ADM2320 Midterm Flashcards
What are the stages involves in developing new products and services (6) (ICPMPE)
- idea generation
- concept testing
- product development
- marketing testing
- product launch
- evaluation of results
Why do firms create new products? (5) (CSDFR)
- changing customer needs
- market saturation
- managing risk through diversity
- fashion cycles
- improvement of business relationships
What is the Marketing Mix (4Ps)?
price
promotion
place
product
What are the 5 major segmentation variables?
psychological
demographic
geographical
behavioural
geodemographic
What are the 5 target markets? (DUCMM)
concentrated (niche)
undifferentiated
differentiated
mass marketing
micro-marketing (one-to-one)
What is repositioning?
refers to a strategy in which marketers change a brand’s focus to target new markets or realign the brand’s core emphasis with changing market preferences
What are positioning methods? (5) (VPBCL)
value
product attributes
benefits and symbolism
competition
market leadership
(perceptual mapping)
What is the marketing research process? (5 steps) (DRCAA)
- define research problem and objectives
- redesign the research plan
- collect data
- analyze data and develop insights
- determine action plan
What are examples of qualitative research methods?
- observation
- in-depth interviews
- focus groups
- social media
What are examples of quantitative research methods?
- experiments
- survey
- scanner
- panel
What is primary data collection?
the collection of data for the main purpose of the study being done
What is secondary data collection and what are secondary collection techniques?
When you use information for a purpose that was not the original reason the data was collected
Internal and external
- data mining
- syndicated data
What are the types of B2B markets?
Institutions
Governments
Resellers
Manufacturers
What is the B2B Buying Process? (6 stages) (NPPAOM)
- Need Recognition
- Product specification
- RFP process
- Proposal analysis and supplier selection
- Order Specification (purchase)
- Vendor performance assessment using metrics
What are the major differences between B2B and B2C markets? (4 characteristics)
marketing mix
market
product
buying process
What are the 6 buying centre groups? (IIDBUG)
Initiator
Influencer
Decider
Buyer
User
Gatekeeper
What are the 4 types of buying centre organizational cultures?
autocratic
consultative
democratic
consensus
What are the three types of buying situations?
new buy
straight rebuy
modified rebuy
What are the factors influencing consumer buying decisions? (3)
psychological, social, and situational
What is the consumer decision process model? (5) (NIAPP)
- Need recognition
- Information search
- Alternative evaluation
- Purchase decision
- Postpurchase evaluation
What are the types of risks associated with purchases? (5) (PPPFS)
psychological
physiological (safety)
performance
financial
social
What is at the centre of an organizations marketing environment? (1)
the consumer
What is part of the microenvironment? (3)
corporate partners
competition
the company
What is part of the macroenvironment? (6)
economics
demogrphics
culture
technology
legal/politics
social/natural
What are the factors that affect product diffusion speed? (4(.5))
- compatibility
- observability
- relative advantage
complexity and trialability
What are the five groups of purchasers?
innovators
early adopters
early majority
late majority
laggards
What is the product life cycle (4 stages)
introduction
growth
maturity
decline
