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Marketing > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

What does marketing research fall under

A

Decision Support Systems

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2
Q

What is decision support systems

A

information acquired to give the company an advantage that allows more efficient use of resources and maximize profit and success

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3
Q

What can cause decision support systems lead to disaster

A

poor information/failure to use information appropriately

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4
Q

What is marketing research

A

focuses on assessing the effectiveness of a specific marketing tool or tactic to help managers make decisions

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5
Q

How to test marketing activities to see what works or doesn’t

A

price, features, packaging, promotions, location

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6
Q

How many steps are in the marketing research process

A

6

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7
Q

What are the market research process steps

A
  1. define the problem/opportunity
  2. develop a research plan
  3. collect data
  4. analyze the data
  5. prepare and present findings
  6. outline follow up and create an action plan
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8
Q
  1. Define the Problem
A

definition of a problem or opportunity that requires investigation; focus on problem not symptoms

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9
Q
  1. Develop a research plan; key decisions
A
  • primary goals of research
  • type of research
  • information needed an how it will be collected
  • how the data will be analyzed
  • desired outcomes
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10
Q
  1. Collect data
A

data depends on goal and type of research, companies make a tradeoff in this step

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11
Q
  1. Analyze the data
A

related to data collection, different data analyzed differently

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12
Q
  1. Prepare and present the findings
A

determine how information should be presented and whom should they be presented

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13
Q
  1. Outline follow up and create an action plan
A

reflection by the manager(s), results allow the management team to solve a problem

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14
Q

How is data collected

A
  • internet surveys
  • focus groups
  • web-based experiments
  • tracking consumers’ online behavior
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15
Q

What starts off marketing research plan

A

research design

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16
Q

what are research goals

A

indicate how the project is carried out

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17
Q

three main research goals

A
  • exploratory
  • descriptive
  • casual (cause and effect)
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18
Q

exploratory research

A

seeks to discover ideas and insights related to a problem or opportunity; go to get started/don’t know what’s going on

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19
Q

descriptive research

A

answers questions about who, what, when, and where something happened; survey based

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20
Q

casual research

A

seeks to determine the effect of one variable on another

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21
Q

brand trial rate

A

gives marketing managers an indication of a new-user acceptance; sampling

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22
Q

What signifies a product problem

A

low brand trial rates

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23
Q

brand trial rate (%)

A

= first-time trials in target group / Total population in target group

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24
Q

research approaches

A

qualitative and quantitative data

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25
Q

qualitative research

A

suitable for investigating underlying reasons customers do or don’t do something; difficult, time consuming, labor intensive

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26
Q

qualitative research key points

A
  • specific questions/set of questions
  • open-ended responses
  • quality responses offer deeper insight
  • difficult and usually time consuming
  • collecting non-numerical data from customers
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27
Q

Qualitative collection methods

A
  • observation
  • ethnography
  • focus group
  • personal interview
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28
Q

quantitative research

A

used to count, classify, and measure things to answer descriptive marketing questions

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29
Q

Questions for quantitative research

A

how much, many, often?

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30
Q

quantitative collection methods

A
  • surveys
  • experiment
  • field studies
  • technological scanning
  • data mining
  • analytics
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31
Q

data sources

A

Primary and Secondary Data

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32
Q

primary data

A

information newly collected specifically for the research purpose; relevance, high costs and amount of time to collect

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33
Q

secondary data

A

data that already exists and collected for another purpose that can be used to address the research problem; less costly, quicker, relevance both in terms of content and timeliness

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34
Q

practical considerations for conducting marketing research

A
  • ongoing
  • conducted with a specific goal in mind
  • get what you need and don’t overdo it
  • think of research in marketing as an investment
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35
Q

Market Segmentation

A

categorizing groups of customers to divide the market into manageable pieces based on customer difference

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36
Q

select customers to serve

A

segmentation and targeting

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37
Q

decide on a value proposition

A

differentiation and positioning

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38
Q

Understanding Market Segmentation

A

creating segments provides a better value proposition for the customers in each group; better value increases the likelihood the customer will buy

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39
Q

Major segmentation variables for consumer markets

A
  • geographic
  • demographic
  • psychographic
  • behavioral
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40
Q

geographic segmentation variable

A

dividing the market into different geographical units
- nations, states, regions, counties, cities, neighborhoods
- climate, population density, metro type

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41
Q

demographic segmentation

A

divide a market into segments based on variables
- age
- life-cycle stage
- gender
- income
- occupation
- education
- religion
- ethnicity

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42
Q

psychographic segmentation

A
  • values
  • lifestyle
  • personality
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43
Q

behavioral segmentation

A

divides a market into segments based on consumer knowledge, attitudes, uses, or responses to a product
- occasions
- benefit nights
- user status
- usage rate
- loyalty status

