Exam 3 Study Guide Flashcards
The process of defining a marketing problem and opportunity systematically by collecting and analyzing information and recommending actions is known as
Marketing Research
What are the two main roles/goals of marketing research?
- Reduce Risk
- Improve marketing decisions
What are the main challenges that occur with marketing research?
- New products have never been used
- Finding truthful answers ( personal habits)
- The intent versus actual purchase
The restrictions such as time or money placed on possible solutions from market research is known as
Constraint
What term involves selecting
representative elements from a population, collecting data from them and using it as representative of all those interested in
Sampling
Which step of the marketing research approach
- sets research objectives
- identifies possible marketing actions
Step 1: Defining the problem
Which step of the marketing research approach
- specifies constraints
- identifies data needed for marketing actions
- determines how to collect data
Step 2: Develop the research plan
Which step of the marketing research approach
- obtain secondary data
- obtain primary data
Step 3: Collect Relevant Information
Which step of the marketing research approach
- analyzes the data
- presents the findings
Step 4: Develop Findings
Which step of the marketing research approach
- Make action recommendations
- Implement action recommendations
-Evaluate results
Step 5: Take Marketing Actions
The five steps in the marketing research approach reveals feedback in order to learn?
Lessons for future research
Situations calling for managers to make choices among decision alternatives are defined as
Problems
Information to address a particular problem or issue in marketing research that has a clear research purpose and identifies possible marketing action is defined as
Research Objective
In order to understand consumer preferences, behavior and trends. What is conducted?
Market Research
What are SOME examples of research objectives?
Identify- Problems, opportunities, criteria
Describe- Processes, usage, environments
Test- Assumptions, preferences
Monitor- trends, competition
GO to slide 12 for more
The criteria or standards used in evaluating
proposed solutions to the problem is known as
Measures of Success
What is an example of the measures of success criteria?
Strong like a concept —- introduce as a new product
No standout concept— continue with existing product line
The set of advance decisions to specify the methods and procedures for collecting and analyzing the needed information is defined as
The Research Design
What are the two ways determined how to collect data?
Concepts- ideas about products
Methods- Approached to collect data
Ideas about products are known as
Concepts
Approaches to collect data are known as
Methods
What term involves
drawing conclusions or
generalizing the results from the data obtained from the sample taken to the larger population from which the sample was drawn?
Statistical Inference
What type of data is collected prior to the start of the research project?
Secondary Data
What type of data is collected to address specific research needs such as focus groups or interviews?
Primary Data
Facts and figures pertinent to the project is know as
Data
Facts and figures already recorded prior to the project is known as
Secondary Data
Facts and figures newly collected for the project is known as
Primary Data
- Inputs :such as budgets, financial statements, and sales call reports
- Outcomes :such as actual sales and customer communications
are all examples of
Primary or secondary data?
Which subset of each data also?
Secondary Internal Data
- The US Census Bureau Reports
- Trade Association studies
-Business periodicals - Internet Based Reports
are all examples of
Secondary External Data
- Mechanical methods of observations
- Personal methods of observations
- Neuromarketing methods are all examples of what kind of data?
Primary Observational Data
The idea generation methods and the idea evaluation methods are all examples of what kind of data?
Primary Questionnaire Data
- Social Media
- Panels and experiments
- Information Tech
- Data Mining are all examples of what kind of data?
Primary Data from other sources
What term relates to the effort expended to make sales such as sales and advertising budgets, expenditures, and salespeople’s call reports as a way to collect internal data is?
Marketing Input Data
What term relates to the results of the marketing efforts by records on shipments, sales, repeat sales, and communications from customers is known as a way to collect internal data
Marketing Outcome Data
What term is available for a fee from commercial research firms about shifting brand preferences and product usage in households as a means to collect external data?
Syndicated Panels
What are the advantages of collecting secondary data?
Time savings
Inexpensive
What are the disadvantages of collecting secondary data?
- Out of Date
- Definitions/Categories Not Right
- Not Specific Enough
- Sources could be biased
Which type of research involves collecting, analyzing, and interpreting data by using open-ended questions, or observing what people do and say is known as
Qualitative Research
Which type of research involves the use of structured, close-ended questions in which response options have been predetermined and a large number of respondents involves is classified as
Quantitative Research
Observation, in-depth interviews, and focus groups are examples of
Qualitative or quantitative data?
Qualitative
Experiments or surveys are examples of qualitative or quantitative data?
Quantitative Data
What are the 4 examples of primary data?
Observation
Interviews
Survey Research
Experiments
What type of primary data involves examining how people actually behave either mechanically or in person is known as
Observation
- Home visits
- Mystery Shopping
- Tracking website visitors’ movements
-Neuromarketing
are all examples of which type of primary data?
Observation
Which type of primary data uses a cap or glasses
with dozens of sensors to measure brain waves
to understand consumers better and their responses to nonconscious stimuli is known as
Neuromarketing
Individual interviews seeking in-depth, open-ended responses which tend to be expensive and time consuming ways to collect primary data is known as
In-depth Interviews
Simultaneously interviewing a small
group of people (8–12) in an informal group setting in which a moderator guides the conversation seeking group interaction is known as what type of primary data
Focus Group Interviews
A systematic means of collecting information from people using a questionnaire is known as
Survey
A faster response & analysis that use online, mail, and other forms to collect data is what form of primary data?
Survey
What type of disadvantage do surveys possess?
