Exam 2 Flashcards
The systematic gathering recording and analyzing of data to provide information useful to marketing decision making
Marketing research
International marketing research is often reflected where on the broader scope?
Unisys Corporation’s planning steps
What kind of information or not ordinarily gathered by domestic marketing research department but are required for a sound assessment of a foreign market
Political stability
cultural attributes and
geographical characteristics
Unisys Corporation’s planning steps calls for collecting and assessing the following information:
1 Economic and demographic 2 cultural sociological and political 3 climate overview of market conditions 4 summary of the technological environment and 5 competitive situation
This is general data on growth in the economy business cycle trends; profitability analysis for the divisions products and the like
Economic and demographic information
Covers ecology, safety and leisure time in their potential impacts on division’s business
Cultural sociological and political climate
A detailed analysis of market conditions that the division faces by market segment including international
Overview of market conditions
A summary of the state of the art technology as it related to the division’s business
Summary of the technological environment
A review of competitors sales revenue, method of market segmentation, products and apparent strategies on an international scope
Competitive situation
What are the six steps of the research process
1 Define the research problem and establish research objectives
2 determine the sources of information to fulfill the research objectives
3 consider the costs and benefits of the research effort
4 gather the relevant data from secondary or primary sources or both
5 analyze interpret and summarize the results
6 Effectively communicate the results to decision makers
Which step of the research process is considered the most critical and why
Step 1 because The right question must be determined otherwise the entire investment could be wasted
What are some common issues with secondary data faced in foreign markets
Availability of data
reliability of data and
compare ability of data
What makes data in foreign markets have a lack of availability
Language and privacy concerns limit the access
What limits the reliability of data in foreign markets
Will for Aer’s comment to improve the image of the country or company
What limits the comparability of data in foreign markets
Data collected at random times and through random methods some data is reported into broad categories as well
Data collected by an independent agency or individual rather than the firm conducting the research itself often used in market research
Secondary data
What is one way of judging DATA validity
Checking the consistency of one set of secondary data with another set of known validity is an effective method
DATA specifically collected for the project at hand and gathered by the firms researcher
Primary research
If after seeking all reasonable secondary data sources and research questions are still not answered where must the researcher go
Primary research
Six to determine what people in a sample our lake and often asks open ended questions to reflect a persons thoughts and feelings
Qualitative research
Usually a large number of respondents answer questions and DATA is presented as precise estimations in this type of research
Quantitative research
Expected to obtain structured responses that can be presented with precise estimations often summarized in percentages averages or other statistics
Quantitative research
What does the product life cycle focus on
Importance of quality
competitive prices and
innovative products
How is the power shifting in our economy
From seller to buyer
How are customers now to find quality
In terms of their own needs and resources
What is the market perceived quality
The customer’s perception of quality
What is performance quality
This is the firms perception of quality
often misrepresented
What are some examples of market perceive quality in terms of a flight
Cost timely service frequency of flight comfortable seating good baggage claim service
What are some examples of performance quality in terms of a flight
A safe flight
a safe landing
Change is mandated by local product and service standards
Product homologation
Used to identify concerns with the environmental consequences of a variety of marketing activities
Green marketing
A bundle of satisfaction for utilities a buyer receives. this is considered to be more than a physical item
A product
What does the utility of a product include
It’s form, taste, color, odor, texture, functions, the package, label, the warranty, manufacture and retail servicing, the prestige enjoyed by the brand, manufacturer’s reputation, country of origin and any other symbolic utility
What is the first step to adaptation
Consider innovation
What is meant by newness of a product And why must this be considered
How new the product is to the specific market and it is important to determine how the people will react to the product in a specific market
Any idea perceived as new by a group of people is considered what
Innovation
How can it be determined if a group will accept innovation
It all depends on the products characteristics in that market
The adoption or spread of products across markets by increasing number of customers
Diffusion
What is product diffusion dependent on
The ability to communicate relevant product information and new product attributes
What are the core components of a product (inner circle)
Product platform
design features
functional features
What are the packaging components of a product (middle ring)
Trademark Brand name price quality package styling
What are the support services components of a product (outer ring)
Repair and maintenance installation instructions deliveries warranty spare parts other related services
What are the core components of a product
Consists of a physical product and variations can be added or deleted for different markets
The less economically developed a market is….
The greater degree of change a product may need for acceptance
What are two critical issues that affect product development according to green marketing
Control packaging of solid waste and consumer demand for environmentally friendly products
How is Europe at the forefront of green marketing issues
The European commission issued guidelines for ecolabeling in 1992.
The EU requires that packaging material must be recycled or reused through all levels of distribution
Mini otherwise successful marketing programs have failed because little attention was given to this component
Support services component
In what type of market is industrial goods
B2B
Industrial consumers are seeking profit but what is the ultimate consumer seeking
Satisfaction
Our issues of standardization versus adaptation relevant in regard to industrial goods and why
No because industrial goods have one purpose and are not customized based on the location. Industrial goods are not specialized
What are the three factors that affect the volatility of industrial demand
Sellers tend to be dependent on small numbers of customers
professional buyers tend to act in concert
changes in markets are accelerated by derived demand
Demand that is dependent upon another source
Derived demand
Where is industrial demand derived from
Consumer demand
What is the most important difference between consumer an industrial markets
The cyclical swings in demand inherent in industrial market
What are five ways to manage Industrial demand volatility
Maintain broad product lines and market coverage
raise prices faster and reduce ad expenditures during booms
ignore market share as a strategical goal
Eschew layoffs
focus on stability
What countries are better at managing volatility in markets
German and Japanese firms
What are the five stages of economic development
The traditional society pre-conditions for takeoff takeoff drive to maturity the age of mass consumption
Describe the five stages of economic development
The traditional society: The most important industrial the man will be associated with natural resources extraction
Pre-conditions for takeoff: Manufacturing is beginning primary needs will be related to agriculture in infrastructure development
Takeoff: Manufacturing of both semi durable and nondurable consumer goods has begun goods demanded relate to equipment and supplies to support manufacturing
Drive to maturity: The focus is more on low cost manufacturing of a variety of consumer and some industrial goods they buy from all categories of industrial products and services South Korea and Czech Republic
Age of mass consumption: countries where design activities are going on and manufacturing techniques are being developed they are mostly service economies Japan and Germany
Many countries are placing great emphasis on education regardless of their low per capita GDP which allows them to do what
The potential to leverage technology transfers
A series of five international industrial standards originally designed by the international organization for standardization in Geneva to meet the need for product quality assurance is in purchasing agreement
ISO 9000s
What creates a product’s primary function
Physical attributes
