Exam 2

Question 1

Exploratory research

Answer 1

secondary research, focus group

Question 2

Descriptive research

Answer 2

Focus on “what” not “why”
- large samples
- probability sampling
- closed-ended questions
-surveys

Question 3

Performance Monitoring

Answer 3

-Tracks a company’s/ brand performance over times
- Market share changes, preference changes, price levels, competitive activity,
tracking (panels), CSS
- panels that are compensated to avoid respondents losing interests

Question 4

Casual Research

Answer 4

Cause and effect relationship
(increase advertising= increased sales)

Question 5

The marketing research process

Answer 5

1.) Identify and formulate the problem/ opportunity
2.) Plan the research design and gather secondary data
3.) Specify the sampling procedures
4.) Collect primary data
5.) Analyze the data
6.) Prepare and present the report
7.) Follow up

Question 6

1.) Identify and Formulate the Research Problem (also called Statement of
Information Needs)

Answer 6

1.) Identify and Formulate the Research Problem (also called Statement of
Information Needs)

Question 7

2.) Secondary/ Primary Data

Answer 7

1.) Secondary Data - Data that is already published, although may not answer all questions so primary data may be necessary
2.) Primary Data- consider cost
-personal( indept interviews, focus groups, mall intercepts..)
- Mail, Telephone, Observational ( Mystery Shopper)
- Internet or web-based surveys
Questionnaire Design: Open and closed-ended surveys.

Question 8

3.) Sampling Procedures

Answer 8

• Nonprobability (Nonrandom) Samples:
• Convenience: No pattern, easy to reach individuals.
• Judgment: Based on researcher’s knowledge.
• Quota: Nonrandom selection within subgroups.
• Snowball: Member referral.
• Probability (Random) Samples:
• Simple: Equal chance for every individual.
• Stratified: Subgroups based on characteristics.
• Cluster: Random clusters selected, all within chosen clusters included.
• Systematic: Regular intervals after random starting point.
• Errors in Sampling:
• Frame: Inaccurate sampling frame.
• Non-Response: Lack of participant response.
• Random Errors: Chance variations, reduced by larger samples.

Question 9

4.) Collecting Data

Answer 9

Can often be contracted to a field service firm

Question 10

Product

Answer 10

A tangible offering or satisfaction of need ( most important of the four P’s of the marketing mix

Question 11

Types of consumer products: Convenience

Answer 11

Unplanned, impulse (distribution is key)

Question 12

Types of Consumer Products: Shopping

Answer 12

infrequent, expensive ( comparison shop)

Question 13

Types of Consumer Products: Specialty

Answer 13

Luxury (exclusive distribution, status-conscious, brand importance)

Question 14

Types of Consumer Products: Unsought

Answer 14

Burial plots, insurance ( aggressive selling)

Question 15

Advertising economies

Answer 15

Several products under one advertising umbrella

Question 16

Package uniformity

Answer 16

A common, recognizable look

Question 17

Standardized components

Answer 17

reduces manufacturing and inventory costs

Question 18

Efficient sales and distribution

Answer 18

Distributors and retailers more inclined to stock a company’s products if it offers a full line

Question 19

Equivalent Quality

Answer 19

perceived consistency in quality

Question 20

Product Line

Answer 20

group of closely related items
- Increase depth to attract buyers with different preferences, economies of scale
-Increase width to spread risk across many product lines and leverage brand equity.

Question 21

Product line: Extension

Answer 21

add additional products to compete

Question 22

Product line: Contraction

Answer 22

Concentrate on fewer products to compete

Question 23

Product line: Modification

Answer 23

Change product’s charactersitics- Price, function, style

Question 24

Product Line: Planned obsolescence

Answer 24

Modifying products so that those that have been sold become obsolete before they actually need replacement

Question 25

Product Line: Repositioning

Answer 25

Changing consumers’ perceptions of brand

Question 26

Branding (and Trademarks)

Answer 26

Brand names, logos, and taglines

Question 27

Brand Equity

Answer 27

Value of a brand

Question 28

Brand Loyalty

Answer 28

Preference for one brand over others

Question 29

Co-branding

Answer 29

Two or more brand names of a product

Question 30

Global branding

Answer 30

one or many names, color, cultural issues

Question 31

New product Strategy

Answer 31

A plan that links the new-product development process with the objectives of the marketing department, the business unit and the corporations

Question 32

Idea Generation

Answer 32

-Customers
-Employees
-Distributors
-Competitors
-Research and development
-Consultants
-other experts

Question 33

Screening-

Answer 33

The first filter in the product development process which eliminates ideas that are inconsistent with the organization’s new-product strategy or are obviously inappropriate

Question 33

Concept test:

Answer 33

A test to evaluate a new-product idea, usually before any prototype has been created

Question 33

Business Analysis

Answer 33

The second stage of the screening process, where preliminary figures for demand, cost, sales, and profitability are calculated

Question 34

Development

Answer 34

The stage in the product development process in which a prototype is developed and a marketing strategy is outlined
- Can last a long time and be very expensive

Question 35

Simultaneous product development

Answer 35

A team-oriented approach to new-product development

Question 36

Test Marketing

Answer 36

The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation

Question 37

Commercialization

Answer 37

The decision to market a product
- Ordering production materials and equipment
-Starting production
-Building inventories
-Shipping the product to field distribution points
-Training the sales force
- Introducing the new product to the trade and consumers

Question 38

Why do some products succeed and others fail?

Answer 38

-They don’t offer any discernible benefit as compared to existing products.
-There is a poor match between product features and customer desires.
-Market size was smaller than estimated
-the product was incorrectly targeted, positioned, distributed, or promoted.
- The product was inferior