chapter 6 Flashcards
marketing concept
the justification for an organizations existence is the satisfaction of customers wants and needs while meeting organizational objectives
marketing orientation (3 sets of activities)
- organization wide generation of market intelligence pertaining to current and future customer wants and needs
- organization wide distribution of market intelligence
- organization wide responsiveness to intelligence
marketing intelligence
collect info about markets, customers, prospective customers, your customers markets, and your existing and potential competitors
market research
systematic collection and interpretation of SPECIFIC data related to the resolution of a specific problem or to satisfy a specific objective
competitive intelligence
is the collection and informed interpretation of what might appear at first as a number of random, unrelated items ***qualitative
sources of competition
- existing direct competition
- competition from downstream customers (find a more efficient way to produce part of do it themselves so they sell)
- competition from upstream suppliers (company sells own products)
- competition from new entrants
- competition from substitutes
porters 5 forces of competition
threat of new entrants
bargaining power of buyers
threat of substitutes products
bargaining power of suppliers
market research steps
- define the problem and research objectives
- design the research method
- collect the data
- analyze data and draw conclusions
- present the findings
targeting decision
a thorough understanding of segmented markets and understand who you should go after
design decision
a thorough understanding of customer needs, reactions, and perceptions regarding features and attributes of the offer supports the design process–which product features will meet needs? how will they be perceived?
go/no-go decision
continuous information provides better decision making at critical stages or points in the development process–if we develop new products how do we go about them?
exploratory research
research conducted for a problem that has not been studied more clearly, intended to establish priorities, develop operational definitions and improve the final research design
conclusive research
meant to provide info that is useful in reaching conclusions or decision-making. it tends to be quantitive
beta test
is a second test of a new product or technology, done at customer sites with real customers to see if it works properly
alpha test
is done with a product or prototype internally within the company developing it. These tests determine the viability of the product technology
