Exam 1 Flashcards
Prescriptive knowledge
type of knowledge develops marketing research-based inferences about how marketing organizations should strategically address problems or opportunities
Market Researching Processes
marketing process must be analytical, fact-based, and data driven
Two types of marketing research knowledge are the most relevant to most marketing organizations
Propositional and prescriptive knowledge.
Caveat emptor
Buyer beware
Automation bias
occurs when marketers place too much confidence in the accuracy of information provided by technology
Which question would Ernest Dichter most likely recommend be used in order to gain insights about how to improve the quality of a soap brand?
Tell me how you feel about your bathing time
Focus group discussions
designed and executed to secure consumer perceptions and insights about particular topics or areas of interest in non-threatening environments
Cool-hunting
Making observations and predictions regarding how changes in the environment or cultural trends will lead to new hot opportunities
Determinant
branding difference itself is genuine (real) and is important to customers as they make their choices among competing brands
Prescriptive knowledge
Actionable insights about which strategic actions marketers should pursue to solve customer problems, secure gains from environmental opportunities, or avoid disastrous losses from environmental threats
The price elasticity test
provides useful insights about how changes in pricing strategies will impact demand for individual brands or branded product lines
Which statement best illustrates the concept of brands as Earnest Dichter defined them?
Brands embody values and meaning inside customers’ minds.
Valid
marketing research information is secured from questions measuring exactly what they’re supposed to measure. Valid questions capture no more and no less information than what they purportedly measure
Information analytical
step in the marketing research process develops strategic inferences
What is the first step in the marketing research processes?
Define the research problem
Percentage of the Gross Domestic Product in the US is typically driven by B2C decisions and consumption
70 – 73%
Social comparisons
often create feelings of envy, covetousness and dissatisfaction.
consumer trait exercises the most enduring influence on consumers’ decision-making and behaviors
attitudes
Which Greek philosopher said: “The unexamined life is not worth living”?
Socrates
The actual purchase situation
stage in the Model of Consumer Buyer Behavior takes into account time constraints or economic issues that may be influencing the consumer
Aspirational reference groups
which consumers would most prefer to belong
Actionable strategic knowledge
Answering the what, where, when, how, how much and why questions about consumers and their behavior
proper sequence (order) that marketers should follow as they seek to analyze uncontrollable stimuli
Research
Segment
Target
Cultural membership
functions as a driving factor on consumers’ acceptance or rejection of marketing mix stimuli
Personality
consumers’ habitual ways of thinking, feeling, relating to others or interacting with stimuli
Reference groups
consumers consciously look toward in order to secure insights and implicit/explicit recommendations regarding what they should or should not choose to consume
How much did Facebook pay for Instagram?
1B
The safety net
If citizen consumers slip up for whatever reason, often for reasons not of their own doing, some advanced democracies offer several programs to help citizens get back up
Virtue-signaling
entails conspicuous expressions or demonstrations of one’s superior moral values.
Greenwashing
arises when marketers promote or infer that their branded products or organizations themselves are green—as in beneficial to the environment—when they are not.
Pinkwashing
That a portion of the price paid will go to charitable causes when in fact only an extremely small percentage goes to support said charitable causes.
Price skimming
product pricing strategy by which a firm charges the highest initial price that customers will pay and then lowers it over time
Salutary products
Little short-term satisfaction but substantial longer-term benefits.
Deontological
A recognized set of rules or laws that supposedly govern people’s decisions and behaviors in situations featuring ethical dilemmas.
Brand equity
can generally raise prices without losing market share
Predatory pricing
Two or more firms collude and agree to not compete on the basis of price.
Positional goods
luxury branded purses or expensive art
Intangibility
When marketers seek to make service brands appear more realistic to consumers
Commercialization
captures the practical marketing mix activities that must be performed in order to actually bring a new product to its targeted market segments
genuinely high-quality idea
Many ideas usually must be evaluated and eliminated before the new product developer identifie
The product use test
conducted to determine whether the prototypical product, as it will be developed, will actually satisfy the customer’s want or need (solve the problem) that it was intended to satisfy
Concept test
determine whether eventual new product users will either want or need the proposed product?
Blending-inside NPD
mixing solutions from previously related or unrelated sources together in new ways.
