Exam 3 Study Guide Flashcards by Kellyn Smith

The process of defining a marketing problem and opportunity systematically by collecting and analyzing information and recommending actions is known as

Marketing Research

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What are the two main roles/goals of marketing research?

Reduce Risk
Improve marketing decisions

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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

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The restrictions such as time or money placed on possible solutions from market research is known as

Constraint

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What term involves selecting
representative elements from a population, collecting data from them and using it as representative of all those interested in

Sampling

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Which step of the marketing research approach
- sets research objectives
- identifies possible marketing actions

Step 1: Defining the problem

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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

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Which step of the marketing research approach
- obtain secondary data
- obtain primary data

Step 3: Collect Relevant Information

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Which step of the marketing research approach
- analyzes the data
- presents the findings

Step 4: Develop Findings

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Which step of the marketing research approach
- Make action recommendations
- Implement action recommendations
-Evaluate results

Step 5: Take Marketing Actions

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The five steps in the marketing research approach reveals feedback in order to learn?

Lessons for future research

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Situations calling for managers to make choices among decision alternatives are defined as

Problems

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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

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In order to understand consumer preferences, behavior and trends. What is conducted?

Market Research

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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

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The criteria or standards used in evaluating
proposed solutions to the problem is known as

Measures of Success

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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

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The set of advance decisions to specify the methods and procedures for collecting and analyzing the needed information is defined as

The Research Design

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What are the two ways determined how to collect data?

Concepts- ideas about products
Methods- Approached to collect data

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Ideas about products are known as

Concepts

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Approaches to collect data are known as

Methods

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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

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What type of data is collected prior to the start of the research project?

Secondary Data

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What type of data is collected to address specific research needs such as focus groups or interviews?

Primary Data

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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