Not many people complete surveys
What term manipulates one or more variables to determine which variables have a causal effect on other variables is known as an
Experiment
What form of primary data is the most current, most accurate, fastest, and most affordable?
Social Media
What is an advantage of collecting primary data fro market research?
Specific to the problem
More flexible
Can provide behavioral insight
What is an disadvantage of collecting primary data fro market research?
Expensive
Time consuming to collect
The extraction of hidden
predictive info from large databases to find statistical links between consumer behavior and marketing
actions is known as
Data Mining
What are the two wats you evaluate results?
based on the decision
based on the decision process
What does the STP process entail?
Segmentation
Targeting
Positioning
What is the purpose of the STP process?
To respond more effectively to wants of potential buyers in order to increase sales and profit
Why is the STP process important?
- Identifies market needs
- Links needs to actions
- Executes marketing program actions
1) Group Potential buyers into segments
2) Group products to be sold into categories
3) Develop a market-product grid and estimate size of markets
4) Select target markets
5) Take marketing actions to reach target markets
are all apart of what process?
STP process : links needs to actions
aggregating prospective buyers into groups, or
segments that have common needs and will respond similarly to a marketing action is known as
Market Segmentation
Homogenous groups of similar buyers are known as
Market Segments
Why do companies segment markets?
- To respond more effectively to the wants of potential buyers in order to increase sales and profits
- Provides links between various buyers needs and marketing program
- One size fits all no longer exists
What is the criteria used in forming segments?
- Simplicity and cost-effectiveness
- Potential for increased profit
- similarity of needs of potential buyers within a segment
- difference of needs of buyers among segments
- potential of a marketing action to reach a segment
What are the ways to segment consumer markets?
Geographic
Demographic
Psychographic
Benefit
Behavioral
Markets that can be grouped by country, region, area, neighborhood, or zip code is apart if which segmentation?
Geographic Segmentaiton
Which segmentation is most useful for companies whose products satisfy needs that vary by region is
Geographic Segmentaion
Segmentation based on identifiable population characters that are easy to identify, easy to reach, and are statistically analyzable is known as
Demographic Segmentation
Which type of segmentation involves understanding consumer lifestyles, interests, and opinions is classified as
Psychographic Segmentation
Which type of segmentation delves into how they describe themselves and is based on characteristics of how they spend their time and money
Psychographic Segmentation
Which type of segmentation is divided based on need/want?
Benefit Segmentation
Which type of segmentation segments on the basis of the benefits consumer is seeking from product characteristics such as
convince
statues
value
safety
esteem
Benefit Segmentation
Segmentation based on consumer relationship
with the product or the firm by occasion, loyalty, buying stage, and usage rate is known as
Behavioral Segmentation
What is the reason for purchase is known as a
Occasion
The consumer decision making process is known as
The Buying Stage
Quantity consumed or patronage (store visits) during a specific period is known as
Usage Rates
T/F- A Market Can Be Segmented Based on ANYTHING As Long As It Is Relevant to the Product and Market and Meets the Criteria for Having a Viable Target Market
True
What is the criteria used in selecting target markets?
- Market size
- Expected growth
- Competitive position
- Cost of reaching the segment
-Organizational compatibility (competencies)
The marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products is known as
Product Differentiation
What are examples of product differentiation?
Different benefits
Different product features
Difference in quality
Difference in price
How do you address needs of a target market?
One Product - Multiple Market Segments
( Undifferentiated/ Mass Marketing)
Multiple Products- multiple market segments (Differentiated Targeting)
Segments of One (Mass Customization)
The place a product occupies in consumers’ minds based on important attributes relative to competitive products
Product Positioning
What are the 4 types of positioning?
Value Proposition
Competition
Symbols
Salient Attributes
Which type of positioning has a unique value a product/service provides to consumers is classified as
Value Proposition
The head- to head positioning between companies are classified as
Competition
The logs and icons of the brand are classified as
Symbols
The product attributes most important to target are known as
Salient Attributes
Changing the place a
product occupies in a
consumer’s mind relative to competitive products is known as
Product Repositioning
What term displays two dimensions ad the location of products or brands in the mind of the consumers is known as
Perceptual Map
T/F- The perceptual map enables managers to how consumers perceive differences and may indicate opportunity for new products
True
go to slide 30 for product positions with perceptual maps
To respond more effectively to wants of potential buyers in order to increase sales and profit is the purpose of what term?
STP Process
The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing effort this is known as
Sales Forecast
What are the 3 main sales forecasting techniques?
- Judgments of the decisions maker
- Surveys of knowledgable groups
- Statistical methods
Which type of forecast involves estimating the value to be forecast without any intervening steps is known as
Direct Forecast
Which typeof forecast involves starting with the last known value of the item bring forecast, then listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast
Lost-horse forecast
Which type of forecast involves asking prospective customers if they are likely to buy the product during some future time period
Survey of Buyers’ intentions forecast
Which type of forecast involves asking the firm’s salespeople to estimate sales during a forthcoming period?
Salesforce Survey Forecast
Which forecast involves extending a pattern observed in past data into the future
Trend Extrapolation
Which forecast involves extending a pattern observed in past data into the future when the pattern is described with a straight line
Linear Trend Extrapolation
What are the two types of internal data?
Inputs
Outcomes
What are the two types of external data?
- Reports from government/university
- Syndicated Panels
