Exam #2 Flashcards
Factor Costs and Activity Location
Market
\/
Technology > Costs in use < Capital Costs
/\
Labor CostsMarket
- Tariffs
- Transaction Costs
- Lack of knowledge
Technology
- Tacitness
- Proprietary
- Capability
Capital Costs
- Taxes
- Property Rights
Labor Costs
- Indirect Costs
- Training Costs
- Organizational Costs
Globalization (Integration) V. Localization (Responsiveness)
Draw it!
Market Entry Modes (6)
- Exporting
- Licensing
- Franchising
- Joint Ventures
- Turnkey Contracts
- Wholly-owned Subsidiaries
International Product & Promotional Strategies
Draw it!
Pricing Options (3)
- International uniform price
- Market-based price in each country
- Cost-based price in each country
The Seven O’s
- Occupants
- Objects
- Objectives
- Organizations
- Operations
- Occasions
- Outlets
Recognize a Need (6)
- availability of products
- normal depletion
- brand performance
- family changes
- financial status
- promotional efforts
Reference Groups (4)
Direct (face-to-face membership):
-Direct Primary (small, informal group)
-Direct Secondary (large, formal group)
Indirect (non-membership):
-Indirect Aspirational (desires membership)
-Indirect Nonaspirational (avoids the group)
Decision Alternatives
Awareness Set: -Evoked Set -Inert Set -Inept Set Unawareness Set: Unknown options
Product Adopters (5)
- Innovators (2.5%)
- Early Adopters (13.5%)
- Early Majority (34%)
- Late Majority (34%)
- Laggards (16%)
Cognitive Dissonance
Feeling of doubt after a purchase.
Post Purchase Behavior (5)
- Committed
- Repeat purchaser
- Increased use
- Brand switching
- Discontinued use
Derived Demand
Demand for business goods or services that usually depends on some other product or process (depends upon)
Joint Demand
Occurs when the demand for each of two or more products are interdependent (interdependent)
NAICS
North American Industry Classification System:
Replaced the SIC system in 1997 and developed under NAFTA (North American Free Trade Agreement)
Major Influences in the Industrial Buying Process (4)
- Environmental
- Organizational
- Interpersonal
- Individual
Purchasing Classes (3)
- Straight rebuy
- Modified rebuy
- New-task purchase
Buying Methods (4)
- Inspection
- Sampling
- Description
- Negotiated contracts
Buying Center Roles (6)
- Initiator
- Influences
- Decision-makers
- Gatekeepers
- Purchaser
- Users
Preference Segments (3)
- Homogeneous
- Clustered
- Diffused
Market Segments Must Be: (5)
- Measurable
- Substantial
- Accessible
- Differentiable
- Actionable
Niche
A narrowly defined group that may seek a special combination of benefits
Niche Attractiveness (4)
- Distinct complex needs
- Price Premium
- Specialized operations
- Defendable postions
Types of consumer market segmentation (5)
- Geographic
- Demographic
- Psychographic
- Behavioral
- Geo-Demographic
Hybrid Demographics (Segmentation) (6)
- Skippies
- Mobys
- Dinks
- Dewks
- Puppies
- Woofs
Reliability
The amount of agreement between independent attempts to measure the same theoretical concept.
(Repeated studies should produce the same or highly similar results)
Validity
Measuring specifically what the researcher intends to measure.
The Marketing Research Process (6)
- Define the problem
- Design the research
- Collect the data
- Analyze the data
- Interpret the results
- Present the findings
Research Types (3)
- Exploratory
- Descriptive
- Causal
Data Types (2)
Primary (Gathered directly from subjects for the particular study)
Secondary (Data that have been collected for other purposes)
Population
The universe of people, places, or things to be investigated
Census
A survey of every person or item in the population
Sample
A portion of a population that represents the whole
Problems with Sampling Frames (4)
- Omissions
- Ineligibles
- Duplications
- Clustering
Closed-ended question formats (5)
- Dichotomous
- Multiple Choice
- Semantic Differential
- Rating Scale Question
- Likert Agree-Disagree Scale
Typical Problems in the Wording of Survey Questions (6)
- Leading question
- Ambiguous question
- Unanswerable question
- Two questions in one (double-barreled)
- Non-exhaustive question
- Non-mutually exclusive answers
