EXAM 1 Flashcards by Caroline Rakow

What are 4 p’s

product
price
place
promotion
people

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form utility

the condition of the product (assembly)

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time utility

speed (2 day shipping mobile restaurant ordering

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possession utility

being able to own/buy something easily

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trade feedback effect

how 3rd party economies rise due to foreign trade (China/uSA trade helps Russia)

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protectionism

tarrif / quotas (regulators help local business

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5 step marketing research

1- id potential actions define the problem
2- developing the research plan
3-collecting data
4-analyze data/ develop findings
5-take action

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primary data

obtained yourself- exploratory,descriptive, causal

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causal

control experiment to determine causation

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strategic marketing segmentation

deciding which segments can you market to

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tactical marketing segmentation

how to segment groups (lump together or split up)

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marketing segmentation approach

group buyers into segments
group products to be sold
develop market-product grid
select target markets
take marketing action

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bases for segmentation

a) geographic (sleds in tahoe ACE)
b) demographic (gender/income)
c) psychographic (lifestyle)
d) behavioral

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positioning statement

audience, product, how if fullfills needs

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new product process

a. First determine your firm’s strategy (including a Protocol Statement
b. Generate a lot of ideas (ideas from employees, customers, suppliers – How to Be Like Apple)
c. Screen down and evaluate those ideas using inexpensive research methods
d. For those surviving ideas, do a business analysis
e. If the business analysis shows that the new product should be profitable, develop the product to the point
f. Conduct a test market and/or simulated test
g. Finally, if the test market results are positive, commercialize the innovation and bring it to market.

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target market criteria

market size
expected growth
competitive position
cost of reaching segment
compatibility w/ biz goals

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market size

target marketing criteria how many people would use product

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expected growth

target marketing criteria how much will market grow

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competitive position

how much competition is adressing the same target market? now/future

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cost of reaching segment

how expensive is it to reach said segment

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comparative advatage

when a country has resources that make producing a certain good worthwhile

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trade feedback effect

when 2 countries trade, it stimulates entire global economy

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exchange value

a products trade value

descriptive data

quantifies issue

Which of the following is NOT true about transparency? a) An increase in transparency creates greater retention b) Consumers prefer maximum transparency c) Transparency increases price sensitivity for unique merchandise and decreases for common merchandise. d) Transparency increases price sensitivity for common merchandise and decreases for unique merchandise

6. During a trade exercise, traders had the option to exchange or keep their item. The majority found their own objects to be the most valuable. At the end of the exercise, the majority of those who traded were displeased with the item they received. This is an example of... a) Preference matching b) Comparative advantage c) Trade feedback effect d)Exchange value

The five-step process to marketing research starts by... a) Developing a research plan and determining how to collect data b) Collecting relevant forms of primary and secondary data c) Making action recommendations and implementing action d)Identifying potential marketing actions and defining the problem

14. John Skipper, the founder of ESPN Magazine primarily sells to readers of sports magazines and advertisers. While the advertisers prefer a younger market, focusing only on younger men risks losing the brand’s reputation as being respectable. ESPN Magazine chose a design that would appeal to men between the ages of 18-34. This decision is an example of... a) Strategic segmentation b) Tactical segmentation c) Cannibalization d) A clustering-based approach

9. A children’s toy company is engaging in exploratory research by testing hypotheses on the amount of time children spend with new and old toy designs. The null hypothesis was rejected. Based on this measure of success,what would be the resulting marketing action? Null Hypothesis = the hypothesis that there is no significant difference between specified populations, any observed difference being due to sampling or experimental error. a) Continue using the old design and don’t introduce the new design b) Introduce the new design and discontinue the old design c) Continue using the old design while the new design is introduced into a larger market d) Introduce the new design while the old design remains on the market

licensing

allowing use of your brand by another company ( trump ties), | franchising

joint venture

mid to high risk/potential, | partner with foreign company/product to form New entity

direct investment

high risk, high potential, greatest marketing control, | domestic firm invests/acquires foreign company

exporting

same product:diff country low profit, low risk

attitudinal questions

scale of importance

behavioral questions data

how often do u do something

preference matching

Preference matching: preferring your own, you are more comfortable/identify with a product already (iPhone, philz)

semantic differential data qs

scale adjective (ex: tasty)

target market selection criteria

``` 1 market size 2 expected growth 3 competitive position 4 cost of reaching segment 5 compatibility with organizational goals ```

Product life cycle

introduction growth maturity decline

high learning product

slow introduction to market bc of difficulty of use

fashion product

demand swings hihg and low

fad product

briefly in

product class

"milk" "recorded music"

product form

how it is delivered: spotify v CD

multiproduct branding

making a wide variety of products (costco)

multibranding

making a variety of similar products | tide, gain, downy

multibranding: sub-branding

when a parent brand creates a new brand ( kelloggs cereals)

multibranding: line extension

using an existing brand in a new market ( campbells soup making instant soups!)

multibranding: brand extension

using existing brand to enter diff product class (goody makes accessories and blowdryers)

multibranding: co branding

girl scout cookie/ DQ ice cream blizzard

convenience product

frequently purchased with minimum effort: toothpaste, soap

shopping product

something customers will compare many of (TV, car)

specialty

specific item, ****will not take substitutions***, such as rolex or rolls royce

4 business risks

technical risk people risk financial risk market

dichotomous question

yes/no

likert scale questions

strongly agree/disagree

closed ended/ fixed alernative qs

categories (18-24, 25-30)