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44
Q

how do multiple segmentation bases help companies

A
  • identify smaller, better-defined target groups
  • identify and understand key customer segments
  • reach customers more efficiently by tailoring market offerings and messages to customers’ specific needs
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45
Q

requirements for effective segmentation

A
  • measurable
  • substantial
  • accessible
  • differentiable
  • responsive
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46
Q

segmenting business markets

A

use same basic process for segmentation business markets as they use for consumer markets, with exception of psychographic segmentation

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47
Q

target market

A

set of buyers sharing common needs or characteristics that the company decides to serve

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48
Q

How do companies evaluate segments

A
  1. attractiveness - size, growth, competition
  2. ethical or moral issues - kids, seniors
  3. consistent with the goals and objectives of the firm
  4. demarketing - discourage customers
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49
Q

target market strategies

A
  • mass marketing
  • micromarketing
  • differentiated marketing/multisegment
  • niche marketing
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50
Q

Mass marketing

A

idea that the market is just one big segment

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51
Q

micromarketing

A

companies would consider each customer as a segment, very expensive and not practical

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52
Q

differentiated marketing

A

multisegment; companies identify large distinct groups that share similar characteristics

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53
Q

niche marketing

A

narrow focused approach, sub-segment that is not large enough for the larger competitors to pursue

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54
Q

positioning

A

firms must decide which segments to target and on the value proposition

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55
Q

product position

A

creates a specific perception in the customer mind relative to other options

56
Q

positioning statement

A
  • we…brand/company with the offering
  • target customer
  • key benefit - unique selling proposition
  • competitive reference
57
Q

perceptual map

A

graphical/visual representation of customer perceptions of positioning

58
Q

repositioning

A

company decides to change its positioning when it isn’t working well
- create different perception go the brand in the customer’s mind relative to competitors’ offerings
- risky

59
Q

product

A

anything that can be offered to a customer in an exchange

60
Q

What can be products

A

tangible goods and services

61
Q

successful products

A

satisfy customer needs and deliver superior value relative to competitors

62
Q

sensory benefits

A

appeal to one or more of the five senses

63
Q

functional benefits

A

products that perform an intended task effectively and efficiently

64
Q

benefit delivery systems

A
  1. sensory
  2. functional
  3. resource
  4. psychological
65
Q

resource benefits

A

provide or save customers things that they value, primarily time and money

66
Q

psychological benefits

A

affect how the customer responds emotionally to product purchases

67
Q

three levels of products

A
  1. augmented product
  2. actual product
  3. core customer value
68
Q

augmented product

A
  • delivery and credit
  • product support
  • warranty
  • after-sale service
69
Q

actual product

A
  • brand name
  • quality level
  • packaging
  • design
  • features
70
Q

core customer value

A

reason why we purchase a product

71
Q

four service characteristics

A
  1. intangibility
  2. variability
  3. inseparability
  4. perishability
72
Q

intangibility

A

services cannot be seen, tasted, felt, heard, or smelled before purchase

73
Q

variability

A

quality of services depends on who provides them and when, where, and how

74
Q

inseparability

A

services cannot be separated from their providers

75
Q

perishability

A

services cannot be stored for later sale or use

76
Q

innovation

A

an improvement in a products ability to deliver its primary benefits to its customer

77
Q

discontinuous innovations

A

large jumps in benefit-delivering abilities

78
Q

continuous innovations

A

smaller incremental improvements to benefit-delivering abilities

79
Q

innovative new products

A

not all successful innovations are groundbreaking, many are small but useful improvements to existing products

80
Q

new product development process

A
  1. idea generation
  2. idea screening
  3. concept development and testing
  4. marketing strategy development
  5. business analysis
  6. product development
  7. test marketing
  8. commercialization
81
Q

idea generation

A

systematic search for new product ideas
- internal and external idea sources

82
Q

idea screening

A

screening new product ideas to spot good ones and drop poor ones as soon as possible

83
Q

concept development

A

developing a new product into alternative product concepts
- find out how attractive each concept is
- choose the best one

84
Q

concept testing

A

testing new products concepts with groups of target consumers
- presenting concepts to consumers symbolically or physically
- ask customers to answer questions about reactions to concepts

85
Q

marketing strategy development

A

step 1: target market, planned value proposition, sales, market share, profit goals
step 2: price, distribution, marketing budget
step 3: long-run sales, profit goals, marketing mix strategy

86
Q

business analysis

A

review of sales, costs, and profit projections for a new product
- do these factors satisfy company’s objectives

87
Q

product development

A

developing the product concept into a physical product
- expensive

88
Q

test marketing

A

introduce the product and its proposed marketing program into realistic market settings
- takes time and expensive

89
Q

commercialization

A

must decide on timing, where to introduce, and develop market rollout plan

90
Q

why do new products fail

A
  • overestimation of market size
  • product design problems
  • incorrectly positioned, priced, or advertised
  • pushed by high-level executive despite poor marketing research findings
  • excessive development costs
  • competitive reaction
91
Q

diffusion of innovation

A

idea that new technology and the products that utilize the technology spread through markets over time

