capturing marketing insights

Question 1

Name the typical buying process (BTC)

Answer 1

problem recognition -> information search -> evaluation of alternatives -> purchase decision -> post-purchase behaviour

Question 2

How can you identify competitors?

Answer 2

by using industry and market-based analysis

Question 3

Name the different perspectives on consumer behavior

Answer 3

behaviorist perspective, the information-processing perspective, the emotional perspective, the cultural perspective

Question 4

Name the different categories the forces in the company environment can be divided up in

Answer 4

Deterministic forces, moderating forces, asymmetric forces, indeterministic forces

Question 5

What is the buying centre?

Answer 5

The decision-making unit of a buying organisation

Question 6

What is the consumer behavior influenced by?

Answer 6

3 factors - Cultural ( culture, subculture, social class), social (reference groups, family, social roles), personal (age, stage in life, occupation, economic, lifestyle, personality)

Question 7

What is a market follower?

Answer 7

A runner-up firm willing to maintain its market share and not rock the boat. Can play the role of counterfeiter, cloner, imitator, or adaptor

Question 8

What is the microenvironment?

Answer 8

Customers, suppliers, distributors, agencies and competitors

Question 9

What is a deterministic force?

Answer 9

An environmental force that has a direct and determining influence on a company

Question 10

What is a moderating force?

Answer 10

An environmental force that influences the company in several but not entirely different ways (often a set of known consequences)

Question 11

What is a market challenger?

Answer 11

A company that tries to attack the market leader and other competitors in an aggressive bid for more arket share.

Question 12

name the five major environmental forces

Answer 12

politica/legal, economic, ecological/physical, social/cultural/demographic and technological (PEEST)

Question 13

What is a megatrend?

Answer 13

large social, economic, political, and technological changes that are slow to form, and once in place, they influence us in some time (between seven and ten years or longer)

Question 14

How does the market leader remain its position

Answer 14

expand total market demand, protect its current market share and increase market share

Question 15

What is a cohort?

Answer 15

groups of individuals who are born during tha same time and travel through life together

Question 16

What is a reference group?

Answer 16

all the groups that have a direct or indirect influence on the persons´ attitudes or behavior

Question 17

What do you need to study in a competitor analysis?

Answer 17

The competitors´ strategies, objectives, strength and weaknesses

Question 18

What is a trend?

Answer 18

A direction or sequence of events that has some momentum and durability

Question 19

What is the macro environment?

Answer 19

major forces impacting all companies, such as consumer trends, technological developments, and social, legal and political forces

Question 20

What is an asymmetric force?

Answer 20

An environmental force that leads to a set of unknown consequences of a company

Question 21

What is a fad?

Answer 21

a need or trend that is unpredictable, short-lived and without social, economic, and political significance

Question 22

What is a market leader?

Answer 22

The company with the largest market share in the relevant product market

Question 23

What is a market niche?

Answer 23

A company that serves small market segments not being served by larger firms

Question 24

What is organizational buying?

Answer 24

the decision-making process, by which formal organizations establish the need for purchased products and services and identify, evaluate and choose among alternative brand and suppliers

Question 25

What does the buying centre consist of?

Answer 25

initiators, users, influencers, deciders, approvers, buyers and gatekeepers

Question 26

What is an indeterministic force?

Answer 26

An environmental force that only has a small and negligible or no consequence for the company

Question 27

What is the PEEST model and why do firms make it?

Answer 27

Political, (laws) Economic, Ecological (Environment), Social/Cultura/demographic
Technology. They make it to be aware of opportunities and threats.

Question 28

What is inductive and deductive research

Answer 28

Inductive: We are interested in finding out what is happening in peoples mind. We can put a theory on it.
Deductive: We want to test a theory

Question 29

What are the competitive strategies for market leaders?

Answer 29

Expanding the total market (new customers, more usage), Protecting market share (position defence, counterattack, attacking before enemy starts its offence)
Expanding marketshare (gaining increased share, does not automatically produce higher profits)

Question 30

Market strategies for market challenger

Answer 30

Attacking market leader
Attacking firms of its own size
Attacking small local and regional firms

Question 31

Market follower strategies

Answer 31

willing to maintain its market share. can achieve high profits, because it doesn’t bear the innovation expense. They are targets of attacks from challengers.

Question 32

Market niche strategies

Answer 32

They need to create, expand and protect niches. They are profitable because they know the target customer and their needs better than other firms selling.