection, analysis, and interpretation of data to understand market trends and consumer behavior. It traces its roots back to the Medieval period, evolving greatly over time with technological advancements and changing market dynamics. Various methods, both qualitative and quantitative, are employed in this process. These include ad tracking, concept testing, customer satisfaction research, ethnographic studies, and experimental techniques. The research provides valuable insights into different areas such as brand awareness, buyer decision-making processes, marketing strategies, and market segmentation. Current trends in marketing research focus on understanding target audience motivations and adapting to technology. It plays a key role in international marketing, requiring cultural intelligence and tailored translation approaches. Furthermore, it's essential in various business research applications like product development, advertising, and financial analysis.

2. ↑ customer.

1 The primary entity in this text is the "customer. A customer is an individual or entity that purchases goods or services from a business. They are crucial participants in the commercial landscape, forming relationships with businesses through transactions. Customers can also be classified as 'clients,' especially when they receive tailored advice or solutions from a business. The term 'client' originates from Latin, implying a sense of leaning or bending toward a business. Customers vary in types - from end customers who directly buy products or services, to industrial customers who incorporate these goods or services into their own offerings. These customers can have different relationships with the business, such as being employers in construction projects. Businesses often segment their customers into different categories, like entrepreneurs or end users, to better understand and serve them. The understanding and management of customer relationships is a critical area of study and practice in business.

2 The primary entity in this text is the "customer. A customer is an individual or entity that purchases goods or services from a business. They are crucial participants in the commercial landscape, forming relationships with businesses through transactions. Customers can also be classified as 'clients,' especially when they receive tailored advice or solutions from a business. The term 'client' originates from Latin, implying a sense of leaning or bending toward a business. Customers vary in types - from end customers who directly buy products or services, to industrial customers who incorporate these goods or services into their own offerings. These customers can have different relationships with the business, such as being employers in construction projects. Businesses often segment their customers into different categories, like entrepreneurs or end users, to better understand and serve them. The understanding and management of customer relationships is a critical area of study and practice in business.

Glossary

Marketing science (Wikipedia)

Marketing science is a field that approaches marketing – the understanding of customer needs, and the development of approaches by which they might be fulfilled – predominantly through scientific methods, rather than through tools and techniques common with research in the arts or in humanities.

The field of marketing science, in the pursuit of "truths" in marketing, is related to, but more general than marketing research, which is oriented towards a specific product, service or campaign.

The earliest published works in Marketing Science are by Frank Bass and John Little (academic). The two are considered to be the founders of the field of Marketing Science.

Before marketing science was formally labeled, its activity appeared as management science within the marketing framework. The interaction between academics and practitioners in marketing science dates back to 1961, with the founding of the Marketing Science Institute. Interest in marketing science as a field grew in the late 1980s and early 1990s as electronic point-of-sale data grew and barcode readers led to a "marketing information revolution".

Before conferences were organized with a "marketing science" label, four meetings were convened as "Market Measurement and Analysis" conferences from 1979 to 1982, sponsored by The Institute of Management Sciences and the Operations Research Society of America. The first officially labeled Marketing Science Conference was hosted by the School of Management at UCLA in 1983.

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