92
Q

product life cycle

A
93
Q

variations of product life cycle

A
  1. Fad
  2. Style
  3. Fashion
94
Q

product brands and branding

A

strong brands are carefully built and managed over time

95
Q

brand image

A

collection of images, thoughts, and feelings that are evoked when exposed to a brand name

96
Q

How is a brand image built

A

through
- leadership
- key benefits
- low-price
- around your customers
- how or when product is used

97
Q

brand equity

A
98
Q

brand extension

A

placing the brand name on multiple products

99
Q

in-category or near category extension

A

in same or very similar product categories as the original product

100
Q

out of category extensions

A

brand extension is in a completely different category as the original brand
- risker
- connection between original is weaker

101
Q

basic divisions of supply chains

A

upstream and downstream

102
Q

upstream

A

partners supply the raw materials, components, parts, information, finances, and expertise needed to create a product or service

103
Q

downstream

A

partners serve as distribution channels that link the firm and its customers

104
Q

structures of supply chain

A

indirect and direct

105
Q

direct supply chain

A
106
Q

indirect supply chain

A
107
Q

when to use direct supply chains

A
  1. pre-purchase inspection not important
  2. purchase directly from brands we know and have experience
  3. effective online sales require producers to invest in websites that easily, attractively, and reliably display products; communicate terms of sale; and complete transactions
  4. viable when consumers do not need the product immediately (UPS, FedEx…)
108
Q

value of supply chains to consumers

A

retailers help consumers save considerable time and money

109
Q

what moves through supply chains

A

physically move materials and merchandise from supplier to producer and producer to consumer
- flow of money
- flow of information
- flow of promotional efforts

110
Q

distribution intensity

A

level of availability for the product or servicei

111
Q

intensive distribution

A

when producers wish to make their product easily obtainable and increase convenience

112
Q

selective distribution

A

when producers place their brands in many but not all possible outlets; products consumers put forth some effort to find

113
Q

exclusive distribution

A

placing product in few outlets; most often used for luxury or specialty products

114
Q

retailer fit on three dimensions

A
  1. retailer reach
  2. retailer type
  3. retailer image
115
Q

retailer reach

A

ability of a retailer to attract consumers in a producer’s target market or markets

116
Q

retailer type

A

the store is still the key; online sales grow rapidly, 90% of retail sales still occur in physical stores

117
Q

retailer types

A
  • discount stores
  • supermarkets/grocery
  • department stores
  • specialty stores
  • category killers
118
Q

bounce rate

A

estimates the percentage of visitors to a site who navigate away quickly without venturing beyond the landing page

119
Q

bound rate formula

A

number of visitors who visit the only one page/visitors

120
Q

conversion rate

A

percentage of visitors to a website who complete a requested task. usually the task is a purchase, but it could be giving contact information or other task

121
Q

conversion rate formula

A

number of visitors who complete requested task/visitors

122
Q

abandonment rate

A

percentage of visitors who begin but do not complete a task

123
Q

abandoned rate formula

A

number of abandoned web interactions/visitors

124
Q

retailer image

A

each retailer brings to mind a different set of images and there expectations of the kinds of merchandise carried, price and service levels, prestige, and in-store atmosphere

125
Q

push strategy

A

producer uses it sales force and perhaps promotional incentives to convince wholesalers and retailers to carry the producer’s products

126
Q

pull strategy

A

producer goes directly to the consumer, usually by advertising, and attempts to build demand for its brands

127
Q

power

A

one party’s ability to get another member to do something that it would not have done otherwise

128
Q

coercive power

A

when companies threaten another supply chain member

129
Q

reward power

A

where one supply chain member offers positive incentives to another member to gain compliance

130
Q

conflict in supply chain

A
  1. supply chain members have different goals; profit comes from expense of members
  2. differences in leadership roles
  3. see target market differently
131
Q

relationship marketing

A

an orientation between seller and buyer that focuses on customer satisfaction, loyalty, and engagement built over the long term

132
Q

discrete transactions

A

when two parties conduct business on a one-time basis with no set expectations of future business

133
Q

relationship marketing between business partners

A

both committed, exhibit high levels of trust and cooperation, willing to invest, make sacrifices to achieve long-term success

134
Q

vertical marketing systems

A

when producers, retailers, and wholesalers work together in a highly cooperative relationships to create an overall unified group go organizations whose goal is satisfying consumers

135
Q

conventional distribution channel

A

produce -> wholesaler -> retailer -> consumer

136
Q

vertical marketing system channel

A

produce, wholesaler, realtor -> consumer

137
Q

types of vertical marketing systems

A
  1. corporate VMS - single ownership
  2. contractual VMS - franchise organization
  3. Administered VMS

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