Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Marketing > Exam 3 Study Guide > Flashcards

Exam 3 Study Guide Flashcards

1
Q

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

A

Marketing Research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

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

A
  • Reduce Risk
  • Improve marketing decisions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the main challenges that occur with marketing research?

A
  • New products have never been used
  • Finding truthful answers ( personal habits)
  • The intent versus actual purchase
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

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

A

Constraint

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

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

A

Sampling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

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

A

Step 1: Defining the problem

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Which step of the marketing research approach
- specifies constraints
- identifies data needed for marketing actions
- determines how to collect data

A

Step 2: Develop the research plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

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

A

Step 3: Collect Relevant Information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

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

A

Step 4: Develop Findings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

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

A

Step 5: Take Marketing Actions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

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

A

Lessons for future research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

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

A

Problems

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

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

A

Research Objective

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

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

A

Market Research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are SOME examples of research objectives?

A

Identify- Problems, opportunities, criteria

Describe- Processes, usage, environments

Test- Assumptions, preferences

Monitor- trends, competition

GO to slide 12 for more

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

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

A

Measures of Success

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is an example of the measures of success criteria?

A

Strong like a concept —- introduce as a new product

No standout concept— continue with existing product line

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

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

A

The Research Design

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are the two ways determined how to collect data?

A

Concepts- ideas about products
Methods- Approached to collect data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Ideas about products are known as

A

Concepts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Approaches to collect data are known as

A

Methods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

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?

A

Statistical Inference

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

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

A

Secondary Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

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

A

Primary Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Facts and figures pertinent to the project is know as

A

Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Facts and figures already recorded prior to the project is known as

A

Secondary Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Facts and figures newly collected for the project is known as

A

Primary Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q
  • 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?
A

Secondary Internal Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q
  • The US Census Bureau Reports
  • Trade Association studies
    -Business periodicals
  • Internet Based Reports
    are all examples of
A

Secondary External Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q
  • Mechanical methods of observations
  • Personal methods of observations
  • Neuromarketing methods are all examples of what kind of data?
A

Primary Observational Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

The idea generation methods and the idea evaluation methods are all examples of what kind of data?

A

Primary Questionnaire Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q
  • Social Media
  • Panels and experiments
  • Information Tech
  • Data Mining are all examples of what kind of data?
A

Primary Data from other sources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

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?

A

Marketing Input Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

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

A

Marketing Outcome Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

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?

A

Syndicated Panels

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

What are the advantages of collecting secondary data?

A

Time savings
Inexpensive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

What are the disadvantages of collecting secondary data?

A
  • Out of Date
  • Definitions/Categories Not Right
  • Not Specific Enough
  • Sources could be biased
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

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

A

Qualitative Research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

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

A

Quantitative Research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Observation, in-depth interviews, and focus groups are examples of
Qualitative or quantitative data?

A

Qualitative

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Experiments or surveys are examples of qualitative or quantitative data?

A

Quantitative Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

What are the 4 examples of primary data?

A

Observation
Interviews
Survey Research
Experiments

43
Q

What type of primary data involves examining how people actually behave either mechanically or in person is known as

A

Observation

44
Q
  • Home visits
  • Mystery Shopping
  • Tracking website visitors’ movements
    -Neuromarketing
    are all examples of which type of primary data?
A

Observation

45
Q

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

A

Neuromarketing

46
Q

Individual interviews seeking in-depth, open-ended responses which tend to be expensive and time consuming ways to collect primary data is known as

A

In-depth Interviews

47
Q

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

A

Focus Group Interviews

48
Q

A systematic means of collecting information from people using a questionnaire is known as

A

Survey

49
Q

A faster response & analysis that use online, mail, and other forms to collect data is what form of primary data?

A

Survey

50
Q

What type of disadvantage do surveys possess?

A

Not many people complete surveys

51
Q

What term manipulates one or more variables to determine which variables have a causal effect on other variables is known as an

A

Experiment

52
Q

What form of primary data is the most current, most accurate, fastest, and most affordable?

A

Social Media

53
Q

What is an advantage of collecting primary data fro market research?

A

Specific to the problem
More flexible
Can provide behavioral insight

54
Q

What is an disadvantage of collecting primary data fro market research?

A

Expensive
Time consuming to collect

55
Q

The extraction of hidden
predictive info from large databases to find statistical links between consumer behavior and marketing
actions is known as

A

Data Mining

56
Q

What are the two wats you evaluate results?

A

based on the decision
based on the decision process

57
Q

What does the STP process entail?

A

Segmentation
Targeting
Positioning

58
Q

What is the purpose of the STP process?

A

To respond more effectively to wants of potential buyers in order to increase sales and profit

59
Q

Why is the STP process important?

