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Marketing > ADM2320 Midterm > Flashcards

ADM2320 Midterm Flashcards

1
Q

What are the stages involves in developing new products and services (6) (ICPMPE)

A
  1. idea generation
  2. concept testing
  3. product development
  4. marketing testing
  5. product launch
  6. evaluation of results
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2
Q

Why do firms create new products? (5) (CSDFR)

A
  1. changing customer needs
  2. market saturation
  3. managing risk through diversity
  4. fashion cycles
  5. improvement of business relationships
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3
Q

What is the Marketing Mix (4Ps)?

A

price
promotion
place
product

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4
Q

What are the 5 major segmentation variables?

A

psychological
demographic
geographical
behavioural
geodemographic

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5
Q

What are the 5 target markets? (DUCMM)

A

concentrated (niche)
undifferentiated
differentiated
mass marketing
micro-marketing (one-to-one)

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6
Q

What is repositioning?

A

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

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7
Q

What are positioning methods? (5) (VPBCL)

A

value
product attributes
benefits and symbolism
competition
market leadership
(perceptual mapping)

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8
Q

What is the marketing research process? (5 steps) (DRCAA)

A
  1. define research problem and objectives
  2. redesign the research plan
  3. collect data
  4. analyze data and develop insights
  5. determine action plan
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9
Q

What are examples of qualitative research methods?

A
  • observation
  • in-depth interviews
  • focus groups
  • social media
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10
Q

What are examples of quantitative research methods?

A
  • experiments
  • survey
  • scanner
  • panel
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11
Q

What is primary data collection?

A

the collection of data for the main purpose of the study being done

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12
Q

What is secondary data collection and what are secondary collection techniques?

A

When you use information for a purpose that was not the original reason the data was collected
Internal and external
- data mining
- syndicated data

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13
Q

What are the types of B2B markets?

A

Institutions
Governments
Resellers
Manufacturers

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14
Q

What is the B2B Buying Process? (6 stages) (NPPAOM)

A
  1. Need Recognition
  2. Product specification
  3. RFP process
  4. Proposal analysis and supplier selection
  5. Order Specification (purchase)
  6. Vendor performance assessment using metrics
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15
Q

What are the major differences between B2B and B2C markets? (4 characteristics)

A

marketing mix
market
product
buying process

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16
Q

What are the 6 buying centre groups? (IIDBUG)

A

Initiator
Influencer
Decider
Buyer
User
Gatekeeper

17
Q

What are the 4 types of buying centre organizational cultures?

A

autocratic
consultative
democratic
consensus

18
Q

What are the three types of buying situations?

A

new buy
straight rebuy
modified rebuy

19
Q

What are the factors influencing consumer buying decisions? (3)

A

psychological, social, and situational

19
Q

What is the consumer decision process model? (5) (NIAPP)

A
  1. Need recognition
  2. Information search
  3. Alternative evaluation
  4. Purchase decision
  5. Postpurchase evaluation
20
Q

What are the types of risks associated with purchases? (5) (PPPFS)

A

psychological
physiological (safety)
performance
financial
social

21
Q

What is at the centre of an organizations marketing environment? (1)

A

the consumer

22
Q

What is part of the microenvironment? (3)

A

corporate partners
competition
the company

23
Q

What is part of the macroenvironment? (6)

A

economics
demogrphics
culture
technology
legal/politics
social/natural

24
Q

What are the factors that affect product diffusion speed? (4(.5))

A
  • compatibility
  • observability
  • relative advantage
    complexity and trialability
25
Q

What are the five groups of purchasers?

A

innovators
early adopters
early majority
late majority
laggards

26
Q

What is the product life cycle (4 stages)

A

introduction
growth
maturity
decline

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