A
  • Identifies market needs
  • Links needs to actions
  • Executes marketing program actions
60
Q

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?

A

STP process : links needs to actions

61
Q

aggregating prospective buyers into groups, or
segments that have common needs and will respond similarly to a marketing action is known as

A

Market Segmentation

62
Q

Homogenous groups of similar buyers are known as

A

Market Segments

63
Q

Why do companies segment markets?

A
  • 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
64
Q

What is the criteria used in forming segments?

A
  • 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
65
Q

What are the ways to segment consumer markets?

A

Geographic
Demographic
Psychographic
Benefit
Behavioral

66
Q

Markets that can be grouped by country, region, area, neighborhood, or zip code is apart if which segmentation?

A

Geographic Segmentaiton

67
Q

Which segmentation is most useful for companies whose products satisfy needs that vary by region is

A

Geographic Segmentaion

68
Q

Segmentation based on identifiable population characters that are easy to identify, easy to reach, and are statistically analyzable is known as

A

Demographic Segmentation

69
Q

Which type of segmentation involves understanding consumer lifestyles, interests, and opinions is classified as

A

Psychographic Segmentation

70
Q

Which type of segmentation delves into how they describe themselves and is based on characteristics of how they spend their time and money

A

Psychographic Segmentation

71
Q

Which type of segmentation is divided based on need/want?

A

Benefit Segmentation

72
Q

Which type of segmentation segments on the basis of the benefits consumer is seeking from product characteristics such as
convince
statues
value
safety
esteem

A

Benefit Segmentation

73
Q

Segmentation based on consumer relationship
with the product or the firm by occasion, loyalty, buying stage, and usage rate is known as

A

Behavioral Segmentation

74
Q

What is the reason for purchase is known as a

A

Occasion

75
Q

The consumer decision making process is known as

A

The Buying Stage

76
Q

Quantity consumed or patronage (store visits) during a specific period is known as

A

Usage Rates

77
Q

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

A

True

78
Q

What is the criteria used in selecting target markets?

A
  • Market size
  • Expected growth
  • Competitive position
  • Cost of reaching the segment
    -Organizational compatibility (competencies)
79
Q

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

A

Product Differentiation

80
Q

What are examples of product differentiation?

A

Different benefits
Different product features
Difference in quality
Difference in price

81
Q

How do you address needs of a target market?

A

One Product - Multiple Market Segments
( Undifferentiated/ Mass Marketing)

Multiple Products- multiple market segments (Differentiated Targeting)

Segments of One (Mass Customization)

82
Q

The place a product occupies in consumers’ minds based on important attributes relative to competitive products

A

Product Positioning

83
Q

What are the 4 types of positioning?

A

Value Proposition
Competition
Symbols
Salient Attributes

84
Q

Which type of positioning has a unique value a product/service provides to consumers is classified as

A

Value Proposition

85
Q

The head- to head positioning between companies are classified as

A

Competition

86
Q

The logs and icons of the brand are classified as

A

Symbols

87
Q

The product attributes most important to target are known as

A

Salient Attributes

88
Q

Changing the place a
product occupies in a
consumer’s mind relative to competitive products is known as

A

Product Repositioning

89
Q

What term displays two dimensions ad the location of products or brands in the mind of the consumers is known as

A

Perceptual Map

90
Q

T/F- The perceptual map enables managers to how consumers perceive differences and may indicate opportunity for new products

A

True

91
Q

go to slide 30 for product positions with perceptual maps

A
92
Q

To respond more effectively to wants of potential buyers in order to increase sales and profit is the purpose of what term?

A

STP Process

93
Q

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

A

Sales Forecast

94
Q

What are the 3 main sales forecasting techniques?

A
  • Judgments of the decisions maker
  • Surveys of knowledgable groups
  • Statistical methods
95
Q

Which type of forecast involves estimating the value to be forecast without any intervening steps is known as

A

Direct Forecast

96
Q

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

A

Lost-horse forecast

97
Q

Which type of forecast involves asking prospective customers if they are likely to buy the product during some future time period

A

Survey of Buyers’ intentions forecast

98
Q

Which type of forecast involves asking the firm’s salespeople to estimate sales during a forthcoming period?

A

Salesforce Survey Forecast

99
Q

Which forecast involves extending a pattern observed in past data into the future

A

Trend Extrapolation

100
Q

Which forecast involves extending a pattern observed in past data into the future when the pattern is described with a straight line

A

Linear Trend Extrapolation

101
Q

What are the two types of internal data?

A

Inputs
Outcomes

102
Q

What are the two types of external data?

A
  • Reports from government/university
  • Syndicated Panels
103
Q
A

Marketing (31 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions